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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lakecity55's picture

The moar play this gets to Joe working or Joe laid-off dude, the moar faith is lost in the "system."

I hope a drone does not accidentally fire a missile into his broadcast studio.

When he went after the Fed, he got kicked off of Fox as I recall.

I think he has an Israel First agenda, I am not on board with all his stuff.

1Inthebeginning's picture

Sorry guys. Off topic. Some of my business contacts are reporting that due to the ppaca employees are going to part time, health insurance costs are sky rocketing, and some employees are being made 1099's. I am beginning to see companies adapt to the new law.

Yeshua bless

silverstud's picture

Who but a big Wall Str bank can trade hundreds of thousands of PM contracts in a few minutes to force the price down?

It ain't rocket science and it ain't a conspiracy.


Joebloinvestor's picture

Anything that can be manipulated will be.

Radical Marijuana's picture

Every market is rigged because the foundation of the entire system has become the fraud of private banks making the public "money" supply out of nothing as debts, which fraud is enforced by governments, because the methods of organized crime were covertly applied to successfully take over control of the political processes. There was never any reasonable doubt that any market was not rigged, after one faces the basic fact that private banks enjoy the privilege of the legalized counterfeiting of the public money supply, while governments force everyone, including themselves, to operate within that fundamentally fraudulent financial accounting system.

The deeper problem is that in order to understand how the "markets" really work, one must understand how organized crime really works, because that is what actually controlled what governments did. The deeper problem is that money is measurement backed by murder. Therefore, the price of gold or silver, or anything else, necessarily exists inside the context where fraud and murder are actually operating as the hidden bottom line, in ways which depend upon that fact being denied and suppressed, in order to continue to be successful. Ironically, people who complain that there is no genuine "free market" tend to overlook what has actually happen is that there is a sort of "free market" in murder, and the rest of the methods of organized crime, which have actually controlled the real political processes, to enable the long history of successful warfare based on deceits to become financial affairs based on fraud.

The price of gold and silver was always rigged by the murder systems which made and maintained money systems. It was not an accident that thousands of years ago the value of gold and silver was set by the use of swords and spears. However, now that our weapons have become trillions of times more powerful, so far there has not been anything but the mostly inertial drift of social habits being amplified many orders of magnitude through the old social pyramid systems. It should not be surprising that the rigging of the price of gold and silver, the traditional monetary metals, could be greater than the rigging of the interest rates. However, all of that kind of market rigging is relatively trivial compared to the basic fact that the enforced public money supply has become private banks creating electronic fiat money out of nothing, which only has value because the governments back that up with their police and armed forces, through legal tender laws, and the collection of taxes payable in that fiat money.

The resolutions of these problems are extremely problematic, because that would take understanding how and why human civilizations necessarily operate as energy systems, which were best described as being based upon the principles and methods of organized crime. Energy systems should be understood through unitary mechanisms, rather than using false fundamental dichotomies, which results in the paradox being that governments were the biggest form of organized crime, controlled by the best organized gang of criminals, the international bankers. Better resolutions for these problems would require better understanding of their basic nature. However, almost everything in almost every established political and social institution has become a deliberate obstacle to the better understanding of themselves.

OF COURSE, the price of everything is rigged, because the money supply itself is the most fraudulent and rigged thing of all. However, there are no facile ways to fix that problem, and certainly no way to return to sound and honest money which does not deal with the paradox that that achievement would actually depend upon a sound and honest murder system, in the context of a sound and honest way that the methods of organized crime controlled civilization The notions that silver or gold, or any other commodity, could have an "honest price" in a "free market" are actually laughably absurd inside the REAL context that the global economy is already electronic frauds, backed by atomic bombs.

The market for gold and silver was ALWAYS rigged by the murder market. The fiat money system was always rigged by the murder market. There are actually no genuine solutions to these problems which can exist outside of the de facto murder market. Given that there is now an abundance of weapons of mass destruction, the murder market has become more extraordinarily insane and irrational than is possible to comprehend, while nevertheless, that collective social insanity is more and more being represented through the monetary system that regulates economic activities to therefore become more insanely out of touch with their real natural environment, at an exponentially accelerating rate.


silverstud's picture

The only thing you omitted to say is how the murder market rewrite past history to cover their tracks. They have been doing this for many decades - for example the continual reference by the media to the Holocaust while the fact that many more innocent Germans died after the second world war - largely through starvation, disease and occupation is almost completely ignored.

The rewriting of history is now being widely challenged on the Internet where conflicting voices can spar and present their own theories bypassing the dictum of the controlled mainstream media.

