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Barclays Fined For Manipulating Price Of Gold For A Decade; Sending "Bursts" Of Sell Orders

Tyler Durden's picture


It was almost inevitable: a week after we wrote "From Rothschild To Koch Industries: Meet The People Who "Fix" The Price Of Gold" and days after "Barclays' Head Of Gold Trading, And Gold "Fixer", Is Leaving The Bank", earlier today the UK Financial Conduct Authority finally formalized what most in the "tin-foil" hat community had known for years, when it announced that it fined Barclays £26 million for manipulating "the setting of the price of gold in order to avoid paying out on a client order." Furthermore, the FCA confirmed that those inexplicable gold raids which come as if out of nowhere, and slam gold with a vicious force so strong sometime they halt the entire market, had a very specific source: Barclays, whose trader Daniel James Plunkett, born 1976, "sent out a burst of orders aimed at moving the price of the yellow metal."

This took place for a decade. As the FT reports:

The FCA said Barclays had failed to “adequately manage conflicts of interest between itself and its customers as well as systems and controls failings, in relation to the gold fixing” between 2004 and 2013.

Some further details on Plunkett's preferred means of manipulating the gold price.

The FCA said Mr Plunkett had manipulated the market by placing, withdrawing and re-placing a large sell order for between 40,000 oz and 60,000 oz of gold bars.


He did this in an attempt to pull off a “mini puke”, which the FCA took to mean a sharp fall in the price of gold. As a result, the bank was not obliged to make a $3.9m payment to the customer under an option contract.

Which is precisely what we have shown many times here for example in "Vicious Gold Slamdown Breaks Gold Market For 20 Seconds", when a sell order so aggressive comes in it not only takes out the entire bid stack with an intent not for "best execution" but solely to reprice the market lower. Recall from September:

There was a time when, if selling a sizable amount of a security, one tried to get the best execution price and not alert the buyers comprising the bid stack that there is (substantial) volume for sale. Of course, there was and always has been a time when one tried to manipulate prices by slamming the bid until it was fully taken out, usually just before close of trading, an illegal practice known as "banging the close." It appears that when it comes to gold, the former is long gone history, and the latter is perfectly legal. As the two charts below from Nanex demonstrate, overnight just before 3 am Eastern, a block of just 2000 GC gold futures contracts slammed the price of gold, on no news as usual, sending it lower by $10/oz. However, that is not new: such slamdowns happen every day in the gold market, and the CFTC constantly turns a blind eye. What was different about last night's slam however, is that this time whoever was doing the forced, manipulation selling, just happened to also break the market. Indeed: following the hit, the entire gold market was NASDARKed for 20 seconds after a circuit breaker halted trading!


To summarize: a humble block of 2000 gold futs (GC) taking out the bid stack, and slamming the price of gold, managed to halt the gold market: one of the largest "asset" markets in the world in terms of total notional, for 20 seconds.

And Mr. Plunkett in action:

To be sure Barclays was truly sorry, and pinky swears that having been caught manipulating the gold market for ten years it will never do it again:

The news is also a fresh blow to Barclays’ chief executive Antony Jenkins as he tries to overhaul the culture of the London-based lender. Mr Jenkins took over 18 months ago after his predecessor, Bob Diamond, stepped down amid the Libor scandal.


Analysts said the fine reflected badly on the industry – as well as the hard-charging, revenue-focused business model that Barclays had previously been operating.


Mr Jenkins said in a statement on Friday: “We very much regret the situation that led to this settlement . . . These situations strengthen our resolve to improve.” The bank discovered the misconduct after the client complained. It then reported the incident to the regulator, for which it received a 30 per cent discount on its fine for co-operation.


Ian Gordon, analyst at Investec, said that in pure financial terms, the fine was “utterly inconsequential, both in a group context, and in relation to the quantum of other conduct costs”. He was referring specifically to the bank’s provisions for the mis-selling of payment protection insurance and interest rate hedging products

So a wrist slap, we get that. One wouldn't expect more - after all the banks run the show.  And yet, one wonders: is this just a case of "Fab Tourre-ing" the scandal, and redirecting all attention to just one (preferably junior) person? To be sure, this one trader made handsome profits from gold manipulation...

Mr Plunkett boosted his trading book by $1.8m at the expense of a customer, who was later compensated. He has now been banned from “performing any function in relation to any regulated activity” and fined £95,600. At the time, Barclays was one of five banks that set the price of the precious metal twice a day. Tracey McDermott, the FCA’s director of enforcement and financial crime, said: “A firm’s lack of controls and a trader’s disregard for a customer’s interests have allowed the financial services industry’s reputation to be sullied again.”

... but is this just an attempt by the FCA to pass this off as the proverbial "only cockroach", especially when as we reported earlier this week, none other than Barclays head of trading Marc Booker quietly left dodge?

The speculation is further heightened when one considers that Plunkett had left Barclays nearly two years ago in October 2012! According to his FCA record:

Prior to Barclays Plunkett worked as a lowly junior trader at Dresdner and RBC - and this is the a manipulation mastermind? Further, considering the FCA found failures at Barclays starting in 2004 and Plunkett only joined in 2006, can the FCA please disclose who else was the frontman for gold manipulation at Barclays in the 2004-2006 period? 

This is what the FCA had to say on the matter of young master Plunkett:

Plunkett was a Director on the Precious Metals Desk at Barclays and was responsible for pricing products linked to the price of precious metals and managing Barclays' risk exposure to those products.


Plunkett was responsible for pricing and managing Barclays' risk on a digital exotic options contract (the Digital) that referenced the price of gold during the 3:00 p.m. Gold Fixing on 28 June 2012. If the price fixed above US$1,558.96 (the Barrier) during the 3:00 p.m. Gold Fixing on 28 June 2012, then Barclays would be required to make a payment to its customer. But if the price fixed below the Barrier, Barclays would not have to make that payment.


During the 3:00 p.m. Gold Fixing on 28 June 2012, Plunkett placed certain orders with the intent of increasing the likelihood that the price of gold would fix below the Barrier, which it eventually did. As a result, Barclays was not obligated to make the US$3.9m payment to its customer, and Plunkett’s book profited by US$1.75m (excluding hedging), which was in addition to an initial profit that his book had received upon the sale of the Digital.


