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From Rothschild To Koch Industries: Meet The People Who "Fix" The Price Of Gold
Earlier today many were stunned when the historic, 117-year old, London Silver Fix announced that in three months it would no longer exist. However, silver is only one half of the world's two best known precious metals. Which is why we decided to take a long, hard look at that other fix: gold.
The reason for this particular inquiry is because in the aftermath of the rapid and dramatic departure of the world's largest bank by outstanding notional derivatives, and Europe's biggest bank by any metric, Deutsche Bank, from the precious metal fix, something felt out of place: almost as if the participants of the "fixing" process which for so many years took place in the office of none other than Rothschild on St. Swithin's Lane in London, were suddenly scrambling to disappear without a trace.
In conducting our research we hope to not only memorialize just who are these particular individuals who "fix" gold using nothing but publicly available information of course - because after all it is not as if they have anything to hide or fear - but to connect some of the very peculiar dots behind the scenes of what to some, is the original, and most manipulated market in history - that of gold.
* * *
First, as has been reported previously, when Deutsche departs, this will leave only four gold fix members, namely, Barclays, HSBC, Société Générale (SocGen) and Scotiabank, and since only two silver fixing entities remained, HSBC and Scotiabank, the traditional silver price discovery mechanism was shuttered. The Fixings are conducted twice daily at 10:30 am and 3 pm London time and are used widely by all participants in the precious metals industry for benchmarking prices and valuations and also as trading price reference points.
The gold and silver fixings are organised through UK limited liability companies of which the member investment bank traders are directors. Before the resignation of Deutsche Bank, there were five directors and five alternate directors of "The London Gold Market Fixing Limited" and three directors and three alternate directors of "The London Silver Market Fixing Limited."
Earlier this year on 16th January, German financial regulator BaFin stated that possible manipulation of currency and precious metals markets could be more serious than the manipulation that has already been proven in the Libor rigging scandal. On the very next day, January 17th, Deutsche Bank announced that it was withdrawing from both the gold and silver fixings in what it called "a scaling back of its commodities business."
Needless to say, in aftermath of the termination of the silver fix, and now that there are significant regulatory and litigation spotlights on the Fixings, and one major member exiting, some are wondering: will the demise of the Silver Fixing undermine the rationale for retaining the Gold Fixing? And what will replace it.
* * *
We don't have the answer. What we do know is that using public records such as the British Companies House database and other public databases, one can find not only all the available information on the London Gold Market Fixing Limited company before it too disappears into thin air, but to get a sense of the kind of people it employs.
Below is the full list of 10 most recent directors and backups of the Gold Fixing:
So let's start with everyone favorite French bank: SocGen, where we meet young master Vincent Domien, born June 13, 1980, and director since January 25, 2010. His Goldfixing phone contact info is +44 207 762 5374, and he can be reached at: vincent.domien@sgcib.com. His LinkedIn profile has extensive details on what it takes to become a gold fixer.
Sadly, the other director from SocGen, Xavier Lannegrace, born 1964 and director since December 19, 2013, has no LinkedIn profile, so we had to go to other primary sources. As it turns out Mr. Lannegrace keeps a low profile but does have occasional media appearances, such as this one in Risk.net from 2011
Instead of increasing margin calls to protect against credit risk as many banks did at this time, SG CIB began providing some unmargined lines to mining firms, even taking over margined positions that miners had with other lenders and making them unmargined.
"To avoid a cash constraint we can provide some unmargined lines - transforming risk on the price into risk of performance. But in that case what we really need to see is the miner performing, producing the material, and delivering the material," explains Xavier Lannegrace, managing director of base metals, precious metals and agriculture at SG CIB in Paris.
And also from Risk, from the year before:
“The Meteor system has been able to handle a massive increase in both flow and new transactions, which leaves us in a very strong position on the operational side. We looked at all our operational risk reporting, counterparty risk exposures and risk limits, and Meteor told us we are solid. So we can keep on developing a stronger commodities desk, moving into agricultural commodities and developing new indexes because we know commodities are going to be the hot spot with investors in 2010,” says Xavier Lannegrace, global head of commodities marketing and sales in Paris.
* * *
“You can go to bed at night having left an order with Société Générale knowing that order is going to be watched and looked after, so there is no problem when you come into the office the next morning. The service is first class.”
And from yet another year prior:
As well as the sharp drop in metals prices last year, the collapse of Lehman on September 15 sent reverberations around the metals markets. The investment bank was not a big player in the metals markets, but the collapse of the broker-dealer caused counterparty credit risk to become the number one issue for market credit risk, we have seen investors and corporates diversify their hedges amongst several banks. Those who normally traded with one, two, or three banks are now trading with five or six different banking counterparties,” says Xavier Lannegrace, global head of commodities marketing at Société Générale Corporate and Investment Banking (SG CIB) in Paris.
