• Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.
  • Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.

Precious Metals Manipulation Worse Than Libor Scandal, German Regulator Says

Tyler Durden's picture




 

Remember when banks were exposed manipulating virtually everything except precious metals, because obviously nobody ever manipulates the price of gold and silver? After all, the biggest "conspiracy theory" of all is that crazy gold bugs blame every move against them on some vile manipulator. It may be time to shift yet another conspiracy "theory" into the "fact" bin, thanks to Elke Koenig, the president of Germany's top financial regulator, Bafin, which apparently is not as corrupt, complicit and clueless as its US equivalent, and who said that in addition to currency rates, manipulation of precious metals "is worse than the Libor-rigging scandal." Hear that Bart Chilton and friends from the CFTC?

More on what Eike said from Bloomberg:

The allegations about the currency and precious metals markets are “particularly serious, because such reference values are based -- unlike Libor and Euribor -- typically on transactions in liquid markets and not on estimates of the banks,” Elke Koenig, the president of Bafin, said in a speech in Frankfurt today.

Actually, what makes the most serious, is that precisely because they are on liquid markets means they implicitly have the blessing of the biggest New Normal market maker of call - the central banks, and their own "regulator" - the Bank of International Settlements (hello Mikael Charoze).

“That the issue is causing such a public reaction is understandable,” Koenig said, according to a copy of the speech. “The financial sector is dependent on the common trust that it is efficient and at the same time, honest. The central benchmark rates seemed to be beyond any doubt, and now there is the allegation they may have been manipulated.”

 

Bafin has also interviewed employees of Deutsche Bank AG as part of a probe of potential manipulation of gold and silver prices, a person with knowledge of the matter has said.

We wonder how long until this particular investigation is stopped based on an "executive order" from above, because Bafin is now stepping into some very treacherous  waters with its ongoing inquiry of gold manipulation: what it reveals will certainly not be to the liking of the financial "powers that be."

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Thu, 01/16/2014 - 15:32 | 4338592 Sofa King Confused
Sofa King Confused's picture

Great you found out what everyone already knows. Now stop it.

Thu, 01/16/2014 - 15:36 | 4338609 WarriorClass
Thu, 01/16/2014 - 15:38 | 4338614 Xibalba
Xibalba's picture

If the President, (or his working group on markets) does it, then it's not illegal. 

 

*waves peace sign*

Thu, 01/16/2014 - 15:39 | 4338627 Motorhead
Motorhead's picture

Verschwörung, Huren!

Thu, 01/16/2014 - 15:52 | 4338659 Frozen IcQb
Frozen IcQb's picture

Now they speak!

Where were they before their gold "to be returned" was backordered for eight years by the FED?

Thu, 01/16/2014 - 16:03 | 4338694 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Perhaps Angela Merkel, pissed about NSA abuse, gave Bafin the green light to come out with this info.

That the NSA is unchecked will produce some bad outcomes IMO.

Thu, 01/16/2014 - 16:06 | 4338704 nope-1004
nope-1004's picture

National policy for a reserve currency to maintain confidence MUST entail the manipulation of any alternative.

Seems rather logical.

 

Unfortunate that it takes so long for others to catch on and see through the veil.

 

Thu, 01/16/2014 - 16:09 | 4338719 BLOTTO
BLOTTO's picture

Our Life has been manipulated more than  the precious metals and libor scandal combined - X1,000...

Thu, 01/16/2014 - 16:13 | 4338740 NotApplicable
NotApplicable's picture

Somebody forgot to grease the Bafin!

Thu, 01/16/2014 - 16:29 | 4338788 redpill
redpill's picture

I'd advise this guy starts making his own tea from now on.

Thu, 01/16/2014 - 16:53 | 4338862 Odin
Odin's picture

The financial sector is dependent on the common trust that it is efficient and at the same time, honest."

 

 

Wait, there was a time when this shit was honest?