Very shortly after the conclusion of the 3:00 p.m. Gold Fixing on 28 June 2012, the customer became aware that the price had fixed just below the Barrier and sought an explanation from Barclays as to what happened in the Gold Fixing. When Barclays relayed the customer’s concerns to Plunkett on 28 and 29 June 2012, he failed to disclose that he had placed orders and traded during the Gold Fixing. Further, Plunkett misled both Barclays and the FCA by providing an account of events that was untruthful.


Plunkett’s misconduct is particularly serious because he preferred his interests over those of a customer and his actions had the potential to have an adverse effect on the Gold Fixing and the UK and international financial markets.

It would appear that Plunkett is indeed nothing more than another instance of "Kerviel" or "Tourre" - an irrelevant mid-level trader thrown at the wolves of public consumption just so the attention can be redirected from the real manipulation elsewhere, and much higher up.

This is hardly surprising, as we noted three days ago when we wrote about the Barclays head gold trader termination:

"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."

So yes: it is now a fact that gold is manipulated by various commercial banks, and that those gold "raids" one sees every morning usually around the time of the London fix aren't accidental at all but are entirely designed to reprice the market, but how deeper does the rabbit hole go?

[FCA Director Tracy] McDermott added: “Firms should be in no doubt that the spotlight will remain on wholesale conduct and we will hold them to account if they fail to meet our standards.”

Alas, this is a lie - by handing Plunkett to the public on a silver platter, it simply means that the far bigger and more important players in the gold manipulation market - stretching all the way to central bank and, of course, bank of central bank level, will simply be allowed to continue business "as usual."

So for those who want the real people behind the real manipulation before they all scatter into the dust, we urge you to reread "From Rothschild To Koch Industries: Meet The People Who "Fix" The Price Of Gold." Because the gold manipulation rabbit hole goes far, far deeper than just one single, solitary trader...


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Fri, 05/23/2014 - 06:59 | 4787777 jubber
jubber's picture

So how many years was Mr Plukett sent to Jail for?  Oh Zero

Fri, 05/23/2014 - 07:02 | 4787782 Sudden Debt
Sudden Debt's picture

those slaps on the wrist really hurt when your silverspoonfed you know...

Fri, 05/23/2014 - 07:04 | 4787784 GetZeeGold
GetZeeGold's picture



Manipulating Price Of Gold For A Decade 


For a decade......sounds about right.

Fri, 05/23/2014 - 07:06 | 4787789 jaap
jaap's picture

So this is a guy who has done something proven illegal which costed me money? Is a class suit possible for liability?

Fri, 05/23/2014 - 07:08 | 4787796 Dr Benway
Dr Benway's picture

The criminals control the courts, and can conjure unlimited amounts of money out of thin air. Good luck with that lawsuit.

Fri, 05/23/2014 - 07:13 | 4787809 insanelysane
insanelysane's picture

Reading Dicken's Bleak House at the moment and nothing has change in 200 years of these "judicial" systems.

Fri, 05/23/2014 - 07:23 | 4787836 Dr Benway
Dr Benway's picture

"But injustice breeds injustice; the fighting with shadows and being defeated by them necessitates the setting up of substances to combat."

Fri, 05/23/2014 - 07:35 | 4787860 NoDebt
NoDebt's picture

So he did this at Barclays for 10 years even though he wasn't at Barclays for 10 years.  That dude is GOOD.

Fri, 05/23/2014 - 08:17 | 4787963 negative rates
negative rates's picture

Maybe he came over from Lehman.

Fri, 05/23/2014 - 08:21 | 4787974 Mister Ponzi
Mister Ponzi's picture

And just on that day at 8:20 EST it is happening again...

Fri, 05/23/2014 - 09:22 | 4788183 outamyeffinway
outamyeffinway's picture

But no more 3:00 am smack downs?

Fri, 05/23/2014 - 09:36 | 4788233 doomandbloom
doomandbloom's picture

I want to buy tickets to Mr Plunketts talk on Commodities Markets ....i am ready to pay £200

Fri, 05/23/2014 - 09:56 | 4788284 Pinto Currency
Pinto Currency's picture


Selling orders in bursts is one issue but not the central issue.

The LBMA sees trading of up to 8,500 tonnes of gold per day vs global mine production of 10 tonnes per day.

They are not trading gold but unbacked virtual gold instruments that can be created without limit.

The gold price created by London and NY trading is a fiction.

But that will not be said.


Fri, 05/23/2014 - 09:56 | 4788293 CheapBastard
CheapBastard's picture

Let me jail time for anyone, right?

Fri, 05/23/2014 - 10:04 | 4788319 Theosebes Goodfellow
Theosebes Goodfellow's picture

And what's with just £26 million? For 10 YEARS? How about £26 million for every year? How about a minimum sentence of jail for a year for each year? The number of victims they had is unimaginable.

Fri, 05/23/2014 - 10:11 | 4788337 Pinto Currency
Pinto Currency's picture


Rigging gold rigs interest rates because gold can't respond to monetary inflation by central banks.

We now have a $200 trillion global debt bubble.

Everyone is impacted not just gold traders.

Create ficticious gold prices through virtual gold trading and you create ficticious interest rates.


Fri, 05/23/2014 - 10:16 | 4788363 BaBaBouy
BaBaBouy's picture

"""Sending "Bursts" Of Sell Orders"""


Fri, 05/23/2014 - 10:18 | 4788367 Pinto Currency
Pinto Currency's picture


The Bank of England and the BIS are at the center of gold manipulaton not some trader named Plunkett.


Fri, 05/23/2014 - 10:28 | 4788389 BaBaBouy
BaBaBouy's picture


Another 14 Ozs Physical Just Showed Up In A Shipment From The FED...

Germany Should Have 30% Of Their Physical GOLD Back In About??? 2000 Years Hahahaha

Fri, 05/23/2014 - 15:55 | 4789590 macholatte
macholatte's picture



As always, Mr. Plunkett, should you or any of your IM force be caught or killed, the Secretary will disavow any knowledge of your actions. Good luck, Dan. This tape will self-destruct in five seconds.