* * *
Moving to the bank that redefined the term "money laundering", HSBC we meet David Rose, contact phone +44 207 992 8041 and contact email: david.b.rose@hsbcgroup.com, who has the following rather sparse LinkedIn profile:
And his alternate director, Peter Drabwell, self-described on LinkedIn as "a precious metals sales and trader"
* * *
We then proceed to the current Chairman of the Gold Fixing group, Simon Weeks, born 1962, who hails from Canada's Scotiabank, aka ScotiaMocatta. He is one of the veteran directors, appointed in February 1995. Those who so wish can reach Simon at +44 207 826 5930 and his contact email is simon.weeks@scotiabank.com. Alas, there is not much in his LinkedIn profile:
* * *
And the alternate from ScotiaMocatta: Steven Lowe
Steve is the Managing Director of Scotiabank, London with overall responsibility for sales, trading and distribution of Scotiabank’s European precious metals business. Additionally he is the Global Head of ScotiaMocatta's base metals business, CEO of Scotia Capital Europe Ltd and a board member of Scotiabank Europe Plc. Prior to his arrival in London in 1998, Steve worked in Toronto covering a portfolio of North American mining companies, particularly credit products including debt, project finance and metal derivative transactions. Steve has an MBA from the Ivey School of Business and a Bachelor of Commerce degree from Queen's University.
He has been a member of the LBMA Management Committee for numerous years and has acted as Vice Chair of the committee for two years. He also sits on the LBMA PAC committee.
* * *
Next we get to most British notorious bank, Barclays, we find director Mr. Martyn Whitehead, contact phone: +44 20 7773 8106, contact email: martyn.whitehead@barcap.com, whose LinkedIn profile describes him as "Global Head of Mining & Metal Sales at Barclays Capital", and who previously worked for 6 years at Rothschild.
* * *
Also from Barclays, there is Jonathan Spall, who also has quite an extensive LinkedIn profile.
Alas, Mr. Spall won't be at Barclays, or the fix, for long. As Bloomberg reported in January 2014
Barclays Plc cut commodities jobs in London and New York as part of reductions in fixed income, currencies and commodities, according to two people familiar with the matter. Bharath Manium, a managing director in commodities structuring, Paul Jackman, a managing director in the commodities index business, Jonathan Spall, product manager for metals in London, and Sudakshina Unnikrishnan, an analyst in London, are leaving, according to the people who asked not to be identified because the move hasn’t been made public.
In fact as was reported by London Gold Market Fixing Ltd, Mr. Spall is no longer with the company since April 9, 2014.
* * *
Which leaves us with the two most interesting and curious individuals: the "fixers" from Deutsche Bank, which as was reported previously, is no longer a member of the gold fix company courtesy of BaFin's accelerated procedure to reign in the German bank.
What follows next is an intricate timeline journey into the gold fixing rabbit hole, where we find some very suspicious and unreported issues about Deutsche Bank's departure from the Gold and Silver Fixings, namely Matthew Keen's sudden resignation and departure in January after BaFin's statements, followed by the resignation of Kevin Rodgers. Why did Keen resign? Secondly, Deutsche quietly stopped contributing to GOFO as early as February or March.
1. On Friday January 17th, Deutsche announces that its quitting the gold and silver fixings. On Monday 20th January, Matthew Keen, Deutsche's head of precious metals, resigns from the London gold and silver fixings companies and is replaced by Kevin Rodgers, Deutsche's global head of FX. Matt Keen then departs fully from Deutsche Bank in January, and starts a new job for Jefferies in April.
Deutsche Bank then announces on 28th April that Kevin Rodgers is resigning from Deutsche Bank, the day before it announces that it can't sell its two seats on the gold and silver panels and that it is resigning. The resignation of Matthew Keen has not been reported anywhere it seems.
2. Sometime in March at the latest, Deutsche Bank quits being an LBMA forward market maker, and stops contributing to GOFO rates and forward curve data. This also appears to not have been reported previously.
The following timeline illustrates some important information that has not been discussed:
November 27th 2013: German regulator BaFin announces that it is reviewing how banks participate in the gold and silver price setting
December 12th 2013: The Financial Times states that BaFin has already been interviewing Deutsche Bank on this for several months and has demanded various documens from Deutsche.
FINANCIAL TIMES: "BaFin has grilled Deutsche Bank staff during several on-site inspections in the past few months"
Wednesday January 15th 2014: Reuters reveals that Deutsche has suspended New York based FX traders and that Fed and
OCC visited Citigroup offices in Canary Wharf, London
REUTERS: "Deutsche, Citi feel the heat of widening FX investigation"
Thursday January 16th 2014: BaFin's president Elke König says in a speech in Frankfurt that currency and precious metals price manipulation is "worse than Libor".
BLOOMBERG: "Metals, Currency Rigging Is Worse Than Libor, Bafin Says"
Friday 17th January 2014: Deutsche Bank announces that it is withdrawing from the gold and silver price fixings
Monday 20th January 2014: Matthew Keen, Director (precious metals) at Deutsche Bank resigns as a director of the gold and silver fixing companies and Kevin Rodgers, Global Head of Foreign Exchange at Deutsche Bank is appointed as Deutsche Director in both of these companies (why an FX trader is appointed to trade commodities is not quite clear).
On the same day, Matthew Keen also resigns as the Deutsche director representative of London Precious Metals Clearing Limited (LPMCL) and is replaced by Raj Kumar, Deutsche'sEuropean COO, Commodities.
