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Barclays' Head Of Gold Trading, And Gold "Fixer", Is Leaving The Bank

Tyler Durden's picture




 

Last week, for the first time ever, in "From Rothschild To Koch Industries: Meet The People Who "Fix" The Price Of Gold" Zero Hedge shone a spotlight on the mysterious, and "without any permanent employees" company known as The London Gold Market Fixing Limited which for 117 years has served as the corporate face of the London bankers who "fix" the price of gold twice daily. Since then, more than one of the LinkedIn pages we profiled of the bankers among the 5 gold fixing banks has quietly been taken down. However, the biggest surprise took place moments ago when none other than the head of spot gold trading at Barclays, Marc Booker, did what so many heads of spot FX trading in the past few months have done over fears of being caught in the ongoing manipulation probe: he exited stage left from Barclays HQ at One Chruchill Place.

As Reuters further reports, Marc Booker's exit leaves Martyn Whitehead, Barclays' global head of metals and mining sales, as the bank's only representative listed with the London Gold Market Fixing company. Barclays is one of the four banks that contributes to the twice-a-day price setting process for the globally recognised benchmark.

But there has also been speculation about Whitehead's future at the bank.

 

"I have a job for the year. I have been working for Barclays for 13 years, and I will continue to do my job at Barclays," he told Reuters when asked about the speculation.

Which means the former Rotschild director of metal sales and trading is the only Barclays trader left in the gold fixing "company."

More from Reuters:

A spokeswoman for Barclays declined to comment on the matter. Booker could not immediately be reached.

 

His exit follows the departure earlier in the year of Jonathan Spall, product manager for metals at the bank, and that of other commodity staff.

And while we can understand why cockroaches feel liky scurrying when the light is shone on them, the bad news for precious metal manipulators everywhere is that no matter where you end up, you will still likely face public scrutiny now that at least the German regulator is taking this matter seriously.

With regulatory scrutiny showing no signs of abating and cost pressures still elevated, the commitment of banks to the precious metals benchmarks is being questioned by the industry.

What is worse for the gold fixers is that it is now quite clear that one after another the scramble to get the hell out of Dodge is all too real:

The other banks involved in the gold-setting process are HSBC, Societe Generale and Bank of Nova Scotia. A former fifth member of the fix, Deutsche Bank , resigned on May 12 without a replacement.

Bottom line: just like the Silver Fixing which last week announced its winddown, the days of the 117-year-old Gold fix are numbered. But to preserve continuity of riggedness and manipulation, perhaps they can just outsource their job duties to the biggest manipulators of all: Bank of England, the Fed and, of course, the BIS.

 

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Tue, 05/20/2014 - 13:13 | 4777986 The Juggernaut
The Juggernaut's picture

Will Marytin be found dead?  That seems to be the trend.

Tue, 05/20/2014 - 13:13 | 4777990 achmachat
achmachat's picture

good riddance?

Tue, 05/20/2014 - 13:27 | 4778012 Arius
Arius's picture

QUESTION: What is the real intention to peg gold at 1300?

To prolong or expedite the process ?

 

On appearance is about controling the price right?  well not so fast ...

 

if you think about it, what is really going to do it will driving people out of futures market into physical.  why would anyone gamble in futures when the peg is in ?

If I am able to figure this out, don't they already know it? Then why do it??? perhaps, getting closer and closer...

Tue, 05/20/2014 - 13:30 | 4778046 Manthong
Manthong's picture

Safest place for his ilk might be a cell with a jealous boyfriend named Bubba.

Tue, 05/20/2014 - 13:39 | 4778076 jbvtme
jbvtme's picture

got a new position at the paslode company

Tue, 05/20/2014 - 13:43 | 4778093 TeamDepends
TeamDepends's picture

What we have here, ladies and gentlemen, is a "shcam" (scam + sham).