Fri, 05/23/2014 - 10:39 | 4788419 Bay of Pigs
Bay of Pigs's picture

Don't forget the William Dudley at the helm of the ship over at the NYFED and his role at the BIS.

"In 2012, Mr. Dudley was appointed chairman of the Committee on the Global Financial System of the Bank for International Settlements (BIS). Previously, Mr. Dudley served as chairman of the Committee on Payment and Settlement Systems of the BIS from 2009 to 2012."

Fri, 05/23/2014 - 11:34 | 4788683 Never One Roach
Never One Roach's picture




Only the little peeples are sent to jail.

That's the Law.

Fri, 05/23/2014 - 12:01 | 4788809 Four chan
Four chan's picture

"systems and controls failings" every week for decades lol @ the balls on these criminals.

Fri, 05/23/2014 - 10:58 | 4788509 gh0atrider
gh0atrider's picture

Let me jail time for anyone, right?

Who cares?  Let them live and we will hunt them down after the collapse.  You can only hide in a cave for so long.

Fri, 05/23/2014 - 11:00 | 4788518 Tabarnaque
Tabarnaque's picture

So much for Traitor Dan who foolishly affirmed over the last few years that the price of gold was NOT manipulated. I wonder how much the power that be pays him.

Fri, 05/23/2014 - 13:20 | 4789123 kchrisc
kchrisc's picture

"Let me jail time for anyone, right?"

Only jail-time for those not from Ashkenazi. Like at SAC.

Fri, 05/23/2014 - 10:08 | 4788339 Save_America1st
Save_America1st's picture

So Plunket's managers told him to do something illegal which he more than happily did for them because he thought he was then going to become an immortal, untouchable "bankster", but since the customer was more than aware something fishy was going on and called Barclays out on it they then threw their fish/puppet, Mr. Plunket, under the bus.

He no longer gets to be a bankster gangster but he also avoids jail time and only minimal fines are levied all around.

Oh...and I'm sure he's sworn to shut the fuck up about it too and will happily do so in order to avoid the certain nail-gunning or car bombing he was assured that he would experience otherwise. 


Fri, 05/23/2014 - 14:43 | 4789405 Mercuryquicksilver
Mercuryquicksilver's picture

On one hand it's too bad there wasnt a nail gun around. On the other I'd like to buy Plunket a drink to thank him for providing me a discount.


Only stupid criminals get caught. Give me a good algorithm with code and I'm certain I could slam gold futures without being noticed.  And..... I'm sure its still going on today.

Fri, 05/23/2014 - 13:21 | 4789128 effing idiot
effing idiot's picture

Commods are zero sum game - these contracts either have to be bought back before expiration or metals delivered. If you just sell huge blocks all at once and buy back slowly is the net effect of that a lower price? And just keep doing that over and over..Is that what the big boys do all the time in all commods? Reverse that for a commod trending up? What am I missing?

Fri, 05/23/2014 - 15:05 | 4789454 Badabing
Badabing's picture

ha ha LOL metals deliverd make me piss my pants.

its paper delivered at a loss! what do you think QE is for idiot,

Fri, 05/23/2014 - 14:23 | 4789324 topshelfstuff
topshelfstuff's picture

why would anyone look at the Puppet, It was Barclays (Britain), actually Barclays real Owners

its sad but few understand the role that Britain has, listen to this

Fri, 05/23/2014 - 07:35 | 4787862 eclectic syncretist
eclectic syncretist's picture

This scapegoat fall-guy bullshit is pathetic work by the banksters. One guy at Barclays has been manipulating the physical gold price down for the past decade??? China and Russia thank you I'm sure you stupid bastards, for continuing to provide them physical at bargain basement prices. Meanwhile the continued fucking you are administering to Americans via the eventual severe devaluation of the dollar is duly noted on the pages of zero hedge.

Fri, 05/23/2014 - 07:41 | 4787876 SoilMyselfRotten
SoilMyselfRotten's picture

Barclays failed to adequately manage conflicts of interest....


Lets put lipstick on the pig...its called stealing!

Fri, 05/23/2014 - 07:56 | 4787915 Manthong
Manthong's picture

“UK Financial Conduct Authority” that anything like the Guantanamo Civil Rights Commission?

Fri, 05/23/2014 - 07:59 | 4787922 pmbug
pmbug's picture

I have to say that I am terribly, horribly shocked to hear this news.  Not that the manipulation occurred, but that some government entity actually confirmed it.  Someone didn't get the memo I'd guess.

Fri, 05/23/2014 - 08:19 | 4787968 Jaspergers
Jaspergers's picture

Plunkett, Liesman, Madoff, etc... why do so many people's last names give away what they do?

Fri, 05/23/2014 - 08:45 | 4788050 SoilMyselfRotten
SoilMyselfRotten's picture

Why didn't they release this article before Tuesdays 4300 gold contract slamdown? Of course now that its out, they'll take another look at that transaction. NOT

Fri, 05/23/2014 - 12:04 | 4788834 Four chan
Four chan's picture

its a crewel joke on he miners of gold and the american people who worked their lives away for it only to have it confiscated by these same bankers in 1933. bringing an end to te republic and enslavement by the tribe.

Fri, 05/23/2014 - 15:11 | 4789465 Badabing
Badabing's picture


Fri, 05/23/2014 - 08:18 | 4787965 negative rates
negative rates's picture

What those clawbacks?

Fri, 05/23/2014 - 08:41 | 4788034 PeakOil
PeakOil's picture

One guy at Barclays?? Pfttt... yeah right.

Alternatively, this is just another case of putting lipstick on the fiat pig.

Central. Bank. Policy. Been that way forever!

Fri, 05/23/2014 - 11:45 | 4788740 Cathartes Aura
Cathartes Aura's picture

but ya gots to have yer Figureheads to Hate, yah?

it's the polar opposite meme to the Figureheads to Vote for.

and yes, it's

Been that way forever!

and obviously it's still working, for Them.

Fri, 05/23/2014 - 12:58 | 4789049 JLee2027
JLee2027's picture

I would think about the 10th or 1000th time the same sell order came in, from the same source, and was withdrawn after crushing the price, that an honest market would have stopped this crap in a heartbeat. Either take away their licenses, put code in place to ignore the order when it appears, make a few phone calls, or require the order to actually be processed and refuse the withdraw.

