This page has been archived and commenting is disabled.

Gold Price "Manipulated For A Decade", Repeatedly Slammed Lower, Bloomberg Reports

Tyler Durden's picture




 

While the FT promptly retracted an article on precisely the topic of gold manipulation from earlier this week (recorded for posterity here), Bloomberg appears to not have had the same "editorial" concerns and pressures, and today released an article once again slamming the final conspiracy theory that while every other asset class is manipulated, gold is in a pristine class of its own, untouched by close-banging, price fixing traders or central bankers, and reports that "the London gold fix, the benchmark used by miners, jewelers and central banks to value the metal, may have been manipulated for a decade by the banks setting it, researchers say."

Of course, over the past 5 years we have reported time and again how official gold manipulation started in earnest some time in the 1960s (who can forget the "reshuffle club") but we will start with a decade.

Here is what BBG finds:

Unusual trading patterns around 3 p.m. in London, when the so-called afternoon fix is set on a private conference call between five of the biggest gold dealers, are a sign of collusive behavior and should be investigated, New York University’s Stern School of Business Professor Rosa Abrantes-Metz and Albert Metz, a managing director at Moody’s Investors Service, wrote in a draft research paper.

 

“The structure of the benchmark is certainly conducive to collusion and manipulation, and the empirical data are consistent with price artificiality,” they say in the report, which hasn’t yet been submitted for publication. “It is likely that co-operation between participants may be occurring.”

 

The paper is the first to raise the possibility that the five banks overseeing the century-old rate -- Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc and Societe Generale SA -- may have been actively working together to manipulate the benchmark. It also adds to pressure on the firms to overhaul the way the rate is calculated. Authorities around the world, already investigating the manipulation of benchmarks from interest rates to foreign exchange, are examining the $20 trillion gold market for signs of wrongdoing.

Tell us something we didn't already know. Then again, this time may be different, because one of the authors, Abrantes-Metz, advises the European Union and the International Organization of Securities Commissions on financial benchmarks. According to Bloomberg, her 2008 paper “Libor Manipulation?” helped uncover the rigging of the London interbank offered rate, which has led financial firms including Barclays Plc and UBS AG to be fined about $6 billion in total. She is a paid expert witness to lawyers, providing economic analysis for litigation. Metz heads credit policy research at ratings company Moody’s.

By way of background, the history of gold price fixing is well-known and is one of the longest running traditions in banking:

The rate-setting ritual dates back to 1919. Dealers in the early years met in a wood-paneled room in Rothschild’s office in the City of London and raised little Union Jacks to indicate interest. Now the fix is calculated twice a day on telephone conferences at 10:30 a.m. and 3 p.m. London time. The calls usually last 10 minutes, though they can run more than an hour.

So what exactly did this "erudite" authority on manipulation uncover?

Abrantes-Metz and Metz screened intraday trading in the spot gold market from 2001 to 2013 for sudden, unexplained moves that may indicate illegal behavior. From 2004, they observed frequent spikes in spot gold prices during the afternoon call. The moves weren’t replicated during the morning call and hadn’t happened before 2004, they found.

 

There’s no obvious explanation as to why the patterns began in 2004, why they were more prevalent in the afternoon fixing, and why price moves tended to be downwards, Abrantes-Metz said in a telephone interview this week.

 

“This is a first attempt to uncover potentially manipulative behavior and the results are concerning,” she said. “It’s down to regulators to establish why there are such striking patterns but banks have the means, motive and opportunity to manipulate the fixing. The results are consistent with the possibility of collusion.”

And the punchline:

Large price moves during the afternoon call were also overwhelmingly in the same direction: down. On days when the authors identified large price moves during the fix, they were downwards at least two-thirds of the time in six different years between 2004 and 2013. In 2010, large moves during the fix were negative 92 percent of the time, the authors found.

Unpossible - the bank prop traders manipulating gold and the central banks for whom precious metals are the holy water that can destroy their fractional reserve ponzi scheme would never lie. Because otherwise the historic silver slam from May 1, 2011, in which silver cratered by $6, or about 15%, in milliseconds and ended the parabolic rise higher in the metal could be... gasp... criminal.

In other news, we may have officially run out of conspiracy theories.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 02/28/2014 - 12:28 | 4489369 PR Guy
PR Guy's picture

We all know that (on here anyway)

Fri, 02/28/2014 - 12:32 | 4489403 SilverIsKing
SilverIsKing's picture

It can't be. Trader Dan Norcini said so.

Fri, 02/28/2014 - 12:34 | 4489425 greatbeard
greatbeard's picture

I lose respect for anyone who doesn't acknowledge the obvious, and the manipulation of gold and silver to the downside is obvious, and anyone who mixes politics with their market analysis.  One strike and you're gone, Dan has two.

Fri, 02/28/2014 - 12:39 | 4489463 NotApplicable
NotApplicable's picture

Only a decade?

Oh, I forgot, Gordon Brown's 1999 sale was "for the children."

Fri, 02/28/2014 - 12:43 | 4489483 SWRichmond
SWRichmond's picture

Only one reason they would be admitting this now...

Fri, 02/28/2014 - 12:51 | 4489539 BaBaBouy
BaBaBouy's picture

 Biggest Market Manipulation Lawsuit Against These Feckers Coming ????????????????????????????

Fri, 02/28/2014 - 12:52 | 4489542 Pladizow
Pladizow's picture

Too bad Adrian Douglas is'nt here!

