Here Is The FT's Gold Price Manipulation Article That Was Removed

Tyler Durden's picture

Two days ago the FT released a clear, informative and fact-based article, titled simply enough "Gold price rigging fears put investors on alert" in which author Madison Marriage, citing a report by the Fideres consultancy, revealed that global gold prices may have been manipulated on 50 per cent of occasions between January 2010 and December 2013.

To those who hve been following the price action of gold in the past four years, gold manipulation is not only not surprising, but accepted and widely appreciated (because like the Chinese those who buy gold would rather do so at artificially low rather than artificially high fiat prices) and at this point, after every other product has been exposed to be blatantly and maliciously manipulated by the banking estate, it is taken for granted that the central banks' primary fiat alternative, and biggest threat to the monetary status quo, has not avoided a comparable fate.

What is surprising is that where the FT article once was, readers can now find only this:

 

 

And since we can only assume the article has been lost to FT readers due to some server glitch, and not due to post-editorial consorship or certainly an angry phone call from the Bank of England or some comparable institution, we are happy to recreate it in its entirety. Just in case someone is curious why gold price rigging fears should put investors on alert.

Gold price rigging fears put investors on alert

By Madison Marriage

Global gold prices may have been manipulated on 50 per cent of occasions between January 2010 and December 2013, according to analysis by Fideres, a consultancy.

The findings come amid a probe by German and UK regulators into alleged manipulation of the gold price, which is set twice a day by Deutsche Bank, HSBC, Barclays, Bank of Nova Scotia and Société Générale in a process known as the “London gold fixing”.

Fideres’ research found the gold price frequently climbs (or falls) once a twice-daily conference call between the five banks begins, peaks (or troughs) almost exactly as the call ends and then experiences a sharp reversal, a pattern it alleged may be evidence of “collusive behaviour”.

“[This] is indicative of panel banks pushing the gold price upwards on the basis of a strategy that was likely predetermined before the start of the call in order to benefit their existing positions or pending orders,” Fideres concluded.

“The behaviour of the gold price is very suspicious in 50 per cent of cases. This is not something you would expect to see if you take into account normal market factors,“ said Alberto Thomas, a partner at Fideres.

Alasdair Macleod, head of research at GoldMoney, a dealer in physical gold, added: “When the banks fix the price, the advantage they have is that they know what orders they have in the pocket. There is a possibility that they are gaming the system.”

Pension funds, hedge funds, commodity trading advisers and futures traders are most likely to have suffered losses as a result, according to Mr Thomas, who said that many of these groups were “definitely ready” to file lawsuits.

Daniel Brockett, a partner at law firm Quinn Emanuel, also said he had spoken to several investors concerned about potential losses.

“It is fair to say that economic work suggests there are certain days when [the five banks] are not only tipping their clients off, but also colluding with one another,” he said.

Matt Johnson, head of distribution at ETF Securities, one of the largest providers of exchange traded products, said that if gold price collusion is proven, “investors in products with an expiry price based around the fixing could have been badly impacted”.

Gregory Asciolla, a partner at Labaton Sucharow, a US law firm, added: “There are certainly good reasons for investors to be concerned. They are paying close attention to this and if the investigations go somewhere, it would not surprise me if there were lawsuits filed around the world.”

All five banks declined to comment on the findings, which come amid growing regulatory scrutiny of gold and precious metal benchmarks.

BaFin, the German regulator, has launched an investigation into gold-price manipulation and demanded documents from Deutsche Bank. The bank last month decided to end its role in gold and silver pricing. The UK’s Financial Conduct Authority is also examining how the price of gold and other precious metals is set as part of a wider probe into benchmark manipulation following findings of wrongdoing with respect to Libor and similar allegations with respect to the foreign exchange market.

The US Commodity Futures Trading Commission has reportedly held private meetings to discuss gold manipulation, but declined to confirm or deny that an investigation was ongoing.

h/t Noel

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cynicalskeptic's picture

Memory hole at work.......

wintermute's picture

Government "researchers" already in place at the FT in London??

Buckaroo Banzai's picture

"Madison Marriage"?? Seriously? Is that a real name??

suteibu's picture

Edit.  Never mind.  It's a freckle-faced woman.

