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Banks Rig Gold and Silver Prices? Never !!
Gold Rigging Settlement With UBS - Other Banks To Follow
Suspicions that the price of precious metals are frequently manipulated by a few international banks were further confirmed over the weekend. UBS agreed to settle with various international regulatory bodies investigating rigging in foreign exchange and precious metals markets.
While failing to admit wrongdoing one person familiar with UBS's internal probe said that the bank found “a small number of potentially problematic incidents at its precious metals desk," reports the Financial Times:
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UBS is expected to strike a settlement over alleged trader misbehaviour at its precious metals desks with at least one authority as part of a group deal over forex with multiple regulators this week, two people close to the situation said. They cautioned that the timing of a precious metals deal could still slip to a date after the forex agreement.
Regulators around the world have alleged that traders at a number of banks have colluded and shared information about client orders to manipulate prices in the $5.3 trillion a day forex market. UBS has previously disclosed that it launched an internal probe of its precious metals business in addition to its forex investigation. It declined to comment for this article.
Unlike at other banks, UBS’s precious metals and forex businesses are closely integrated. The business units have joint management and the bank’s precious metals staff – who mainly trade gold and silver – sit on the same floor as the forex traders. |
A small number of problematic incidents in precious metals trading, a small number of problems in forex trading, some problems in LIBOR ... It seems that major banks have quite a large amount of small numbers of rigging problems.
While UBS have agreed to settle with regulators, the victims of price manipulation- mining companies and people who have bought precious metals in recent years and incurred financial losses - will receive not a penny. Nor is there any way for them the get to the bottom of what actually occurred.
It is important to remember the context of this settlement. Those who have voiced concerns that precious metals markets are being rigged have been dismissed as conspiracy theorists for years.
The Gold Anti Trust Action Committee or GATA have been very vocal and most prominent in this regard.
Yet, the so called conspiracy ‘theories’ are being proven to be real conspiracies by banks.
Former advisor to President Reagan and Assistant Secretary of the U.S. Treasury, Dr. Paul Craig Roberts pointed out over the weekend how the smashes on precious metals, similar to what happened last week, are executed.
Futures contracts representing vast quantities of gold, up to forty tonnes worth, are dumped onto the electronic futures market over the course of a few minutes. This frequently happens after trading in Asia has finished and Europe is not yet open for business. In other words - at a time when the least amount of traders are available to buy. This guarantees a precipitous fall in the price.
Dr. Roberts quite reasonably surmises that this is an act of blatant manipulation to force prices down.
It smacks of either arrogance or desperation that even as the outcome of investigations by regulatory bodies into the manipulation of gold and silver prices are beginning to be made public such displays of manipulation should occur.
Manipulation can be effective in the short term. However, prices will eventually be dictated by real world forces of supply and demand for physical precious metals. This has been seen throughout history and was seen as recently as the 1960’s and the failure of the London Gold Pool which gave rise to the bull market of the 1970’s.
Acclaimed writer of the Dow Theory letters, Richard Russell observed the strong surge in precious metals prices on Friday and saw it as a positive indicator suggesting further gains are likely.
The sage ninety-year-old and respected writer of one of the oldest investment newsletters in the world, wrote that he thinks "big money sees QE4 ahead and is protecting itself."
Given the significant macroeconomic, systemic, geopolitical and indeed monetary risks of today, owning physical gold coins and bars as insurance remains prudent and will again reward those who take a long term view.
Access 7 Key Bullion Storage Must Haves here
MARKET UPDATE
Today’s AM fix was USD 1,172.00, EUR 938.20 and GBP 737.25 per ounce.
Friday’s AM fix was USD 1,145.00, EUR 923.39 and GBP 723.17 per ounce.
Gold climbed $31.80 or 2.8% to $1,175.30 per ounce Friday and silver rose $0.29 or 1.88% at $15.74 per ounce. Gold finished up 0.25% for the week and silver finished down 2.60%.
Gold in U.S. Dollars - 1 Year (Thomson Reuters)
Gold surged 3.2% on Friday as market participants adjudged the recent sell off excessive and bought the dip. The gains may have also been due to a short covering rally.
Spot gold was down 0.7% at $1,168.80 an ounce at 1200 GMT. Gold bullion has built on Friday’s gains and is marginally lower this morning after Friday’s sharp gains. Friday's U.S. payrolls data was slightly lower than expectations and may contributed to safe haven buying and the gains .
