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Ten Banks, Including JPM, Goldman, Deutsche, Barclays, SocGen And UBS, Probed For Gold Rigging

Tyler Durden's picture




 

No matter how many times the big banks are caught red-handed manipulating precious metals, some failed former Deutsche Bank prop-trader (you know who you are) will take a vociferous stand based on ad hominem attacks and zero facts that no, what you see in front of you is not precious metal rigging at all but a one-off event that has nothing to do with a criminal banking syndicate hell bent on taking advantage of anyone who is naive and dumb enough to still believe in fair and efficient markets.

The last time this happened was in November when we learned that "UBS Settles Over Gold Rigging, Many More Banks To Follow", and sure enough many more banks did follow, because in Europe, where the stench of gold market manipulation stretches far beyond merely commercial banks, and rises through the central banks, namely the BOE and ECB, culminating with the Head of Foreign Exchange & Gold at the BIS itself, all such allegations have to be promptly settled or else the discovery that the manipulation cartel in Europe involves absolutely everybody will shock and stun the world, which heretofore was led to believe that such things as gold market (not to be confused with Libor or FX) manipulation only exist in the paranoid delusions of a few tinfoil fringe-blogging lunatics.

However, as usually happens, someone always fails to read the memo that when it comes to gold-market manipulation one must i) find nothing at all incriminating if one is a paid spokesman for the entities doing the manipulation such as former CFTC-sellout Bart Chilton or ii) if one can't cover it, then one must settle immediately or else the chain of revelations will implication everyone.

This time, that someone is the US Department of Justice, which as the WSJ just reported, is investigating at least 10 major banks for possible rigging of precious-metals markets. The DOJ is shockingly doing so "even though European regulators dropped a similar probe after finding no evidence of wrongdoing, according to people close to the inquiries." Of course, the reason why said probe was dropped in Europe is because it would have implicated virtually the entire trading desk at the biggest and most important European bank: Deustche Bank, as well as the biggest bank in Switzerland, UBS and UK's own Barclays, reveal a manipulation cartel rivaling even that of Libor. And once traders at the commercial banks turned sides and squealed for the prosection, well then it would be the central banks' turn next. Which is why it was imperative to bring this investigation to a quiet end.

But not in the US.

According to the WSJ, "prosecutors in the Justice Department’s antitrust division are scrutinizing the price-setting process for gold, silver, platinum and palladium in London, while the Commodity Futures Trading Commission has opened a civil investigation, these people said. The agencies have made initial requests for information, including a subpoena from the CFTC to HSBC Holdings PLC related to precious-metals trading, the bank said in its annual report Monday.

HSBC also said the Justice Department sought documents related to the antitrust investigation in November. The two probes “are at an early stage,” the bank added, saying it is cooperating with U.S. regulators.

Who is involved in this latest gold-rigging scandal? Why everyone! ... which makes it immediately obvious why the European regulator had to promptly cover up the whole affair. Under scrutiny are Bank of Nova Scotia , Barclays PLC, Credit Suisse Group AG , Deutsche Bank AG , Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Société Générale SA, Standard Bank Group Ltd. and UBS AG , according to one of the people close to the investigation.

Robert Hockett, a law professor at Cornell University, said it is “not particularly surprising” that the Justice Department is plowing ahead despite the decision by European regulators. Recent scrutiny of big banks’ operations in the physical commodities markets and criticism of the Justice Department’s financial-crisis track record make it “quite understandable” that the agency would investigate allegations of precious metals price-rigging.

 

Last year, the FCA fined Barclays £26 million ($40.2 million) for lax controls after one of its traders allegedly manipulated the gold fix at the expense of a client.

 

Swiss regulator Finma settled last year allegations of foreign-currency manipulation with UBS. The regulator said it found “serious misconduct” among precious-metals traders at UBS, including “front running,” or trading ahead of, the silver-fix orders of one client. A spokeswoman for UBS, which said at the time that it “instituted significant cultural and compliance changes,” declined further comment.

You mean to say that the banks that were for decades rigging Libor... and FX... and bonds... and stocks... oh, and gold, were let go with a slap on the wrist and a promise to "change their ways" and not to do it again?  Yup, that's exactly right.

So what happens next? Well, we finally will find just how much of a banker-controlled muppet the so-called US attorney general truly is. Recall that a week ago he gave his subordinates 90 days to being cases against individuals for their role in the financial crisis.

Well here is the perfect opportunity.  Should Holder let this latest mass criminal ring go without any incarecration, one can officially stick a fork in the US justice system, which is meant for everyone, but the rule-flouting bankers who can clearly get away with absolutely anything.