Tue, 05/20/2014 - 13:58 | 4778150 Save_America1st
Save_America1st's picture

Uh oh...I think we all know by now what happens to bankster guys like him:

http://www.youtube.com/watch?v=MH7KYmGnj40

Tue, 05/20/2014 - 14:15 | 4778238 SoilMyselfRotten
SoilMyselfRotten's picture

What a cynical bunch at ZH! I'm sure he just wants to spend time with his family.

Tue, 05/20/2014 - 14:17 | 4778248 fonzannoon
fonzannoon's picture

One day some crazy zh'er is just going to go crazy and pop whitehead.

Tue, 05/20/2014 - 14:23 | 4778267 nope-1004
nope-1004's picture

I resent being called crazy.

 

Tue, 05/20/2014 - 14:25 | 4778278 Four chan
Four chan's picture

gold is fixed. mission accomplished.

Tue, 05/20/2014 - 14:45 | 4778364 fonzannoon
fonzannoon's picture

one day one of these brilliant good looking charming zh'ers is going to pop whitehead. 

Tue, 05/20/2014 - 15:25 | 4778503 nope-1004
nope-1004's picture

I resent being called charming.

 

 

lmao

Fri, 05/23/2014 - 09:15 | 4788157 cifo
cifo's picture

WTF? They publish his house address?

6 Cairngorm House, Marsh Wall, London, England, E14 9YT


Tue, 05/20/2014 - 13:30 | 4778047 old naughty
old naughty's picture

DB: "Ok, Master says you can all take a leave, but not a leak !"

Tue, 05/20/2014 - 13:46 | 4778111 Xibalba
Xibalba's picture

nailgun suicide imminent? 

Tue, 05/20/2014 - 14:06 | 4778194 SilverDOG
SilverDOG's picture

SKYNET suicide.

 

 

Bueller anyone.... anyone.

Tue, 05/20/2014 - 15:43 | 4778560 Bingo Hammer
Bingo Hammer's picture

It's been 2 weeks at least, since the last; they're overdue! 

Tue, 05/20/2014 - 13:32 | 4778051 ebworthen
ebworthen's picture

To dishearten those who bought above $1300.

The overall purpose of the paper market is to debase tangible value.

Tue, 05/20/2014 - 13:41 | 4778081 Arius
Arius's picture

thats not the point ... yeah it might be a reason, logically speaking someone who went into the trouble of buying in the first place bought it to hold it, otherwise, if it was to make a profit could have done it in the paper market...

 

the main thing is what is going to do to the futures market.  how many will continue to gamble while the peg is obviously on?  what are they going to do? go physical .... thats a lot of money ... what will be sold by the "disheartened" it will not even compare ...

i am sure they know it ... it is being done on purpose to bring the system to the brink....

 

Tue, 05/20/2014 - 13:58 | 4778148 crazybob369
crazybob369's picture

The point is that JPM etal have a slot machine that they can ca$hing every day for millions in profits.  Nick Laird published a long term chart that show clearly what is going on.  During the thinly traded hours of the early morning they dump short contracts on the market, driving the price down.  Then, sometime before the Comex opens they go long and watch as the suckers (tech funds, hedge funds, retail idiots) drive the price back up, then they slowly liquidate throughout the day cashing in some massive profits.  Lather, rinse, repeat.  They have been doing this for years, and all it takes is a look at the long term chart, and the COT report to see who's holding these massive positions.  All the while, the regulators (scoff, scoff), find no collusion, or price fixing.  Tell me that the great USofA isn't broken beyond repair.

Tue, 05/20/2014 - 14:37 | 4778339 Bay of Pigs
Bay of Pigs's picture

Regulatory capture (CFTC, SEC, FBI, ect...) plus HFT have destroyed all integrity of any true PM price discovery.

Tue, 05/20/2014 - 16:17 | 4778675 ebworthen
ebworthen's picture

The house owns the slot machines.

It isn't for people to invest in, it exists to manipulate physical value, and make some cash in the mean time.

Slot machines have lights and sounds to elicit Pavlovian responses, not to give you important information.

