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Gold Manipulation Probed By U.K. Regulator
As everyone knows, and as we showed yesterday in our infographic du jour, Wall Street manipulates everything, EVERYTHING.... except gold. Which is why were absolutely floored by what just flashed on Bloomberg:
- GOLD BENCHMARKS SAID TO BE UNDER REVIEW BY U.K. AS PROBE WIDENS
More from Bloomberg: "The FCA review is preliminary and hasn’t risen to the level of a formal investigation, said the person, who asked not to be identified because the matter isn’t public. The person declined to say which gold benchmarks were under scrutiny. One of the key benchmarks is the London gold fixing, which determines the spot price for physical gold and is set twice daily by a panel of five banks."
No. That's not true. That's impossible.
Nobody has ever, ever manipulated gold in the history of St. Wall Street. After all, why else would the CFTC and Alexander Godunov repeat, year after year, that unlike every other product, gold has never been manipulated.
Then again, we aren't holding our breath until this probe finds that the biggest manipulators in the gold market are central banks themselves nothing.
As for everything else....
Foreign Exchanges
Regulators are looking into whether currency traders have conspired through instant messages to manipulate foreign exchange rates. The currency rates are used to calculate the value of stock and bond indexes.
Energy Trading
Banks have been accused of manipulating energy markets in California and other states.
Libor
Since early 2008 banks have been caught up in investigations and litigation over alleged manipulations of Libor.
Mortgages
Banks have been accused of improper foreclosure practices, selling bonds backed by shoddy mortgages, and misleading investors about the quality of the loans.
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Wasn't Bart Chilton investigating silver as well?
Yes, but his hair came under "a dire threat" so he was excused from the investigation.
One day we will find that there is much less gold than Wall Street said ... UNPOSSIBLE!
We're already seeing it as production costs of 25% of second quarter gold miners hit alltime highs:
http://seekingalpha.com/article/1828702-the-full-quarterly-all-in-cost-to-mine-gold-gold-production-costs-hit-new-high
The accusations of gold manipultation are silly.
How could half a dozen bullion banks setting the gold price by trading 290 million oz. of paper gold between themselves per day on the LBMA possibly manipulate a market.
and they said that the matrix was science fiction...
that regulator must be a young man, or a nieve girl.
Keep in mind that this is a market carefully designed by the LBMA and it functions exactly as designed.
There is nothing to investigate.
KEEP CALM
AND
CARRY ON!
(Manipulating)
LBMA = London Bullion Manipulation Association.
Actually, they should investigate whether there are any Bitcoins in Fort Knox.
Why do you think it's called a "Fixing"?
EVERYBODY KNOWS GOLD Is Manipulated.
When Will We Get A Serious Investigation ?????????
Maybe When 99% Of ALL The GOLD Is In The Hands Of ASIANS AND The .01% MEGA RICH...
It already is. Why do you think there never is an investigation?
They are just trying to scare bitcoin down
Report: They are virtually all there.
I'm sure they are offended at the 'high price'
"that regulator must be a young man, or a nieve girl."
Neither. They need to open and investigation so they can find nothing. Then whenever someone brings it up they can say: "We did an investigation and found nothing"
-
Cue rote denials by Jeffrey "100:1" Christian of ANY possible manipulations of the gold market in 4, 3, 2, ....
Where is ol' Johnny Nadler? He get a job at the Fed after his exit from Kitco?
Oh, I bet he's hiding out under a bridge somewhere, warning all who pass overhead about the dangers of tripping over all the mountains of scrap gold supposedly just littering the landscape, while mumbling under his breath about his "radical goldbug extremists".
How could anyone following these markets the past couple years get excited about reports of an investigation?
Look, it is perfectly clear that this will continue until the system completely collapses.
I think he's investigating John McClane.
He never had a chance.
He was, until he swapped quoting obscure 80s rock and roll songs to quote etta james from at last, and dropped the mic, not before bragging about some future position limits regulations.
In other news, he picked up a new mic in a vegas lounge where he is the front man of a 4 piece ensemble playing quirky covers 5 nights a week.
Terry Smeeton of the Bank of England rigged the gold price in the 1980s under the watch of Oliver Page. Page then...wait for it....went to work at the FSA, which is the old name for the FCA.
So the FCA will find....nothing
Exactly, there is one solution for that shithole group of sodomites. Kinetic bombardment, thermal and nuclear!
Fucking brit scum! Nuclear rods from GOD.