One only has to watch CNBC to see how constrained and narrow the self-serving Wall Street mob are - no wonder they overlook big bank manipulation and how the price of PM is just another plaything for the big boys.

Little wonder the powers are working on controlling the net.

shovelhead's picture


Innocent Germans...

"I know nothingk"

Radical Marijuana's picture

I agree with you, silverstud, "The rewriting of history is now being widely challenged on the Internet ... Little wonder the powers are working on controlling the net."

The paradoxes of "history written by those who win the wars" tend to reverse the historical facts that those who won the wars were the ones that were the best at being dishonest, and backing that up with destruction. Therefore, the ways that history is rewritten tends to become a Bizarro Mirror World, where what the rewritten versions say is proportionately backwards to what actually happened. When one attempts to put that into better perspective, in a sense the only "war crime" is to lose the war. The biggest war criminals are those who win the war, which then enables them to punish the losers for having been "war criminals."

In that context, I repeat the paradox that historical processes were manifesting energy systems, through unitary mechanisms, NOT as fundamental dichotomies. Thus, there was nothing else than different systems of organized lies operating organized robberies, whereby those who were the best at doing that prevailed. Hence, governments are always the biggest forms of organized crime, controlled by the best organized gangs of criminals. War was that kind of politics, manifesting through its most extreme forms.

The severe contradictions that we face today are that there have been profound paradigm shifts in basic sciences, which have enabled technologies to become trillions of times more powerful and capable than ever before in human history. Those paradigm shifts in basic sciences were ways in which people stopping thinking in terms of false fundamental dichotomies, and rather started to think in terms of unitary mechanisms. However, when one attempts to do that in the realm of political science one runs into the HUGE OBSTACLE that the results go through the looking glass of our Bizarro Mirror World, to reveal that human beings are always operating organized systems of lies and robbery, while the dominate way that we discuss the dynamic equilibria of those different systems is that those versions which become dominant are able to use the language that they are the "good guys," while those who were defeated were the "bad guys." In reality, the best organized crime was what actually prevailed.

The language about history written by those who won the wars I refer to as the biggest bullies' bullshit social stories. That is full to the brim of false fundamental dichotomies, and their related impossible ideals, which ideals actually make the opposite happen in the real world. Therefore, political problems continue to get worse, faster, because it is practically impossible to become more scientific about those problems in any politically effective ways. The vast majority of people are taught by the school system and mass media to perceive the world in ways whereby they utterly fail to understand that almost everything is backwards to the ways that it is being shown to them.

The history of the economic system follows the same pattern as the presentation of military history. Lies by omission dominate how those stories are told. The most important facts are almost never mentioned by the school systems or the mass media. IT SHOULD BE PLAINLY OBVIOUS TO COMMON SENSE THAT PRIVATE BANKS BEING ABLE TO MAKE THE PUBLIC "MONEY" SUPPLY OUT OF NOTHING AS DEBTS IS FRAUD. HOWEVER, ALL OF THE MAINSTREAM SCHOOLS OF ECONOMICS ARE BASED UPON NOT FACING THAT FACT, BUT RATHER TALKING AROUND IT IN EVERY WAY POSSIBLE. Therefore, of course the markets are all ridiculously rigged by the consequences of runaway frauds, making those doing that become more and more wealthy and powerful, and therefore, more and more able to continue to dominate the funding of the various schools, as well as control the mass media. The history of market rigging is just as BACKWARDS as are almost all other versions of history, written by the victors.

silverstud's picture

I have chooks and see so many similarities to their pecking order to what goes on in the lives of homo sapiens. I am talking from the perspective of motivation in life.

Maslow had his own theory but I think when push comes to shove all God's creatures on earth reflect the same basic principle as my chooks.

It makes sense - we all evolved from a single life form and retain so many of its values.

The people who run the big banks are top chook and the pecking order is simply modified and more complex but the principle is the same.

So expecting the "head chook" (Mafia/Big Bank/Government) to comply with the needs of the lesser chooks is unattainable. Like in the classic "Animal Farm" they will always find a way to maintain their status in the chook house.


Radical Marijuana's picture

Yes, silverstud. The difference is that rare birds did not build atomic bombs, while some human beings were able to. That is the source of the problem with the human pecking order, in the form of social pyramid systems based on the top chooks using dishonesty, backed by violence, to keep the other chooks in line ... Those systems are now electronic frauds, backed by atomic bombs.