Tue, 05/20/2014 - 13:48 | 4778116 Xibalba
Xibalba's picture

there are none so blind as those who refuse to see.  sure they know what's happening, but try and take delivery...I think that you might be waiting a while.  

Tue, 05/20/2014 - 13:54 | 4778131 Arius
Arius's picture

sure, you might have to wait, but what is the alternative?

bet is going to go at $1325 and lose your money guaranteed?

MS told you the top a couple of weeks ago ... it was $1298, when they made the prediction.

Tue, 05/20/2014 - 13:29 | 4778039 ZH Snob
ZH Snob's picture

oops, someone else mentioned the rats and ship, so I'll just say fare thee well.

Tue, 05/20/2014 - 14:16 | 4778224 Cacete de Ouro
Cacete de Ouro's picture

Booker was most definitely an experienced fixer on the calls. Why, it says so here, innit!

See this article from 2007

http://www.reuters.com/article/2007/11/19/us-gold-fixing-idUSL0728994920...

"As the clock in the vast Barclays Capital trading room in London ticks towards 3 p.m., attention turns to Marc Booker, the bank's head of spot gold trading.

Booker joins a conference call with the four other banks who take part in the fixing.

The chairman, from Deutsche Bank, suggests an opening price and Booker relays it to his trading room and customers.

Booker and the other participants say whether they are buyers or sellers at that price, and the chairman adjusts the price until the buyers and sellers are in balance."

"The mechanism is efficient and it is a benchmark which has continued to function through all types of market stress," Martyn Whitehead, director of commodity sales at Barclays Capital, said as Booker traded."

Ye, right, efficiently manipulated Martyn, lol

"When Rothschild moved out of the commodities business, it was replaced at the fixing by Barclays."

Martyn is Rothschilds man on the inside. And the Bank of England's best boy for Michael Cross. What's going to happen now though?

Tue, 05/20/2014 - 13:16 | 4777997 orangedrinkandchips
orangedrinkandchips's picture

Jump!

Tue, 05/20/2014 - 14:08 | 4778210 Government need...
Government needs you to pay taxes's picture

How wide a grease-spot would that guy leave on the London pavement?

Tue, 05/20/2014 - 14:19 | 4778255 orangedrinkandchips
orangedrinkandchips's picture

depends on the floor....

 

Mac Daddy make ya...JUMP, JUMP....

Tue, 05/20/2014 - 13:17 | 4778000 Stoploss
Stoploss's picture

What floor is his office on?

Might want to keep about thirty feet away from the edge of the building..

Tue, 05/20/2014 - 13:17 | 4778001 quasimodo
quasimodo's picture

Surely this is bullish for........nevermind

 

Tue, 05/20/2014 - 13:23 | 4778002 Arius
Arius's picture

good luck!

all the best bud !

 

Tue, 05/20/2014 - 13:23 | 4778027 notmymoney
notmymoney's picture

i suspect the answer-ultimately-might be in opposition to "smart money"  

I agree they dont know, because the game may still be in progress.

Tue, 05/20/2014 - 13:43 | 4778092 Arius
Arius's picture

sure they know... even for a second dont think anything at is out of control ... everything is moving according to plan

Tue, 05/20/2014 - 15:06 | 4778435 notmymoney
notmymoney's picture

even for a second dont think anything at is out of control 

 

why not ?

Tue, 05/20/2014 - 13:17 | 4778005 teslaberry
teslaberry's picture

spare me. oh no, governments will fix the problem of gold fixing. how exactly? by fixing the price 'themselves'.

generally, when one coercive power seeks to displace another, it is for the privilege of exercising even more coercion than that being presently exercised by the existing doucherag.

there are no solutions. only dilutions.

Tue, 05/20/2014 - 13:18 | 4778013 narnia
narnia's picture

No articles & complaints about central banks, the biggest owners of gold, buying more. Nope.  That's not "price fixing", right?  

Tue, 05/20/2014 - 13:38 | 4778073 Bastiat
Bastiat's picture

That's called diversification, then loss of confidence, then fear and panic.