 

 

 

Thu, 01/16/2014 - 17:34 | 4338873 Manthong
Manthong's picture

Maybe they are a little P.O.’d that they only got 37 of their of their “supposed” 3,400 tons held for safekeeping by the US back about a year after asking for only about 300 tons back.

..and they were not the serial numbered German marked bars..  it was new gold, recast and likely bought on the open market (at suppressed prices of course).

Thu, 01/16/2014 - 19:04 | 4339194 HoofHearted
HoofHearted's picture

Don't stop the shit yet...I still have FRNs to exchange for precious metals. And if the government isn't insolvent by the time I file taxes, there is a refund coming to me. (Thanks, suckers, for giving me $1000 per child in my family. Still not sure why that is, but we convert it into four ounces of gold right away!!!) Don;t take the punchbowl away until late February or early March at the absolute fucking earliest!!!!

Thu, 01/16/2014 - 19:11 | 4339221 Pinto Currency
Pinto Currency's picture

 

UK Prime Minister questioned on LBMA gold market rig:

 

http://www.safehaven.com/article/32394/for-prime-minister-cameron-re-lbma-gold-trading

Thu, 01/16/2014 - 23:29 | 4339981 Dick Buttkiss
Dick Buttkiss's picture

BITCOIN!

Fri, 01/17/2014 - 03:44 | 4340218 BaBaBouy
BaBaBouy's picture

Market Manipulation In Most Countries is Illegal.

Compensation IS DUE to Thousands Of Mining Companies That Have Been Harmed Or Destroyed By These Covert PM's METALS Operations. (+ South AFRICA ?)

Not To Mention A Million Or So Investors...

Fri, 01/17/2014 - 07:48 | 4340302 GetZeeGold
GetZeeGold's picture

 

 

 

 

I for one am shocked and appalled.

 

Who knew.....except about everyone?

 

GATA is going on vacation.....the sign out front says.....TOLD YOU SO BITCHEZ!

Thu, 01/16/2014 - 17:55 | 4339016 Al Gorerhythm
Thu, 01/16/2014 - 19:53 | 4339361 cynicalskeptic
cynicalskeptic's picture

Well back in the late 80's - when nobody seemed to care about gold - the vaults on E Level at the NY Fed were full of gold, all nicely stacked in their respective government's cages.  The German bars - and much of the European gold - was still stamped with the eagle and swasticka put on then the Reichsbank had it in inventory.  While the smelter puts their ID, fineness and weight on bars, it was also the custom of various banks to stamp bars withtheir mark of ownership.

It's already come out that Germany was allowing their gold in US possession to be leased out (to be lent to various bullion banks and - OF COURSE, SOLD - while the banks paid minimal interst on theoir lease and invested the proceeds of the sale in higher paying bonds, a supposed 'win-win' as long as gthe price of gold holds steady or goes down).  

So.... now we have the scramble to buy it back - in competition with China and the rest of the world - and you can bet the US is going to be nice to China in exchange for continued support of the $US (e.g. - NOT dumping US Treasuries all at once - a move also in China's interest to preserve as much value as possible while they convert those $$$ into hard assets). 

I wonder if ANY gold is left in the basement of the Fed 

Would be all too convenient for some if the 'Die Hard With a Vengence' scenario actually came to pass in one form of another..... HORRORS!!! We were robbed!!!!!

Thu, 01/16/2014 - 20:18 | 4339481 Skateboarder
Skateboarder's picture

And the security keep guarding empty boxes. Imagine if they knew. :)

Fri, 01/17/2014 - 03:26 | 4340216 Oracle of Kypseli
Oracle of Kypseli's picture

I suspect a terrorist attack on the NYfed which will supposedly evaporate all the gold. I wonder if the building and its contents is insured by AIG. Happy trails mates

Fri, 01/17/2014 - 06:49 | 4340300 Tall Tom
Tall Tom's picture

They had that chance when the Gold was stored in the Basement Vaults of the World Trade Center.