Curiously, Matt Keen did not operate out of either London or Frankfurt, but instead relocated from London to Dubai with Deutsche in 2012. Is that the farthest one could get away from US and European regulators one wonders?
Sometime in February or March - Deutsche stops contributing to GOFO
LBMA rolled out a new web site in ealr April. This was mentioned in the LBMA's Alchemist, Issue 73, published March 31st. The wayback machine has an imprint from the new site on April 9th. In the GOFO contributor list, Deutsche is not listed
Deutsche disappeared from GOFO before 9th April - new web site
Deutsche was still listed as a GOFO contributor on the old LBMA web site, latest imprint is February
Sometime in February or March - Deutsche ceases to be a market maker for forwards
Deutsche not a forward market maker now
Old market makers list - February 14th
April 25th 2014: Reuters reports that sources say Deutsche canot sell gold and silver seats due to US lawsuits
REUTERS: "U.S. lawsuits hobble Deutsche Bank's bid to sell gold fix seat"
Just what was Deutsche worried buyers would find during the due diligence?
April 28th 2014: Deutsche Bank announces that Kevin Rodgers, Global Head of FX is quitting the bank in June
WALL STREET JOURNAL: "Deutsche Bank Head of Forex to Retire - Kevin Rodgers to Leave Industry in June; Departure Not Linked to Global Investigation"
Burying the evidence, and firing the bodies?
April 29th 2014: Deutsche resigns seats on gold and silver fixes, can't sell them, gives 2 weeks notice, last day 13th May
REUTERS: "Deutsche Bank resigns gold, silver fix seat with no buyer"
Saturday May 10th 2014: FT's John Dizard comments that "Precious metals market people tell me that even in advance of Deutsche's formal departure from both the gold and silver fix, the bank had reduced its participation in putting up bids or offers at the silver fix very substantially."
FINANCIAL TIMES: "No silver lining for gold-fix regulation"
May 13th 2014 - Deutsche's last day on gold and silver panels
... However....
As Reuters reported earlier today:
A source familiar with the situation told Reuters that Deutsche Bank had postponed its resignation, responding to a specific request from Britain's Financial Conduct Authority (FCA).
"The other banks may have indicated to the regulator that they were looking to withdraw as well and so to make this an orderly affair Deutsche was asked to postpone the date of resignation," the source said.
In other words, just as the Silver Fix is no more, so the Gold Fix will almost certainly be nothing but a memory in a few short months now that the spotlight is shining on its members. But why the sudden scramble to depart and not just by Deutsche but by all other members? (... that was rhetorical)
Other questions also remain unanswered.
Looking at Mr. Keen's LinkedIn profile we find that before Deutsche, Keen worked as Head of Precious Metals at none other than the infamous Koch Industries. Here he "Built a global precious metal business around Precious Metal and PGM inventory management for the oil refining and speciality chemical processing industries."
Wait, so the Deutsche trader who is most suspect of rigging the Fix, and who quit first (and hence, best), learned his craft at Koch Industries? It almost makes one wonder just what kind of gold and silver trading the Koch brothers engage in.
* * *
But perhaps the most curious and surprising finding here is what Bloomberg reported back in November, when it wrote one of the first articles exposing the "Fix" to the mainstream (if not so much the "tinfoil blog" vertical which was well aware of all of this years ago). To wit:
London Gold Market Fixing Ltd., a company controlled by the five banks that administers the benchmark, has no permanent employees. A call from Bloomberg News was referred to Douglas Beadle, 68, a former Rothschild banker, who acts as a consultant to the company from his home in Caterham, a small commuter town 45 minutes south of London by train. Beadle declined to comment on the benchmark-setting process.
"No permanent employees": extremely convenient when one has to pick up and simply disappear without a trace...
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Bravo Tylers! Bravo...
I don't know who has researched this or where it all goes from here. What I do know is that this is a great piece of investigative jpurnalism and if we do not get to the truth of what has been going on here for years it will not be because the evidence is not clear ... but simply that there is no appetite for what may be revealed.
Well done zero hedge.. your best yet?
Hey, Kochsucker Brothers! Is it harder to fix :
A.) the precious metals market.
B.) the U. S. Congress .
C.) the Supreme Court.
D.) state & local govts.
Curious minds want to know.
11b40, that's just preecious, as in metals.
Well, to me they are precious.
I'll take a shot and say A.) since everything else is being run by progressives including the media.
Is that supposed to be a joke?
Did Progressives preside over the huge transfer of wealth from the middle class to the ruling class?
Did Progressives stack the supreme Court with judges who believe that money is speech and corporations are people?
Did Progressives lie us into an illegal war in Iraq, set up the NDAA, and bring us "Homeland Security"?
I could go on, and you can call it what you like, but it is not Progressives. Facists, Corporatists, Kleptocrats, Plutocrats, whatever. We do, however, need to start using the real descriptions for our rulers instead of the tired old Liberal/Conservative Left/Right slogans that automatically divide us into opposing camps. I don't fit into any particular bottle, and you probably don't, either.
That's right. The end is the same, just different paths. Fear/war mongering or the progressives and their pc crap. Both paths lead to the same end.
