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Barclays Fined For Manipulating Price Of Gold For A Decade; Sending "Bursts" Of Sell Orders
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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The Rothchilds pulled out of the gold market April 2004. http://www.telegraph.co.uk/finance/markets/2883029/Rothschild-to-pull-ou...
"Give us ten years and you can reveal all as we don't want the family name associated with this, all agreed"?
"Agreed"
"Agreed"
"Agreed"
So here we are........................................... ten years later! This is the beginning of the unwind imho although many goldbugs will dismiss as inconsequential. It's all very Pavlovian, goldbugs have been slowly trained to no longer expect a sudden explosion to the upside......ding ding. I mean afterall, gold is a dead asset right?
'Nathan Rothschild knowing that information is power stationed his trusted agent named Rothworth near the battlefield. As soon as the battle was over Rothworth quickly returned to London, delivering the news to Rothschild 24 hours ahead of Wellington's courier. A victory by Napoleon would have devastated Britain's financial system. Nathan stationed himself in his usual place next to an ancient pillar in the stock market. Knowing he would be observed he hung his head and began openly to sell huge numbers of British Government Bonds. Believing this to mean that Napoleon must have won, everyone started to sell their British Bonds as well. The bottom fell out of the market. Rothschild had his agents buying up all the hugely devalued bonds.'
wow. thanks for the post...
can't make this shit up.
And in the meantime how much physical did they buy?
If you like your Jooz, you can keep your Jooz..........At this time, i'd prefer not to.
Although ZH's article is excellent, it should not be dismissed there could be something much bigger behind these devlopments: First the Silver GOFO, then the Silver fixing, now the Gold fixing and the criminal organizations called banks have left the commodity market?
Something big is going on there.
Let's speculate a bit:
The signal for the commercial banks from this development:
The spotlight is on, gGet out from the manipulation of the POG. Maybe the signal even could be interpeted as: get out from manipulating the price down.
But why would the central banks have any interest in removing downwards manipulators?
We know that China has been buying Gold like crazy. With the NSA's capabilities it's sure Washingon knows, who is behind the buying. So this buying happened in agreement with Washington.
Then we have the meeting of the banksters at the White House, the day before the massive smash of gold.
Since then China's gold imports have exploded.
What else do we know?
We know the globalists want the dissolution of national sourveignity, world government and one world currency.
How could that be achieved without the sheeple revolting?
PROBLEM - REACTION - SOLUTION.
You create the problem: You need a catastrophic event.
You wait for the reaction: collapse of the financial system.
While everyone is beseeching the politicians to find a solution, you offer the solution of the collapsed FIAT monetary system: A gold backed one world currency.
Gold backed? Sure. Because the backing with gold can be removed one or two generations later.
Rothschilds and friends think and plan in generations. Only the sheeple should think about the moment, in years, or legislations.
But is China in the boat? Why not? China wants to get rid of the dominance of the USA. And China has a Communist regime. This means they are Marxists. And therefore they are globalists! Historically the orange globalists of New York and the red globalists of Moscow always alliied, when the goal was to destroy the idea of national souvereignity.
And Russia would be in the boat, too , because it also wants USrael being removed from it's hegemonial stance.
China and Russia would welcome any development, that would improve their weight and weaken Washington's supremacy.
26 million..... Lol. It's worth that much to them to keep doing it. Damn rogue traders everywhere.
26 million is change they found in the sofa... what a joke...
Oh come on, this is total bullshit. Next you're going to tell me that banks manipulate equites so that the options they sold are OTM and are never exercised, which I'm sure never ever could happen.
Yeah....they have way too much integrity for that.
Also too much integrity to manipulate energy markets so that the derivatives they sold tied to those markets, settle in their favor.
It looks like it happens on Nadex every day...
When will Plunkett be charged with criminal offences? Today, tomorrow or never?
Is HSBC still in the cocaine/drug trafficking/money laundering business?
My blow keeps going up - I think HSBC is behind that.
so wiill gold price go up now?
Don't be ridiculous
Shell game. Blame Barclays as a bad guy. The whole pack are rats.
Bread & Circus
Fine = Bread
Barclays = Circus
It is really easy to dig a hole. But, you can't dig your way out of hole. And these guys only have shovels. All these games have mispriced gold so badly it it is like a 90% off sale at Saks Fifth Avenue. We should thank them. The market is going to resolve this issue--Unless you actually believe gold credit is the same as gold and that supply and demand no longer matter.
100% agree.
We will soon see a gold run (not bank run). People showing up with a piece of paper demanding their physical. Ha ha! this will be funny.