Fri, 02/28/2014 - 12:54 | 4489553 fonestar
fonestar's picture

Gold and silver don't even have markets.  But at least there is Bitcoin which is not manipulated.

Fri, 02/28/2014 - 12:58 | 4489578 swmnguy
swmnguy's picture

No; just hacked and stolen.

Yes, I understand it wasn't Bitcoin itself that was hacked.  But for people whose money is gone, that doesn't make any difference.  Gone is gone.

Fri, 02/28/2014 - 13:07 | 4489640 BaBaBouy
BaBaBouy's picture

Is There  A MT Gocks Where I Could Store Some GOLD ???

Fri, 02/28/2014 - 13:09 | 4489651 BaBaBouy
BaBaBouy's picture

Probably Called MT FED ...

Fri, 02/28/2014 - 13:12 | 4489657 Pinto Currency
Pinto Currency's picture

 

The daily gold fix at the LBMA has been in place since 1919.  Why does this report figure manipluation would only have started 10 years ago?

The real issue is that the LBMA trades 290 Million gold oz. per day to set the gold price.

And this gold is paper gold or pretend gold.

They set the real gold price with trading of pretend gold.

Fri, 02/28/2014 - 13:21 | 4489714 BaBaBouy
BaBaBouy's picture

The Germans Will Get Their REAL GOLD Back From MT-G...Fed By About 2099...

Fri, 02/28/2014 - 13:23 | 4489734 Son of Loki
Son of Loki's picture

Holder will jump on this...prosecute those involved...clean up the streets of scum like this......

oh, wait a sec......

Fri, 02/28/2014 - 13:29 | 4489763 strannick
strannick's picture

I'm shocked, absolutely shocked. Round up the usual suspects...

Fri, 02/28/2014 - 15:07 | 4490270 nope-1004
nope-1004's picture

Does any y'all remember the night of April 30, 2011?  Ya.... just so happens that's when Bin Laden was "found".  The following few hours, in thinly traded markets, silver was smashed because whoever sold millions of ounces in milliseconds was interested in true price discovery - lmao.

This is so fucking obvious US gov't bullshit.  TBTF western banks are the US govvy, as long as the USD is reserve currency and said banks remain insolvent.

This shit won't end until all the banks are Gox'd.

 

Fri, 02/28/2014 - 15:16 | 4490305 Bay of Pigs
Bay of Pigs's picture

+1

Iron fisted resolution brother. Thanks for all your contributions here at ZH over the years exposing this continuing massive fraud and deception.

Fri, 02/28/2014 - 15:31 | 4490381 DoChenRollingBearing
DoChenRollingBearing's picture

All of the gold price mainpulation, in the end, does not matter much (unless you were speculating on leverage).

Just buy the real thing, and you will be fine.

***

Epic FOFOA article just up:

http://fofoa.blogspot.com/2014/02/think-like-giant-3.html

Fri, 02/28/2014 - 15:35 | 4490418 Gief Gold Plox
Gief Gold Plox's picture

BBG Screenshot taken, 'cause I can't decide on how long before it disappears.

Fri, 02/28/2014 - 16:45 | 4490812 Stuart
Stuart's picture

So, the message of the gold cartel doing the manipulation to all of us is, "Whatcha going to do about it bitch?" 

Fri, 02/28/2014 - 20:27 | 4492075 SilverIsKing
SilverIsKing's picture

It was May 1 but you are correct.

Sat, 03/01/2014 - 10:52 | 4493168 giggler321
giggler321's picture

If you knew currencys would die but still wanted control over their replacement and could obtain that by removing the show stopper of yester-year; then selling yellow cheap to remove all trace of physical is important as when the time comes and town cryers scream broke everyone will look for a quick alternative.  It wont be yellow because its all gone, watered down in small physical sales to the masses.  It wont be silver as the price of goods made with it will rise making them uneconomical.  Why is it Iran wants uranium?  Power? or something else?  Banking against a rare metal no one can take physical delivery but proving it is there has some significant advantages.

Fri, 02/28/2014 - 13:30 | 4489776 Bastiat
Bastiat's picture

Someday Holder will have to clean up his sheets when they come for him.  Ruby Ridge, Waco, Fast and Furious.

Fri, 02/28/2014 - 13:33 | 4489788 Thought Processor
Thought Processor's picture

 

 

Why the admission now?

 

Something is coming around the bend methinks.

Fri, 02/28/2014 - 13:38 | 4489806 Pinto Currency
Pinto Currency's picture

 

Agreed.

Globally, people are asking for their physical gold and it sits in rehypothecated or levered paper instruments.

This is blowing up the paper rig and now Bloomberg is writing about it at the last moment.

1 in 100 are going to get their gold.

"Don't say we didn't warn you" mike bloomberg - sarc

Fri, 02/28/2014 - 13:57 | 4489903 Carpenter1
Carpenter1's picture

"In other news, we may have officially run out of conspiracy theories. "

 

HAHAHAHAHAHAHAHAHAHAHAHA!!!

Fri, 02/28/2014 - 14:29 | 4490056 SoilMyselfRotten
SoilMyselfRotten's picture

Is there a MT Gox where i can store my gold??

 

Yes, in JPM's MT vaults

Fri, 02/28/2014 - 14:48 | 4490188 KickIce
KickIce's picture

We still have Area 51...