My point being, it's not just one guy at one firm. All the larger market participants, and the market itself had to know this was happening and allowed it.

Fri, 05/23/2014 - 15:45 | 4789561 Cacete de Ouro
Cacete de Ouro's picture

So what happened to the BaFin investigation of Deutsche?
Defector Matt Keen, stayer James Vorley and defector Kevin Todger Rodgers?

Fri, 05/23/2014 - 08:54 | 4788086 jerry_theking_lawler
jerry_theking_lawler's picture

So, I'm not a huge fan of A. Rand, however, she may have been onto something in her novels....just walk away from the system.....that is our only choice. 'They' control everything except us....we control ourselves. Just walk away.

Fri, 05/23/2014 - 09:05 | 4788123 CH1
CH1's picture

Just Walk Away.

Fri, 05/23/2014 - 13:50 | 4789203 oUTLAWjosieWales
oUTLAWjosieWales's picture 

"Just walk away......"RoadWarrior coming to a town near you?

Fri, 05/23/2014 - 10:36 | 4788416 lunaticfringe
lunaticfringe's picture

I AM a huge fan of A. Rand. One of the first people to realize where this greedy, collectivist society would end up. Her visions all coming true. Like Nostra fucking damus.

Fri, 05/23/2014 - 13:20 | 4789125 Not My Real Name
Not My Real Name's picture

Agreed. Atlas Shrugged should be mandatory reading for every high schooler. Of course, considering the collectivists who run the schools, it never will be -- which is why my kids will be reading the book at home before they leave the nest. 

Fri, 05/23/2014 - 21:54 | 4790339 prains
prains's picture

Rand spent her entire intellectual life trying to figure out how she could suck her own balls......wait, that doesn't make sense on so many levels.....but it does....that's the randian dialectic....she tricked you all into wanting to suck your own balls TOO!



Fri, 05/23/2014 - 13:34 | 4789158 Elliott Eldrich
Elliott Eldrich's picture

Did you know that Ms. Rand was also a big admirer of serial killer William Edward Hickman, who sadistically dismembered 12-year old Marion Parker in 1927? She wrote "Other people do not exist for him, and he does not see why they should," and that he had "no regard whatsoever for all that society holds sacred, and with a consciousness all his own. He has the true, innate psychology of a Superman. He can never realize and feel 'other people.'" 

Ayn Rand was a miserable and wretched creature who admired murderers and had nothing but disdain for those who cared about other people. Hardly a role model I'd want to look up to. You can read more about her crush on Hickman here...,_hugely_popular_author_and...

Fri, 05/23/2014 - 14:01 | 4789237 Not My Real Name
Not My Real Name's picture

Interesting. Now who said anything about her being a role model? It doesn't invalidate her spot-on warning regarding the dangers of collectivism and the statists who insist on sacrificing individualism for for the "public good".

You're not trying to infer that if Karl Marx detested murderers, then we should follow his ideology? Or are you?

Fri, 05/23/2014 - 14:40 | 4789394 Seize Mars
Seize Mars's picture

Of course that's what he's trying to imply.

Fri, 05/23/2014 - 15:11 | 4789466 JLee2027
JLee2027's picture

Ayn Rand was an atheist. At the risk of upseting a few with absolute truth, atheists have no moral base. I'm not saying they have no morals, I'm saying they only have themselves to base morality on. Whatever they think is moral is right. For them. This therefore, varies by person and over time, society will weave in and out of what is "right" and "wrong". Popes have spoken about the dangers of moral relativism, and here it is. Even the Nazi's thought, at least some of them, they were doing "good" by exterminating Jews. An exterme example to make the point. 

Only Christianity provides the moral foundation upon which western civilization was built. 

Fri, 05/23/2014 - 16:04 | 4789608 malek
malek's picture

That get's a big LOL from me.
As an atheist/agnostic myself, I agree we non-religious only have ourselves to base our morality on - but contrary to your mindfuck that's a great thing because we don't swallow other's bullshit mindlessly.
Instead we come up with a basic set of moral rules for the greater good which are self-perpetuating - if we did our analysis right.
And then we end up having 80+% overlap with Christianity (in it's original meaning) and wonder why we now need to plea for acceptance by the true Christians like you (?) denouncing us <facepalm>

Only Christianity provides the moral foundation upon which western civilization was built.

Pure bullshit. And a nice mix-up of past, present, and future without proof:
Western civilization was built on a moral foundation - true.
That moral foundation was Christianity - mostly true.
No other source for the moral foundation would have been available ever - bullshit.
Christianity still provides some moral foundation for today's western civilization - true.
Christianity still provides all needed moral foundation for today's western civilization - clearly wrong, because Christianity had certain birth defects from the beginning and more recently has betrayed and is betraying many of its original intentions.

Oh, and now tell us that pure Buddhists, for example, will go to hell.

Fri, 05/23/2014 - 16:26 | 4789687 JLee2027
JLee2027's picture

but contrary to your mindfuck that's a great thing because we don't swallow other's bullshit mindlessly.

You have a belief system that does not allow GOD. Same applies to you, hello. 

No other source for the moral foundation would have been available ever - bullshit.

Never said it did. That's your mindfuck playing games with you again. 

Christianity still provides all needed moral foundation for today's western civilization - clearly wrong, because Christianity had certain birth defects from the beginning and more recently has betrayed and is betraying many of its original intentions.

Clearly correct. Without Christianity, paganism results and that society withers and rots. True for all of human history. Chrsitianity is the only complete answer for all questions in life. A moral base. An explanation of how we got here and where are we going. Forgiveness of sin. If Buddhism was so great your civilization wouldn't have hundreds of millions living in squalor.

Fri, 05/23/2014 - 18:35 | 4789752 malek
malek's picture

You're carefully sidestepping the central issue - how come I was able to get to a moral foundation by myself?

Paganism is a possible outcome, not a guaranteed one without Christianity.

This whole discussion reminds me of what a poster here said a few days ago about todays school education: "the main thrust is to convince every pupil he/she needs society as it is."
You clearly have fallen into the same trap for sources of morality.

