How Gold Price Is Manipulated During The "London Fix"

Tyler Durden's picture

There was a time when the merest mention of gold manipulation in "reputable" media was enough to have one branded a perpetual conspiracy theorist with a tinfoil farm out back. That was roughly coincident with a time when Libor, FX, mortgage, and bond market manipulation was also considered unthinkable, when High Frequency Traders were believed to "provide liquidity", or when the stock market was said to not be manipulated by the Fed, and when the ever-confused media, always eager to take "complicated" financial concepts at the face value set by a self-serving establishment, never dared to question anything. Luckily, all that changed in the past several years, and it has gotten to the point where even the bastions of "serious", if 3-5 years delayed, investigation are finally not only asking how is the gold market being manipulated, but are actually providing answers.

Such as Bloomberg.

The topic of gold market manipulation during the London AM fix is not new to Zero Hedge: in fact we have discussed both the historical basis and the raison d'etre of the London gold fix, as well as the curious arbitrage available to those who merely traded the AM-PM spread, for years. Which is why we are delighted that none other than Bloomberg has decided to break it down for everyone, as well as summarize all the ways in which just this one facet of gold trading is being manipulated.

Bloomberg begins:

Every business day in London, five banks meet to set the price of gold in a ritual that dates back to 1919. Now, dealers and economists say knowledge gleaned on those calls could give some traders an unfair advantage when buying and selling the precious metal. The London fix, the benchmark rate used by mining companies, jewelers and central banks to buy, sell and value the metal, is published twice daily after a telephone call involving Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc and Societe Generale SA.


The fix dates back to September 1919, less than a year after the end of World War I, when representatives from five dealers met at Rothschild’s office on St. Swithin’s Lane in London’s financial district. It was suspended for 15 years, starting in 1939. While Rothschild pulled out in 2004 and the discussions now take place by telephone instead of in a wood-paneled room at the bank, the process remains much the same.

That much is known. What is certainly known is that any process that involves five banks sitting down (until recently literally) and exchanging information using arcane methods (such as a telephone), on a set schedule that involves a private information blackout phase, even if temporary, and that does not involve instant market feedback, can and will be gamed. "Traders involved in this price-determining process have knowledge which, even for a short time, is superior to other people’s knowledge,” said Thorsten Polleit, chief economist at Frankfurt-based precious-metals broker Degussa Goldhandel GmbH and a former economist at Barclays. “That is the great flaw of the London gold-fixing."

There are other flaws.

Participants on the London call can tell whether the price of gold is rising or falling within a minute or so, based on whether there are a large number of net buyers or sellers after the first round, according to gold traders, academics and investors interviewed by Bloomberg News. It’s this feature that could allow dealers and others in receipt of the information to bet on the direction of the market with a high degree of certainty minutes before the fix is made public, they said.

Yes, the broader momentum creation and ignition perspective is also known to most. At least most who never believed the boilerplate that unlike all other asset classes, gold is somehow immune from manipulation.

“Information trickles down from the five banks, through to their clients and finally to the broader market,” Andrew Caminschi, a lecturer at the University of Western Australia in Perth and co-author of a Sept. 2 paper on trading spikes around the London gold fix published online in the Journal of Futures Markets, said by phone. “In a world where trading advantage is measured in milliseconds, that has some value.”

Ah, hypothetical - smart. One mustn't ruffle feathers before, like in the case of Libor, it becomes fact that everyone was in on it.

There’s no evidence that gold dealers sought to manipulate the London fix or worked together to rig prices, as traders did with Libor. Even so, economists and academics say the way the benchmark is set is outdated, vulnerable to abuse and lacking any direct regulatory oversight. “This is one of the most concerning fixings I have seen,” said Rosa Abrantes-Metz, a professor at New York University’s Stern School of Business whose 2008 paper, “Libor Manipulation?” helped spark a global probe. “It’s controlled by a handful of firms with a direct financial interest in where it’s set, and there is virtually no oversight -- and it’s based on information exchanged among them during undisclosed calls.”

Unless we are wrong, there was no evidence of Libor manipulative collusion before there was evidence either. And since the cabal of the London gold fix is far smaller than the member banks of Libor, it is exponentially easier to confine intent within an even smaller group of people. But all that is also known to most.