Sun, 03/02/2014 - 19:22 | 4498901 MeelionDollerBogus
MeelionDollerBogus's picture

1 in 100 people will end up with gold who wanted it. Problem: about 85% of those people already have the gold they want/claimed in their hands which means the game is much more than afoot, it's near the end.

Fri, 02/28/2014 - 14:47 | 4490181 Bangin7GramRocks
Bangin7GramRocks's picture

They can admit anything now because it is govenment policy to never arrest a banker. They laugh at you! And compared to the "value" of derivatives, stocks and bonds, the gold and silver markets are microscopic. They fuck with those prices for fun and they will keep doing it without any risk of prosecution. Welcome to capitalism; 2014 style!

Fri, 02/28/2014 - 13:14 | 4489683 fonestar
fonestar's picture

Fuck goldcoin. 

Contact fonestar and buy Bitcoin today with confidence and a name Zerohedge trusts!

Fri, 02/28/2014 - 13:45 | 4489848 Max Hunter
Max Hunter's picture

How about that USD index? Is this not news, Tyler?

Fri, 02/28/2014 - 13:50 | 4489869 bobola
bobola's picture

Fonestar, your thumbdrive is online

is vulnerable to hackers, over time

take your feltching tube

and some KY lube

and store it where the sun don't shine

Sun, 03/02/2014 - 19:20 | 4498891 MeelionDollerBogus
MeelionDollerBogus's picture

http://flic.kr/p/bYEycf

Shouldn't be: DXY indicates nothing of currency devaluation as all the currencies are linked in it at a fixed ratio unrelated to actual demand/supply of those currencies OR things bought with them.

Fri, 02/28/2014 - 13:11 | 4489654 Pinto Currency
Pinto Currency's picture

 

 

Fri, 02/28/2014 - 13:08 | 4489645 fonestar
fonestar's picture

It doesn't matter that Bitcoin can be stolen.  So can anything else.  If something couldn't be stolen it would't be worth much.

Fri, 02/28/2014 - 13:11 | 4489660 RevRex
RevRex's picture

BitCoin = Roach Motel

 

 

Your money goes in, but it doesn't come out!

 

 

Is your last name Winklevoss?

Fri, 02/28/2014 - 13:34 | 4489792 Colonel Klink
Colonel Klink's picture

May as well be, they say you are what you eat.  He's been sucking Winklecock.

Fri, 02/28/2014 - 16:27 | 4490706 Pickleton
Pickleton's picture

Totally LMAO while sittting here on a company teleconference.  Yikes! try mute next time.

Sun, 03/02/2014 - 19:01 | 4498818 MeelionDollerBogus
MeelionDollerBogus's picture

It's a good practice. 2 levels of mute 2 firewall me off from accidentally speaking/laughing while reading this stuff and on my conferences. It's especially valuable if the one I'm running happens to be the Federal Reserve or Facebook. The lulz never end.

Fri, 02/28/2014 - 13:14 | 4489684 Skateboarder
Skateboarder's picture

"It doesn't matter that Bitcoin can be stolen."

GOTCHA! First it was the argument against volatility. Nope, can't be challenged there. Next it was the argument against redeemability. Nope, can't be challenged there. Then it was the argument against theft. Apparently it doesn't matter that 2bitcoins can be stolen.

Fri, 02/28/2014 - 13:36 | 4489810 fonestar
fonestar's picture

Who cares that Bitcoin got stolen from some shitty exchange?  Did you lose anything there?  fonestar didn't.  So fuck 'em.

Fri, 02/28/2014 - 21:34 | 4492288 lotsoffun
lotsoffun's picture

but mz. fonestar. i thought you were all about the people!  and people need an alternative to that TBTB banks.  and that bitcoin was that alternative, to help people gain some financial freedom.  so, thanks for telling us the truth.  you are just one mother fucking shit head self serving speculative scumbag.  you don't give a fuck about anybody, except your personal gain.  it's all about you.

thanks bud!  that's a whole lot of fun.  now, get the FUCK off ZH

 

Sat, 03/01/2014 - 10:09 | 4493048 The Mist
The Mist's picture

Good luck finding adaptars to a currency of which over 10% has been stolen or achieved by fraud.

Why would the mainstream wish to create value to those douches?

Even with the potential of crypto in mind, it'd be much more logical for people to use a different one than bitcoin.

Fri, 02/28/2014 - 14:02 | 4489913 lordylord
lordylord's picture

Agreed.  It seems that every potential advantage of bitcoin has no footing in reality.  I see absolutley no reason to buy or use bitcoin.  The only reason Foney holds it is because he thinks it is going to 7 figures.  Maybe it will when the dollar collapses, but I wonder how much gold a bitcoin will buy at that time.  I'm guessing none.

Honestly, if I "mined" or bought a significant amount of bitcoins early on, I would be running for the door right now.

Fri, 02/28/2014 - 16:52 | 4490856 tmosley
tmosley's picture

Gold can be stolen, too.  Guess you'd better abandon ship and go buy some nice government guaranteed bonds that "can't be stolen".

Sun, 03/02/2014 - 18:56 | 4498796 MeelionDollerBogus
MeelionDollerBogus's picture

Who's gold can be stolen? Mine can't, that's the nice thing about weapons & booby traps and it doesn't hurt to have a boating accident on a regular basis.

Fri, 02/28/2014 - 16:43 | 4490805 tmosley
tmosley's picture

MFGlobal didn't affect my PM stack.  Mt. Gox didn't affect my bitcoin wallet.