Altough I kind of feel sorry for mom and pop that WANTED to do the right thing and buy gold not stocks and got told by their bank "advisors" that the best thing is to buy a "certificate" or an "ETF" and that this is much more convenient and stuff. No disadvantages, just advantages ("After all, you can't store the gold at home can you? People will steal it from you!"). But ok. I guess you have to actually touch the hot stove to believe it is really hot. And you have to get actually ripped off badly before you mistrust banks.
Trader Dan has found a new niche. jesus freaks that believe in non manipulated markets. Good luck with the subscriptions Trader Dan. And may the good book continue to give you inside information....
Yet another conspiracy 'theory' morphing into conspiracy 'fact'....
http://olduvai.ca
Critical Skeptic
or
Conspiracy Theorist.
How you self-identify is up to you.
So where has Plunkett been promoted to?
Must be holding a Plum Job at Goldman
BIS's global head of precious metals trading
The BLS.
keep buying SLV and GLD...
sure it's rigged and all... and the odds are always against your favor...
BUT SO ARE THE CASINO'S!
tHE real question here is : So what?
Everybodys life is rigged/manipulated
Who you going to fine or jail?
What a fucking shithead.
Why is Plunkett not in jail?
Why is Plunkett not dead ?
Shhhh! Do you want the guy suicided?
The end is near.
The day that all the physical in the world is either in a product, in jewelry or in some "real" stackers stack (and the central bank vaults are EMPTY) has come close.
Price of physical will EXPLODE!
The degree of how severly manipulated everything is - and how at the same time 99% of all people close their eyes to it - doesn't stop amazing me...
PS: Do we need to check the INSIDE of the bullions if there is really gold inside?!?! Maybe everybody should start sawing their gold bars in two...........
Where have you been? The place is filled with hearts of tungstun.
No no no no, not necessary to check your gold, you ain't keeping it!
1. Dollar collapse. 2. Fence off the US economy from the rest of the world,(since the devalued dollar won't buy anything anyhow) 3. Executive Order 6102 Version 2014.
Declare the possession of "any" Gold an act of financial terrorism. (they get all their Gold back) 4. Nationalize the the entire U.S. retirement market ($20 trillion ?) (pays off the debt with some loose change to expand DHS)
And voila, everything is hunky-dory !
Don't forget unfunded liabilities, i.e. promises to pay in the future. Promises already made. Money already owed. Not yet accounted for, because its not due THIS YEAR. Unbelievable way to do accounting, TBH.
3 billion Asians will call the bluff. Regulation didn't work out so well in India now did it ya shit heads?
True, it got a different government elected.
YEs well that was a result of the huge uncontrollable black market
"Daniel James Plunkett, sent out a burst of orders aimed at moving the price of the yellow metal
The cocksucker deserves the firing squad and then this naked shorting will end in a second.
Kindly note that this "cocksucker" acted on orders.
One needs to find all the "Bigger Dicks" and send them to the Guillotine - Firing squad is too mercifull.
Hey, I don't know about you, but I like cocksuckers.
Oh well, if it's Blythe at that end , you might as well say Goodbye to your C..k
Guillotine is too quick as well. Public stoning in front of the LBMA, until dead.
Public stoning with Gold coated Tungsten Bricks?
Here is how this works. The Fed tells Barclays to hammer the price of gold by say 500 million. If Barclays makes money, great. If Barclays loses, the Fed sends them digits. Everyone in the circle jerk wins but you and me.
"As a result, the bank was not obliged to make a $3.9m payment to the customer under an option contract."
The "Barc" took a $3.9 million "bite" from one customer.
What happened to the other people who were bitten by this Rabbid Bite at the same time?
A bit odd this would come to the news now that they can no longer knock Gold because the demand for Physical has emptied the sewage sytem in London, the Comex sewer soon to go to paper only too.
And China quietly continues to gather bargain basement priced gold, rubbing their hands in glee at the stupidity of the moronic 'manipulators'
1) banging the close is illegal? they do it every day (up) on the s&p. hahahahahaha
2) banks routinely manipulate prices so as not to pay out on options contracts. it is pervasive.
My 8 ball says, "Most definetly" With all the government salaries going out to folks with the FTC, FBI, etc., they can't police the obvious crimes being committed? Call in Mr. Peabody for crying out loud. What scammers.
what's surprising to me is how little it actually took to manage the market. I would have thought the gold market was deeper than this. but, no. it looks like Barclays (and obviously many many others) can bend the market at will.
He knew how to plunk it down.
Is this not confirmation that the Comex/ LME where these trades were executed have been totally derelict in their duties to prevent manipulation and act?
Methinks it is necessary for their heads to roll too.