And you say any diversity is bad.
Which is a nice way of tending towards you have to force people into their happiness, a/k/a pure fascism.

Fri, 05/23/2014 - 19:23 | 4790050 JLee2027
JLee2027's picture

- You're carefully sidestepping the central issue - how come I was able to get to a moral foundation by myself?

I didn't sidestep anything, you never presented it. Free Will comes from GOD, this is self-evident. You are free to choose him or reject him and make up your own rules. You have chosen door #2. 

- Paganism is a possible outcome, not a guaranteed one without Christianity.

And your point is what? All non-Christians are pagans, because you reject your Creator.

- You clearly have fallen into the same trap for sources of morality.

I think you're babbling nonsense just to babble. Your statement makes no sense whatsoever.



You've chosen your own path, and it's a bad one. The conversation here is over. Goodbye.


Fri, 05/23/2014 - 21:06 | 4790221 malek
malek's picture

 All non-Christians are pagans

And all non-Christians will burn in hell!!!11!

Fri, 05/23/2014 - 17:29 | 4789813 dock3511
dock3511's picture

There is NO WAY to prove to the satisfaction of any rational person that your God exists. You have a belief system. It works for you, great. But you have only wishful thinking to back it up.

Fri, 05/23/2014 - 18:46 | 4789970 JLee2027
JLee2027's picture

Define "rational".  If you can. For atheists, defintitions vary from person to person. You too have a belief system. Stubborn and unchanging despite evidence. Not rational in my book.


Thank you for making my point.


Fri, 05/23/2014 - 16:39 | 4789720 in4mayshun
in4mayshun's picture

Sorry. Your theory has already been disproven. Society has/is/and will destroy itself because of its disdain for God's laws. That is not my opinion. It is happening right now.

And by the way, you have to be pretty dumb to believe in atheism these days with the science and knowledge we have of the complexity of life. I understand someone not comprehending earths creator or God, but denying the existence of a designer and letting "evolution" define your willful ignorance is just asinine.

Fri, 05/23/2014 - 16:58 | 4789760 malek
malek's picture

I am past this: complexity is in many cases intentionally and unnecessary.

Only simple rules work in the long term. Socieity is destroying itself because it doesn't heed that.
And only simple evolutionary rules have created all this around us, no god needed to explain it.

Fri, 05/23/2014 - 17:03 | 4789774 JLee2027
JLee2027's picture

Total nonsense and avoidance of reality. 

Fri, 05/23/2014 - 17:01 | 4789767 JLee2027
JLee2027's picture

Thank you and well said.

Evolution has been scientifically dead since Francis Crick and James Watson discovered DNA in 1953 and it was realized that DNA holds complex information to make millions of types of protiens. Storage of information is not natural, it does occur in nature, so DNA was designed. Crick knew this and decided aliens invented DNA, which was ludicrous. The excuses of atheists are endless, hence we have things like evolution and the multiverse theory taught in schools to brainwash children. It's evil, I tell you.

Fri, 05/23/2014 - 17:30 | 4789818 dock3511
dock3511's picture

Your pseudo-science is showing....

Fri, 05/23/2014 - 18:45 | 4789968 JLee2027
JLee2027's picture

You disagree with Crick and Watson? There were/are atheists. 

Fri, 05/23/2014 - 18:27 | 4789946 malek
malek's picture

ROFL - nice trolling. Pick it as it suits you!

Fri, 05/23/2014 - 17:14 | 4789792 dynomutt
dynomutt's picture

Moral relativism?

And who decides how many "Hail Marys" to do for masturbating to porn?


I'll keep my morality without the threat of sky daddy pulling off his belt to use on me, TYVM.

Fri, 05/23/2014 - 18:48 | 4789977 JLee2027
JLee2027's picture

Well you put a cat on your head, so we know whose the higher authority in your house.

Good luck with that.

Fri, 05/23/2014 - 15:43 | 4789555 malek
malek's picture

Not even worth giving a negtive vote.

And it's always funny how the same folks who go to lengths to denigrate A. Rand ("if you can't attack the message, attack the messenger!") never see any problem in socialism, the glorified philosophy of stealing.

Fri, 05/23/2014 - 12:05 | 4788842 Four chan
Four chan's picture

she was the greatest philosopher of our time, make no mistake.

Fri, 05/23/2014 - 15:14 | 4789479 JLee2027
JLee2027's picture

Objectivism is nonsense from an atheist, that you don't need GOD.  Basically, garbage.

Fri, 05/23/2014 - 12:38 | 4789000 Dangertime
Dangertime's picture

Perhaps instead of jailing him we could escort him out of the building, from the highest floor.

Fri, 05/23/2014 - 07:09 | 4787799 Sudden Debt
Sudden Debt's picture


no... it happend in America, sorry.

Fri, 05/23/2014 - 07:55 | 4787907 RockyRacoon
RockyRacoon's picture

Magicians have a name for this; it's called misdirection.  Watch the left hand while the right hand is making a move. 

Oooh!  Look!  Barclays is a bad guy.   Yeah, but I'll betcha an ounce of the yellow metal that they're not THE bad guy.

The unraveling will never be complete.  It never is.

Fri, 05/23/2014 - 07:44 | 4787885 Son of Captain Nemo
Son of Captain Nemo's picture

Hate to remind you and other in this great land of the NDAA, the least of your worries at this point is the BIS, Bank of England, the Fed but then again I'm sure they had plenty of indirect involvement helping the President and Congress authorize it!


Fri, 05/23/2014 - 09:35 | 4788228 Took Red Pill
Took Red Pill's picture

Yes, where's our cut of the settlement? Who gets the money from these fines? It should be those hurt by it.

Fri, 05/23/2014 - 10:48 | 4788464 RafterManFMJ
RafterManFMJ's picture

Where's your cut?! I'll tell you right the fuck where - you bought metal at manipulated, artificially low prices, and now YOU OWE, MOTHERFUCKER!

We'll just calculate every ounce you bought, and what the real price should have been and bill you...fines and penalties begin after 90 days.

...and if you sold, well pay your taxes - and we'll just calculate how much MORE you owe because your basis was TOO LOW!

You think you'll ever get justice in OUR courts with the laws WE wrote? You proles always make me laugh!