Both gold and bitcoin eliminate counterparty risk.  The only question is "are you stupid enough to reintroduce it?"

People have been highly suspicious of Mt. Gox since early 2013.  I debated opening an account there when I got into bitcoin (to take advantage of the arbitrage there), but what I read dissuaded me.  I did it, and I'm just some guy.  Those who got their coins and dollars stolen had every opportunity to do their own DD, and failed.  They have reaped what they have sown with their lack of investigation.

Sun, 03/02/2014 - 18:55 | 4498792 MeelionDollerBogus
MeelionDollerBogus's picture

bitcoin is PURE counterparty risk. Nothing of value is made from bitcoins so there is no value but the COUNTER PARTY offering something FOR A BITCOIN or satoshis, and that may go to zero, could at any time, and likely will.

It hit 5.76/btc the other day. Your explanation? http://flic.kr/p/kyKgtF screen-capped it right there from localbtc

Fri, 02/28/2014 - 16:57 | 4490889 Swarmee
Swarmee's picture

So by your logic MF Global proves that gold is hacked and worthless?

Brilliant deductive analysis, sir. I mean gone is gone, right?

And Bernie Madoff proved that investment funds are worthless, gone is gone?

 

Yes, theives taking advantage of insecure systems run by incompetant companies demonstrate the complete invalidity of an entire concept. QED.

 

Go home boys, this guy's got it figured out for us.

Sun, 03/02/2014 - 18:52 | 4498779 MeelionDollerBogus
MeelionDollerBogus's picture

it proves FUTURES CONTRACTS and ALL BROKERAGE houses are hacked & worthless, it proves that.

Which means only gold in your hand, not electrons, not digits, not paper, is the only reliable money.

You go home: we're already home, a place of safety, where gold & silver are in hand & digits are discarded as nonsense of zero value, and rightly so.

Fri, 02/28/2014 - 13:04 | 4489612 BaBaBouy
BaBaBouy's picture

Is There A MT Gocks Where I could Store Some GOLD ???

Fri, 02/28/2014 - 13:06 | 4489638 fonestar
fonestar's picture

There are several.  One recently discovered in Netherlands and several more to be discovered in London and New York.

Fri, 02/28/2014 - 13:33 | 4489789 ColoQ
ColoQ's picture

Bitcoin Buyers = We hate governemnt control/backing of our money. The markets will work everything out.

Mt. GOX Gets shut down = Bitcoin buyers call on governments to investigate, press charges and get money back for them.

Can't have it both ways!

Fri, 02/28/2014 - 13:37 | 4489815 fonestar
fonestar's picture

Which Bitcoiners were those?

fonestar didn't lose a satoshi.

Fri, 02/28/2014 - 13:40 | 4489824 Colonel Klink
Colonel Klink's picture

I dump a shitoshi every morning.

Fri, 02/28/2014 - 16:45 | 4490821 tmosley
tmosley's picture

I don't think you have enough money to do that.

Fri, 02/28/2014 - 13:42 | 4489839 ColoQ
ColoQ's picture

The Bitcoin Foundation is working with the Feds.  Doesn't that go against everything Bitcoin stands for?

http://www.bloomberg.com/news/2014-02-26/bitcoin-exchange-mt-gox-shutdown-said-to-be-probed-by-u-s-.html

Fri, 02/28/2014 - 13:53 | 4489884 FinalEvent
FinalEvent's picture

Everyone can start a foundation tomorrow.

I did not aprove them, fuck the bitcoin foundation

Fri, 02/28/2014 - 14:21 | 4490013 fonestar
fonestar's picture

The fonestar Foundation.

I'm not only a client....

Fri, 02/28/2014 - 16:45 | 4490810 tmosley
tmosley's picture

Nice strawman, but not wanting regulation is not the same as not wanting laws against fraud enforced.

Fri, 02/28/2014 - 17:03 | 4490918 Swarmee
Swarmee's picture

I'm sorry, what part of fraud is legal by your argument? While MT Gox is not covered by many traditional financial regulatory agencies at this point in time, it does appear that they were operating a ponzi scheme and may have massively defrauded most of their customers. That's still illegal. Do we suspend corporate bankruptcy law because the company sells bitcoin? Tell us, what other products enjoy this unique immunity to basic enforcement of the law?

Fri, 02/28/2014 - 13:51 | 4489876 caShOnlY
caShOnlY's picture

FoneBone, MT.COCKS was just the beginning.   Air money is air money whether MOOZIES sell their oil for it or assholes preach on ZH about it.

Fri, 02/28/2014 - 14:46 | 4490166 LMAOLORI
LMAOLORI's picture

 

 

@fonestar

 

More Bad News From Mt.Gox: All Your Bitcoin Money Is Gone

 

snip

 

Mt.Gox CEO Mike Karpele went on Japanese TV a few minutes ago and admitted that everybody's money is gone. Gone, gone, gone.

How much money? According to one translation of the press conference: "The 750,000 bitcoins we kept for users, (37,000 million yen), almost all gone." That's over $424 million worth of 'coin.

Sun, 03/02/2014 - 14:08 | 4497722 MeelionDollerBogus
MeelionDollerBogus's picture

And it's going to zero http://flic.kr/p/kyKgtF

and... it's gone! http://www.youtube.com/watch?v=4TlPo0yCSa4

Fri, 02/28/2014 - 15:22 | 4490346 quasimodo
quasimodo's picture

Here is a good bit of advice for you fony, before you go out to play in the street

 

http://www.marketwatch.com/story/to-secure-your-bitcoins-print-them-out-...