THEY SURE AS FUCK WERE COMPLACENT IN THE WHOLE GODDANG THING!
Peter Drabwell HSBC - Precious Metals Sales & Traitor
Davenant Foundation Grammar School???....
I've been wondering for some time now if the clandestine service, and mainstream media for the U.S. Government as in banking isn't full of "Peter Drabwell(s)"?...
As long as they "grease up", "bend over" and give the dutiful nod for the ramming speed to commence to collect the benefits package, anyone can be a Peter Drabwell!
Way to go Zeeeee-ro Hedge! Thanks for all the hard work. Now we know who they are and mostly what they look like. As the bad guy said in road Warrior "You can run, but you can't hide". If SHTF, these guys won't last very long. Or we can use another old saying like "He bought the farm", refering to Judas, selling out Jesus for 30 pieces of "silver"? How precious (metals)!
you nose the rothschilds do an awfully lot for charity-
they help all those refugees out mainly the children you know the little bastards that wonte stop screaming the ones that need correct ting.
ohh the funtimes the good old days and the parties so normal.
http://klyker.com/inside-a-bizarre-rothschild-party-20-photos/
TW +100
Kudos on finding that!
And I thought Stanley Kubrick was just eccentric on his own with "Eyes Wide Shut"?... Well... Or was it when I found out about the "owl" that does sacrifices at the Bohemian Grove gathering?...
what's the difference seeing as it's the exact same party and fucked in the mind "club" member(s)!...
one of the ladies in the foto is merrisa berenson who was in kubricks barry lyndon.
kubrick knew what the fuck was going on so many clues in his films.
Truly sick, pals.
To think that this kind of people runs most of the World...
Enfin!
I'm no fan of the Rothschilds either, but this is an art show/costume party by famous surrealist artist Salvadore Dali. He's in one of the photos and all of the photos show images from his very famous paintings or inspired by them. Weird and creepy, yes. But it's an art show!!! For a surrealist artist.
Packing my bags, going awayTo a place where the air is clean on Saturn
There's no sense to sit and watch people die
debtaxes
just an innocent bit of masonic saturnalia A
move along now sir.
Have you looked at the architecture in the photos? The architecture of other Rothschild real estates?
Maybe you will discover what is their personal taste and then you could ask yourself why they are celebrating degenerated art in a party?
Tip: their family emblem shows the program and final goal
Thanks for sharing that.
The one who controls the weather, has even more power than the one who controls the money.
Soon they will have achieved it:
http://www.geoengineeringwatch.org/rothschilds-and-the-geoengineering-em...
http://www.youtube.com/watch?v=5yZhh2leRJA
An article where it looks like the journalist took some initative and did some elbow-research, imagine that!
Tylers are shining the light on the cockaroaches.
Watch em scatter.
Don't forget the 'a' in cockaroaches...it has a nice ethnic ring to it.
The posting of the gold market traders/fixers LinkedIn listings is the funniest thing ever posted on ZH! Or maybe I've only recently drifted into this parallel hell. The list of endorsements for their skills in commodities and trading ... LOL. I feel so much better now!
But, y'know, I'm not sure I get the point of the exercise. Everyone is running away from participating in "fixing" prices because the US justice system considers "fixing" a crime. So what is this, a list of smooth criminals? Let's say they all withdraw from "fixing" but remain participants in the market and make basically the same trades minute by minute that they do now, only without any public announcement of their intentions. Is that better? I'm asking, I really don't know if these are even the scenarios. But I guess I wouldn't want to have "market fixer" on my business card or LinkedIn profile these days.
ps - you've made me curious, have to check LinkedIn for ... yup, apparently there are multiple LinkedIn entries for various Barack Obama's.
It seems to me that Barclays is the ring leader. It bought the seat from Rothschild in 2004, and it's the only British bank in the Five (Now four). Given that Rothschild was the ringleader until 2004, it seems to me that Barclays had taken over this role. As well as representing Rothschild interests, Barclays must also execute the Bank of England's gold price supressing trades.
Marcus Agius (married to Edmund de Rothschild's daughter) also became chairman of Barclays in 2007. A coincidence, I don't think so.
The demise of Barclays in the gold fix will be a major coup in stopping the Bank of England in flooding the market to suppress gold prices. (Which they do every week and should be prosecuted for)
"...Marcus Agius (married to Edmund de Rothschild's daughter)..."
Control is in a tight knit group. Thru inter-marrige and offspring(like Rockefellers, Bushs, Warburg et al )
A few tens of thousands families control a large percentage of everything.
Do some research on who is on what board of directors, See how many are on mulitple boards.
What does a son or daughter of those families do when they grow up? Run the company's businesses like dad and granddad, and both the sons and daughters marry other group members.
They have relatives in everthing, everywhere.
You're more right than you may know--
This new Nomi Prins book covers the territory in spades. Same guys now as then.
All the Presidents' Bankers: The Hidden Alliances that Drive American Power by Nomi Prins (Apr 8, 2014)
WOW. The information in this book from primary sources only? On my list. Tx.
Checkout, http://www.theyrule.net/
for details on interlocking directorships.