 

But for some reason they decided to move all of those metric tons of Gold, beginning in July, 2001 to, as Alan Greenspan said on Sept. 17, 2001, to an "undisclosed location". (the vaults of the NY Federal Reserve)

 

So none of that Gold was vaporized underneath the WTC on September 11, 2001.

 

It just had to have been, "Dumb luck" that the Gold was not in those underground vaults on September 11, 2001.

 

I can just imagine the US Government Official in Charge saying, "Hey..I am bored. Let's take a couple of MONTHS and MOVE ALL OF THE GOLD OUT FROM UNDERNEATH THE WTC. That will give us something to do...Let us just do this for the fuck of it."

 

No. They had no clue that those Twin Towers were going down...NONE WHATSOEVER.

 

LMAO.

Thu, 01/16/2014 - 22:26 | 4339843 Cacete de Ouro
Cacete de Ouro's picture

Elke König is a broad ....

Thu, 01/16/2014 - 16:19 | 4338760 geminiRX
geminiRX's picture

Bitcon comes to mind too...

Thu, 01/16/2014 - 17:37 | 4338979 TruthHammer
TruthHammer's picture

as not being a legit alternative? agreed

Thu, 01/16/2014 - 17:42 | 4338990 MrPalladium
MrPalladium's picture

No, but as an alternative that must be coopted and manipulated by the system. A wise warning.

Fri, 01/17/2014 - 03:39 | 4340222 Oracle of Kypseli
Oracle of Kypseli's picture

TPTB can eliminate digital crypto-currencies in a NY minute. Don't be fools. They may even be the originators to deflect what the left hand is doing.

The religious-like followers of bitcoin are all over the blogosphere proselytizing just like penny stock pushers and Jehovah witnesses

Bugger off 

 

Thu, 01/16/2014 - 19:31 | 4339289 Frozen IcQb
Frozen IcQb's picture

MUST-NOT!

The reserve currency would not have to be manipulated if politicians were not commiting treason by spending above revenues.

Thu, 01/16/2014 - 18:24 | 4339092 Long-John-Silver
Long-John-Silver's picture

Perhaps Angela Merkel, pissed about NSA abuse, gave Bafin the green light to come out with this info.

 

I think She's pissed Germany can't get it's Gold back. It's been rehypothecated so many times it no longer exists.

Thu, 01/16/2014 - 21:59 | 4339779 Fish Gone Bad
Fish Gone Bad's picture

The gold exists.  She still won't get it back though.  Its been turned into Indian gold jewelry.

Thu, 01/16/2014 - 23:19 | 4339963 Uncle Sugar
Uncle Sugar's picture

It's at the bottom of some river or lake.

Fri, 01/17/2014 - 03:40 | 4340221 toothpicker
toothpicker's picture

It's in China or in a castle somewhere in Europe

Thu, 01/16/2014 - 23:50 | 4340010 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Alright now fellow gold bugs. Enjoy this day of validation. You've truly earned it.

But tomorrow or maybe early next week, this will hit the mainstream press where it will be mentioned in passing and from then on, your meticulous proofs of manipulation will be met with:

"Well, DUH!!!! Tell us something that whole world didn't ALWAYS know! You're a little slow on the uptake, aren't you?".

Today proves your views about gold's place in the world are as correct now as they have always been. Honestly after last year its pretty comforting. But this is only a small step...

Fri, 01/17/2014 - 07:11 | 4340311 GetZeeGold
GetZeeGold's picture

 

 

 

Tell us something that whole world didn't ALWAYS know!

 

I seriously doubt your run of the mill 711 patron had any clue.....let alone your standard soccer mom.

 

It's probably best if we just keep this between ourselves.

Fri, 01/17/2014 - 04:50 | 4340261 Volaille de Bresse
Volaille de Bresse's picture

"Perhaps Angela Merkel, pissed about NSA abuse, gave Bafin the green light to come out with this info"

 

Could be... or Merkel has a much bigger view and mentally teleports herself to 2030, when China is booming and the US is semi-dead.

