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CEO Of Russia's 2nd Largest Gold Producer Is "Horrified" At Market Manipulation
The ongoing transition of gold price manipulation from conspiracy theory to conspiracy fact just escalated as Bloomberg reports, Peter Hambro, chairman of Russia's 2nd largest gold producer Petropavlovsk Plc, said he was "horrified" by the manipulation of the London fix given its importance to the industry. One wonders just how many of these individuals, involved in the manipulation, Hambro is dinner-party friends with?
“When I read the reports on what people had been doing to it, I was horrified,”Hambro said in an interview today. “It is something that is really important to people in the industry. It’s something that we use in a big way as we deliver our gold, that’s how we price.”
Barclays Plc was fined $44 million earlier this year after a trader sought to influence the gold fix in 2012. The gold fixing takes place twice a day by phone and is used by mining companies to central banks to trade or value the metal.
The banks conducting the century-old London gold fixing and the London Gold Market Fixing Ltd., which runs the procedure, are seeking to revamp the process. Deutsche Bank AG’s exit from the process this year as it scales back its commodities business left Societe Generale SA, Bank of Nova Scotia, HSBC Holdings Plc and Barclays to conduct fixings.
“To have something that we can rely on is vitally important,” said Hambro, who previously traded bullion at Marc Rich Group and Mocatta & Goldsmid Ltd. “I look forward to its continuing existence.”
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While we believe Hambro is right to be "horrified;" after 10 years of manipulation (downwards at least two-thirds of the time in six different years between 2004 and 2013. In 2010, large moves during the fix were negative 92 percent of the time), we suspect he knew something was going on...
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hehehehehe........no shit sherlock
This is not confidence inspiring ... manipulation is an ordinary business event, so I would expect a statement that there might or not be a reasonable opportunity to take advantage of such mispricings.
Re: manipulation is an ordinary business event
Shhhh, the "pure capitalism" children might hear you.
Cue the obligatory Casablanca quote.
Nothing to see here all you Goyim slaves, Move along
When CME takes control of "The Fix" the paper tail will then be in complete control of the physical dog. But at least the REAL manipulation with Comex naked paper shorts will then come more into focus. "The Fix" is a very small part of the process of manipulation, which Hambro surely understands. I call BS and hypocrisy..
The price of gold will continue to drop. Deflation is your new idol. Now get on your knees and pray to your god. Bitchez.
"The price of gold will continue to drop"
The Chinese, Russians and Indians dont seem to mind. neither do I
Ya doing away with this fix isn't going to do shit. As long as they still have the ability to dump billions of dollars worth of paper during thin trading, this getting rid of the fix is just window dressing. And ya, now that's it's coming out, you will see people like this coming out and trying to distance themselves from it, as if someone in his position wasn't fully aware of it.
We are the last ones who should complain about gold fixing In fact we should send the trader a bottle of red for keeping the price low so we can keep buying. all that matters is ownership, not price.
What tipped me off was that it's called the London price "fixing".
Yeah the fix is real scary.. the dumping of billions of unbacked paper though.. that doesnt bear mention..
Setting up the political canard that fix the fix and the market fixing is fixed.. which is bullshit.
Let the lawsuits begin! They'll add up to trillions upon trillions of dollars.
Jim Willie says the lawsuits against the Swiss banks with no gold have already started, and the banker murders are to slow the German investigation into which Germans/German banks lost money in gold manipulation, as the German government is going to sue everyone and their brother for trillions of losses, which will set off a full round of additional international lawsuits against the manipulators.
Good luck keeping this out of the press. If Ukraine is also a demonstration for Germany to shut up, good luck with that. Unlike the US sleeping public, the Germans are hearing of this every day in every news outlet, and Russia is probably providing a shit ton of intel. Hell, they'll sue, too.
This is going to be epic!
>> Jim Willie says
If Jim Willie was right 30% of the time I'd be a rich guy holding off the zombie horde at my country bunker.
Yeah, doesn't help much if you predict 11 of the last 2 collapses...