Im going to laugh when gold drops back down to 200 or worse and all you idoits who are being scammed by these internet scammers lose your pants. Why? Because your stupid enough to believe the appocolypse is coming and your being led to believe you'll be king of the world when the dust settles because you got youre gold and it's going to be worth 20,000 an once... Well i got news for ya it's not happening. WW3, not happening, collpase of the west.. not happening.. It's all a big scam. The biggest sam in history.
How many more years do you have to be told it's the end of the world before you belive it's not happening.
Try getting off your asses and go work and earn a living instead of bitching about being poor. You're poor because you were not smart enough to be anything better. It's not societies fault it's yours.
There is a peking order in life. We live in a Class society and that will never change as long as there is an economy. This isn't Star Trek where everyone is equal and there is no money. Sorry we aren't quite there yet. And quite frankly you'd have to build a better human being for that world to ever happen.
And Xibalba, stop with your racist comments. I've found that the biggest racists are the minorities and not the whites. They blame everyone for there problems, but never look in the mirror. Sorry but i have no white man guilt. You'll get no sypmathy from me. People need to be proud of who they are and stop the racist crap. Maybe just maybe willl all move forward when that happens. And to the minorites stop using the system and racism to try to get your way. Get it through your abilites and not your skin color. And if a white man happens to be smarter then you, or an asian happens to be smarter then you, excpet it and move on.
I started reading from the bottom of your post, and stopped when I determined you are too stupid to know that than and then are two different words.
The "peking order" in paragraph 4 made me pause and then realized the poster isn't that clever.
Maybe he meant 'Peking' - you know, like 'Peking Duck'. But then there's 'sypmathy' and 'excpet' to explain....
Peking Order in life.
We are all just cheap chinese food
I'm having the T-shirt printed as we speak.
Well dang if I ain't just flabbergasted! Y'all really, truly, actually have the nerve and hypocrisy to attack another person who can neither spell, construct a sentence or paragraph, or clearly communicate a thought in their mother tongue? If that ain't the pot callin' the kettle potpourri, I jus' don't know what is! I'd'a thunk y'all would have embraced this person as a goddess and put her on the ZH masthead! On the other hand, she has something to say, now don't she?
You really take the biscuit, for the most unfeasibly ignorant fucking moron so far
Delusional. It could simply be just that.
Yet all of the silver rounds you want can still be delivered to your door for 20.53 each.....with a $1500 minimum order.....
I got some for 19.83 the other day. Them bitches are heavy, Jack
Damn...
Encomiums par excellence to ze Tylers.
Reminds me of days past when ZH'ers would set aside a bit-o the fiat-for PM stash for donating to this site. Ya remember, when the visual aesthetic of ZH had that olde tymey spartan plain-text look. Too often IMO, efforts of whom many put into this place gets gift-horsed by spoiled bitchez.
Not trying to come across as "doughs-wur-da-days, ye missed out ya dink-noobs" jerk. I feel a genuine sense of pride(?) this moment for this here place. I've learned too much here to not write this and express at least a modicum of fuck-yeah Graditude.
Chock it up to trolls, drudgey-know nots, depressed fellows or a combo [of] bitchez waxing bitchy complaint. The increased frequency of "ZH/Tyler/MSM Dissenting member(s)" bashatrashing has been pissing me off (especially after last April).
Whatever becomes of this- Bravo, kudos & thanks again to all involved in The Unfuckery.
¡One little/big (?) victory!
NO SARC
+50
Next, spiders'-web lists of owners of the global banks, please.
+ 1,000,000,000,000,000,000 (quintillion)
Gee, I sure hope none of these upstanding citizens are feeling suicidal lately.
Stay off the top floors, guys...it's not the fall that kills you, it's the sudden impact at the bottom.
I am shocked (and stacking), shocked.... I tell you
"Deutsche Bank announces that it is withdrawing from the gold and silver price fixings"
That's like saying Douche Bank announced that it will stop cheating.
Nice work Tyler.
No need to call for their heads, I'd be perfectly content to let them walk scott free after publicly testifying all they know, naming names and events.
Worked fine for the Thugs in India, it'll work for the thugs in gold and silver.
Barclays Is Completely Changing Its Strategy, Creating A 'Bad Bank,' And Axing 19,000 Jobs
http://www.businessinsider.com/r-barclays-to-axe-19000-jobs-under-reviva...
Solved. You're welcome anytime.
i've got a knuckle sandwich i'd like these guys to meet.
Isn't it possible that the London silver fix is being canned because it just isn't worthwhile any more, same goes for gold? Which is to say that London is losing its influence over the global financial markets.
London may no longer be where the majority of precious metals are traded, paper or physical.
Satanic connections do not have to be invoked here.
Empires do not just give up control of something seriously important especially for leverage purposes against a competing system and that also is reserve numero uno and silver being numero dos underpinning the whole central banking system.
It is a system not independent individual banks working for nations competing against each. The nations are nothing more than territories in the empire masquerading as independent countries. Where they shuffle the trading desks to rig the markets from is largely irrelevant. Remember you don't shit where you eat, that should be a clear indicator that the FED is not running the empire regardless of what everyone else says.