Gold in U.S. Dollars - 10 Year (Thomson Reuters)
Silver was down 0.6% at $15.68 an ounce, spot platinum was down 0.2% at $1,210.25 an ounce, and spot palladium was down 0.1% at $766.97 an ounce.
Futures trading volume was double the average for the past 100 days for this time of day, Bloomberg data showed.
Possibly the single most important benchmark of global gold demand today remains gold withdrawals from the Shanghai Gold Exchange (SGE).
Last week saw a very robust week for Chinese demand despite talk of weak demand and low premiums in China. For the week ending October 31, there were withdrawals of 47.5 tonnes for the week. This means that the world’s largest gold buyer continues to be headed for annual gold demand of some 2,000 tonnes.
Manipulation of markets can work effectively in the short term (see above). However, in the long term prices will be dictated by the global supply and the global demand of 7 billion people, many in Asia who believe in gold as a store of wealth.
Not to mention, sovereign central banks such as the People’s Bank of China and the Russian central bank - who also believe in gold as an important monetary asset.
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Time to smile & go for a sunday ride…with…
Powers to/that be ….is vague fuzzy misty .
So why would a rotschild use this term these words and even does it surpass our filtering and goes straight into the subconscious-so many recall and remember it.
Powers to be leave room for imagination > attach own personal feelings & images to it.
Ask any one what it means to him or her. All kind of very different answers might come.
Obomba won the presidency ( cause of a John Favreau- a nlp practizioner).
Hope and change: we need change…. this new presidency must be built on hope.
You are looking for that change that is why am gonna be your new presi….
Change: vague fuzzy
Hope: vague misty ….ask anyone what those means to them and get most different and excotic answers.
Multinationals use it to sell any of their stuff. Elite use it to sell their manipulation- fraud -debts and go one step further keep Disempowered.
Think different (.. appl.), just do it (…nik.), we try harder (..avi.), invent it… a.o.
Change – Hope - powers that be – do it – we try harder... any difference ..?
Think differently means….? Every one attache different things ideas subconscious thoughts images to it. So remembers it. It surpasses our filtering and goes to the subconscious directly.
So rotschilds is practizing Nlp just as john favreau did which got obama speechvictory
He is purposely staying vague misty fuzzy…so his remark goes straight in other parts of mind. Subconscious levels from: which every one votes- buys- feels- imagines-talks writes.
Just do it.. .do what …? Run for my kid/ money. Think different.. about ..my girl .? Powers that be… in a V8. learned f.e. michael stevenson& a quality woman: Anna Wise ,prigogine &others
Chigaco 2015 being mushroomed is: vague misty fuzzy . Meaning it can go directly into the subconscious. Being there gives worries – feelings, another say I always knew it…confirms his believes – someone might make a cartoon movie out of with a lot of damage& destruction …images. . Draghi in eu saying the euro is irreversible. Same trick. He is irreversible (gonna die one day). They laugh and laugh ..so easy to rig&fool eu-vs citizens, economists a.o. Fooled: cause it is consciously said&done.
Take the guy&Uberjews for ride will you….to….Chigaco f.e. if I might do a suggestion. About two days before the -Event Mushroom-. And tell is out of 'kindness of heart' : see rockefeller non-taxed remarks. In a V8 so enough power to be and feel. There are (too)many underground area's villages fully facilitated and food for 100 years.
Understanding how and why he says.. power to/that be.. in this manner is very well thought off and planned. Disempower a citizen this way everyday. - That be it -.
Admit it: perfectly timed. The Swiss have the referendum.
The Nov. 30 vote, called by the right-wing Swiss People's Party (SVP), is aimed at preventing the Swiss National Bank from offloading its gold holdings. It would also require the central bank to bring back gold parked abroad and hold at least 20 percent of its assets in gold.
UBS is expected to strike a settlement over alleged trader misbehaviour at its precious metals desks with at least.....They openly admit being guilty: > Bank only publicly do (on Reuters) and in this manner when they have a hidden agenda and other purposes.
Just words without substance. Swiss people have the right initiative but fooled and ridiculed.
UBS the swiss pride and history. Interesting if the Swiss realize how they are fooled. Fooled> meaning guided towards the only outcome Reuters (=Rotschild owned) Bis want.
UBS give a 'helping hand'. Do they need sheep. The first few - media give the direction- ....the rest follows.
What a 'beautiful' example how to disempower. If any intiative - having spine and nuts - break and crush them. See the methodology and agenda well hidden. Dis empower rotschild only words are powers to be.
Only possible because we have let them disempower. Disempower back > get all unnecessary cash from a bank, be non taxed a.o.