Thus, the human pecking order managed, on the one hand, to use science and technology to become trillions of times more able to be dishonest, and back those frauds up with violence, while, on the other hand, no human intelligence is politically possible to apply to examine the purposes, or the fundamental design science aspects of the established social pyramid systems. Our civilization IS doing human animal farming. However, that domestication of animals, and human farming, or slavery, is the oldest technology, probably even before the domestication of plants, which is the most deeply deceitful about itself.

Therefore, our social system is basically sophisticated social slavery, where science is primarily employed by the rulers against those ruled, by using technologies that are trillions of times more powerful and capable to accomplish the same old goals of keeping the vast majority of people ignorant and afraid, so that they can be controlled and exploited. Those kinds of social goals are what guides things like the development of robots, etc., which makes all of that become more and more outrageously insane and psychotic.

Theoretically, we should breakthrough to better understanding human ecology, in order to do that better. However, what is in the way are the established systems being so totally dishonest that they can never admit what they are really doing. The central concept of human ecology is necessarily the death controls, but the facts about that are based upon the history of successful deceits, along with as much dissembling about what was really happening as was possible to be sustained. Therefore, civilization as whole keeps on getting crazier and crazier. We are pumping things like electronics and atomic energy into social systems dominated by legalized lies, backed by legalized violence, while nothing more scientific about those social systems is allowed to be become politically significant within those systems. Rather, overall, I believe that more people are being brainwashed to become stupider, as well as organically having their brain development poisoned in even worse ways.

Therefore, it is very hard to imagine how we can actually ever go forward to apply design science concepts to politics, in ways whereby we would start searching for what works, rather that repeating over and over again the same old-fashioned ideas that backfire so badly. Indeed, what "works" is only allowed to be what makes the ruling classes able to get away with being ever more dishonest and violent. Therefore, the human pecking order is that same as it ever was, for millions of years, back before there were "human beings" per se ... BUT, the development of progress in science and technology is NOT being allowed to apply to ourselves, because when one does that, it then becomes clear that the ruling classes operate their debt and death controls in the most expediently evil, and/or insane ways that are possible.

That is WHY I always emphasize the symbolic significance of having developed globalized electronic fiat money frauds, backed up with weapons of mass destruction, representing the human pecking order in the established social pyramid systems becoming runaway social insanities. In that context, the runaway market rigging is driving malinvestments whose true magnitudes are almost impossible to estimate, or to overstate how insane those are actually becoming!

logicalman's picture

Humans have the kind of mentality that evolved to deal with weapons as sophisticated as bows and arrows.

Unfortunately, they have developed nukes to replace the bows without changing their mentality.

We're fucked.

silverstud's picture

Agreed... you say

That is WHY I always emphasize the symbolic significance of having developed globalized electronic fiat money frauds, backed up with weapons of mass destruction, representing the human pecking order in the established social pyramid systems becoming runaway social insanities.

As personified by the all seeing eye on the US$ bill

Anusocracy's picture

The system under which nature as a whole operates, might makes right, is essentially the same system that operates in social hierarchies like ours.

DavidPierre's picture



John D. Rockefeller decides to repackage his ruthless self as a great philanthropist and sets up a host of "charities", the best known being the Rockefeller Foundation.

Aside from being a clever bit of propaganda, the tax-exempt foundations provide a way of multiplying the Rockefeller fortune completely free of taxation and then using the vast amounts of cash generated, at the taxpayers' expense, to control to a very great extent the direction and focus of science, education, politics, medicine, economics, law, mass media and a thousand other things in the United States and around the world so that everything comes out right.

Just the way old J.D. would have wanted it. And so it has come to pass.

satoshi101's picture

Rockfeller Foundation mentored HILLARY-2016 and made here the bitch she became.

Old man Rockefeller (1910) had a dozen sons, ... one of them Winthrop Rockefeller was Governor of Arkansas. Every son of Rockefeller became a poltical power boss.

Winthrop Rockefeller and was fond of whores. He kept them in trailers behind the Arkansas whitehouse, one of his whores was name Virginia Kelly, who he knocked up. She begat little "BILL CLINTON" who rode the halls of the Arkansas whitehouse on his trike. Winthop took a liking to young BILL, and got him to Oxford with a full scholarship, and also introduced him to Carrol Quigley ( chief CIA historian ), the rest is history.

Hillary Rodham, was carefully introduced to young Bill Clinton by the Rockefeller Foundation.


Rockefeller carefully oversaw the FORD,HEART,BUSH and their management and financing and rise to power of the young Adolf Hitler in the early 1920's.


silverstud's picture


David Rothschild is the patron of the Boston Cantata

Listen to what they are sing about...  Zion hear the watchmen

Reminds me of the days of a man with a small moustache

satoshi101's picture

RM, Have you actually read the works of Carrol Quigley?? I mean all his books? You should really do so.