 

PRESTO! It's better than a dollar in your hand!

 

Fri, 02/28/2014 - 15:55 | 4490483 Superdude
Superdude's picture

Whew, hadn't seen you on a few threads in the last few days fone, thought you went Gomex on us all.

Fri, 02/28/2014 - 18:34 | 4491532 ArrestBobRubin
ArrestBobRubin's picture

Fone, right there with ya when it comes to BTC bro, but I'm thinking we need to have a little chat about PMs.

Tue, 03/04/2014 - 10:59 | 4506478 Timebandit-44
Timebandit-44's picture

Dead.

Fri, 02/28/2014 - 14:13 | 4489976 raeb
raeb's picture

There will be suits, and I have a bunch to collect, but the courts will align with the PTB.  I don't see how we can rid ourselves of so much evil.

Fri, 02/28/2014 - 18:36 | 4491539 ArrestBobRubin
ArrestBobRubin's picture

Hot lead, sharp knives, and tight nooses- - this is called a Good Start.

Fri, 02/28/2014 - 15:47 | 4490456 BanksterSlayer
BanksterSlayer's picture

Go long on Nail Guns.

Fri, 02/28/2014 - 18:33 | 4491528 Deathrips
Deathrips's picture

Too bad that the government and entities that participated are backed by the citizens in their respective countries.... so go ahead..sue yourself... they will raise taxes. "for the children"

 

RIPS

Fri, 02/28/2014 - 18:33 | 4491529 Deathrips
Deathrips's picture

Too bad that the government and entities that participated are backed by the citizens in their respective countries.... so go ahead..sue yourself... they will raise taxes. "for the children"

 

RIPS

Fri, 02/28/2014 - 13:04 | 4489611 Mesquite
Mesquite's picture

Isn't it about time for another Bankster to uh ...?

Fri, 02/28/2014 - 13:11 | 4489663 pods
pods's picture

I'm long pneumatic tools.

pods

Sun, 03/02/2014 - 14:05 | 4497710 MeelionDollerBogus
MeelionDollerBogus's picture

'ello, my name is Doctor Nick Riviera, undertaker and pathologist. Today I vant to breeng your attention to a verrry seerious kondishun known as Cranium Implosivitus, a spontaneous condition like reverse Bonus Eruptus that always happens with nobody else looking:

http://www.youtube.com/watch?v=DqfrL6QVo4M

Fri, 02/28/2014 - 12:44 | 4489498 Stackers
Stackers's picture

At this rate aliens will be landing on the Whitehouse lawn by mid-summer

Fri, 02/28/2014 - 13:04 | 4489615 chunga
chunga's picture

Let's keep our fingers crossed that the aliens beam the whitehouse to Mars.

(one way only please)

Fri, 02/28/2014 - 14:38 | 4490131 LMAOLORI
LMAOLORI's picture

 

 

If the Alien's were really good they would also take Krugman with them.

Fri, 02/28/2014 - 13:09 | 4489643 Cognitive Dissonance
Cognitive Dissonance's picture

Sooner I suspect. In fact ET might just be rolling Easter eggs around the White House lawn with that glowing digit of his.

<By the way, ET lost all his Gold in an interstellar spacecraft accident.>

Sun, 03/02/2014 - 14:00 | 4497692 MeelionDollerBogus
MeelionDollerBogus's picture

How do you think ET got here in the first place? You think he just wanted to teach Elliot how to use a speak'n'spell?

Back home his people are asking where the f'in gold is and he's just like "duhh... boating accident, it happens"

Fri, 02/28/2014 - 13:36 | 4489804 DeadFred
DeadFred's picture

I'd be about as surprised to have aliens (openly) at the Whitehouse as I would at seeing both FT and Bloomberg admit that market manipulation exists. Bloomberg is every bit as amuch of a shill for the Ponzi scheme as FT is, so why are they posting these articles? Don't tell me they suddenly found some integrity, I just don't believe it.

Fri, 02/28/2014 - 13:36 | 4489807 CrimsonAvenger
CrimsonAvenger's picture

No worries, we can just draw a red line all around the white house. Aliens wouldn't dare cross that.

Fri, 02/28/2014 - 12:47 | 4489519 thamnosma
thamnosma's picture

There's also "old Bob" Moriarty.

Fri, 02/28/2014 - 14:30 | 4490043 GoinFawr
GoinFawr's picture

No no ol' Bob recently made the jump from 'You conspiracy nuts make me sick' to  'I've known all along that there's been manipulation; it's not my fault that you're not banquing coin from it.'

like so many others of that 'type'

http://www.kereport.com/2014/02/11/bob-moriarty-manipulation-bates/

"Everybody knows that the dice are loaded. Everybody rolls with their fingers crossed." L Cohen

Fri, 02/28/2014 - 14:49 | 4490193 BLOTTO
BLOTTO's picture

It would just be a faked alien invasion with the help of that floating hunk of shit in space - ISS and the masses just get hoodwinked all over again.

.

Nothing New Under the Sun...

Fri, 02/28/2014 - 16:14 | 4490607 holgerdanske
holgerdanske's picture

Gold has been manipulated since they startedd trading gold in paper form. That was the main reason that this, rather new product, was made.

The day the people start demandinsical.g what they are paying for, namely gold, physical, the game is up, and the musical chairs will start. about one in 125 will be lucky and receive the gold they think they have. 124 will not.