If it succeed in Christian religion - see pope&vatican comments- use it with Gold Money debts a.o.. They do/ did it with Tesla Jesus a.o. so ... I understand many need a religion to survive so to misuse it- to disempower about say 1 billion of the 1.2 billion is what they do with information. Rotschilds Rockefeller like to use terms as power to be cause they disempowered so long and so easy.
If any headphones in Switserland this not a prank: www.youtube.com/watch?v=kQ_ulX9Vbuw
Do they rig too many cause allow them to is one , they make sure you can be rigged is two.
What are you continually complaining about or positioning your readers for? Bankruptcy or a subscription to your deadhead blog service?
Who cares.Gold is a dead trade, kids use e-pay software and that is the fact. Your constant conspiracy shit has bankrupted good people who believed you.
You and you fucking goldbug conspirators are the manipulators.
The market sold against you and your readers lost a fortune. Quit complaining and jump for fuck sakes. Or maybe you're trying to sell more blog subscriptions. No couldn't be....
you dirtbag - get a set and jump please
If you have any cash left people after listening to this crook from 1900 down and who has sold you bankruptcy then buy more with yoru credit card.
If it so fucking cheap buy it and shut the fuck up
They didn't manipulate on the way up either did they?
Fuck off already
Well if UBS is investigating themselves we are sure to get to the bottom of it! Even though I'm being sarcastic, this still might be better than having government regulators doing the investigating. This shit has been going on for a long time without much being done about it. And so what would happen anyway? A small fine (paid to the government) along with a promise to behave in the future, with fingers crossed behind their backs.
What people don't seem to take into consideration is that they rig the price both on the way up and on the way down.
no mark o'byrne from goldcore - gold bugs have been called conspiracy theorists because their dream was for a nuclear meltdown and 10000 dollar gold, unfortunately its gone the other way but its ok to tell people to keep stacking right, nothing wrong with keeping your business open while telling people to average down on their dumb bet
http://www.marketoracle.co.uk/Article48100.html
everything big is rigged. there never was any other possibility.
http://www.covert.co.nr
Gold is not being manipulated as hard the parties are trying to influence it. EWT has been extremely accurate in tracking gold. Short-term there is some upside, maybe 1250-1300, but longer term the trend is still down.
http://www.globaldeflationnews.com/gold-elliott-wave-update-for-october-...
What an excellent site you make.
..Anatomy of a bubble – How the Federal Reserve and the U.S. Congress have created a debt crisis of historic proportion......
Anatomy of a bubble: How The Layer above FED& US Congress have created a debt crisis of historic......
Notice FED & Congress are mere ....say it as underlayerd
It is structured Dual-Layers.
We look and see FED- Congress -Japan- Goldmanipulation a.o.
That is the 2de layer of their DVD-R.
1ste layer decides. The Ubermensch layer.
Tricky and hardly noticable cause well hidden above layer two. Same colour, surface...
They know many-we are blinded by the glittering-glistening surface...
Dual layered:
The New York Times cites a Romanian tophacker that breaking into managed in the past in private email accounts of high officials in the government and in the army, including former Secretary of State Colin Powell and Bush and Rockefeller families. This hacker, "Guccifer" would have hit a conspiracy in this way for a false flag nuclear bombs in Chicago in 2015.
Guccifer put the NY Times that "this world is run by a group of conspirators called the Council of the Illuminati, which consists of very rich people, nobility, bankers and industrialists in the 19th and 20th centuries."
Marcel Lazar, the real name of the Romanian tophacker, the FBI and secret services would have taken years astray as to his identity and location. Now he is a seven-year prison sentence in his homeland.
According to Lazar were the attacks on 9/11/01 plots.
ISIS
Last summer, the FBI warned that the Islamic terrorist group IS (IS) attacks prepares major American (and European) cities. The jihadis placed pictures of future targets including the White House and the Old Republic Building in Chicago on the Internet.
(Hopefully not too many here from Chigaco)
Might be visible because find Chicago rather neglected and disadvantaged. Why invest in a city which's gonna be mushroomed.
It is a 'perfect' scenario cause Russia is to blame. We are being attacked by an foreign enemy. How to create a common enemy discussed earlier comments. The story has marks of described.
They laugh about the fed its monetary policy the corruption gold a.s.o. cause they know after some times all changes.
Save earlier comments on the methodology of the UBermensch and we as Untermensch. They do not care about human life health of untermenschen. Great work by lazar anyway and anyhow.How they react to human beings who clarifies matters is another but very important signal.