*Cue Evil Laughter

Fri, 05/23/2014 - 13:13 | 4789097 SumTing Wong
SumTing Wong's picture

Damn...too bad the stuff I had was all lost in the boating misfortune. And the stuff I bought didn't have receipts anyhow, so I can't prove that total loss. I just get screwed all around.

Fri, 05/23/2014 - 09:42 | 4788248 Shad_ow
Shad_ow's picture

Funny how the fines never trickle down to those who have been affected.  Where do they go?

Fri, 05/23/2014 - 10:48 | 4788458 torak
torak's picture

"Is a class suit possible for liability?"

Four letters- R I C O

Fri, 05/23/2014 - 11:07 | 4788562 Excursionist
Excursionist's picture

Speaking of RICO... I'm surprised the gold miners don't put their political and financial heft behind criminal and civil suits.  They've potentially forgone hundreds of millions in revenues. 

Fri, 05/23/2014 - 15:36 | 4789541 TheReplacement
TheReplacement's picture

You should take him and, more importantly, his superiors to the court of .308.

Fri, 05/23/2014 - 15:04 | 4789453 Al Gorerhythm
Al Gorerhythm's picture

Manipulating Price Of Gold For A Decade

For 100 years is more like it. Happy Centenry, Fed.

Fri, 05/23/2014 - 07:08 | 4787791 Divided States ...
Divided States of America's picture

So in the entire barclays, only one lowly employee was smart enough to figure this out and he did it over a decade and Nobody figured it out, yeah right.

Fri, 05/23/2014 - 07:14 | 4787817 Sudden Debt
Sudden Debt's picture

untill yesterday he was the mail delivery guy in the basement of headquarters but... yes... he did it all by himself.

Fri, 05/23/2014 - 07:24 | 4787842 fonzannoon
fonzannoon's picture

More importantly they have quietly moved on from slamming the price down to pinning the prices to where they are now and dropping a few piano's on them to keep them there.

Fri, 05/23/2014 - 08:33 | 4788012 Sean7k
Sean7k's picture

We are all being fooled. This is a game for traders, it has zero impact on the price of pm's. 

We are encouraged a hundred times a day to:"stack on". Who's only purpose is simple: store it, save it, because if you were to actually use it, you wouldn't need paper currency. The bankers have always known this. The 1847 congressional committee meeting on silver/gold ratios were dominated by reasonings on how to keep pms in circulation- otherwise, people will keep using paper and will be vulnerable to inflation losses.

These men recognized that wealthy people would be able to protect themselves, as they were skilled in finance, but the worker would be punished. If we don't use the gold and silver in transactions, we allow paper to have the market by default AND we guarantee its' value from a lack of competition.

Fri, 05/23/2014 - 08:46 | 4788052 PeakOil
PeakOil's picture

Until the entire paper edifice comes crashing down. Then what? Nothing lasts forever. Although the latest "paper" ponzi go round has had a pretty good run.

Fri, 05/23/2014 - 08:58 | 4788093 Sean7k
Sean7k's picture

Unfortunately, that is not the case. When we had specie redemption, it acted as a restraint on paper. This did not change until the seventies. What is holding back paper now? People no longer know what money is. The only way the paper edifice comes down is if the Elites want the SDR or a different reserve currency (which would be managed). There is a reason we are lambasted with inflation and deflation arguments. Bankers NEED inflation.

Trading labor and production for silver and gold will INCREASE demand for pms. Businesses will adapt, because no one wants to lose marketshare. How will government react? When they lose the ability to track payments? Sound money is a revolutionary concept and practice.


Fri, 05/23/2014 - 09:09 | 4788134 PeakOil
PeakOil's picture

To that I would only add that those who have forgotten what sound money is - are about to have a "eureka" moment.

Fri, 05/23/2014 - 11:18 | 4788610 Herd Redirectio...
Herd Redirection Committee's picture

Greshams Law says, while fiat is accepted, use your fiat!  Not your PMs!

The current price is a BUYING price, not a selling or trading price.  I.E. the price has been manipulated down for so long, it doesn't make sense (whatsoever) to do commerce using your PMs at this time. 

Gold, undervalued.

Fiat paper, hugely overvalued.

While that remains the case, hold tight, be right.

Fri, 05/23/2014 - 12:04 | 4788808 Sean7k
Sean7k's picture

Gresham's law says that bad money runs good money to ground. This applies when you have a choice. However, we have divorced pms from the understanding of "money". People now think in different currencies in making this choice. 

In using your pms, you will not be losing them, but trading them and receiving them back. Further, if you really want to break the back of paper- THERE MUST BE A PAPER SUBSTITUTE. Otherwise, you are just insuring that paper will not only survive, but dominate. Worse, you are diminishing the market for pms, as there is no real demand outside of a small group of collectors.

Taxes? Pay in paper. Credit cards and loans? Pay in paper. Labor and goods within your community? Real money.

Your argument implies there is scarcity for pms. This is not the case. The way to drive up the price if they are undervalued is by creating demand.  Using pms now would be a win-win.

Fri, 05/23/2014 - 13:17 | 4789113 Herd Redirectio...
Herd Redirection Committee's picture

WTF?  Suffice to say, our interpretations of Gresham differ.  There is a paper substitute, its called gold and silver (and copper and oil, and wheat 6 months within harvest, etc).

Fri, 05/23/2014 - 14:10 | 4789236 Sean7k
Sean7k's picture


Fri, 05/23/2014 - 14:09 | 4789260 Sean7k
Sean7k's picture's_Law

Gold and silver are not legal tender (except in Utah), they can not be freely exchanged as with paper, if so, I could go into a market and use them. Until people begin to use them as money, the paper market will NEVER collapse. It may inflate, but never collapse. 

By buying and holding you are doing the banks a favor. You are eliminating competition. You are creating collateral for their paper, because the only way you will redeem it is in more paper. Worse, because you dimiish demand, you allow the bankers to maintain the excessive leverage that works against the price level. 

The more people use pms, the tougher it gets to print more paper and have it retain value.