Give up control? I didn't say that. London may not have any say in the matter
The Marquis De Rothchild was financing Napoleonic war...that couldn't be any more different from the Koch Brother who are actually PAYING for the war.
Interest rates were in fact quite low in Napoleonic times (if you were France at least.). But this is 'merica...where bouncing the check is an art form.
Again..."in lieu of cash for your State there is the Koch Brothers."
And I'm not talking the actual natural gas or oil...though that doesn't hurt...but the stock price and "management structure."
Once the USA allows for the export of oil the demand for dollars will soar.
The irony that this might cause the price of energy to collapse should be lost on no one. I mean...what else do we pay for not just oil but all energy period in again?
How bout a zerohedge Dead pool.
What are the odds on
-overdose
-car malfunction
-suicide by power tool
-gravity
One time I posted that I thought that someone would do a Website that you could drill down from a company to the board of directors names, and addresses, and a google map to their house.
Like they do for Sex offenders. Kinda like a Neighborhood watch. Who are they where are they...
There actually was something like this back in the 80s and early 90s, that was put together by a pre-internet conspiracy theorist organization called A-albionic research. It was called namebase, it was way the fuck ahead of its time. TPTB really don't like being watched back.
Back then there were also people that were grabbing state department embassy personel postings (which was public data) over time and they were about to figure out which ones were CIA agents. That went over really well, too.
"I'm as mad as hell and I'm not going to take it anymore!"
(Network, 1976. 1976!)Great information.
What is the point of this article? Rich people buy and sell gold? Zerohedge even pointed out (in this article) that this has been known for quite some time.
Rich people are going to buy things. There might be times when rich people buy things together. Rich people are probably going to buy things (together) going forward.
Is something supposed to change? I'm confused here.
Maybe we can get all those clubby ricos to get on a brand-new, unsinkable cruis liner to cross the North Atlantic...
Excuse my ignorance here but these same companies if they have precious metals trading desks wouldn't that be illegal to trade for profit when price fixing since it would making use of insider information to trade on?
Silly Z Hedge ...
Fix is for kids
www.roacheforque.blogspot.com
a bit on the nose, no? She didn't play her part.
Keep me interested...you're moving kinda slow.
I'm waaaaaaaaaaaaaaaaaaaaaaaaaaay ahead of you
waaaaaaaaaaay ahead. It only took a minute
These men are worth billions of dollars and they've never produced anything except hot air.
You can tell a prog kook by their obsessive need to drag the Koch brothers into every bloody though that goes through their fevered mind. What a total unrealistic stretch it is to believe that the Kochs are, or were involved in the PM rigging. This bullshit just makes the entire article suspect. Grow up people.
Gold and silver are no doubt unervalued and are great to have I suppose ..... as long as there is something to buy.
The laws of karma mean that this lot are going to be miserably poor for billions of coming lifetimes.
Where was Mr Keen from April 2001 to Sept 2003?
The LinkedIn profile has a 'hole'.
Aside from the obvious manipulation, is there any valid reason for 'fixing' of any market? Why are these groups allowed to exist anyways?
This is precious!!!! Now everyone needs to start bombarding those people with calls and emails NOW
This must be the longest article and research I've ever seen on Zerohedge.
The formal end of the London fix should means the demise of the Western cryptocracy?
Unlikely. Our parasitical Overlords are merely diversifying into fresher hosts while adapting their modus operandi to the internet age, i.e., strenghtening the crypto dimension of their manipulative power.
Plus ça change plus ça reste le même.
Put a bitcoin bounty on their heads.
An article that starts by claiming that the silver fix is ending on August 14th, when it isn't, is best avoided.
Reading what you want to read is a curable problem. Just read what has actually been said.
http://www.lbma.org.uk/_blog/lbma_media_centre/post/the-london-silver-market/
..._
"Commenting on the London Silver Market Fixing Limited’s recent announcement that it will cease to administer the London Silver Fixing with effect from close of business on 14 August, 2014,Ruth Crowell, the LBMA Chief Executive, said: “As part of our role as the trade association for the London Bullion Market, the LBMA has launched a consultation in order to ensure the best way forward for a London silver daily price mechanism. The LBMA will work with market participants, regulators and potential administrators to ensure the London Silver Market continues to serve efficiently the needs of market users around the world. As part of the consultation process, the LBMA will be actively approaching market participants requesting feedback.”
A two-part communication:
1. They are not doing the silver fix anymore.
2. A bunch of weasel words that mean nothing.
You might try reading for comprehension first, and criticizing others second.
What?
DiggerUK, you obviously have been missing the plot for sometime now
FT: London’s silver price fix dies after nearly 120 years
Reuters: London silver fix to be scrapped from August
WSJ: Curtain to Fall on London's Historic Silver Benchmark
Financial Post: Historic silver price ‘fix’ coming to an end after 117 years
The LBMA essentially is the same bullion banks that are the Fixers. This LBMA press release is worse than a damp squib that's been left out in a storm. What point does it serve and who believes it. It's a joke and an insult.