As is the fact that when asked for comments, 'spokesmen for Barclays, Deutsche Bank, HSBC and Societe Generale declined to comment about the London fix or the regulatory probes, as did Chris Hamilton, a spokesman for the FCA, and Steve Adamske at the CFTC. Joe Konecny, a spokesman for Bank of Nova Scotia, wrote in an e-mail that the Toronto-based company has “a deeply rooted compliance culture and a drive to continually look toward ways to improve our existing processes and practices."

Next, Bloomberg conveniently goes into the specifics of just how the gold price is manipulated first by the fixing banks, then by their "friends and neighbors" as news of the fixing process unfolds.

At the start of the call, the designated chairman -- the job rotates annually among the five banks -- gives a figure close to the current spot price in dollars for an ounce of gold. The firms then declare how many bars of the metal they wish to buy or sell at that price, based on orders from clients as well as their own account.


If there are more buyers than sellers, the starting price is raised and the process begins again. The talks continue until the buy and sell amounts are within 50 bars, or about 620 kilograms, of each other. The procedure is carried out twice a day, at 10:30 a.m. and 3 p.m. in London. Prices are set in dollars, pounds and euros. Similar gauges exist for silver, platinum and palladium.


The traders relay shifts in supply and demand to clients during the calls and take fresh orders to buy or sell as the price changes, according to the website of London Gold Market Fixing, which publishes the results of the fix.

.. only this time the manipulation is no longer confined to a purely theoretical plane and instead empirical evidence of the fixing leak is presented based on academic research:

Caminschi and Richard Heaney, a professor of accounting and finance at the University of Western Australia, analyzed two of the most widely traded gold derivatives: gold futures on Comex and State Street Corp.’s SPDR Gold Trust, the largest bullion-backed exchange-traded product, from 2007 through 2012.


At 3:01 p.m., after the start of the call, trading surged to 47.8 percent above the average for the 20-minute period preceding the start of the fix and remained 20 percent higher for the next six minutes, Caminschi and Heaney found. By comparison, trading was 8.7 percent higher than the average a minute after publication of the price. The results showed a similar pattern for the SPDR Gold Trust.


“Intuitively, we expect volumes to spike following the introduction of information to the market” when the final result is published, Caminschi and Heaney wrote in “Fixing a Leaky Fixing: Short-Term Market Reactions to the London P.M. Gold Price Fixing.” “What we observe in our analysis is a clustering of trades immediately following the fixing start.”


The researchers also assessed how accurate movements in gold derivatives were in predicting the final fix. Between 2:59 p.m. and 3 p.m., the direction of futures contracts matched the direction of the fix about half the time.


From 3:01 p.m., the success rate jumped to 69.9 percent, and within five minutes it had climbed to 80 percent, Caminschi and Heaney wrote. On days when the gold price per ounce moved by more than $3, gold futures successfully predicted the outcome in more than nine out of 10 occasions. “Not only are the trades quite accurate in predicting the fixing direction, the more money that is made by way of a larger price change, the more accurate the trade becomes,” Caminschi and Heaney wrote. “This is highly suggestive of information leaking from the fixing to these public markets.”

Oh please, 9 out of 10 times is hardly indicative of any wrongdoing. After all, JPM lost money on, well, zero trading days in all of 2013, and nobody cares. So if a coin landing heads about 200 times in a row is considered normal by regulators, then surely the CTFC will find nothing wrong with a little gold manipulation here and there. Manipulation, which it itself previously said did not exist. But everyone already knew that too.

Cynicism aside, to claim that this clearly gamed process is not in fact gamed, not to say criminally manipulated (because it is never manipulation unless one is caught in the act by enforcers who are actually not in on the scheme) is the height of idiocy. Which is why we are certain that regulators will go precisely this route. That too is also largely known. Also known are the benefits for traders who abuse the London fix:

For derivatives traders, the benefits are clear: A dealer who bought 500 gold futures contracts at 3 p.m. and knew the fix was going higher could make $200,000 for his firm if the price moved by $4, the average move in the sample. While the value of 500 contracts totals about $60 million, traders may buy on margin, a process that involves borrowing and requires placing less capital for the bet. On a typical day, about 4,500 futures contracts are traded between 3 p.m. and 3:15 p.m., according to Caminschi and Heaney.

Finally what is certainly known is that the "London fixing" fix would be very simple in our day and age of ultramodern technology, and require a few minutes of actual implementation.

Abrantes-Metz, who helped Iosco formulate its guidelines, said the gold fix’s shortcomings may stretch beyond giving firms and clients access to privileged information. “There is a huge incentive for these banks to try and influence where the benchmark is set depending on their trading positions, and there is almost no scrutiny,” she said.