Tue, 05/20/2014 - 13:49 | 4778108 narnia
narnia's picture

It's called using the non-excludable purchasing power of a fiat currency to involuntarily increase the demand for gold in that currency. Because, after all, it needs the managed opposition known as gold bugs to be selling the value of gold, which it is conveniently the largest holder, when the fiat currency inevitably collapses.

Tue, 05/20/2014 - 13:23 | 4778014 Anasteus
Anasteus's picture

"Which means the former Rothschild director of metal sales and trading is the only Barclays trader left in the gold fixing "company."

... as, in fact, he has always been and perhaps as the only effective trader whatsoever.

Tue, 05/20/2014 - 13:19 | 4778015 Joebloinvestor
Joebloinvestor's picture

He will be moving to a new location without an extradition treaty.

Tue, 05/20/2014 - 13:21 | 4778021 Rock On Roger
Rock On Roger's picture

We haven't heard much about bankers being suicided during the last few weeks.

Maybe round two is coming soon?

 

Stack On

Tue, 05/20/2014 - 13:23 | 4778022 SharkBit
SharkBit's picture

I piss on you fucker.

Tue, 05/20/2014 - 13:23 | 4778026 BBullionaire
BBullionaire's picture

The words "rats" and "sinking ship" come to mind

Tue, 05/20/2014 - 13:25 | 4778034 GoldStandard007
GoldStandard007's picture

excellent news. The question is then: is it a bullish sign? If so for paper gold or more for physical? Fore sure that those depressed levels, Russia and China central banks dumping their USD to get some good gold bars ...

Is gold going to be the next reserve currency after the USD?

 

Tue, 05/20/2014 - 13:37 | 4778067 semperfi
semperfi's picture

There's at least 5 gold-backed currencies ready for launch

Tue, 05/20/2014 - 13:27 | 4778036 ebworthen
ebworthen's picture

So it's like fixing dogs and cats, but different.

Tue, 05/20/2014 - 13:33 | 4778056 bwh1214
bwh1214's picture

Small news or events usually move PM's in the direction that would be expected but I've noticed the big really obvious stuff that you would expect would move PM's up or down usually does that opposite. I think this is the manipulators attempting to frustrate investors. That said I'm pretty sure you will see a major drop when the silver fix ends. I'm sure the same will happen when/if the gold fix ends, that is if they haven't lost contol by then.

Tue, 05/20/2014 - 13:33 | 4778057 Kaiser Sousa
Kaiser Sousa's picture

DEATH TO THE MONEYCHANGERS.

there r only 2 forms of real money.

physical Gold and Silver.

free yourselves.

Tue, 05/20/2014 - 13:36 | 4778063 semperfi
semperfi's picture

How long before a 50mph minivan finds him ?

Tue, 05/20/2014 - 13:40 | 4778080 samsara
samsara's picture

"... biggest manipulators of all: Bank of England, the Fed and, of course, the BIS."

BIS,  Isn't that Rotschild private piggy bank?

 

 

Tue, 05/20/2014 - 13:56 | 4778139 Cacete de Ouro
Cacete de Ouro's picture

they are all Rothschild piggy banks, the Bank of England, the FRBNY and the BIS.

Not sure if they have a favorite. Probably all favorites

Tue, 05/20/2014 - 13:44 | 4778102 F.A. Hayek
F.A. Hayek's picture

Did someone suicide him?

Tue, 05/20/2014 - 13:48 | 4778105 exartizo
exartizo's picture

LIGHT INTRODUCTIONS PRESENTS

Fly on the Wall Productions

A Recent Barclays Trader Conversation

Barclays Trader Joe: Hey did you hear what happened to Booker?

Barclays Trader Bob: Yeah. Sad thing man. Not sure how long they're going to keep any of us any more with the spotlight on the whole gold fix fraud investigation.

Barclays Trader Joe: heads will roll but you know It All Rolls Downhill.

Barclays Trader Bob: damn hard for a crooked trader to find a way to make any money out of the public eye these days.

