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"A Clear Attempt To Manipulate Fixes In The Precious Metal Market"

Tyler Durden's picture




 

Just in case there is still any confusion, here is Reuters to clear things up.

Swiss regulator FINMA said on Wednesday that it found a "clear attempt" to manipulate precious metals benchmarks during its investigation into precious metals and foreign exchange trading at UBS.

 

"The behaviour patterns in precious metals were somewhat similar to the behaviour patterns in foreign exchange," FINMA director Mark Branson said in a conference call with journalists.

 

He said that as UBS has precious metals and foreign exchange desks under combined leadership, it was not surprising to find similar behaviour.

 

"But we have also seen a clear attempt to manipulate fixes in the precious metal market."

Luckily, it was only at UBS. As for Andre Flotron, who is "keen to return in due time"... don't hold your breath.

Now all those traders who lost money with UBS on the other side, will get their money back right?

 

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Wed, 11/12/2014 - 10:00 | 5439867 fightthepower
fightthepower's picture

Fuck you Martin Armstrong!

Wed, 11/12/2014 - 10:06 | 5439896 OW My Balls
OW My Balls's picture

COMEDY chart of the day

 

http://2.bp.blogspot.com/-1706ZkAV0hM/VF1u2vcV-QI/AAAAAAAAZoo/kVrcPwu6lm...

 

So ~ Daneric has gold dipping to the $400's when DEFLATION sets in.

 

Save your powder bitchez ~ LOL

Wed, 11/12/2014 - 10:12 | 5439906 outamyeffinway
outamyeffinway's picture

Armstrong = Douchebag

Wed, 11/12/2014 - 10:17 | 5439919 SWRichmond
SWRichmond's picture

Potemkin Village

Wed, 11/12/2014 - 10:19 | 5439928 Killer the Buzzard
Killer the Buzzard's picture

But... but... but.. Bart Chilton said there wasn't anything bad happening.

Wed, 11/12/2014 - 10:36 | 5439989 kliguy38
kliguy38's picture

Who would trust that douchebag with that bleach blond hair............He's a lying SCREWBALL

Wed, 11/12/2014 - 11:18 | 5440147 ParkAveFlasher
ParkAveFlasher's picture

I thought Chilton died in the first Die Hard.

Wed, 11/12/2014 - 15:34 | 5441230 Pinto Currency
Pinto Currency's picture

 

 

 

The whole rig is possible because they trade 200 million ounces gross trading volume of gold daily on the LBMA.

This is suposed to be a 'physical' market.

Anything can happen with the price when you are trading virtual gold with the BofE helping fill the gap whenever physical demand comes into play.

Wed, 11/12/2014 - 10:40 | 5439998 Notsobadwlad
Notsobadwlad's picture

If one looks at the longer term chart and puts in a normalized inflation ramp (consistent with the post 80 high years), it looks to me as if the price should normalize between $650 and $850. However, an overshoot low of $400 is not out of the question.

The only thing that keeps price up is the "fix", supported by the illusion of scarcity. As with diamonds, above ground gold is not rare, only our knowledge of the past is rare.

Wed, 11/12/2014 - 10:50 | 5440036 The_Virginian
The_Virginian's picture

If this were true, I'd think you'd be awash in "above ground gold," what with you being so informed about the abundant supply. So, how's that going for you? 

Wed, 11/12/2014 - 10:09 | 5439899 Divine Wind
Divine Wind's picture

 

 

 

10:1 Armstrong comes back with the comment that the manipulations were in a different direction than what gold bugs claim.

"I have never seen a single instance where price manipulations were to the downside. They are always to the upside."

Wed, 11/12/2014 - 10:32 | 5439959 tmosley
tmosley's picture

Dat backpedalling.

Dat full retard.

Wed, 11/12/2014 - 10:15 | 5439911 Sudden Debt
Sudden Debt's picture

https://www.linkedin.com/pub/chief-tutu/a4/1b2/9a/nl

This is the linked in page of Chief Tutu.
Chief Tutu is a Chief of Abuakwa Gold Area and CEO of Investor Gold Mines

You can buy gold from him at a serious discount!

You know... the kind you see on the picture...

:)

 

 

Wed, 11/12/2014 - 10:25 | 5439941 Aeternus
Aeternus's picture

Martin Armstrong is a fat brainless toothless crack addict. Fuck him and the shill wagon he rode in on.

 

https://www.youtube.com/watch?v=i_F4ldgdPVk

Wed, 11/12/2014 - 11:25 | 5440183 auntiesocial
auntiesocial's picture

what do all those smug cocksuckers giving Peter Schiff grief have to say about this... BUT BUT BUT... 

Wed, 11/12/2014 - 10:04 | 5439868 GetZeeGold
GetZeeGold's picture

 

 

 

Hang them on a cross of gold....it's time.

 

 

Any ancestors of William Jennings Bryan are exempt....everyone else.....line up.