Over.
OMG!
http://www.youtube.com/watch?v=k2VhB7vaZI0
I want one!!!
I've been using mine all day today.
Now if you could get a track of boots stamping and folks shouting instructions in german laid over that, that would make a pretty boss alarm.
Something like this with some klaxons in the beginning I suppose?
https://www.youtube.com/watch?v=Tb-gI_pFog0
The bankers are just doing the work of God.
Yes, but which god?
My bet is on Shiva.
More like Kali Yuga
The Central Bank Of Venezuala is reportedly negotiating with GS to pawn off a portion of it's repatriated gold.The exchange will involve some swap agreements.(apology no link using iPad folks)
(Cue Gringo Accent)
"Hay hombre, you geev aus dee steenkin dollar ,we geev you dee gold "
London gold price "fixing" by 5 banks. Okay.
JPM, JPM, JPM, Goldman, Barclays.
You forgot JPM.
...That happen to have access to all of the BOEs gold. It is ok. Because you know England has massive gold mines they are replacing all that gold with.
Set by a panel of...... 5 banks
That is all the proof you need
They are just needing some extra Christmas cash...payoffs in 3-2-1 ...thank you very much..nothing was found here..nothing at all
They are jealous of the bitcoin now and will do everything possible to make gold do the same. Plus, they have to figure out why the paper gold system is breaking the bank with all the negative GOFO, the gutting of the global gold mining industry, and gold being shipped out overseas. I would look for the phone call to their Indian butler where they tell him to let the gold flow again. Human nature is predictable. These international gold holding nations and central bankers are both jealous and greedy. Besides, the amount of gold they are flushing down the toilet trying to enfore an idiotic price is astronomical. They might as well stop that nonsense and be on the right side instead of the stupid side for once.
We need to remember that the biggest form of manipulation is the volatility the big boys induce in the gold and silver market which enables them to make profits no matter which way gold is headed. By keeping gold within a trading range they are better able to do God's work.
The induced and artificially exaggerated volatility in the prices of the precious metals also goes a long way towards discrediting gold and silver as a relatively stable means of savings in the eyes of the public as well. This is especially true lately, when every pro-establishment media pundit and financial advisor tries to sell the meme that "volatility = risk", when the two have fundamentally NOTHING to do with each other in any case.
It's really a bankster win-win.
...shocked...
FCA bites. Because the politicians want it to, for now. Its still fashionable for bankers to lose, the taxes they are paying in the US are just the beginning. Zerohedge should be happy. As Dillinger once said, 'I rob banks, because thats where the money is'. Or something like that.
That was Willie Sutton.
Dilliger said: "So how did you like the movi......."
Gold? Manipulated?
The NERVE of those Brits!
And jobs. You can manipulate jobs too.
Anything that can be manipulated will be.
War: The Bank Exit Plan
Ask the kids of those who worked on the line; this economy was farmed, not engineered, during WWII, by farm kids that designed, engineered and built it, in real time. Boeing is a classic example. The union cartel simply occupies and grows artificial scarcity inside the discarded derivative shell, learning nothing, collecting gold. “Those with the gold make the rules.”
Why would you build something to self-destruct if it is not interrupted? What is work? What is a constitution?
Bank must have war, the ultimate artificial crisis, to hide its stupidity. Debating the definition of a debt bubble, while the Fed pushes the global middle class closer to the brink of war, is a waste of time. Its problem/solution is that no one of any consequence is showing up for the parade, so it sees no bubble. Just bulldoze the houses.
An empire can only measure itself, relative to itself. Gross Product measures middle class control, with artificial inflation.
You don’t care about the cost of manufactured food. You care about the cost of nutrition. You always begin by shopping for fresh, healthy fish and meat, protein. Take a look at the cost of real food, in the former empires and the current empire. Labor has no interest in manufactured food, clothing, or housing.
Regardless of your monetary theory, you must have labor, which capital hunts down with monetary and fiscal policy, property prohibition, show up. If you stand still for just a moment, you will see that the human economy is running exactly backwards relative to nature. What do you suppose it will take to get labor to show up, short of war, which will take place on American soil?
The middle class herd is well within its constitutional rights to vote groupthink tyranny in and individual freedom out, but when it attempts to enforce its equal outcome “rights” on labor, it blows up, every time, because that is how you build a constitution, from the bottom up and the top down. Labor isn’t where the middle class “thinks” it is.