And this as well:
http://wallstreetonparade.com/2014/07/lawsuit-stunner-half-of-futures-trades-in-chicago-are-illegal-wash-trades/
shite. But we knew it did we not?
We knew it, yes, WW, but it's the lawsuits coming that'll be fun to watch.
The upside of Holder not prosecuting anyone, is that the civil trials can start right away. No waiting for the criminal trials to finish, which always have priority.
Holder not prosecuting will let the action start far sooner than anyone wants. The civil lawyers are filing their claws and doing due diligence as we speak.
True. I kinda want to see the same enthusiasm and public inclusion as the "ambulance chaser accident lawyers" who advertise all over every Judge Judy show.
Oh and this as well.
http://wallstreetonparade.com/2014/07/who-owns-the-u-s-stock-market/
Either he is clueless and shouldn't be CEO, or is complicit and shouldn't be CEO.
Probably ex KGB (or its variants). What you see is probably only half the picture.
True and true.
Exactly......he is the Chairman of the second largest producer in Russian and is just now horrified ? ARFKM ?
I think his point of view is well summarized in the last quote "I look forward to its continuing existance."
What more do you need to know about this guy?
http://patrick.net/forum/?p=1246837
Ring this bell right away.
Dont wine about it Peter Hambro
do somethings to end it
Ohhhh & dont say like some ass clown once told me that it's
"Market forces at work"
BS
otherwise you are no better than those
who rigg & manipulate the metals
Should that be set to a rapper beat?
He should be ECSTATIC. Why? Cause he can BTFD for phyz!
Can we hear again how ZH misled you into buying PM's?
I wuz stackin' before ZH was even an electron.
The Bloomberg report is a bunch of shit.
They do not admit that the price was manipulated (it bloody well was!), the complaining customer (who got screwed) was paid off, and that Barclays reported itself (it had no choice).
NO ONE in prison for this. Surprise surprise.
The manipulation by the one trader is peanuts compared to the real manipulation.
His crime was pushing the price short term to one side or another of a price to profit for his firm (and therefore himself). But at least he had to unwind his position.
The manipulation of a FED that can print unlimited amounts of money for the expressed purpose of manipulating PMs down is much worse.
BRICS should create their own price that is based on supply and demand.
Too complicated and too much BS.
They should just buy up ALL the phyz (at these low, low prices), and that would solve the problem once and for all.
In the final analysis, it's not a "paper" or even "price" problem. It's a Supply/Demand problem.
Coming soon to the Shanghai FTZ.Along with full yuan covertability in the zone.
Was supposed to be this month, but they delayed it to Q4.
Thats the reason the 'fix' is being abandoned now, to match that original timeline.
The paper games continue for a while longer, take advantage of it while you still can.
Peter Hambro is part of the Hambros Bank est 1836 dynasty and as such is pretty close to being in TPTB. Petropavlovsk plc is formerly Peter Hambro Mining plc.
Clearly he and his family must have been well aware of what was happening and is only whining now when the cost price of the real gold he mines is close to or under the paper price in the markets. He should be complaining to the central banks like the Fed and BoE who are rigging the price to retain faith in fiat paper.
BFTD CEO...
Bury The Fucking Dead CEO
Damage control. "I didn't know"
RRRRRAAAYYYYYTTTTTTTTTTTTTTTTTTTTTT.
"Guys, guys, look, I did what ValJar told me to do...I was duped. Hey! This rope is getting kinda tight. C'mon guys, I can get you some free phones and EBT cards. Guys! Wait!
Speaking of the 'London fix', anybody hear anything about the black box yet?
Why, yes......it has been Fixed.
Given his former employment, he absolutely had to know what realy goes o.
Bit like a guy caught riding a bike he stole and claiming it is a 'plant'
I'd like to know why he's saying this now - the back story. Always more interesting than what is in the public domain.
https://www.youtube.com/watch?v=SjbPi00k_ME
Professionals get paid a lot of money to be protected common crimminals.
Typical. "Petropavlovsk plc is formerly Peter Hambro Mining plc."
Whiney bitch should have said something years ago. I guess Zionists only whine when they are screwed by other Zionists. Fuck them.