 

Fun and games.

Don't believe, don't trust just get the physicl gold out now, before it is too late.

 

Sun, 03/02/2014 - 13:58 | 4497680 MeelionDollerBogus
MeelionDollerBogus's picture

It's not lucky when you already have it. The other 124 will be those waiting for delivery for their contracts or certificates (LOL!).

Tue, 03/04/2014 - 11:21 | 4506623 Timebandit-44
Timebandit-44's picture

I love a parade. I live in Asia where there is a gold shop every block and the premium bands are 2.00/ozt. Life are good.

Fri, 02/28/2014 - 13:15 | 4489686 kliguy38
kliguy38's picture

Trader Dan is a shill for the bankers............

Fri, 02/28/2014 - 15:14 | 4490292 Againstthelie
Againstthelie's picture

I'm not sure. He certainly gives good educational advice for trading. He educates his readers to let price dictate opinion. That's necessary to survive in the markets.

Ironically honesty could have created his transformation: being fed up by the permanent pumping in the precious metals scene (which really is disgusting), he began to become thin skinned torwards this pumping and began to show emotions. This maybe also has weakened his convictions about gold and maybe has led him on his current path to always criticize the goldbugs and anyone raising questions about manipulation.

It's somehow ironic that now the mainstream seems to be "ready" to write about it, while Dan Norcini just has taken place on the other side.

Sun, 03/02/2014 - 13:55 | 4497668 MeelionDollerBogus
MeelionDollerBogus's picture

no, he doesn't.

For the at least 18 months I've finally found it worthwhile to skip his segment on KWN Metals wrap. He's full of shit. Applies little to no math & merely subjective opinion.

IF he had access to see truly who is on what side of the boat I could imagine some accuracy to support & resistance but just calling numbers as price moves: invalid every time.

That's not how it works & if Nanex has showed us anything it's the REASON why, because it's how many orders sit at each level, not a price itself.

These "rules of thumb" are bullshit: support, resistance, double-top, triplebottom, anything linear on a non-linear graph. It's bullshit and I've done the math to prove it myself.

Fri, 02/28/2014 - 18:37 | 4491544 ArrestBobRubin
ArrestBobRubin's picture

Bang on Kli.

Fri, 02/28/2014 - 15:04 | 4490262 Againstthelie
Againstthelie's picture

Indeed quite embarassing for Norcini.

Fri, 02/28/2014 - 15:29 | 4490389 Stoploss
Stoploss's picture

"There’s no obvious explanation as to why the patterns began in 2004"

Wut??

My how quickly we forget.. (Or don't know). So, what happened in 2004 you ask?

Why, the appearance of Al G's adjustable rate mortgages, Is. What. Happened.

Fri, 02/28/2014 - 17:27 | 4491041 New World Chaos
New World Chaos's picture

NM Rothschild withdrew from the gold fix in 2004.  They used to chair it. 

http://www.telegraph.co.uk/finance/markets/2883029/Rothschild-to-pull-ou...

I would have expected them to increase involvement prior to manipulation, but the timing is surely not a coincidence.  The question is which is the cause, and which is the effect?  But with so many puppets, aren't the Rothschilds always the cause?  Did they switch to using a proxy?  I dunno... maybe the Rothschilds knew what was going on in the gold market and wanted to wash their hands of it before it blew up.  Maybe they wanted to quietly accumulate more gold for themselves.  Maybe they didn't want to waste their own stash in a manipulation scheme which was guaranteed to fail sooner or later.

Fri, 02/28/2014 - 12:32 | 4489405 kliguy38
kliguy38's picture

I'm calling my congressman........BWAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

Fri, 02/28/2014 - 12:35 | 4489426 NoDebt
NoDebt's picture

I find nothing shocking anymore when it is finally admitted what we all suspected anyway.

I feel like I should be more shocked and outraged.

Have I become jaded?  Or just punch-drunk?

Fri, 02/28/2014 - 12:36 | 4489445 PR Guy
PR Guy's picture

Yes, you are now officially jaded :-)

 

Fri, 02/28/2014 - 12:40 | 4489466 NotApplicable
NotApplicable's picture

I prefer the term "resigned to ones' fate."

Fri, 02/28/2014 - 13:09 | 4489648 fonestar
fonestar's picture

Then turn your virtual life over to Satoshi Nakamoto and work towards Satoshi conciousness.

Fri, 02/28/2014 - 13:26 | 4489752 Skateboarder
Skateboarder's picture

That is virtually the gayest thing I have heard in a long time.

Fri, 02/28/2014 - 14:26 | 4490036 Carl Popper
Carl Popper's picture

I've heard gayer

Fri, 02/28/2014 - 13:36 | 4489629 Ham-bone
Ham-bone's picture

Next they'll tell us we are neiher a republic or democracy and have actually never been such and quit moping cause it's all in our best interest...we are given #'s where our names used to be...time to revert to the mean of historical non-representation.

it simply is what they say it is and to question is unpatriotic and likely the action of a terrorist...

terrorists all of you who question and threats to the public good

In other news, the dollar is standing on a trap door and likely to fall...time to sell gold and silver and buy more Tesla.

Fri, 02/28/2014 - 13:09 | 4489652 notquantumdum
notquantumdum's picture

You have just become aware of the final conclusion which was well expressed by Lily Tomlin:  "No matter how cynical you get, it is impossible to keep up."