ALL ACCOMPLICES TO THE FACT SINCE THEY DID NOT DO SO.
And NSA supposedly knows about all of these. Why now the? Why not 10 years ago? Why is this temporization taking place?
" £26 million "
Still too big to fail. Why not a mandatory auditing of all their trades, and a fine of 110% of all profits generated by or losses avoided by those actions? Perhaps some additional restrictions on their activity and mandatory disclosures from them with a £2 billion per day fine, until proof of compliance.
Yes, Wake me up when the cost of fraud in market becomes a clawback of all profits plus a hefty fine and regular prison jailtime with Leroy as a cellie. Until then its just an operating cost modeled in.
So they want you to buy into the idea that ole Pluncket has singlehandedly rigged the market since 2004? OH brother wHERE IS jON cORZINE?
RIGGED-from the World Gold Council to the CME from Barrick and the producers to the COMEX the SEC, The London fix to the FED, BIS and all points inbetween
CHINA. RUSSIA AND INDIA THANK YOU STUPID FUCKS> Got any more brilliant ideas KISSiNGER? DIE ALREADY
Yea right... One guy... Give me a break... Theyre just trying to put a bandaid on a bullet wound cause no one wants to play in the still manipulated COMEX.
I'm shocked that there's gabling taking place here...shocked I tell you.
Steal Billions, get fined millions. No jail? Seems like a great business plan.
Analysts said the fine reflected badly on the industry.
The fine (or lack thereof) reflects badly on our society.
When there is lawlessness at the top of Govt and institutions, it will seep down until there is no law for the common Man.
Word. And it is happening.
Here's some further info on Daniel James Plunkett.
You can find his banning order here:
http://www.fca.org.uk/your-fca/documents/final-notices/2014/daniel-james...
He is now running a company called Cor-Dor Limited. The registered address for the
company is:
http://companycheck.co.uk/director/918213336/MR-DANIEL-JAMES-PLUNKETT
You can find his home address if you are willing to pay and know his
name, approximate age and area of the UK in which he lives by checking
192.com.
You can find info on his company by searching on the UK's Companies House
website:
http://wck2.companieshouse.gov.uk//wcframe?name=accessCompanyInfo
He lived with a Rebecca E Plunkett in 2005-2007 and the Company Secretary
is a Mrs Geraldine Maria Plunkett, who is either his wife, mother or sister.
His company was initially registered at the following address:
C/O HILLS JARRETT LLP
GAINSBOROUGH HOUSE SHEERING LOWER ROAD
SAWBRIDGEWORTH
HERTFORDSHIRE
CM21 9RG
ENGLAND
Per Companies House, which would probably mean he grew up in
Hertfordshire before graduating college and moving to London
to work as a trader.
I would expect Mr Plunkett to be quietly re-instated by the FCA after a suitable
period of time had elapsed, 2-3 years; that's usually how things work in the
UK.
More on Daniel James Plunkett....
According to the following site:
http://companycheck.co.uk/company/07976677/COR-DOR-LIMITED
Cor-Dor Limited is....wait for it.... a property developer! That's right,
Daniel has gone from "fixing" the gold price to flipping houses.
In addition, the above link shows that his father was the original
director and his mother the company secretary.
His father is Mr P.G. Plunket who is a Chartered Surveyor and has
been in real estate for years:
http://www.companydirectorcheck.com/peter-george-plunkett-2
Further, Daniel Plunkett also appears to be a director of LMD
PROPERTIES LTD:
http://www.companydirectorcheck.com/daniel-plunkett-3
In summary then, the crinimal mastermind that is Daniel Plunkett
has decided he's never going to be offered employment in banking
or finance again and has decided to go into the family business of
property development.
That's all folks!
So what will the FCA be doing after the 'next' slamdown? My guess is nothing. This only happened because one customer had one very specific trade and by the size of the trade that customer was big enough to get both (fake) answers and action. The overall price suppression remains, and is much bigger than one junior trader.
And the conspiracy facts just keep coming, just another conspiracy theory becoming conspiracy fact.
The FCA is more 'Barc' than 'Bite'
FINALLY some vindication for GATA and those of us who have been banging the table for many years.
It's even made it on to the mocking bird news networks.
Barclays, huh? When are they going to drag Jamie Dimon and his bitch in front of the judge? And what about that archaic relic, the Bernank?
Barclays have not been found guilty of manipulating the price of gold for 10 years, why lie?
They were fined because they had in place systems that allowed this trader to fiddle, and that those systems had not been corrected for 10 years.
This story is one that stands on it's own merits, without the need of being sexed up.
..._
I don't think the FCA is going to be let off by the public over this. Soon enough, it will be a bad time to be known as a "Banker". Think pitchforks, torches, and rope.