Wed, 11/12/2014 - 10:06 | 5439886 e_goldstein
e_goldstein's picture

See, gold isn't useless after all.

Wed, 11/12/2014 - 10:33 | 5439956 Temporalist
Temporalist's picture

There are other similar uses too:

http://youtu.be/6_hZT_jl6lY?t=3m15s

Wed, 11/12/2014 - 10:02 | 5439870 slaughterer
slaughterer's picture

Governments have to get back their bank bailout money somehow.  What better way than dripping out penalty fees over a long stretch of time.  Plus it gives the illusion the state is defending justice and the interests of the citizens over the banksters.  Perfect. 

Wed, 11/12/2014 - 10:02 | 5439875 JustObserving
JustObserving's picture

Anyone with one fuctioning brain cell can see the overt manipulation of precious metals everyday

Wed, 11/12/2014 - 10:04 | 5439883 maneco
maneco's picture

Maybe the Bank for International Settlements could find room for Mr Flotron on their preciuos metals desk in Basel?

Wed, 11/12/2014 - 10:15 | 5439909 GetZeeGold
GetZeeGold's picture

 

 

Last I heard he's got the CFR and the IMF in a bidding war.

 

If it gets to crazy....the BIS might have to step in.

Wed, 11/12/2014 - 10:05 | 5439885 SilverIsMoney
SilverIsMoney's picture

Seems like a bunch of BS to try and get people to think its safe to trade PMs again... The manipulation is on going and still happening this very minute. Dont worry though they wrist slapped some folks and now its all better! Jump back into our rigged markets, you'll be fine!

Ha!

I'll just keep stacking you bastards!

Wed, 11/12/2014 - 10:05 | 5439887 firstdivision
firstdivision's picture

That's a face only a fist could love.

Wed, 11/12/2014 - 10:05 | 5439891 RacerX
RacerX's picture

"Andre Flotron"?? Sounds like the name for an algo.. Lol

Wed, 11/12/2014 - 10:11 | 5439902 OW My Balls
OW My Balls's picture

Sounds like an electronic turd...

Wed, 11/12/2014 - 10:21 | 5439930 LULZBank
LULZBank's picture

They always have this weird names, almost as if they know one day they will have to disappear.

Wed, 11/12/2014 - 10:13 | 5439893 Keltner Channel Surf
Keltner Channel Surf's picture

I suspect related stories will appear for a multitude of markets in coming months, but the bottom line seems clear:  we lack both the number, and sophistication, of enforcers to construct a more level playing field.  Add to it the monetary incentive for exchanges to favor manipulators, and it seems we're still a few years away from making significant inroads.  At least Nanex proves 'good guys' exist with the tools to shine a light, eventually forcing the issue from regulators (?)  One can only hope ... but for now nothing more than hope . . .

Wed, 11/12/2014 - 10:12 | 5439905 Tinky
Tinky's picture

You forgot the over-arching, lacking factor: will.

Wed, 11/12/2014 - 10:14 | 5439907 Chupacabra-322
Chupacabra-322's picture

Question still remains. Where the God Damn Class Action Lawsuit against these Criminal Sociaths?

Wed, 11/12/2014 - 14:55 | 5441057 StandardDeviant
StandardDeviant's picture

Go away, blog pimp.

Wed, 11/12/2014 - 10:19 | 5439922 slaughterer
slaughterer's picture

Flotron is so cocky he does not feel the need to shave for his UBS headshot. 

Wed, 11/12/2014 - 10:19 | 5439926 youngman
youngman's picture

I think what TPTB are showing us is that is not a level market anymore....and to behave accordingly...they own it now....and we will never get it back...the fix is in..forever

Wed, 11/12/2014 - 10:20 | 5439927 Dr. Richard Head
Dr. Richard Head's picture

I just sent this basTARD a thank you note through LinkedIn for the manipulation efforts that have helped me accumulate a larger position in the metals. 

Wed, 11/12/2014 - 10:22 | 5439932 Quinvarius
Quinvarius's picture

These dummies made a few bucks, which will become worthless.  But their actions caused western gold and financial power to flow East and caused the West to lose its future.  So they can slap each other's backs and pretend like they are masters of the universe all they want.  They are idiots.  Their actions will have serious consequences for everyone else.  That gold they stole, borrowed or promised is gone forever.  Setting the price too low was not in the best interests of the nations involved.  And they will pay a dear price. 

Wed, 11/12/2014 - 10:23 | 5439935 Rubbish
Rubbish's picture

A few protests outside these clowns residences might make a diff.

 

Gold Bitchez....I pick up pennies

Wed, 11/12/2014 - 10:35 | 5439975 Notsobadwlad
Notsobadwlad's picture

Just to step back a second ...

Doesn't the term "fix" and the method of arriving at the price (which was set inside the Rothschild offices for years) imply that the price is artificial to start?

The fix is not a market price. It is a price set by an individual or group of individuals for a purpose.