From the perspective of labor, capital is nothing more than a self-serving propaganda machine, serving as a convenient extension of gravity, a lightning rod or an antenna. The dot.com business doesn’t make anything. If you want to live in an artificial economy defined by Kissinger and Associates, that’s your business, but don’t be surprised to find yourself inside a bomb.
Labor doesn’t have to blow up capital. The middle class is its own worst enemy. Labor is the live line. Never saddle a dead horse, unless you want to drop the load.
The best way to rob a bank may be to own it, but labor never needs a bank.
Markets are getting ready to close below their upper Bollinger band for the second consecutive day after breaching that line, which is a big "Sell" signal for the market. This afternoon is the time to load up on short positions and make some money! Gold/silver miners, manipulated or not, will bottom over the next week or so and then should be off the races.
It's in the name....... "London gold price fixing". Duh.
seems that if they didn't want to foster suspicion they should have called it "London gold price nothing-to-see-here-carry-on"
Why are banks allowed to exist?
Something doesn't make sense.
To legitimize white collar crime?
October 2012 Jobs Report.
Maguire Sinclair Turk and Sprott are on the investigating committee?
We find nothing amiss. Now piss off.
Someone at the FCA wants to get some exercise by dodging the bullets (and cars) of hitmen.
So let me get this straight...first these guys are brokering stuff and then they are fixing it?
Fuck the UK! Who do this little cunts think they are??!
Over.
Ugly Kunts
Why are people selling Treasuries today? No way taper will ever happen and when the markets correct, Treasuries should soar with yields back under 2% on the 10 yr.
Yes, by all means hold your savings in US Trashuries, as US federal debt rises exponentially and the US dollar faces an ever-increasing danger of collapse. Because this experiment in monetary insanity has NEVER been seen 1000 times before, oh no. But that's right, to the average investor/saver, and to the average, modern, dumb-downed idiot, history is only an irrelevant something in some dry dusty book somewhere, and of course has NO bearing on modern life.
Not to worry, they'll probably catch a lame 'safe haven' bid over the next few days as the market finishes off this nail-biting 3% 'correction' then get dumped en masse as the fast money goes for the bigger returns available in stocks.
Having interrogated the fox, whose mouth was lined with bloody feathers, the FCA has arrived at the conclusion that the hens are safe.
Gold is a Barbarous Relic why would anyone want to waste time fixing its price. Jeeesh.Can I get a price for sewing five ounces into my jacket in london? And do I have to fill out any governmental paperwork prior to work being started?
I'm just thinking through this and not speaking as any kind of insider--any thoughts invited.
Consider how it would shake out if gold "lease" system busts: sovereigns have "leased" the gold to bullion banks who have in turn sold it, providing supply additional supply and suppressing prices. Sovereigns count the "leased" gold in their reserves and make some pittance on the lease. The bullion banks would have exposure to the upside if they need to buy the gold back unless they are hedged. A good part of that hedge used to come from forward sales (to the bullion banks) by miners--with ABX at center stage, but all miners seeking to borrow had the forward sale "hedge" imposed on them by the lenders. There is less of this now. So what happens if the gold blasts off? The sovereigns hold bank paper, essentially, not gold and those banks take big hits if they have to buy it back at the market. So the Sovereigns either roll the lease or are faced with a bailout of the TBTF bullion banks. Tidy.
Yes, very tidy indeed, until our very best friends, the Chinese or the Russians, cut the cord on the USD reserve currency and switch to a gold-based trade system. But they would NEVER do that! Because they love us sooo much that all they want to do is sacrifice their well being so we can live beyond our means. All that gold buying they're doing is just to help out our bullion banks, because they really want the executives and traders in those institutions to live like kings. You've seen the interviews I'm sure - of the poor Chinese peasants explaining what an honor it is to live in dirt huts so Blankfiend, Demon and the rest of those criminal sociopaths can live like debauched royalty?
Just to be clear, I'm not attacking you or your idea, as I think it probably describes the basic plan they BBs and CBs have been running, but to run it indefinitely means they need to have the Chinese and Russians in the club, and I think China and Russia have grander plans in mind than being courtiers to the western banking establishment (its pretty clear said western banking establishment has already convinced India that they get to be in charge of cleaning the toilets if they sell out to the western FIs, and those dumb fucks have jumped at that opportunity).