His last book, has a quote from bill clinton on the cover, his last book was really about your question, "How do we save humanity".

What is missed in your writing, is that the "ROAD TO HELL IS PAVED WITH GOOD INTENTIONS"

Even Rockefeller saw his own good, that he wanted his offspring to RULE the world, and to have a safe and properous future, and this is what all family wants for their children.

There are many familys that want their children to "RULE THE WORLD", or "Control the worlds Money". Many familys achieve this.

The fact that majority of people have NOT a clue about inner working's of history, or government or war, ... is that most people are too busy working to eat, & sleep.


What I find problematic about human knowledge is that its always an INFINITE 'ONION', you discover some truth, but as you dig deeper you find a new layer to your understanding.

The ZH crowd here says "END THE FED" like Pavlovs dog, but that is one of the most outer-most layers of the ONION of knowledge, deep inside the onion you must go to find the real powers behind the FED, that's why "ENDING the FED" don't mean shit, unless you END the power that control all.


I still say the ONLY solution is to enjoy your life, to get far away from the USA and find love, freedom, and live.

"He that Gaineth Knowledge of the USA, Gaineth Misery, for in much knowledge of the US Government will bring great grief to the human mind"

- Meaning, if you really knew the truth of the US Government, you would go MAD.


bunnyswanson's picture

Sympathy for the Devil - Rolling Stones

Brotherly love will prevail once the final curtain falls (Obama and 9-11 revealed as the frauds they both are).

Information on the internet is available and the people are alert and oriented thanks to ObamaTax disguised as medical care for the engineered needy class.

Radical Marijuana's picture

satochi101, I have only read the excerpts of Quigley's books that are online. I have never read the books themselves. However, there is a lot of that online. I agree with those who regard Quigley as an extremely important historian. However, it is ONLY history, which is being left behind in the dust by the world rushing forwards.

I certainly agree that "good intentions" which are based on impossible ideals actually make the opposite happen in the real world. I also agree that infinite layers of deceits that control civilization are like an onion, with no end to that which I am aware of, and indeed, theoretically, it is necessarily FRACTAL.

I apparently wasted my time for thirty years to try to participate in registered politics, only to thereby more and more prove how manifestly hopeless the runaway insanities appear to be to ever fix. I agree that the USA is the heart of the beast, but, personally, if I was an American, I would still continue to try to do politics there, on the basis of irrational hope in political miracles, rather than abandon all hope. However, I totally sympathize, and realistically agree with people who made radically different choices regarding what to do with their lives.


As bunnyswanson provided the link above, Sympathy for the Devil was playing on the radio when I signed the papers to become the registered leader of the Marijuana Party. Hah!

mobydick's picture

So can we get the lawyers in and sue these bastards?

disabledvet's picture

again "the only purpose to manipulate prices for them to go higher not lower." lower prices are to be made in PAPER markets (buy low, sell high)...but not in the materials space. Someone is "long leverage" here (sounds like "the entire country of Germany") and the fear is that a massive new source of supply is about to come on-line (both literally and figuratively.) Tesla and Solar City were both up big today.

fijisailor's picture

"massive new source of supply"

Would that be soon to be starving farmers in India?

are we there yet's picture

Is that massive new gold supply the one coming out of the space ship from Uranus.

MsCreant's picture

I don't think anyone has said stunning.  Okay, here it comes:


combatsnoopy's picture

Don't oil prices go up directly proportionally to inflation? 

Duc888's picture





I think LIBOR is worse.


It affects more people.

Bastiat's picture

How many people are affected (or will be) by the perceived value of the US Dollar?

TORNasunder's picture

As has been said GATA has been all over this for 15 years. The manipulation before was subtle and quiet. The past year the manipulation has been naked and aggressive. They simply can't deny it anymore. But the fact that TPTB can't hide the manipulation anymore goes way beyond the PM markets.

My fear is the 'new normal' becomes that investors accept all this manipulation with the promise that it will prevent a crash, or better put 'The Crash'.

logicalman's picture

A quote...

It's hard to get someone to understand something when their livelyhood depends on them not understanding.

But, given the top criminals play for keeps, let's paraphrase.....

It's hard to get someone to understand something when their LIFE depends on them not letting on that they understand.

Bear's picture

I think it's hard to go for the gold when your libor depends on it

MeelionDollerBogus's picture

maniperlated? Don't be absurd. It's not like Monsanto brazenly says they write farm bills for legislators. Oh wait...

gold? Better get on my tin foil had and load up on Treasuries!