Abrantes-Metz said the gold fix should be replaced with a benchmark calculated by taking a snapshot of trading in a market where $19.6 trillion of the precious metal circulated last year, according to CPM Group, a New York-based research company. “There’s no reason why data cannot be collected from actual prices of spot gold based on floor or electronic trading,” she said. “There’s more than enough data.”

Which is precisely why nothing will change. Sadly, that is also widely known.

So did Bloomberg put together an exhaustive article in which virtually everything was known a priori? it turns out the answer is no: we learned one thing.

London Gold Market Fixing Ltd., a company controlled by the five banks that administers the benchmark, has no permanent employees. A call from Bloomberg News was referred to Douglas Beadle, 68, a former Rothschild banker, who acts as a consultant to the company from his home in Caterham, a small commuter town 45 minutes south of London by train. Beadle declined to comment on the benchmark-setting process.

You learn something new every day (incidentally, the same Douglas Beadle who acted as a consultant to the LBMA until March 2010 and was involved from the outset in the project to find a suitable scale for the electronic weighing of gold as documented in "Electronic Weighing of Gold - A Success Story").

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Cognitive Dissonance's picture

The question isn't whether Gold is manipulated. The real question is.....knowing that Gold is the premier fiat fire alarm why would they not manipulate Gold?

DavidPierre's picture

Big week ahead...pieces of the puzzle ... the Art of War.

The holiday shortened Thanksgiving week looks like it could be an important one. The Dec COMEX month is upon us and there are only 3 days left before first notice with 126,000 contracts still outstanding. This translates to 12.6 million ounces which will surely shrink over the next 3 days but the question is "by how much"?

This is an important question because there are only 589,000 ounces held by dealers in the registered category.

We had a similar situation last December and the COMEX brought in a million ounces to make delivery. From that point forward the inventories have bled a gusher, COMEX total Gold has gone from 11.5 million ounces to about 7 million while the dealer side has dropped from 3.5 million to under 600,000 ounces, the latter is a roughly 80% bleed. GLD which is another "source" for metal has dropped from 1,300 tons to about 850 over the last 12 months. We are also aware of a 1,300 ton "shortfall" in the inventory held by the BOE. These large decreases in inventories are now well documented and this metal has moved "East" to China, India, Russia and others. This is just one piece to the puzzle.

It will be quite interesting to see just how many contracts actually stand for delivery. The obvious "potential" is that "too many" stand and ask for Gold that is simply not available to deliver. This would be an obvious catastrophe. The "timing" is also quite interesting because we learned this week that 23 nations have now set up "non Dollar" swaps to be used to settle trade. The big question now is whether or not the Saudis will accept anything other than Dollars. The current negotiations with Iran could very well be the blasting cap that sets this whole thing in motion, Saudi Arabia (and Israel) will be hopping mad if a deal gets done that turns out to be a "bad deal".

The "timing" was interesting, it is, VERY! ... because late yesterday Jim Sinclair wrote publicly that he has been in meetings regarding the origins of "cash" metals markets. He had spoken previously of 6 different metals exchanges that would afford no leverage whatsoever and declared yesterday that he has made the decision to back the Singapore Physical Precious Metals Exchange with his knowledge, reputation and financially. Jim's message to the us can be found here .

He has accepted the position of executive chairman of the exchange so without a doubt his heart and soul is in this for the end game.

For those of you have studied or wondered about "Free Gold", this is how it begins. True "cash and carry" exchanges will destroy the West's ability to price Gold using leverage and unbacked contracts. Currently there is virtually "no cost" for JP Morgan, Goldman, Barclays, Morgan Stanley or any other investment house to "sell" Gold. All they need to do is "push a button" and literally millions of so called ounces hit the markets and thus push the price down. "Cash exchanges" will offer the opportunity to arbitrage metal from the paper exchanges.

We will arrive at a "two tier" market in Gold and Silver.

In some respects we have already. India is currently paying 20% above paper Gold market prices to obtain metals. There are also premiums (though not nearly as high) for the Chinese to buy Gold. Here in the U.S., Silver Eagle and Maple pricing is some 15-20% above COMEX pricing. (Interesting to note that though prices dropped this week on the COMEX, premiums expanded by the same amount leaving cash prices nearly unchanged). So yes, we already have a glimpse at a "two tier market" but if I had to guess, these cash exchanges will "arbitrage" the remaining metals held in the West. They will buy and ask for delivery knowing full well that they can sell to cash buyers in the East at far higher prices...thus making an arbitrage profit AND draining the remaining scraps at the bottom of our barrel.