Fri, 05/23/2014 - 14:04 | 4788238 Cacete de Ouro
Cacete de Ouro's picture


Jonathan Spall: "Chaps, I'd like to introduce you to young Plunkett. He'll be sitting on the desk doing "the spreadsheets" for a while, that sort of thing. Ahem...we can probably back date the spreadsheets to 2004."

Marc Booker: "Hello there young Plunkett. Let me show you a few buttons. See, at 3pm, which is just coming up now in a few minutes, you need to click this red button on the box where it says Futures. Then we'll shout over at about 3.10pm and you click this green button. Got it?"

Daniel Plunkett: "Yes sir, sounds ok, but i'm not very good on spreadsheets yet."

Martyn Whitehead: "Not to worry, there's not much spreadsheets involved. Now, i'll show you where the tea is made. Pretty soon, we'll all be calling each other mate, as in 'pass the doughnuts mate', or 'mate, you were so rat-assed last night.' OK, Splendid, Plunkett, you'll do well here. Later on we'll introduce you to Atanas Krastanoff, he's our boss, and maybe his boss Cenciz...Cenciz Belentepe."





Fri, 05/23/2014 - 09:30 | 4788215 Payne
Payne's picture

What would Putin say ?  What would Putin do ?

Fri, 05/23/2014 - 10:45 | 4788453 torak
torak's picture

Sister Mary Katherine always said to stop moving your hands and just take the ruler slaps -- it hurts less that way. 

Fri, 05/23/2014 - 07:07 | 4787793 XAU XAG
XAU XAG's picture

It's only the short time price of gold that this manipulation affects.


You cannot manipulate the trend and the trend for gold is still up in the long run................


Stack on

Fri, 05/23/2014 - 07:14 | 4787816 GetZeeGold
GetZeeGold's picture



You can do it by selling another nation's gold that you don't own.

Fri, 05/23/2014 - 07:18 | 4787831 Ghordius
Ghordius's picture

and call it barbarous relic in order to emphasize that it belonged to barbarians, who are the only ones that take it seriously

Fri, 05/23/2014 - 08:23 | 4787981 negative rates
negative rates's picture

It's actually old world silver and gold, complete with old world values. This new world has a different set of values and hence must be financed with new world money, not with old worlds silver and gold.

Fri, 05/23/2014 - 11:27 | 4788652 Herd Redirectio...
Herd Redirection Committee's picture

Barbarian = someone with a beard

Oh to be called a barbarous relic!  A relic of those with beards?  WTF?

Fri, 05/23/2014 - 07:25 | 4787843 XAU XAG
XAU XAG's picture

You can do it by selling another nation's gold that you don't own.

again ...........short time noise in the market Yes they may sell another nations gold.............. Who owns that gold now?? Will they sell?? They will run out of "other nations gold" at some point and the price will's the trend untill 2026-2032 Will not be in a straight line ..........but trend is up
Fri, 05/23/2014 - 07:12 | 4787808 Quintus
Quintus's picture

Manipulating the price downwards is OK, because that aligns with the strategy set from higher up in the Central Banks.  His only real crime was to be chosen as the scapegoat.

You can be sure that if Plunkett were foolish enough to manipulate the price higher he'd probably have <ahem> accidentally fallen from the 20th floor of 1 Churchill Place by now.  Despite the fact that the windows don't open.

Fri, 05/23/2014 - 07:23 | 4787840 what's that smell
what&#039;s that smell's picture

yippee! now when are they gonna expose the stock market riggers?

would anybody have cared if "Daniel James Plunkett" was pumping gold rather than dumping it?

smells cheesy to me.

Fri, 05/23/2014 - 07:16 | 4787812 edwinorc
edwinorc's picture

Why do you think it's called ZeroHedge?

This is the site where Tyler recounts the actions of the people who have to hedge their risk of going to jail for Zero years.

Fri, 05/23/2014 - 08:06 | 4787930 Serfs Up
Serfs Up's picture

And if he'd been manipulating the price upwards?

He would have been caught in 10 minutes.

Lots of jail time too.

Fri, 05/23/2014 - 09:07 | 4788128 CH1
CH1's picture


Fri, 05/23/2014 - 15:16 | 4789483 Al Gorerhythm
Al Gorerhythm's picture

Never and I mean never, ever, fix a horse race. The penalties for affronting the sport of kings are unforgivable and draconian. Fix the money markets, the earrned property and bread and butter of the plebs and........ well, that's another story.

Fri, 05/23/2014 - 08:52 | 4788065 ZH Snob
ZH Snob's picture

... but is this just an attempt by the FCA to pass this off as the proverbial "only cockroach"

in a word: yes.  but at least it is a recognition by the rest of the cockroaches that they've been cornered.  it would seem they understand their time is coming to an end, and so they offer up this sacrificial goat (please excuse the mixed metaphors).  now, lets start exterminating the rest of the roaches.

I used to get upset too at the manipulation, but when you think about it we really should thank them.  like the PROC, we have been able to stack at great sale prices this past year.  we just need to have patience and faith.  our oppressors will be tripped up by their own hubris and greed.

Fri, 05/23/2014 - 09:36 | 4788234 Day_Of_The_Tentacle
Day_Of_The_Tentacle's picture

So you would thank them because the rigging will eventually make you richer than you would otherwise have become without rigging? If you really subscribe to that viewpoint, you are no better than the people doing the actual rigging insofar that you welcome artificial market distortion as long as it will benefit you.

How about those fuckers whose only crime is that they have gone to work every day to take care of their families and who have trusted government and media to speak at least something remotely related to the truth? Is the suffering they will have to endure in the future because of rigging not important? Or have we crossed the line, where they now actually deserve it now, because they did not happen to realize the rotten state of the world soon enough?

The community of gold bugs, sound money advocats and anti-paper-ponzi believers should be careful that we do not engage in our own little version of hubris and excessive greed

I know that thinking like this eases the pain of having been spanked to smithereens so many times over the last three years - but that does not make it right.      

Fri, 05/23/2014 - 11:11 | 4788581 williambanzai7
williambanzai7's picture

Fri, 05/23/2014 - 14:25 | 4789342 Day_Of_The_Tentacle
Day_Of_The_Tentacle's picture

Banzai, is that a tentacly white squid ghost - next to a pyramid pointy hatted ghost, I see in her eye?