 

WHO is Germany going to sell Mercedes cars to, then? Not some dude in Texas or Cali. Pissing the US, who cares as long as China's your #1 economic partner...

 

With a strong Berlin/Beijing partnership, Germany will even be able to leave Europe and let France drift/sink with the insolvent "tanned" Euro-zombies (Spain Greece Portugal Cyprus). 

Vorwäts Deutschland!!!!

Thu, 01/16/2014 - 15:59 | 4338695 Pladizow
Pladizow's picture

Someone wont be made partner at JPM or GS!

Thu, 01/16/2014 - 16:12 | 4338730 kaiserhoff
kaiserhoff's picture

True, but when the Germans get their gold back, they will be able to buy Japan with it.

Of course, so will anyone else with a couple of Krugarrands to rub together.

Thu, 01/16/2014 - 16:20 | 4338765 Rainman
Rainman's picture

Germans get their gold back ? ....that's a good one !

Fri, 01/17/2014 - 06:59 | 4340309 GetZeeGold
GetZeeGold's picture

 

 

Yes we have your gold.....no you can't see it.....yes, you can have it back......just not right now.

 

What? Are you still here?

 

Go home......we'll call you. Would you take some bitcoins for that?

 

Thu, 01/16/2014 - 17:15 | 4338918 DaveyJones
DaveyJones's picture

assuming anyone will want to buy Japan

Thu, 01/16/2014 - 19:24 | 4339262 Beam Me Up Scotty
Beam Me Up Scotty's picture

Buy it and pass it down to your great, great, great, great,..........grand kids about 100,000 years in the future.

Thu, 01/16/2014 - 19:55 | 4339369 cynicalskeptic
cynicalskeptic's picture

Think of it as a large 'glow in the dark' novelty item.

Thu, 01/16/2014 - 20:27 | 4339513 DaveyJones
DaveyJones's picture

like a night light for the moon

Thu, 01/16/2014 - 22:02 | 4339786 Fish Gone Bad
Fish Gone Bad's picture

Making fun of Japan is pretty easy to do.  It must be all the Tritium and Cesium 137 in their drinking water.

Thu, 01/16/2014 - 16:06 | 4338711 TeamDepends
TeamDepends's picture

Sleeping like babies, confident the kind, grandfather-like NY bankers were keeping a watchful eye on their stash.  Speaking of the cartel, is anyone else enjoying watching them repeatedly attempt to push silver under $20 only to receive a waving silver finger in their face and a taunting "Oh no you di-int!".

Thu, 01/16/2014 - 16:15 | 4338745 maskone909
maskone909's picture

fo sho

lovin my new 10oz ntr bars

thinking a boat trip is way overdue

Thu, 01/16/2014 - 16:24 | 4338778 gmrpeabody
gmrpeabody's picture

Better plan on taking those bars with you..., nothing is safe at home anymore.

Thu, 01/16/2014 - 17:01 | 4338891 SilverIsKing
SilverIsKing's picture

Not only will he take them with him, I am certain that the bars will somehow fall overboard and be "lost forever."

Thu, 01/16/2014 - 17:17 | 4338923 Kaiser Sousa
Kaiser Sousa's picture

"attempt to push silver under $20 only to receive a waving silver finger in their face and a taunting "Oh no you di-int!".

yeah, its hilarious how after a huge phony paper price smash they get it to trade in a narrow range for days while the Fraud Markets r moving up and down, and all around...

so obviously bullshit...thanks assholes - for real money for me and more peices of green worthlessness for you cocksuker mother fucking MoneyChangers....

he who laughs last..........


Fri, 01/17/2014 - 06:55 | 4340308 zhandax
zhandax's picture

Funny how the price of a Bach Stradivarius never seems to go down.  And it's only silver plated.....

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