Ruth Crowell is essentially on the payroll of the bullion banks since they run the LBMA. This press release is just spin, BS, lies, deception and has been implicitly brought to you by the Bank of England, the Treasury, the 4 Fixers and the Rothschilds
The Templars invented the Trusts; which became the Scam of the Middle Ages turning them into Bankers not keepers of the sacred covenant--something that was impossible as two faced soldier-monks of ethnic cleansing--; for which they paid on the Island of Jews in Paris, a certain night when the bonfire of red cross vanities was celebrated by both King and Pope (in person or by Papal bull).
And in our age Maggie's farm made them into the "Untrustworthy" !
"Where there is DISCORD may we bring harmony, where there is ERROR may we bring TRUTH.".... Her Words taken from Saint Francis's Book.
Ronnie and Maggie the Black and White Minstrel show of neo-liberalism gone Madoff.
Great work Tylers!
The fight club is one of only a few places left where investigative journalism hasn't been completely overrun by government approved, copy-paste news.
I didn't catch how pm's are being manipulated by the accused. Just association and employment guilt. Also, "fixing" may not mean what's implied here. All named in this piece may be guilty as charged but I didn't really get that. I would need specifics of how these people manipulated pm's. Short of that, all I see is innuendo and accusations. The Hedge comment section used to be objective, insightful, it's just not anymore. Now it's kill all the bankers...it's all the Zionist fault etc. etc. and I find that to be mind numbing. It might as well be a grunting, torch wielding mob. Think about it, all the right names are mentioned to get you worked up into a tumultuous frenzy. Rothschild, and probably the name to garner the most clicks.....dun, dun, da the Koch brothers. The lefts favorite boogy men to counteract the rights favorite boogy man, George Soros. It's fucking mind numbing, high school level horse shit.
I need to know how pm's are manipulated and why, not accusations based solely on where these people work or have worked in the past or some crack pot theory. Substance is what I desire.
+1. Throwing the Koch name up there is just to chum the water for the leftists here and is disingenuous.
The guy worked at Koch for less than two years back and left in 2005 -- how is this relevant to PM rigging?
Was Koch part of the inner circle setting PM prices via the daily silver & gold fixes? There's no evidence here (or anywhere else) that this is true, just sensationalist guilt-by-association here in this article.
Don't take focus off the real offenders -- the FED and its owners, our Kenyan Tyrant in Chief and the forces who brought him to power, the MIC & NSA...
+1 as well. Throwing Koch in there is for clicks. That is quite a stretch to say Kochs are directly involved with rigging the PMs. Six degress of separation may not apply to the fixing of PM markets.
Well you gotta figure out a way to bring those HuffPuff and FailyKos clicks!
Wedge:
The price manipulation is at lest threefold.
1. The Bank of England uses Barclays as it's agent and adds bullion sales orders during Fixings when demand is heavy. This bullion comes from a slush fund / wash account operated 'sort of' by the EEA.
2. The Bank of England will add temporary metal to the fixers metal clearing accounts at the Bank of England in situations where the banks start to feel their inventory is under pressure.
3. The bullion bank fixers will, on the side, be trying to game the price due to their price knowledge (informational advantage in the fix). This is also manipulation since it's unethical.
The Bank of England manipulates the gold price as an agent of the BIS and as a friend of the FRBNY. It just does this because it always has. Bad habits die hard. Seriously, these people just manipulate because they have become so used to the operations. OK, there is an expectation from the Bank that the gold that they use is a sacrifice for the good fight against the 'volatility' of the animal spirits of the markets.
Take notes. I bet these LinkedIn profiles will not stay much longer online.
You people are all idiots. The gold fix in London is not the smoking gun for price manipulation. The London Fix is a useful way to prevent would-be manipulators from affecting the opening or closing values in the gold market. They convene twice a day by phone to agree upon a price that is as close as possible to the market price. Many instruments around the world use the gold fix to value themselves each day, like mutual funds that hold physical gold. So instead of relying upon the actual closing price, which can be affected by a nefarious last-minute trade, the gold fix puts some reasonablness into the "market price" so that last minute traders cannot change the closing price for their own purposes. Sure the fixing group could collude to fix the price at a certain level, but since they're the heavywieghts in the industry, they would all have to ignore their duty to come up with a reasonable fix, and to what end? There is nothing to see here folks. If you want to see the nonsense and manipulation, go straight to the Chicago Mercantile Exchange, or the CFTC.
Wherever in the money-net where the fixing may occur, one thingie is sure and that is : its ALL a fix, and the invisible hand is as soiled as Madonna's proverbial panties; when she sang "Just like a Virgin"...
No, all of us are not idiots. But what use is a 'closing price' when the market is open 24 hours a day? Your stt that "last minute traders cannot change the closing price for their own purposes" is demonstrably false, as has been seen in the many, many 'nefarious' trades which have occurred during soft hours, holidays, and with regularity right around the close or the fix for the last three years. Any supposition that the member banks who sit on the fixing committees, who have engaged in fraud and collusion in every other market in which they trade, but have somehow been straight in their PM dealings, is an exercise in hallucination.