And there was even a Zionist in-joke during the name change....Seriously...
"Mr Hambro – chairman – and Mr Maslovsky, who was then chief executive, looked at name options: "Hamas was one; combining the first two letters of our surnames – but we realised that wouldn't be so clever," he laughed.
"So we came up with the idea of combining our first names – hence Petropavlovsk – Peter and Paul."
http://www.independent.co.uk/news/people/profiles/peter-hambro-company-g...
I'm horrified that he's horrified.
Quite frankly my dear, fuck Bernanke.
If he wants to be truly horrified, he should take another look at Petropavlovsk's debt.
Horrified?All of us gold and silver buyers are getting used to the world around us getting more weird everyday.
http://www.silverdoctors.com/
"One wonders just how many of these individuals, involved in the manipulation, Hambro is dinner-party friends with?"
I'm going to take a shot in the dark and say all of them.
are you kidding, they financed his purchase of the company.
He's a CEO in this industry and is just learning that prices are manipulated? Who hired this clown?
Didn't u know, the higher they are, the less they know.
when you go to war with Russia (and we are) you try to crush oil, gas and gold markets, but that's really hard in a energy hungry fiat environment, I dumped my GDX months ago and bought gazprom.
"If you like your Gazprom, you can keep your Gazprom."
Nyet!
Tia means I can buy more!!! whatever douse bag would sell while the world is burning deserves the losses and the miners do nothing about it so I say buy all the physically you can afford. I laughed my ass off when I read this story. Stupid if you actually believe this guy. I bet Putan did it though! rotflmao
There ain't no more rackets out here. Just a bunch of cowboys rippin' each other off.
How many kleinbergs can one planet produce? Can't everybody get a power fix of some low rider model lookalike? With some tits? Isn't that enough?
All 13s and 6s, on off days it's 7s and 11s, maybe it means something maybe not, suck it
Shit, taller hippy type girl, chipmunk smile that drives you nuts, amazon woman, hot and likes pools, big eyes and drives you batty isn't that enough?
sad but it must be down, no gold to back the paper... they have no choice.
until they break the tool, which is, to me, soon, but they still won't have choice. :)
so... keep waiting.
Basically it means STEALING.
USA and UK sell the gold of all nations, stored with them on trust.
They break this trust and sell the gold for making money.
But alas , how much they do it ,
they cannot make up the deffesset - Says the Huck Finn
----
They both deserve the Tar & Feathers aka Nuclear lynching
The European Central Bank is justa s guilty, and ditto Deutsche Bank, BNP Paribas, Societe Generale, Credit Suisse.
The truth is all Western gold has been stolen as part of a global genocide campaign against people of European origin.
In one word: Mossad.
Gold has been moved to the secret International Termite Mound.
Is Peter Hambro admitting to being naive and gullible?
Or is he admitting to being stoopid.
An honorable Englishman would obviously fall on his sword the minute he realised the fact.
https://www.youtube.com/watch?v=SjbPi00k_ME
And this is why everyone is now mining the COMEX and the LMBA instead of digging holes.
well, hambone, open up a gold bourse.
" I'm shocked, SHOCKED to find out that gambling is going on in this establishment!" (from the movie, "Casablanca")
WHO knows what the real price of physical gold should be? Jim Rickards calculated an estimate of $10,000 per ounce, based on the money supply in U.S. dollars. But that estimate was based on the assumptions that the Federal Reserve holdings (especially for foreign nations) were truly still at the NY Fed; and that the Fort Knox gold was still there.
The fact is that, except for a few financial and politicalinsiders, no one knows how much physical gold resides where. Therefore, under current conditions any true valuation of physical gold is impossible.
As for me, the longer the market price of physical gold is relatively low (as right now), I will keep on buying more each month and taking delivery of that physical gold - sort of "dollar cost everaging".
I'm horrified to see how stupid he thinks we are. Only paid stooges like Chilton and Omalia could miss the crooks manipulating the precious metals. Both were handsomely rewarded in the private sector after sitting with their thumbs up their asses for a 4 years of a silver market "investigation". Whoever said crime doesn't pay needs to meet these douchebags.