... manipulating a manipulated non-market price. To quote Hillary "what does it matter?"

Wed, 11/12/2014 - 10:37 | 5439993 Rubbish
Rubbish's picture

I like Hillary and Ticks.

Wed, 11/12/2014 - 10:42 | 5440008 Farmer Joe in B...
Farmer Joe in Brooklyn's picture

Can anyone suggest good place to buy gold coins..??

From what I've read, the South African Krugerrand seems like the best way to go. Just looking for a reputable dealer with a reasonable mark-up.

Sold a condo and looking to finally dip into the gold market (along with buying puts on the XLF)....

Any help or insight appreciated....!!

Wed, 11/12/2014 - 10:59 | 5440080 Eternal Complainer
Eternal Complainer's picture

If you're in Canada you could use
Silvergoldbull.com

http://silvergoldbull.com/silver#gold;coin;;price;asc

Or

Border Gold.

Buy online and have delivered

Wed, 11/12/2014 - 11:08 | 5440108 Jameson18
Wed, 11/12/2014 - 11:47 | 5440028 Creepy A. Cracker
Creepy A. Cracker's picture

If central banks own the vast majority of gold (need info/correctoin here) and central banks don't want gold to rise do central banks not have complete power over the price no matter what? 

For example, the Fed wants gold to drop so that money goes into their friend's pockets via stocks.  The Fed then sells gold at below market rates to the ECB, who will gladly print some money in order to buy said gold.  Repeat, but in reverse.  Gold goes down, down, down as the main owners sell for less and less but their supply doesn't diminish becasue they buy back and forth from each other.

How can this not happen?

 

Update: The Google found the below numbers here http://www.numbersleuth.org/worlds-gold/

Who owns the world's gold? 52 percent gets used for jewelry, 18 percent constitute official holdings (as in central banks of nations), 16 percent take the form of investments, 12 percent find industrial uses, leaving 2 percent unaccounted for.

Wed, 11/12/2014 - 10:50 | 5440031 Boeing Boy
Boeing Boy's picture

Farmer Joe, Buy old gold coins in your country of origin, (for tax reasons).  Safest option.

 

If you are in USA buy american coins, if you want some advice I massively recommend andy gause.  You can hear him on one radio network every wednesday morning and all of his two hour interviews are available on podcast.

 

You can buy coins direct from Andy he has a business in Newark links provided on one radio network website.

Wed, 11/12/2014 - 11:14 | 5440133 Farmer Joe in B...
Farmer Joe in Brooklyn's picture

THank you...

Wed, 11/12/2014 - 19:00 | 5442036 Deathrips
Wed, 11/12/2014 - 10:53 | 5440052 holdbuysell
holdbuysell's picture

Harry Dent says gold is going to $250, based on cycles theory. While he does have some interesting perspectives based on his cycles theories, I can't imagine how that could be possible without every mine shuttering or being nationalized and subsidized by their government to produce way below cost.

Wed, 11/12/2014 - 11:13 | 5440117 GetZeeGold
GetZeeGold's picture

 

 

Sure......as we go trillions in debt every year.

 

You'd be crazy to try to save yourself with real money.

 

I'm starting to suspect Harry Dent doesn't give a damn what happens to you.

 

Wed, 11/12/2014 - 11:09 | 5440118 Creepy A. Cracker
Creepy A. Cracker's picture

So Henry Dent is thinking that gold will follow Bitcoin.

Wed, 11/12/2014 - 11:52 | 5440295 Tinky
Tinky's picture

Please contact him and tell him that I'd like to make a substantial wager that it hits $2000 first.

Wed, 11/12/2014 - 12:12 | 5440384 Armed Resistance
Armed Resistance's picture

It's hard to root against a hairy dent, but I'll take Harvey Organ's hard stance on this one. Gold will hit $2K faster than it sniffs $750.

Wed, 11/12/2014 - 13:51 | 5440856 golddigga
golddigga's picture

mines will be nationalized through higher royalties/taxes then miners goes away - write downs will also kill a lot of these miners, more of it will come. 

 

 

Wed, 11/12/2014 - 17:19 | 5441660 daedon
daedon's picture

Assuming we're talking about gold here (certificates that is), not Gold (physical that is) , I'll predict gold (with a small g) goes to Zero (with a capital Z).

Wed, 11/12/2014 - 11:14 | 5440140 James .T .Bond
James .T .Bond's picture

Union Bank of Satan trading routine.

This is it.

Wed, 11/12/2014 - 13:12 | 5440660 Bemused Observer
Bemused Observer's picture

Swiss regulator FINMA says this? A few weeks before the vote?

Maybe I'm wrong, but wouldn't that tend to favor a yes vote? Wouldn't the Swiss be more inclined to want to get the actual gold in their hands, if it is being manipulated by outside forces? At least enough of it so they have some say in pricing?

I don't know...these days up is down. But that is what I'D be thinking...

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