Barclays Trader Joe: true my friend. You know ZH did a whole expose on the Gold Fix thing.

Barclays Trader Bob: yeah I saw that. Only took the regulators three years to act on what ZH said three years ago.

Barclays Trader Joe: Yeah. Poor Booker. ZH reports about him and pfffttt! he's gone. ZH is The Kiss Of Death man.

Baclays Trader Bob: Hope they never write anything about me.

Tue, 05/20/2014 - 13:46 | 4778112 Jannn
Jannn's picture

Gold Price Manipulation Goes Mainstream On German TV

 

http://www.ingoldwetrust.ch/gold-price-manipulation-goes-mainstream-on-g...

Tue, 05/20/2014 - 13:54 | 4778130 Solomon the KING
Solomon the KING's picture

woohoo, i feel like we are being liberated....something like that! :)

Tue, 05/20/2014 - 14:14 | 4778235 seek
seek's picture

Yeah, I have a feeling this is like being "liberated" and taken to a FEMA camp.

The manipulations are getting so obvious that they're having to change them up so they can be hidden again.

As long as the USD exists and the Fed is an operating entity, PMs will be manipulated. Otherwise the truth is discovered.

Tue, 05/20/2014 - 13:54 | 4778132 Oldrepublic
Oldrepublic's picture

Barclays HQ at One Chruchill Place.

is that the correct spelling?

Tue, 05/20/2014 - 14:03 | 4778181 Cacete de Ouro
Cacete de Ouro's picture

Barclays trading floors in Canary Wharf are not in the Barclays HQ at Churchill Place anyway.

They're in the BarCap building in Cabot Sq at 5 North Colonnade, level 2 or 3 or something like that.

Here's some photos of the commodities trading floor.

http://www.rexfeatures.com/set/594041

Tue, 05/20/2014 - 14:05 | 4778192 Sick
Sick's picture

Run Marc!   You will soon have a terrible accident....stay away from tall buildings.

Tue, 05/20/2014 - 14:06 | 4778197 Government need...
Government needs you to pay taxes's picture

Damn it feels good to be a gangsta, Gettin voted into the White House, Everythin' lookin' good to the people of the world, but the World Banksta Ballaz is my boss.

Tue, 05/20/2014 - 14:54 | 4778399 trip kitchen
trip kitchen's picture

Booker T and the M.G.s (Manipulators of Gold)

Tue, 05/20/2014 - 14:58 | 4778409 Ban KKiller
Ban KKiller's picture

BIS/POS   but they do control the flow...

Tue, 05/20/2014 - 15:25 | 4778504 Illuminatus Rex
Illuminatus Rex's picture

Tyler's have done a job on them using social media to shine a light on their network. Use their weapons against them, as they do to mean harm to us. More of the same please Tyler's.

The Tyler's might want to prep up on Suki Cooper, another metals manipulator and chief organist to the choir at BarCap. She never misses a trick to shill out on ETF's at the likes of Bloomberg and Kitco to set little honey traps for the financially illiterate.

We are winning the war and to paraphrase JP Morgan as he once said, "Gold is money, everything else is debt". Silver not too shabby either.

Hold the line, keep the faith, quietly stack on.

Tue, 05/20/2014 - 17:00 | 4778832 NoWayJose
NoWayJose's picture

I guess it's better to walk out the door than be thrown off the roof...

Sun, 06/01/2014 - 12:26 | 4814378 Colonel Hathi
Colonel Hathi's picture

Talk about a witch hunt. You guys got no idea.
The real issue here is that for over 100 years the fixes were such that you couldn't really trade during them. Ever since cme came on board and u had 24 hr trading via an online trading system you were able to trade during the fix.

Wasn't the fix that was the issue before and it only is now due to cme trading during it. Cme should shut whilst the fix takes place seeing as that has only been going for a little over 10 years actively.

Mon, 06/02/2014 - 04:01 | 4816145 Colonel Hathi
Colonel Hathi's picture

and all this reporting about the fixings is rich coming from someone who got done from insider trading a few years back.

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