Possibilities and questions enough: NYTimes made to publish the article to see how usa would react. As a bait . They do not so lights on green. Next pres. likely be rupublican from the bush rockefeller corner.
Bush-rockefeller made 9/11 happen. This impact (shock) and comes from the same group. When you have choice -non violable & non taxable- above any system- choices enough. Create and destroy to what serves. They need crisis chaos war.
Share Holders of Mining Stock and holders of Physical PM's should form a Class Action Lawsuit and the courts can get to the Truth. Let the people see how the Gold has been beaten down by Tax payer's money for the profits of Private Banks
End the Fed..........lets get back to private enterprise thru Transparency in Governments. Those in Postions of Trust that caused abuses should be JAILED and sued.
""""Share Holders of Mining Stock and holders of Physical PM's should form a Class Action Lawsuit""""
Yes, its about time a group of us contact a Law Firm that specializes in Wall Street Class Actions and start an Action
Someone here should have a suggestion as to who to contact and get the ball rolling
The amount of paper money put to work to suppress the physical market (relative to their fizz holdings) IS a fundamental current target price. Many multiples higher. Below that, accumulate metal with zero hedge and no margin, and remove it from their grasp. Little by little, every month till it all blows up in their faces.
And the political enablers give a little slap on the wrist with a prefunctory fine and the scam will continue unabated. It's got to be getting close to the time to invest in pitchforks...
http://olduvai.ca
Paging Trader Dan, paging Trader Dan. Please report to the principal's office for your big fat finger probe, a 40 tonne probe... BOHICA!
Busted, the Gold Attack is a Criminal Cabal Operation from Start to Finish:
http://winteractionables.com/?p=16287
Gold = Yellow Lead
nuf said
I like the idea of wha GATA is supposed to be doing... but really... how can these people not actually come up with a real answer for the "who" in the equasion of the massive naked shorts?!?
I used to work in the IB shitstorm (albeit IT), and you could could always get people to talk and get glimpses of the truth -- after hours, 4 martinis in, after a private dance or two, after that horribly epic Karaoke song.... You could always get the real story.
Yet all we get from GATA is: "presumably it's these guys," or "we believe it's something like this," or the like.
I'm sorry, but someone's not trying hard enoug... and when they say they're passionate, but don't actually get outcomes... well, that's just excuses... and if it's not... then it's "by design to not actually get answers," and down the rabbit hole we go again.
If I was involved in the people around comex, it would just take some social engineering and a bit of effort to get real actual answers, so if these guys can't get it done it's because they are not trying, or they are incapable, which means time to get new people who can deliver actual truth outcomes, and not just talk about intentions.
They have no actual answers, because there is NO manipulation of the kind GATA is talking about.
It makes no sense. Why would CB do that ? they dont need to !! apart from GATA, and its supporter in ZH, nobody cares what Gold is worth or not
You didn't start this post with hey idiot...Some form of progress I would submit.
You're even more annoying than that Canadian bitcoin guy, I can't recall his name. At least he had a sense of humor.
nobody cares what Gold is worth or not...
May be true now(and i am talking about the sheeple), but they will
BIS/LBMA suck hole on the prowl... lol
hey idiots,
Russia and China dumping gold. im not the one saying it
https://www.bullionvault.com/gold-news/buy-gold-110520141
Russian central-bank official Ksenia Yudayeva meantime said Moscow could use some of its national foreign currency or even gold bullion reserves – now the world's fifth largest hoard – to pay for buying imports if Western sanctions over Ukraine continue.
those who have hoarded are forced to sell. if you wonder who is selling at 1150$$ its the stupid overleveraged GATA crowd who needs to pay their bills and their mortgages, plus the Russians and Chinese trying to fool against Uncle Sam and its $$$
Bullionvault is compromised and cannot be taken at face value. They are constrained via their membership of the LBMA and their partial ownership stake from the World Gold Council.
When BullionVault is free of these influences, only then can their commentary be taken on face value.
What a clown.
No manipulation to slam prices lower but the banks are coughing up fines?
Another 2 week member drive by troll.
That you, Cramer?
I am hoping for another smash in gold, honestly, and soon, though I 'think' the game is coming to an end soon. I have a low cost low debt gold producer that was/is making money and paying dividends on low markets...and increasing production to 500-600,000 oz pa next year ...half way there.
The stock has been beaten down like them all, and hoping for them to take a decent dip on some more negative sentiment. So BIS...you arsehole....pls dump another 40 tons of gold in a few minutes...OK? You know you want to....
As long as they promise to never to do it again, no not the bank silly, just those people involved, because their word is like Gold to me.