THIS is truly big news!

It inevitably had to happen sooner or later because Mother Nature has been demanding it for years. This "cash and carry" concept will ultimately reprice Gold and Silver to much higher levels and probably multiples of their current prices. The West has been fighting the tide since 1971 and now looks to have lost the war with this current battle arrangement. The East on the other hand has acted in harmony with nature. They were patient and methodical for years upon end and now look to end the "financial war" without ever firing a single bullet. Let me remind you that history has shown that the winners of war end up with the losers Gold, it has always been this way. However, this "war" was different. The East used our own "bullets" (Dollars) against us by producing product, selling that product to the West and earning more "bullets"...which have been used to "buy" our Gold.


We have no one to blame other than ourselves because we sat back and allowed this to happen. Don't get me wrong, this was "planned", it was planned by the Chinese years and years ago. In the words of Sun Tzu in his book of military strategy 'The Art of War' .... "The supreme art of war is to subdue the enemy without fighting". This is essentially what has been, is and will happen.

Gold is gone, it will soon be "priced" by those who "have it".

TruthInSunshine's picture

"...a call from Bloomberg News was referred to Douglas Beadle, 68, a former ROTHSCHILD banker, who acts as a consultant to the company from his home in Caterham..."


*Just another "conspiracy" rant since it must be yet another mere coincidence in a storied, historical list of thousands of such coincidences, you know.

Bay of Pigs's picture

We better get James Cole in here to offer his brilliant insight into this matter.

After all, we Zhers are just a bunch of blockheads who need someone to point us in the right direction on this.


Troll Magnet's picture

HEY! Did you guys hear about George Zimmerman's 911 call? Why aren't you outraged about THAT??? Come on, people! Wake up! There's racism in this cuntry!

[Brought to you by the Huffington Post]

WHAT? What did Miley Cyrus do?!?!

foodisgood's picture

Go to Ebay

Type Sliver Ounce

The number of sellers was about half that 6ix months ago and the arbitrage was also half as much.

Who knows how it will go but for now it looks like money is not representing Value and Price according to Cost and if you ask me the Cost will be a much heavier Price  to pay as Values come back to physical sense and away from virtual, moral and politically correct sense.

Rubbish's picture

My manipulation:


Steal fiat from the rich = Buy Gold/silver


They never knew what hit em

BaBaBouy's picture

THEY Will Lose Control!
GOLD Will Set It's Own Price In Paper Fiats, No Matter What Charrades They Pull.
Maybe GOLD $30K Or $50K Or More?


Only GOLD Knows.

Herd Redirection Committee's picture

Litecoin, Namecoin, and Novacoin... Thats where the real money is...  They have all tripled in the last 2 weeks.  Get in now!


SamAdams's picture

i found the problem -> GOLD PRICE IS FIXED TWICE DAILY <- i found the problem..... 

Doesn't take a lot of brain power to understand if the price is fixed, then it is not market driven.  If it is not market driven, then there will always be opportunity for arbitrage.

this is as easy to understand as -> if you made your own money, would you charge yourself interest? 

So simple yet so difficult because Americans are taught not to think, but to memorize what talking heads say.

EnslavethechildrenforBen's picture

Anyone can print a Gold "certificate" representing a quanity of the actual metal.

It's kind of like exchanging an "I.O.U. Gold" for pieces of colored paper.

Logic dictates that, the more that they print those promises, the less they will be valued in terms of said colored paper.

Eventually those promises will be worth nothing.

The problem lies in that people BELIEVE there is some correlation between the electronic value proposed and the actual relative value of the metal.

This is putting pressure on miners to reveal their actual cost of production in order that we may determine the actual value of an ounce of metal.

That would "guarantee" that it is safe to re enter the physical market at this price.

GetZeeGold's picture



The lure of easy money has a very strong appeal. If they can use your money to crash the price so they can buy it cheap.....they'll probably do that all day long. It's not like it's costing them anything. Do you really think Ben Shalom sweats QE? Yeah...neither do I.


They're not saints....but they are master traders.....and your money is free to them. Gordon Brown stole the British peoples gold when he was the Finance Minister and nothing really happened. Then they made him Prime Minister....and that's how you do that.