Fri, 02/28/2014 - 12:35 | 4489428 insanelysane
insanelysane's picture

The actual researcher doesn't understand why the manipulation was only after the afternoon call.  WTF!!!

Let's see, ummmmm, hmmmm, I don't know, but maybe, just maybe, 3pm in the UK is 10am in the US whereas the morning call happens when the US is asleep.

Fri, 02/28/2014 - 12:45 | 4489504 NotApplicable
NotApplicable's picture

Hey, they're only allowed to report things, not connect the obvious dots they put out there.

Fri, 02/28/2014 - 13:29 | 4489774 TheFourthStooge-ing
TheFourthStooge-ing's picture

Fabrice Tourre will be offering a class at the University of Chicago on how to make the connections between the dots less obvious.

Fri, 02/28/2014 - 14:28 | 4490052 RaceToTheBottom
RaceToTheBottom's picture

Is that after his class in how to pick nicknames that report well when the SHTF?

Fri, 02/28/2014 - 14:52 | 4490211 toothpicker
toothpicker's picture

+10

 

"repeaters"

Fri, 02/28/2014 - 13:55 | 4489878 Cacete de Ouro
Cacete de Ouro's picture

The afternoon call also ensures that if the price had gone up in the morning then it can be brought back down again by the Bank of England at the afternoon call. But yes, the afternoon call sets the scene for the western trading day and into far eastern time.

What Bloomberg didn't do is ask the Bank of England about their role in the fixing. This is like asking five petty criminals about a robbery when a big crime boss is sitting watching from the corner.

2004 was when Rothschild pulled out of the Fixing and the fixing then went to a conference call AND a specially written trading application interface which is used by the 5 fixers. They don't just use their phones, they have a software application which displays the orders and the indicative prices.

Rothschild may not have wanted to continue being associated with a new round of manipulation which seems to have begun in 2004.

So Bloomberg needs to a) ask the Bank of England about its roll in smacking the price down by intervening in the fixings, and b) Bloomberg needs to ask the 5 fixers to explain how the trading application works.

Fri, 02/28/2014 - 15:17 | 4490315 Againstthelie
Againstthelie's picture

When did Rothschild get out of the fixing?

Fri, 02/28/2014 - 15:34 | 4490402 Cacete de Ouro
Cacete de Ouro's picture

Well, the Rothschilds didn't really get out, but 'NM Rothschild' bowed out from the public glare. And Douglas Beadle ex Rothschilds is running the London Gold Market Fixing Ltd.

Fri, 02/28/2014 - 16:34 | 4490737 Divided States ...
Divided States of America's picture

For Againstthelie

ID# 4485993

Fri, 02/28/2014 - 12:55 | 4489561 Mr Pink
Mr Pink's picture

So...where do I sign up for the class-action suit? 

What's happens if I lost it all in Lake Michigan?

Fri, 02/28/2014 - 13:21 | 4489720 Atlas Crapped
Atlas Crapped's picture

If Bloomberg and Reuters are "coming clean" then we know the generational wealth dynasties which pull their puppet strings are ready to allow the free market price to appear. A good sign.

Fri, 02/28/2014 - 13:55 | 4489895 midtowng
midtowng's picture

It's like the illegality of invading Iraq, or NSA spying. The news that the POG is rigged only comes out after it is so obvious that almost no one bother to deny it anymore.

Fri, 02/28/2014 - 14:11 | 4489963 Event Horizon
Event Horizon's picture

This is the Central Banks throwing the Banks under the bus to deflect the greater manilulation endorsed, enabled and entrenched in the Central Banking midel..

Fri, 02/28/2014 - 12:30 | 4489387 22winmag
22winmag's picture

Thanks for stating the obvious!

Fri, 02/28/2014 - 12:30 | 4489388 agent default
agent default's picture

I this why we have so many banker suicides lately?  Something big about to come in the open?

Fri, 02/28/2014 - 12:42 | 4489476 Tsunami Wave
Tsunami Wave's picture

It could be.

British man charged with hacking FED computers: http://www.reuters.com/article/2014/02/27/us-usa-crime-hacking-idUSBREA1Q1R720140227

Fri, 02/28/2014 - 12:30 | 4489389 Kaiser Sousa
Kaiser Sousa's picture

shocking...guess that would have nothing to do with the phony paper price action all this week  - RIGHT?????

posted this twice this morn in somewhat related stories here Tylers...just sayin..

peace & keep stackin...

Fri, 02/28/2014 - 12:58 | 4489579 Kaiser Sousa
Kaiser Sousa's picture

comments??

"In my view, that spike up in the $/yuan you see in the chart above has probably triggered a massive derivatives "explosion" because typically, in their keen foresight and wisdom, the bank rocket scientists never account for the risk of a big move like the one above in a such a short period of time.  If they were to price in this possibility, the derivatives contracts upon which they make $10's of millions in selling profits would be too expensive and the banks would miss out on that easy income.   But hey, we haven't seen a move like that in the history of the $/yuan contract so why should the banks ever expect it to happen?  And the Fed and Government has their back if they're wrong.

Of course, this was same Nobel Prize winning wisdom that cause the Long Term Capital collapse and bailout (remember that one?) and that caused - more catastrophically - the 2008 collapse of the U.S. financial system (AIG/Goldman) and the subsequent joint Republican/Democrat 100% approved taxpayer bailout. Many analysts are wondering why the Chinese Government, which has a tight control over the trading level of the $/yuan, has enabled the above spike up to occur.  If you think about the ramifications of what I just laid out above, it leads to one possibility (hint: think about the big blow that was just delivered to western bank balance sheets if I'm right about a behind the scenes derivatives accident having just occurred).