The other side of the argument, that somehow the world will be without sufficient expertise and information to generate reliable pricing, is oblivious to both the size/distribution of the markets for PM's and the existence of a massive information network - the mighty 'interwebs.' While there will doubtless be some confusion at the outset of the exit of the bankster element in telling the rest of us what the prices are, it may be that we will finally be able to have a period of legitimate price discovery-which levels the playing field for everyone and ultimately provides fair value.
Well then Elke Koenig from BaFin is idot as well, when she says, that goldprice rigging is worse then Libor.
You are missing the obvious point. When this shit blows a mile high, these people don't want to be anywhere NEAR the price of gold.
It's all about deniability and liability.
This Matthew Keen character has an interesting resume.
10 years at JP Morgan in PM derivatives.
Central Bank Sales.
Depose this guy and it all comes unraveled.
Bafin, are you listening?
Fixing goldprice goed mainstream in Germany. Thank you channel 3 SAT. http://thebullionhouse.nl/algemeen/manipulatie-goudprijs-gaat-mainstream/
I would not read too much into this, when you're at the top of your game, why would you quit?...
the heat is on
http://youtubedoubler.com/cqVc
Nah - they know they are faced only with wrist-slaps. Why are they REALLY exiting the commodity markets? What color IS this elephant standing in the room? Something is afoot, and it isn't what any of us think it is. What do people think it is? ZH would be among the best places to ask.
THE ENTIRE MONETARY SYSTEM IS SMOKE AND MIRRORS..... audit the fed and the submissive ussa cits will revolt... HENRY FORD SAID SO...
People go to vegas, people buy gold and silver thinking there is a difference...
besides who bears the responsibility for any of the rigged games banks, traders and markets play... low level functionaries... forget the linked in profile or what flowery title the biz card has...
the wizard of oz flys off in his balloon
Douglas Beadle was an Assistant Director at N M Rothschild & Sons, based on this document dated September 4, 1998
SOURCE:
http://www.isda.org/protocol/emuprot/nmrltd.pdf
That was interesting; thanks.
Vincent Domien? Really? Couldn't be Johnny Roberts or Mike Johnson. Sounds like a good Exorcist movie name, or the anti-Christ.
It's all coming to a head! Maybe someday soon the true value of PMs will emerge.
and..........the 8:30 SMACKDOWN!
The press can't do basic math. Even at the low, low figger of 297,000 new jobless claims, it is still over 13 million jobs being lost every year. Last I heard, less than 5 million were replaced with "new, lower-paying jobs" in the same period. New records for the DJIA!!
I just bought another really nice gun last weekend and I paid in silver bullion. No paper anywhere. Ooops. Looks like another firearm has just been lost into the crowd of pissed off people. I wonder how many laws were broken just by doing that transaction? Aww....I don't care. They can suck on my muzzle.
Great comedy show to be had at Kitco with Dana's interview with Jeff Christian. Who knew that one mouth could pack that many lies stacked on top of that much bullshit into one five-minute interview? JC just kills me. I wonder how much of what comes out of his upper anus he actually believes?
Germany is shocked! SHOCKED to discover that their CB gold depositied with the NY FED is gone.
This is payback to the German CB and Deutsche Bank bankers who knew from the very beginning that it was gone but continued to report to the Bundestag that the gold had been inventoried and was present.
Yeah, but let's not forget that Germany never repaid its war debts. And if it happens to be true that "Jews" control all the banking, as some ZH'ers take such pains to belabor, then they were just repatriating what was stolen from them in the first place, right?
Yeah, but let's not forget that Germany never repaid its war debts. And if it happens to be true that "Jews" control all the banking, as some ZH'ers take such pains to belabor, then they were just repatriating what was stolen from them in the first place, right?
Or, if "jews" (zionists) are behind financing of nazi germany and this whole WW2 thing...than they are just spining around the same gold (collateral) in diferent systems (countries)
http://www.youtube.com/watch?v=veQfroRUWdM
I'm guessing you could ask Brown Brothers Harriman about all that. They would know. And they aren't zionists.
On a slighted tack, I never really understood the passion some tribes have for a 'homeland." I lived and worked for many years in tiny countries, who constantly struggled to behave as sovereign nations on population bases of a few hundred thousand or a million or two. So you want to go nation-building? Buy the fucking real estate, and have at it, fellas! Sell 'em the land. Let 'em have it. Solves all those bullethole-in-the-hotel-wall problems. What a farce. Live free and fuck politicians. Just stop already with the our-tribe your-tribe bullshit. The planet has grown too small for such things, and we really do have things we should be paying attention to on this rock. Like I said, fuck politicians, and all their loose dogs. Policide removes genocide.
suddenly people realize what they were holding is not real gold .. only paper
very nice piece of investigative journalism Tyler(s).
kudos to you.
Unfortunately they will find other ways to manipulate things.
Resourcefulness is not their short suit.
Now, exactly what is the relevance of the London gold and silver fix when the inventory of physical gold and silver is largely non-existent within the bankrupt, western world of fiat currencies.
HSBC? I thought they were dry cleaning company.
Did anybody notice the application of the principles of the book Outliers in this??
All of the big guys were born between 1961 and 1965. Two second biggest guys..both born in 1980. Makes you wonder