Fri, 05/23/2014 - 07:00 | 4787780 Sudden Debt
Sudden Debt's picture



Fri, 05/23/2014 - 07:11 | 4787804 XAU XAG
XAU XAG's picture



My corner still there!

Fri, 05/23/2014 - 07:03 | 4787785 Racer
Racer's picture

I wonder how many these people have raped and murdered because they know they will not be punished for major criminal fraud?

Fri, 05/23/2014 - 08:10 | 4787939 shovelhead
shovelhead's picture

Your letting your hyperbole run away with you.

This is more a case of getting caught playing a little stinkfinger.

Fri, 05/23/2014 - 09:13 | 4788138 CH1
CH1's picture

I wonder how many these people have raped and murdered because they know they will not be punished for major criminal fraud?

LOTS of them. Shall we pick Teddy Kennedy as a well-known example?

Billy Boy Clinton as a second?

Conzine as a third?

And these are just the guys the public recognizes. The bankers always stay in the shadows.

Fri, 05/23/2014 - 09:27 | 4788190 Protokletos
Protokletos's picture


Fri, 05/23/2014 - 07:05 | 4787788 inky
inky's picture

Will ANY of these manipulating thieves ever get a prison sentence!

Can someone unfuck this world please.

Fri, 05/23/2014 - 07:20 | 4787828 Sudden Debt
Sudden Debt's picture

As Obama would say:


so let's forget all about it and go golfing in my brand new 1.2 billion pimping ass cool golfchopper.

Fri, 05/23/2014 - 07:44 | 4787888 GetZeeGold
GetZeeGold's picture



Obama has ordered all the TVs turned off in the Whitehouse....he's tired of hearing all this crap for the first time on the news.

Fri, 05/23/2014 - 07:48 | 4787893 nmewn
nmewn's picture


Fri, 05/23/2014 - 08:26 | 4787987 negative rates
negative rates's picture

Is he about to get kicked out of the bedroom at night is the question, the enquire says it's on. And Bush did soon as it was over.

Fri, 05/23/2014 - 07:06 | 4787790 Roanman
Roanman's picture

Just one bad apple is all it takes. Shame on Barclays for such a colossal failure of vetting and training their new employees.

I sincerely hope that Barclays is able to update their hiring practices and put this thing behind them.

Fri, 05/23/2014 - 07:07 | 4787794 BandGap
BandGap's picture

A single sacrifice to appease the gods.

Fri, 05/23/2014 - 07:13 | 4787810 zipit
zipit's picture

To appease the little people.  But the little people are not appeased.  Lets see if a shooter shows up on the guys doorstep like they have been doing in Europe, lately: (among others)

Fri, 05/23/2014 - 07:07 | 4787795 Kina
Kina's picture

So is the corrupt gold trader at the BIS going to spend 20 years in arse raping prison.....or will he be suicided because he knows too much.

Fri, 05/23/2014 - 07:10 | 4787798 timmeh
timmeh's picture

26 million... that is 2.2 million a year... we have a deal!



Fri, 05/23/2014 - 07:15 | 4787821 suteibu
suteibu's picture

Indeed.  This "punishment" is merely an inducement for more manipulation.

The question I always have is, what happens to the money? 

Fri, 05/23/2014 - 07:29 | 4787849 timmeh
timmeh's picture

what money?

Fri, 05/23/2014 - 07:34 | 4787858 suteibu
suteibu's picture

The 26 million.

Fri, 05/23/2014 - 09:11 | 4788143 BrigstockBoy
BrigstockBoy's picture

I believe civil money penalties go to support bandwidth so the various regulatory agencies can enjoy uninterrupted porn...

Fri, 05/23/2014 - 07:19 | 4787822 GetZeeGold
GetZeeGold's picture



that is 2.2 million a year... we have a deal!


I don't think they're worried about their next meal.

Fri, 05/23/2014 - 07:11 | 4787805 zipit
zipit's picture

So when a little person gets busted for defrauding an old lady out of $$$, he has to give her back her $$$ AND pay a big fine AND go to jail.  When a corporation does it, they get to keep the money, pay a small fine, and not go to jail.  Nice.

Fri, 05/23/2014 - 10:20 | 4788252 CHX
CHX's picture

...and justice for all. Not 

Fri, 05/23/2014 - 13:00 | 4789053 DoChenRollingBearing
DoChenRollingBearing's picture

"Just us"

Fri, 05/23/2014 - 13:02 | 4789065 RafterManFMJ
RafterManFMJ's picture

Corporations are a legal fiction constituted to protect their founders from being wiped out by the company going bankrupt.

As such, corporations do not pay fines, penalties, taxes, or restitution.

Their shareholders and customers do.

Fri, 05/23/2014 - 07:11 | 4787806 Catullus
Catullus's picture

Instead of Banging the Close, I think they call it Roger the Gap.

Fri, 05/23/2014 - 07:13 | 4787813 CHX
CHX's picture

Gold, manipulated? Impossible - trader Dan says so... 

Fri, 05/23/2014 - 07:17 | 4787824 XAU XAG
XAU XAG's picture

Any market is rigged...............even flea markets are rigged


Name any market and it will have some kind of rigging

Fri, 05/23/2014 - 09:22 | 4788180 CHX
CHX's picture market?

Fri, 05/23/2014 - 07:22 | 4787825 GetZeeGold
GetZeeGold's picture



Impossible - trader Dan says so... 


Soooo......Trader Dan has gone over to the dark side?

Does he get to hang out with Jon Nadler now?

Fri, 05/23/2014 - 07:13 | 4787814 TN Jed
TN Jed's picture

Fine?  Is that what they call commissions today? Shove their goddamn fine. We want heads on pikes and $600 put back on the clock.


Fri, 05/23/2014 - 07:14 | 4787815 Antifederalist
Antifederalist's picture

One cockroach? Yeah, right.

Fri, 05/23/2014 - 07:14 | 4787819 insanelysane
insanelysane's picture

The banksta overlords want the sheeple to believe that the problem is solved when we all know it is really FIXED.

Fri, 05/23/2014 - 07:18 | 4787826 Eyeroller
Eyeroller's picture

Let's see the FED charged with slamming the VIX.

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