I see this as another big cruise missile just fired by China in the global currency war.  The first big missile being the massive accumulation of gold by the Chinese (as has been documented ad nauseum).  There's also another benefit to the Chinese.  Think about the massive size of China's dollar reserves.   The dollar has just become significantly more valuable vs. the yuan and so has the value of China's dollar reserves.  This gives China more buying power to buy gold using dollars."

http://truthingold.blogspot.com/

Fri, 02/28/2014 - 13:50 | 4489868 usednabused
usednabused's picture

Good analysis,probably the chinese payback to the mutherfockers for how they have been manipulating gold prices. Id bet the Chinese are desiring to sell some of the pile.

Fri, 02/28/2014 - 12:31 | 4489395 onewayticket2
onewayticket2's picture

"in a related story, two more researchers were found floating in the Thames....story at 11"

Fri, 02/28/2014 - 12:39 | 4489464 Tsunami Wave
Tsunami Wave's picture

A little OT, but a british man was charged with hacking the FED and disclosing personal information on the internet.  Maybe the stuff that comes out could be interesting:

 

http://www.reuters.com/article/2014/02/27/us-usa-crime-hacking-idUSBREA1Q1R720140227

Fri, 02/28/2014 - 13:34 | 4489761 aleph0
aleph0's picture

 

 

So your article names "LL" as the guy that hacked the FED's server :   "Lauri Love"

Then we have "MM" who authored the FT article : "author Madison Marriage"

Is someone ,  somewhere in the Matrix enjoying this I wonder ?
;-)

 

Re:

FT: "in which author Madison Marriage, citing a report by the Fideres consultancy, revealed " 

Reuters: "Thursday's charges against Lauri Love were announced four months after he was arrested in England, "

 

Fri, 02/28/2014 - 13:57 | 4489906 Tsunami Wave
Tsunami Wave's picture

Good Eye, I didn't put 2 and 2 together there.  Interesting indeed.

 

Who do you think the next name will be? Shelia Sexual? Ingrid Intimate? Ronnie Relationship?

Fri, 02/28/2014 - 14:10 | 4489960 SgtShaftoe
SgtShaftoe's picture

Maybe it's a coded warning or signal to the inner party members. 

Fri, 02/28/2014 - 14:32 | 4490087 RaceToTheBottom
RaceToTheBottom's picture

I just saw the same Black Cat walk by twice....

Fri, 02/28/2014 - 15:29 | 4490383 RaceToTheBottom
RaceToTheBottom's picture

I just saw the same Black Cat walk by twice....

Sun, 03/02/2014 - 04:46 | 4496366 MeelionDollerBogus
Sun, 03/02/2014 - 04:42 | 4496365 MeelionDollerBogus
MeelionDollerBogus's picture

grrr

"hacking method called a 'sequel injection' to access"

SQL

not SEQUEL

They're their there ... editors are supposed to do something for money.

Fri, 02/28/2014 - 12:44 | 4489494 Bytor325
Bytor325's picture

Brits don't float...........they're too dense

Fri, 02/28/2014 - 14:22 | 4490023 ParkAveFlasher
ParkAveFlasher's picture

A DUCK

Fri, 02/28/2014 - 12:31 | 4489397 Ignatius
Ignatius's picture

Reported on Bloomberg?  Michael must be satisfied with his long position now.

Fri, 02/28/2014 - 12:33 | 4489415 SilverIsKing
SilverIsKing's picture

I haven't seen him without his pants but 'long'?

Fri, 02/28/2014 - 12:31 | 4489398 rucunus
rucunus's picture

If the Abrantes chick is getting paid for that, I hope she'll at least get the ZH tee-shirt...

Fri, 02/28/2014 - 12:32 | 4489400 maskone909
maskone909's picture

suddenly they begin reporting like real journalists?  wtf is going on here??

Fri, 02/28/2014 - 12:35 | 4489433 Winston Churchill
Winston Churchill's picture

Exactly, whats the other hand doing.

Guess all the bullion bankers are long now.

Fri, 02/28/2014 - 12:36 | 4489440 NotApplicable
NotApplicable's picture

Perpetual "limited hang-out."

A.k.a. "boiling the frog."

It's all about letting stuff out in a controlled fashion in an effort to demoralize and desensitize.

Fri, 02/28/2014 - 12:39 | 4489451 forwardho
forwardho's picture

Perhaps they wish to move from the "responcible for" to the "also victm of" list.

Insurance comes in many forms.

Fri, 02/28/2014 - 12:56 | 4489475 RevRex
RevRex's picture

The Socialist Semite Democrat Media is fond of reporting the facts once a majority of people already know about it. It's like Monica's BLEW dress.

Fri, 02/28/2014 - 14:05 | 4489939 1stepcloser
1stepcloser's picture

They are Getting the story out before jounalists start taking banker leaps!  If you can't kill all the bankers, kill thier mouth piece..

Fri, 02/28/2014 - 16:23 | 4490679 Hobbleknee
Hobbleknee's picture

They think it will save them from being lynched when SHTF.

Fri, 02/28/2014 - 12:32 | 4489406 greatbeard
greatbeard's picture

Don't mean nuthin'.

 

 

Do NOT follow this link or you will be banned from the site!