Now I see why Tyler named the blog zerohedge: In digging up the dirt on these banksters, you knew all along that criminals didn't have to hedge their bets on their activities; that they would never be criminally charged , and the civil fines were far smaller than the amount they stole. Thus Zero Hedge.
Love the Jenkins quote - these bad deeds make us even stronger to make Barclays better.
Bad news becomes good news on the road to redemption. Like fuck it does you limey scamming overload of a prick.
Dastardly greedy mongering fish-flipping scoundrels - all of them. Moneychanges and thieves. The devil will take them.
Are you shitting me? At this point the devil is taking studious notes to improve his game.
This sentence is even more damning than the bolded one above it, because, it shows how the big money in commodity trading is really made by the banks. It goes beyond mere manipulation of the futures market. That part usually produces little in the way of profits, or possibly even a slight loss to the bank. The money gets made on much larger sized OTC derivatives contracts which are indexed to the futures market price that is being manipulated. Few people other than the banks and their OTC counterparties (some of whom are as corrupt as the banks) ever get to see the OTC derivative side of the complete transaction.
And no, this isn’t the practice of only a few rogue traders. This is the central business model that has been developed and used by commodities divisions of large banks everywhere for 25 years. It’s one of the greatest swindles of all time which can be summed up as follows:
A) Lure your clients into a standard practice of pricing large custom contracts off of a market index.
B) Manipulate the index in markets you control to your advantage on all of your OTC positions.
From this you can see that it’s more than just market manipulation; it’s centralized manipulation.
Big Crime Pays Well.
As someone recently said, I'll believe that corporations are people when Texas executes one. Or anyone else, for that matter.
Well, the important thing is a low level grunt is defrocked, a small fine is paid, and one goes to jail. Right?
Just a fine to line the fine pockets of the political machine a senior government financial-regulatory position awaits that Mr Plunkett sir after a suspended sentence is served by way of a thirty-day probationary period and full commutation and expungement thereafter.
The fucking bastard ! They should crush his nuts with a burst of 50.000oz gold bars for just 20 seconds ! As for the CEO they should do the same, but very slowly.
POOR BARCAP !!! ONLY HAPPENS TO THEM IT WOULD SEEM ??!!!
REALLY POOR, UNIQUE, CULTURE (UH.. WALL ST CULTURE?..)
OR...
THEY DID NOT POUR ENOUGH MONEY ON POLITICIANS LATELY.....
YOUR GUESS.
eyes
am
getting
tired
of
the
rothschild
bate ing
on
here
cut it
out
NOW.
the family are honest brokers in the empire of the city of london.
no secrets in the secrets of the federal reserve
the family relies on good old fashioned banking and fare pay.
its not cricket to cheat at cricket wat wat.
rothschilds do a heck of a lot for charities especially the un refugee child medicated side of things.
these bloody AB Rh Negative reports are the policies of family envy
LOL
Guess I'm a member of the 1%.
Without the assets of course.
Don't you think the NSA has the dirt on all involved in the banking, trading, PM, central banks, etc? Don't you think there are a lot of political names on those lists of collusionists? Wonder why no jailtime....well, there you go. He who has the most dirt wins in a political world.
What's his name? Plunge-it? They specifically picked him, I'm sure.
each and every day a new scandal, a new financial crime, a new market manipulation is denounced and each and every time no big bosses are punished. None of them. Banks are fined and money wash their crimes. Instead to encourage citizens to ask for justice, all these infos are producing the exact opposite effect. People get used to it and tired about it and then they become apathic and aphasic. Conclusion: criminals win and will win again and again even when (and because) everybody knows theirs crimes. Too much informations with no act is killing the dying democraty.
See the man, pay the fine that represents a small fraction of the losses "imposed" on the "free market". Same shit different banker.
HMMM.
I wonder, should I solve the puzzle? Or buy a vowel?
[THAT ' S WHY _ AM R_CHER THAN YOU ARE]
hmmm just can't decide...
I am just waiting for all the MSM to explain why it really wasn't rigged. They will pull in some guy who will expain that there is no rigging, just a case of one guy doing a bad thing occasionally. And then they will explain that the Gold price is right where the market says it should be.
Just waiting.
oh ye of little faith.
They shall declare gold has been rigged, making it "far more expensive than what the market would normally demand" and predict a drop of another $200 per ounce.
You better believe CNBC anchormodels will say that with shit-eating grins and comments about how that's what you can expect from "a mere metal backed by nothing"
Queue the lawyers and class action lawsuits
Wait until discovery boys ...
'
'
'A 40 million dollar fine.
