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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The Juggernaut's picture

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

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...

Manthong's picture

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

jbvtme's picture

got a new position at the paslode company

TeamDepends's picture

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

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

SoilMyselfRotten's picture

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

fonzannoon's picture

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

nope-1004's picture

I resent being called crazy.

 

Four chan's picture

gold is fixed. mission accomplished.

fonzannoon's picture

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

nope-1004's picture

I resent being called charming.

 

 

lmao

cifo's picture

WTF? They publish his house address?

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


old naughty's picture

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

Xibalba's picture

nailgun suicide imminent? 

SilverDOG's picture

SKYNET suicide.

 

 

Bueller anyone.... anyone.

Bingo Hammer's picture

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

ebworthen's picture

To dishearten those who bought above $1300.

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

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....

 

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.

Bay of Pigs's picture

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

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.

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.  

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.

ZH Snob's picture

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

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?

Government needs you to pay taxes's picture

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

orangedrinkandchips's picture

depends on the floor....

 

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

Stoploss's picture

What floor is his office on?

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

quasimodo's picture

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

 

Arius's picture

good luck!

all the best bud !

 

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.

Arius's picture

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

notmymoney's picture

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

 

why not ?

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.

narnia's picture

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

Bastiat's picture

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

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.

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.

Joebloinvestor's picture

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

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

SharkBit's picture

I piss on you fucker.

BBullionaire's picture

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

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?

 

semperfi's picture

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

ebworthen's picture

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

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.