Keyser's picture

It hardly takes a master trader to manipulate a market when 5 bankers set the price for the commodity twice a day. 


GetZeeGold's picture



What makes it masterful is that public doesn't realize anything is happening......that takes skill.


No one has been arrested to my knowledge.....let alone convicted.

Keyser's picture

Much like no one has served one day of jail time for the 2008 collapse. It's good to be a member of the club. Immunity from investigation and prosecution. That is until the general public ferret out the information and publishes it on the web. The internet is turning the tide on information control, which historically has been scrubbed and managed by TPTB. 

GetZeeGold's picture got it.

Groundhog Day's picture

When I had my head in the sand, i was in awe of the the numbers i would read about regarding traders making millions and millions a quarter for thier firms and thinking they deserved those enormour bonuses since they made so much money for their firms.  Now I'm just bitter knowing everything is fixed and it's really only about who you know.  I love ZH for showing me the light and hate ZH for showing me the light.  I think i was happier with the blue pill, i just hope spending 1000's of hours on this site and reading all this material doesn't go to waste having accumulated PM's at all prices and being about flat when i could have let it ride on the SPX in bliss

yrbmegr's picture

Price rarely has anything to do with cost.

Tinky's picture

How about Martin "2017.75" Armstrong? It amazes me that people pay attention to him. From his answer to a question about gold manipulation today on his site:

"Talking directly with real sources, it has been liquidation. If it were a manipulation, they would be covering the shorts. They have not done that. This has been simply liquidation that is going with the trend. There is no depth to the market anymore. Liquidity is down by 50% on everything. This is the same kind of liquidation that took place in the last year of the Nikkei. It is just capitulation. The orders are not even that large. There is simply a lack of buyers even during the liquid hours. People would flock to buy gold if there was a real solid bull market bid."

Got that? "The orders are not even that large."

WTF is he looking at?

geminiRX's picture

Don't diss Armstrong too much, he's nailed the price points with gold quite well the last two years, and I think he will also be right about a potential drop to 900-1000 point (boy, I am waiting to jump at that opportunity!!!). However, I do stand with you on the odd point of "simple liquidation".....doesn't add up. It would be appreciated if the Tylers could offer their point for rebuttal 

Quinvarius's picture

Armstrong's own blog rebutts him.  The guy went to jail for losing money as a FOREX trader and hiding the losses, despite the claims he makes about why he was there.  He is a confidence man that "corozoned" his clients.  His gold short trade finally worked after blowing up twice.  There is no magic computer program that tells you what is going to happen.  His commentary in his blogs often twists facts into absurdity.  He has my BS detectors running in overdrive.  At a minimum, his brain is trapped in the 70's and he is clueless about modern market mechanics. 

As far as gold fixing, I don't think a bunch of banks deciding at what price they will transact with each other is a bad thing.  But I also do not believe that is what is happening.  I believe we don't have the real dirty details.  But the reality is more like they are deciding at what price they will dump someone else's gold so that all of them will profit off of it.  I strongly suspect it has more to do with looting that any kind of trading.  All you have to do is imagine what the biggest ahole on the planet would do with other people's property if he had unaudited access to it, and a way to make side bets on thw effects of what he was doing.  I am certain the deal is much dirtier than it is described.

GetZeeGold's picture



The guy went to jail


Yeah, about that......there's still quite a lot of missing physical gold from that caper....pretty sure Armstrong knows where that is.


You can ask Martin for a comment about that.....but I don't think you're going to get one.


RIP Edmond Safra

Herd Redirection Committee's picture

Armstrong may have had a tinge of legitimacy AT ONE POINT.  Certainly not now.

He is a scammer, and a sell-out.

Fuh Querada's picture

Good points. Jim Sinclair published Armstrong's newsletters while the latter was in jail, but since MAs exit from there JS has ignored MA.

I gave up reading MAs blog posts including the 50 page ones on Roman coins, after getting an overriding impression of arrogance. A few insights excepted, like a NY judge would never, ever rule against a big bank.

He claims that a computer program with an output that looks like a1980s Commodore 64 or Atari will predict all major financial events and runs big-ticket conferences. Well, I claim that is bullshit. Why doesn't he just borrow. $10 Mio and place the bets in private?

ParkAveFlasher's picture

Armstrong's followers neglect to mention that he missed the entire run up to $1900.  And, that he is the inventor of artificial intelligence ... in fact he stores it on a floppy disk.