As for the rigging in the gold market, rigging which begins with the lowliest prop-traders at Deutsche Bank and involves every single central bank and High Frequency trading outfit and is now a proven fact, we have explained over the years and thousands of times just how to end it all, so instead of wasting readers' time on this topic yet again, here are just two very simple solutions how to fix this one particular market:

So simple, even the most corrupt US Attorney General caveman can do it.

 

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Mon, 02/23/2015 - 23:21 | 5821006 Self-enslavement
Self-enslavement's picture

Yeah right the criminals are all going to stop counterfeiting and simply put themselves in jail...

Mon, 02/23/2015 - 23:23 | 5821019 Cognitive Dissonance
Cognitive Dissonance's picture

"Which wrist would you like slapped this time?" - DOJ

Mon, 02/23/2015 - 23:25 | 5821029 kliguy38
kliguy38's picture

This time we're really serious.....no really...really serious...we mean it..maybe even bare bottom spanking 

Mon, 02/23/2015 - 23:29 | 5821041 Cognitive Dissonance
Cognitive Dissonance's picture

"Don't stop. Really, I mean it. Spank harder." - Lloyd 'The Prevert" Blankfein

Mon, 02/23/2015 - 23:31 | 5821051 waterwitch
waterwitch's picture

Good fucking luck DOJ.

Mon, 02/23/2015 - 23:42 | 5821084 Pinto Currency
Pinto Currency's picture

 

 

Investigate the LBMA for trading of contracts of virtual gold and silver to set fraudulent metals prices:

http://www.safehaven.com/article/36534/lbma-data-points-to-gold-and-silver-default

and

http://www.safehaven.com/article/36659/greshams-law-predicts-the-lbmas-end

Mon, 02/23/2015 - 23:45 | 5821107 Self-enslavement
Self-enslavement's picture

I think we can rest assured that our Injustice Department will look after the people's best interests. I'm very confident.

Mon, 02/23/2015 - 23:50 | 5821116 Soul Glow
Soul Glow's picture

OH SHIT CALL BART CHILTON!!!

Mon, 02/23/2015 - 23:58 | 5821147 imaginalis
imaginalis's picture

It must be April 1st

Tue, 02/24/2015 - 00:06 | 5821170 DeadFred
DeadFred's picture

Right. When pigs fly will there be a real investigation.

Tue, 02/24/2015 - 00:19 | 5821198 wee-weed up
wee-weed up's picture

WTF? Only ten?

Somebody has blinders on...

There are many thousands!

Tue, 02/24/2015 - 00:20 | 5821204 Divine Wind
Divine Wind's picture

 

 

 

But.... But... But Martin Armstrong has repeatedly said that....

 

*sigh*

Tue, 02/24/2015 - 00:32 | 5821233 Anusocracy
Anusocracy's picture

When a government gets corrupted the corrupt get to govern.

Tue, 02/24/2015 - 00:43 | 5821255 jaap
jaap's picture

Somebody forgot HSBC?

Tue, 02/24/2015 - 01:37 | 5821353 Four chan
Four chan's picture

banks probe themselves lol!

why not have some impartial party do it like goldman sachs. 

what a fucking joke.

Tue, 02/24/2015 - 01:46 | 5821362 Dolar in a vortex
Dolar in a vortex's picture

Put Eric Holder on the job and tell him only white people are getting rich.

He'll have 60 DOJ investigators on site in the morning.

Tue, 02/24/2015 - 02:16 | 5821408 BaBaBouy
BaBaBouy's picture

JUST CHECK The Futures COTS... Lots Of Interesting Stuff In There...

Tue, 02/24/2015 - 09:14 | 5821905 SumTing Wong
SumTing Wong's picture

<-- It really will be different this time as Govco turns on bankers

<--Same shit, different day.

Tue, 02/24/2015 - 09:24 | 5821939 forexskin
forexskin's picture

bankers manipulating the gold market???

slap on the wrist time, and now nobody will look further at the CFTC or LBMA.

settlement in cash or delivery default - semantics, but usefully so.

Tue, 02/24/2015 - 03:19 | 5821488 Squid-puppets a...
Squid-puppets a-go-go's picture

just to be a devils cocksucking advocate, the 30 days to file suit for GFC cases isnt necessarily an Eric Holder arbitrary decision. If i understand it correctly, hes just issuing a timely warning that the stock standard 7 year statute of limitations is soon to expire. Do I think the GFC has been prosecuted properly? Absolutely not. Is 7 years a fair timeframe for this magnitude of crime? absolutely not. But its not like holder is going to step out of line with standard Jurisprudence on this matter.

Im surprised he even issued the warning....

perhaps a more legally trained person can contribute here what statute of limitation might apply to GFC style financial felonies?