Bear's picture

Germany is just pissed because they can't get all their gold back

Clowns on Acid's picture

Exactly. One could bet that the Fed's gold deliveries to Germany will now be hastened. Of course we won't hear another whimper from Fraulein DCup @ Bafin.

Tall Tom's picture

Nobody is selling much Physical Gold at all at the depressed prices....other than the warehouses and Miners that have contractual obligations for delivery. Most Gold 120,000 Tons/180,000 Metric Tons is privately held. The owners are rich and do not have to sell. Weaker hands might sell.


So drop that price lower as I like buying it at a bargain. Gold $1000...please...

Solarman's picture

Maybe it is the other way around.  They now have all of their gold, and time to ramp it up.

GreatUncle's picture

In a fiat system with unreal and real components.

When the unreal size of the market becomes so large relative to the real any attached notion of value is meaningless and why you can drive gold down to however little you want.

Take a market 1,000,000 unreal units and lets say 10 real. Now say the real unit cost of production as in the case of gold is 1 unit. The unreal, well that can be anything and we can let that be as low as 0.1 unit.

Trying to equate the real value using that shit you get a price --->>> approximating 0.1 unit for something even if its cost of production is 1.

The fiat money side run by a central bank affects everything and they can manipulate any value to be whatever they want because of the level of the unreal component. Now measure the level of unreal to real being traded.


polizeros's picture

No word yet when Koenig will be found dead, with his death ruled a suicide, after being shot ten times in the back, with incontrovertible proof linking him to child porn, drug cartels, Satanism, and most damningly, refusing to ignore the corruption at the heart of our financial system. 

Solarman's picture

Worse of them all, a Christian.

The Duke of New York A No.1's picture

Ring, ring, ring... ring, ring, ring...

> "Hello."

> "Hello, dis is da Bundesbank calling, we reciveed only 37.5 tons of our Gold in 2013, we were expecting deliver of another 50 tons of our Gold... where is it?"

> Click noise.

> "Hello, dis is da Bundesbank!, is anybody there, hello?, hello?, hello?... is anybody there?"

> Blank dial-tone sound.

Mediocritas's picture

DE: we want our gold back

US: errr, yeah, um...about that

DE: so?

US: is seven years OK?

DE: mother fuckers, you haven't got it have you?

US: no, no, we have it, it's just that it's ah, it's kinda been lent out to our members, but we have the receipts!

DE: ASSHOLES! Well you start pulling that gold back in doubletime and one of our reps will be there to oversee you melting and recasting bars because like fuck we're going to take another delivery of tungsten from you pricks.

US: um, yeah....about that

DE: what now?

US: 20 years OK? We have to wait for Barrick to mine it.

DE: listen here you cunts, either you start shipping NOW or we blow the whiste on your entire fraudulent fractional reserve, manipulated paper market gold scheme, you hear?

hangemhigh77's picture

Where's Bart and his hair?

ak_khanna's picture

The stock, bond, commodity and currency exchanges have been reduced to gambling dens whereby the more powerful traders with deep pockets move the markets to maximize their own profits at the expense of the remaining not so powerful players. The big boys have enormous money power to move the markets in the direction which results in maximum profits for themselves. They effectively use the media to lure the other players in the market to a position where they would incur maximum loss.

The markets continue to rise till all short positions in the market are covered and the majority of traders move to the long side. Once this is done the market falls till all long positions are closed and short positions undertaken. Then rinse and repeat. The price mechanism has little to do with the actual demand, supply, fundamentals or state of the economy.

TheFutureReset's picture

Doesn't every short have a corresponding long and vice versa? 

Gold is not being manipulated for financial gain (though some might profit). It's being manipulated for survival. 

Docnyc's picture

Dear God, please allow the criminal elements to continue their manipulation down for I'm am still accumulating.

Docnyc, China, Russia, India, etc.

The Heart's picture

In regards to other people's gold, the not-Federal Private Reserve corporation says to countries like Germany, what gold? We gave it all to the chinese. That is what our babylonic masters wanted us to do all these decades. We replaced a lot of it with tungsten cored fakes. Clinton and bush were good pawns of baylon.

Hard to imagine how a private foreign cabal owned by private families using the us military as an attack dog can tell a country the gold that they once had in the supposed safety of that private reserve that falsely uses the word federal, when it is not federal at all, is no longer havable.

Only in America.

Go figure.

Meanwhile, in seven minutes from this post, listening to the rense radio will inform you well of the present fukushima ELE.