CognacAndMencken's picture

 

 

 

The Financial Times has just commented on the removal of the story (Page 1 of their homepage):

 

"While The Financial Times strives to achieve the highest benchmarks of financial journalism and business reporting, we also understand the demographic of certain articles is vastly different than others. It is for this reason that we have temporarily pulled all articles relating to gold, silver and the possible manipulation of those markets.  We are editing them to include simple language, colorful pictures, pie graphs, conspiracy nonsense and barnyard machismo.  Thank you for your patience as cater to this small, weird cult.  All articles will be made available again after 9am GMT."  

 

JohnnyBriefcase's picture

They forgot to add "bitchez!" at the end.

Stackers's picture

FT is owned by the Rothschilds. Of course it was taken down quickly.

gmrpeabody's picture

"The US Commodity Futures Trading Commission has reportedly held private meetings to discuss gold manipulation, but declined to confirm or deny that an investigation was ongoing."

I never would have thought that...., NOT.

sunaJ's picture

I love this double-standard world we live in - where those with the cash get the slap on the wrist with civil court settlements and meager penalties in contrast to the graft.  If I knew I was criminally above the law, and the consequence of my criminal actions could result in a fee that is below what has been stolen, then hell yeah, any douchebag that has set himself out in this world to only make money will see that the real "money" is in banking.  Until some government, somewhere, has the balls to call these fuckers out in criminal proceedings, all is lost.  If a banker coward (which is what these people really are) sees other cowards being led away in handcuffs because they are doing the same thing he is doing, then that is a pretty good deterrence.  Umm, fractional penalties to the actus reus (assuming the slim chance you are even caught) are not any sort of deterrence.  Well, the turds have all floated to the surface in this financial crime bubble that has to pop.  I have argued for several years that you actually have your criminal pool right in front of us, but they have been blessed by no prosecution or intervention.  So, where is a rational someone supposed to go with those observations?  I didn't for a long time, but I believe it is all part of a game between government and private/corporate entities.  Now, if FT, JPM, DOJ or you, yourself would like to comment on those observations, I'm all ears.  Otherwise, I believe we have the very definition of fascism - "regulators" and corporate entities colluding to bring about a profitable conclusion.  It IS criminal, and should not be forgotten as such.  Obviously, Madison Marriage didn't get the company memo.

 

Pinto Currency's picture

 

The primary issue is that the LBMA sees trading volume of 900x the daily global gold mine production each and every trading day. 

And this trading volume (before end of day netting between banks) is of trading instruments levered 100:1 paper to physical.

The LBMA is structured this way and it swamps this dominant gold market with ficticious paper trading to set the price of actual physical gold trading.

Have not yet seen that in the FT.com over the decades that this fraud has been pertetrated on the LBMA.

The Gold Fix is a side issue compared to the paper trade on the LBMA.

Pinto Currency's picture

 

The gold rig is falling apart which is why we are seeing the FT and, today, the WSJ come out with these stories rationalizing the LBMA Gold Fix.

They are, too late, trying to save some semblance of credibility for the post gold price explosion because the hammer is falling.

The world's gold is being swept away as the London / NY paper price rig only works while few understand and the vast majority sit happily holding their paper certificates of gold. 

Next come Ferrari certificates.

You can buy and hold a Ferrari certificate, which is just like a Ferrari, for $50.

GetZeeGold's picture

 

 

Due to inclimate weather....the CFTC is closed until further notice.

 

Sargent Schultz - CFTC spokesman

http://www.youtube.com/watch?v=34ag4nkSh7Q

SoilMyselfRotten's picture

Who the hell let that camel get his nose under the tent??

tarsubil's picture

$50 for a Ferrari is a pretty great price. But why would I take delivery? Ferraris are difficult to store.

Pinto Currency's picture

 

Well exactly.

Just hold the certificate and imagine that red Ferrari that you own - with no storage or maintenance.

sunaJ's picture

Precisely, so a billion bucks in fines for this one, and perhaps a few billion dollar fines for the complete fraud of which you speak, and you still have a viable business model, so why should a money-lovin' douchebag "god-worker" have any gumption to obey the "law"?  Yet you go to jail for a felony if you take a flat screen TV from walmart?  Well, of course people loot, they are reflections of our society. If you want to hold looters responsible, then hold bankers responsible.  But that would require government to hold up the constitution under Amendment 14.