And how much did these $?φ?@†$ make over the years?
Death to the banksters.
Soon…
•?•
V-V
FREE Hunter Biden, er, Jon Corzine, er, Little Danny Plunkett !!
errr..... jon corzine. that's right. where is he? living the fucking good life that is. at a lot of working people's expense
Why was my comment not printed zero hedge? I noted that Makro- German TV show called out JP Morgan, Citibank and HSBC for dumping gold paper after hours. They noted Goldman Sachs tells clients to sell gold while they buy. They noted Germany was not allowed to see their gold and suggested it was in China.
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson
the old adage comes to mind:
if you were able to knock over the corner liquor store any time you wanted, only pay 10% of what you stole, and no jail time, what's to deter everyone from doing that?
these self-proclaimed entitled fuckwads think their expensive education and subversive means of fleecing the public justify their thievery. and they've bought and paid for anyone who stands in their way.
It is in the best interest of the dollar to have gold price low. If we are about to enter an era in which the gold price is not 'managed'.....look out!!!
Heaven be praised! They found the criminal mastermind behind the gold price manipulation. We can all breath a sigh of relief. The price of gold should be taking off any second now. Right? Unless.... Oh my God! There are others out there? NOOOOOOOOO!
I thought "Central Planning" and "Criminal Fraud" were two differnt things - ?
The LIBOR rigging was far more damaging to far more folks than this gold manipulation.
The overall picture we have is that the TBTF banks are above any law and may cheat and defraud as they will.
....and then the taxpayer bails them out when they get in difficulty.
Did I miss something here?
Just what is the DOJ and the FTC doing baout these law breakers?
Yes, you failed to put the government into the credits for this colossal cluster show. Nothing gets done for the TBTFs without the collusion of the politicos (the "representatives" of the sheeple) and the "regulators" (yuk yuk). Please, give credit where credit is due!
What a joke these fines are. Amounts are small, doesnt cover any investor losses, and banks go on with their business of manipulation.
http://www.zerohedge.com/news/2014-05-16/where-worlds-unsold-cars-go-die
reached 1,003,415 reads :)
Econ Boost 101!! Flash mob at all of these sites, if key is in drive em off. If no key, post No Overnight Parking in Area, tow as they have vilolated posted sign. Ship to Detroit - park in blighted area, call da dogz, watch em' disappear. There fixed it and boosted eCONsonme to boot!
HP due to layoff 16,000 workers.
Market loves it!
Amongst the Aristocracy wrist-slaps are only a symbolic form of punishment actually conveying endearment and leading to promotion.
What the FCA means to convey with this:
"And therefore, the purpetrators having been caught and wrongdoers punished, you may all put down your pitchforks and resume your normal lives secure in the knowledge that nothing further untoward has been happening in the Banking Community."
(And aside to the Bankers themselves,)
"Okay Gents! Just give them a little while to disburse and you can go back to business as usual!"
I do say olde chap, methinks we're to be hoodwinked!
Where is my cut bitchez! They hurt my phz price and I want some retrobution too!!
Meanwhile in US: Elon Musk says he lost a multi-billion-dollar contract when SpaceX didn’t hire a public official
http://qz.com/212876/elon-musk-says-he-lost-a-multi-billion-dollar-contract-when-spacex-didnt-hire-a-public-official/
Where do I sign up to sue the fuck out of Sir David Walker?
Let this be a lesson. If you are going to cheat then always, repeat always, pay a small percentage to the government.
Don't worry Ann Coulter is still a cunt. Gold fixing? Barclay's did a swell job as does JPMorgan.
Nail Guns all around!
Normally I would greet this story with a big YAAAAAAWN, but there does seem to be a confluence of events. Maybe we won't be waiting several more decades after all.
Speeding tickets are not going to stop the slamdowns, especially in silver. The corruption goes all the way to the top, and for those guys and gals it's business as usual.
26 million pounds is nothing compared to all the losses suffered by longs on the other end.
Well of course the FCA doesn't actually regulate the gold spot market (it's not listed in the Regulatory Activities Order). Nor does the FCA regulate the central bank (BoE) nor I suspect the activities of any non-UK central bank conducting market interventions. This is this is just yet another example of regulatory scope creep and political opportunism.
It seems at the moment the instructions have been handed out, Gold is not to exceed US$1300 for any period of time, most Goldies stay just profitable at this level, but that is all. A bit like Oil and all commodities, I have gone from thinking free markets control pricing to realizing all markets are controlled, the entire freaking market Capitalist system is simply smoke and mirrors to let people think they have some form of control over their lives.
I'm a bit slow, many people realized this years ago, or perhaps I just did not want to believe it is true.