Capitol Account: GATA Chris Powell On Gold And Silver Manipulation
Why The System is so concerned now with its exposure of the Gold and Silver market manipulation? We continue to dig out the available information for your own conclusion. Chris Powell provides very simple explanation - these markets are manipulated by the Government agents themselves. Infamous PPT comes to light in this conversation as well - under the law Exchange Stabilisation Fund is exempt from the Freedom Information Act and any market supervising at all. http://sufiy.blogspot.co.uk/2013/11/capitol-account-gata-chris-powell-on...
I really appreciate the reference to The Empire Strikes Back
Given the demand supply situation, its obviously manipulated. Rehypothecation.
Here's an idea?
Let's collect all these fair and honest arbiters of the PM market(s) and invite them for a friendly game of Russian roulette at the Connaught in London.
We'll have the best of everything for them to enjoy there last meal with including a 38 revolver on the left hand-side of each table setting complete with a name tag for each "regulator" and the movie "Deer Hunter" playing on a big screen in front of them for inspiration.
The gold market in the UK definitely needs investigation. I hear that Financial Terrorists over there (probably linked to Al Quaeda) have been using an obscure transaction type called, I believe, 'Buying' to manipulate the gold price higher.
Clearly this skulduggery must end and this 'Buying' made illegal.
Wall Street manipulates everything, EVERYTHING.... except gold.
You need to qualify that: everything ...except PHYSICAL gold.
Even alchemists have failed at that. Unless you can get atom smashers, gold, well, just sits there. Now where it may be sitting, you'll have to ask the bankers, the governments or the owners of the vaults about that, but remember, unless proven otherwise, they are all lying.
The powers that be threw the proles a bone. Chew on that tiny index manipulation, so that the massive shorting/emptying the vaults-scheme can go on unnoticed.
How ridiculous to even think that banks would do this...next you'll try and get me to believe that these same banks were fixing LIBOR....or that they were able to bundle C- paper into a package with an AAA rating....
Yet more mockery from The City.
I won't believe anything until they change the term London Fix(ed) price to London Whale Price
There is an ocean of silver out there, even a huge universal pile of silver, enormous amounts are out there, complete pure silver moons and planets are orbiting arround us. BUT !! there is less paper silver so thats why the price is high !!
Yup, funny.
However...
At some point, the predators-that-be may need to invent a fake excuse for why gold prices must rise dramatically... and this kind of lie would work as well as anything else, especially since it contains a grain (or gram) of truth.
I mean, think about it. The predators-that-be in the USSA need to get physical gold from somewhere to ship back to Germany. And who knows, maybe Germany has said privately "if you're gonna take 7 freaking years, we want it all back".
Simultaneously, the Chinese (who know better than to trust their own fiat paper) are buying physical gold at the rate of 1000s of tons per year.
At some point, the manipulation of the gold price downward cannot be continued... because there just ain't no mo. But even the most craven predators-that-be in history probably aren't stupid enough to literally let ALL the gold vanish before they realize they must let the price rise to reduce the outflow of gold.
These thoughts have to occur regularly in both the USSA and the UK, where the two huge fake physical gold markets operate. They know the obvious. If they let gold double (which may be roughly where it would be now absent manipulation), then they only need to ship half as much gold out per year to supply new purchases. If they let gold quadruple, they only need to ship 1/4 as much gold out per year to supply new purchases. And so forth.
Add this to the recent propaganda about how "inflation is good", and... they gotta start wondering at some point why they should give away what little gold remains in the west, and in government coffers (if any).
I mean, really! Someone at one of these meetings must have stood up and said something along these lines...
Hey, we just make up CPI, GDP, unemployment and all sorts of numbers... so who gives a crap what price gold goes to? I mean, gold is just one barbaric relic out of thousands of goods, and after all, people don't eat gold! So why should we be shipping out all our gold at bargain basement prices when we need more fiat to pay our bills and line our pockets? Besides, us insiders have had nearly 2 years to load up on physical gold at artificially depressed prices, and hardly have any room left in our basements.
At some point the stupidity of giving away gold at bargain basement prices has to become obvious. Either that or the fact they don't have much left to ship, so the game will blow up anyway. Better to let the price rise now while they still have at least a little physical left, because if they wait until all their vaults are completely empty, gold won't moonshot, gold will rocket out of the freaking galaxy at warp 9.
So... who knows what this is about. But someday, once we've all given up saying "it can't last much longer", when we least expect it... the predators-that-be will start floating stories like this in preparation for their end game. Only the gold and/or silver endgame of course. The overall end game will take a while longer.