 

UselessEater's picture

Private prisons profit the bankers hence suiciding makes financial sense -no point wasting valuable real estate space in a jail on a banker better to fill it with fresh money from us rentiers.......

Cacete de Ouro's picture

The main LBMA committees are the bullion banks. The LBMA chief executive is just a puppet...

Gavrikon's picture

I approve of your avatar.

GetZeeGold's picture

 

 

His face is up there man.

KnightTakesKing's picture

Hopfully Madison Marriage doesn't have a nail gun in her garage. I would hate to read that she was suicided.

TruthInSunshine's picture

You can rest assured that the FT got some calls from some VICB&R (central bankers & "regulators") after running this story, and...presto! ... It's gone.

Pool Shark's picture

 

 

Gold Manipulation?

I've been Manipulating gold for years; I especially like to handle those 1-ounce Gold Eagles and roll them over my fingers like this:

http://www.youtube.com/watch?v=OX5nd6vMoUI

 

Soul Glow's picture

When it comes to manipulation, I think Miss Silver Queen does it best -

Sexy Silver Vlog #4) Junk Silver, Government Minted, Low Price Bullion Option!:  

http://www.youtube.com/watch?v=4cHlmN8pGm0

Pool Shark's picture

 

 

Wow, I thought I was well-stacked!

 

 

johngaltfla's picture

Just remember: The internet is now sanitized daily by the central bankers and national governments. Try and do any research on Obama administration officials and you'll find that their life histories, collegiete papers and records, or any negative news articles prior to their entry into government have been conveniently vanished. The Republicrats are no better as they have learned this trick also. If the Fed had its way ZH would have everything referring to the 2007-2009 financial crisis erased or the website zapped completely.

Orwell would be proud.

Spumoni's picture

"Goooooold, Bitchez!"....its around here somewhere! You guys catch the Saddle Ridge story today? A lot of gold found in tin cans high and dry, fer crissake! Google up 'Saddle Ridge Cache' or 'Hoard' or something like that, after Saddle Ridge.

villainvomit's picture

JB

puter glitch won't let me give you a greenie.

Green Bitchez !

Scarlett's picture

Here's the author:  http://www.linkedin.com/pub/madison-marriage/27/6a4/1aa

https://twitter.com/miss_marriage

when they start history revision process you know it's time.  

gold is going to explode soon

e_goldstein's picture

Wonder if she's any good with a nailgun.

Bet we'll find out soon enough.

gmrpeabody's picture

Faulty curling irons can be hazardous...

Spumoni's picture

Yeah-check behind the apron.

SoilMyselfRotten's picture

Is that a nailgun behind your apron or are you just happy to see me?

BennyBoy's picture

“London gold fixing”


For years they have been saying they "fix" the price of gold.

IridiumRebel's picture

Starring Madison Marriage and Antonio Cajones in "Gold Schlonger Bar: Liquor in the Front, Poker in the rear."

Boomberg's picture

That's her married name. Before she got married her last name was Singleandlooking. 

irishlink's picture

Everything is now a fear game. Medicine, pension, health, kids education. House insurance. Health insurance rigged markets etc. Today every time you are exposed to a fear based suggestion take note. You will be surprised how many times it occurs each day. If you watch MSM you will have at least 5 by lunchtime. So they are manipulating the Gold market! What's new? We are manipulated.every second of our lives by something at this stage.

SovietCong's picture

Not only did the article disappear and is nowhere to be found in the FT archive, but also there is absolutely NOTHING on gold in the commodity section of the paper. Seems very much like a gold purge and radio silence. One wonders why...

wintermute's picture

They've learned well from Kim Jong Un's erasing of his uncle from the pages of history.

Serfs Up's picture

Meh.

I hate to be the bearer of obvious news, but the London Gold Fix is the least of the manipulations....mere penny skimming at the end of the day.

The real muggings always took place in the dead of night, or in broad daylight later on as 'they' became bolder, with 4,000 biggie contract dumpings in a few seconds.

This ain't your daddy's market and the London Gold Fix is like your grandpa's gentlemanly skimming operation.

Not unimportant news for the FT to report on, just not the center mass of the real story.