Paper gold can ONLY collapse IF the collateral used in the short futures trade is smacked. Anything else does not matter. When it collapses, the short futures positions will have to be unwound. And yes, that collateral is US treasuries.
actually, the problem is that many trades are cash-settled. no physical collateral is involved. only toilet paper.
actually, that's what he just said.
Seek out the manipulators and send them a nail gun with a heavy hand attached.
The attached note will read "jump or I'll shoot"
GATA are idiots. they're long gold from 1900, 1800, 1700, 1600, 1500, 1400
Lets suppose the block sellers in futures market, sell in empty hours. they still have to buy those positions back, if they manage to buy all of it back flat, or even profit, it means the demand was weak anyway. its not manipulation.
if you or GATA protest against lower prices, just shut up and buy now at these prices and thank the market for giving you the opportunity to do so.
the problem is GATA and its followers have said the same thing at 1900, 1800, 1700 , 1600 , 1500, 1400,1300 and have empty pockets to buy now, and they are probably the one selling their overleveraged positions in gold to pay for their gas bills or their mortgage.
Actually, NO, there was some news in ZH itself that RUSSIA was cornered by the sections and selling some of its gold now ! after accumulating in the uptrade...
Soon China will join ? !
GATA aren't long anything. They're not a trading or investment house. More like a research house.
Learn some simple facts before looking like a fool.
See my comment above Chat_noir.
The central banks of the West (FED, ECB, BoJ) are DESPERATE to 'keep the system going'/ That which cannot continue, won't.
DavidC
Russia sells gold? Who is telling you this garbage? Russia is buying gold right now at a record pace.
The last highest buying Russian gold - was 1.2 million ounces within one month. This is a record for many years.
You live in the captivity of your illusions.
you're an idiot you don't even read all the articles on ZH but only the one advocating to buy gold.
open your eyes
http://www.zerohedge.com/news/2014-11-05/russian-ruble-plunges-new-recor...
https://www.bullionvault.com/gold-news/buy-gold-110520141
So you're waiting for a "confirmation" from the "market" to buy gold?
Genius
No, he's a douchebag on GATA, the COMEX, China and Russian buying gold, and a thousand other things.
Paper covers rock. Until you get the shredder out.
Purchases of physical do not cause the price of gold to change...Paper rules...for now.
you're an idiot, for any buyer of physical there is a seller of physical
paper gold out leverages physical gold by a factor of greater than 80 to 1. no way physical sales influence the paper price...
of course not, there is a physical delivery mechanism on Comex. if there was too big a disconnection between the futures and physical market, its easy for a professional trader to make money out of it.
too big = a few $ .
you're an idiot. wake up , read and learn
Bullshit.
Comex can and does refuse to payout in physical.
they have the contractual right to pay out in current cash value of physical.
None of the paper markets allow you to take our physical anymore, even the buyers for electrical use who buy futures dont take delivery, they just use the paper as a hedge, and buy the physical from a physical only market.
as for me, i keep on stacking.
http://www.bgasc.com/product/1-oz-gold-bars-sealed-new-with-assay-card-by-opm-ohio-precious-metals-9999-fine-24kt-gold-bullion-gbar_1_oz_opm
cant beat $19 over spot for one ounce at a time with free shipping.
Sorry Chat_noir. The market sould be based on supply and demand......The demand for physical should rule .
When the amount of paper traded exceeds the physical supplys....the Paper traders should get BURNT. It is like short selling . Traders get protected WHY? I don't care if the $US. Fails. The whole American systems World Wide are Corrupt. End The FED. The Economists play with numbers and their experiment does not help Mainstreet Investers or the Working Man. Yet....the profits/Paychecks they take for unproductive accounting should not continue.
Not just short selling, NAKED short selling. In essence, FRAUD. It's one thing to sell to me something that you MIGHT at least acquire at some future date. It's something entirely different when what you purport to sell me never did and never will exist.
There's no need for insults Chat_noir.
Most futures contracts never go to delivery (imagine the chaos if pork bellies or orange juice did!). Futures contracts can be rolled over into the next delivery month(s). The size of the gold futures 'market' is a magnitude larger than the amount of physical gold available.
I have to admit, I thought that the Comex contract is cash settled but the specifications indicate that it is, indeed, physically settled.
http://www.cmegroup.com/trading/metals/precious/gold_contract_specificat...
It still doesn't negate the 'Why are there large 'dumps' in the gold futures market at very quiet times like 0300 EST and 40-50 tonnes equivalent?'.
DavidC