ZH Snob's picture

the london gold fix, ergo: the fix is in.  aptly named.


I can't wait for the mighty, physical Singapore strongholds to bury these British paper thieves and give us all a true and honest price discovery.

Doña K's picture

<<<the london gold fix, ergo: the fix is in. aptly named.>>>

Does the Pope have a balcony?

putaipan's picture

hey monsieur lemetropole, and all the rest of the china wins/"gold-leaf hat" wearin' posters on this thread, jibe that view with the previous story de jour courtessy of the ever vidgilant tylers - .

i think i'm starting to wrap my head around it (and yes, my version has the bankers to the pope getting all that gold back in their hands via china) but does anyone here have some keen old school zhobservations that reconcile these two stories.

(and as a reward- i never really "grocked" what all that stuff about "blobbing up" was about... but i'm pretty sure this is a reverse worst lipsink reading/mistranslation animation of it-  i know know .... no christmas before thanksgiving,but i'm lovin' this... kinky tom kinky tom ....!


thisandthat's picture

So China is trading their fake money for real gold, whereas the west is doing the opposite.

+1 for the vid

resurger's picture

That's really  a smart move

gookempucky's picture

They are also raiding from behind door deals paid for by the US taxpayer sanctioned by the SKANKS IN CHARGE.

Fiskers bankruptcy--taxpayer loozzzeezz..,0,4870491.story#axzz2lkyCJMdS

Squid-puppets a-go-go's picture

i can have a stab at connecting the two stories - not necessary a connection between the causal effects, but more about the ramifications/implications:

if china is going to (as many are starting to beleive) force the hand of the world back to a gold or goldish standard - either alone or partnered with russia /et al, then the implications of its massive extension of credit lead to the following desire on its behalf

if a resetting of gold price overnight is sought as the way to resolve utterly unpayable debts (as opposed to the less palatable solution - from bankers perspectives - of debt forgiveness/jubilee) then china will strongly seek - given its significantly increased physical gold holdings - a resetting of gold to a higher figure than perhaps even very bullish gold advocates suggest ($55k for some, $134k by 'two short planks' who reckons they will use gold to offset shadow banking liabilities as well

Squid-puppets a-go-go's picture

btw im not holding out for anything remotely close to those figues,

i just figure the more people online giving seemingly credible accounts of why it should be $55k + improves and quickens the chances of it going to $5k +, which i'd be plenty happy with

Cacete de Ouro's picture

The elephant in the Fixing is the Bank of England. Michael Cross's team. They are the masters at smoothing operations and more, into the fix...
Give it a bit of juice when needed, but reverse thrusts... add supply to dampen demand...totally illegal but who's going to walk in and have a word with Carney, 'allo 'allo

Certainly not the FCA bitches, bitchez

spankfish's picture

Mr. CD, is that fiat fire alarm or fiat firearm?



XAU XAG's picture






GoldRealist's picture

This article doesn't describe how gold is manipulated during the fixing process. It describes how some of the member banks MIGHT be using information during the calls for their financial gain. Hardly surprising that. Truth is .. the fixings that happen in London are a good thing, and the member banks are doing the market a service by coming up with good price fixings. Many assets and instruments are valued on the London fixings, and there is no incentive for the banks to mess this process up.

If you're looking for gold manipulation, look no further than the insanity that has been happening with price take-downs that (probably) The Fed through the Wall Street banks put through huge sell orders, knocking the price down. April 2012 comes to mind, and recently when the world was once again on the precipice over the Tea Party shutdown/debt ceiling fiasco, and the price of gold goes DOWN during those few days? That is craziness, and so obviously price manipulation on a grand scale. That is something to get your tinfoil hat out for, not the London fixings.

dvfco's picture

I'm stunned. I would've figured these guys were so honest.  They have such nice suits, and houses, and cars.  They must benefit society, no?

chunga's picture

Eventually they'll benefit society...when they compost back into the soil.

willwork4food's picture

and the same blessings for the DC scum that allows them to do it.

ThirdWorldDude's picture

As well as each and every corporate-sponsored gubbermint in the rest of the "free" western world.


BIS - Board of Directors

Offthebeach's picture

They are all doing God's work, and God being just and merciful, rewards his servents.

The Shootist's picture

But, there's got to be some reason bankers like Jamie Dimon are "richer" than us. Maybe it will come to me.