Tue, 02/24/2015 - 03:29 | 5821500 El Vaquero
El Vaquero's picture

I suspect that a really clever attorney could comb through the USC and the CFR, cobble together some violation that involves a lot of the two cross referencing each other to come up with something that has a longer SoL.  Our laws are that fucked up in a "show me the man and I'll find you the crime" sort of way.  But, you know and I know, it ain't going to happen.  At best, this is just throwing John Q Public a bone.  At worst, it's a protection racket shakedown. 

Tue, 02/24/2015 - 06:43 | 5821664 Winston Churchill
Winston Churchill's picture

As TBTF have maybe destroyed the SoL with US bank vs Bartram, surely that works both ways ?

Tue, 02/24/2015 - 06:43 | 5821666 Winston Churchill
Winston Churchill's picture

As TBTF have maybe destroyed the SoL with US bank vs Bartram, surely that works both ways ?

Tue, 02/24/2015 - 10:20 | 5822168 luckylongshot
luckylongshot's picture

In fact there is just one...see Vitali Glattfelder and Battiston (2011)...Barclays, JPM; Deutschbank etc are all parts of the same entity.

Tue, 02/24/2015 - 03:21 | 5821493 El Vaquero
El Vaquero's picture

"Right. When pigs fly will there be a real investigation."

 

I would say lets go build a trebuchet and make it happen, but we'd probably get charged with manufacturing a biological weapon (swine flu delivery system,) and then, after that, they'd deny that it was actually a pig that flew, but rather it was a javelina, and thus no pigs actually flew, resulting in nothing more than a token investigation with the normal kickbacks to the government in the form of fines that are already budgeted in as part of the cost of doing business. 

Tue, 02/24/2015 - 07:44 | 5821726 nmewn
nmewn's picture

"...resulting in nothing more than a token investigation with the normal kickbacks to the government in the form of fines that are already budgeted in as part of the cost of doing business."

lol...nailed it.

Ok here's the deal, we're going to rack up insurmountable debt, call it sovereign bonds & print currency against credit & debt, then you can play with the piles of currency however you wish remembering to throw some back our way around election time and don't worry, if you happen to break a few of the millions of regulations that we are hopelessly inept in tracking (that we've put into place to placate the sheeple) and someone notices, you'll still have more than enough to pay the piddling fines we'll have to impose on you.

And the game continues.

Tue, 02/24/2015 - 00:12 | 5821172 NoDebt
NoDebt's picture

If they're investigating now it means they've known for 10 years, minimum.

US regulators just collecting the vig.  Nothing more.  Cost of doing business.  Keeping up appearances.  Whatever.  Every now and then they sanction you, pennies on the dollar are handed over in tribute and the game moves on.

I you haven't figured out this whole damned thing is rigged by the large banks (including central banks) you aren't too sharp.  2008 was a rare glimpse of reality.  They will NEVER let that happen again.

Tue, 02/24/2015 - 00:46 | 5821258 Ms. Erable
Ms. Erable's picture

I, for one, am shocked, shocked I say, that it's only a civil investigation, and that no criminal charges will be considered.

/sarc for those of you whose lips move while you read.

Tue, 02/24/2015 - 01:43 | 5821359 Doubleguns
Doubleguns's picture

They can not make campaign contributions if they are in jail. Campaign contributions fix everything.

Tue, 02/24/2015 - 05:35 | 5821617 Dame Ednas Possum
Dame Ednas Possum's picture

Put the boys from GATA in the witness stand.

Even then it won't make any difference to the 'clean bill of health' outcome.

A flock of black swans is need to bring this scale of corruption down because gold manipulation is just a metaphor for the global currency war and the smoke screen covering the terminally flawed economic model of deficit spending.

Tue, 02/24/2015 - 07:04 | 5821681 onewayticket2
onewayticket2's picture

I'm Long nail guns

Tue, 02/24/2015 - 12:25 | 5822623 fockewulf190
fockewulf190's picture

The boys from GATA will never be allowed to testify, because this will never reach a courtroom. 

Tue, 02/24/2015 - 02:10 | 5821392 J Pancreas
J Pancreas's picture

Absolutely correct. These banks are essentially state-owned by our .gov overlords and follow orders while a blind eye is turned so they can make illicit money elsewhere. I feel the price has been manipulated due to arrangements made with the Chinese in turn for treasury purchases and a cheaper price for the acquisition of physicial metal over the years. To what ends one can only speculate.

Tue, 02/24/2015 - 04:25 | 5821558 giovanni_f
giovanni_f's picture

Le'ts call a spade a spade. A handful of Rockefellers and Rothschilds own both, banks and governments. The rest is noise used to distract us.

(Please note that owning a large part of the world does not mean that these bastards can determine the outcome of everything. Nor is it necessary to micro-manage anything.)

Tue, 02/24/2015 - 07:23 | 5821710 new game
new game's picture

agree, choice- ZZ) all of the above. so be it. we know the rules. since the staff is bloated, they must need some entertainment to distract themselves and keep the afront looking good. not even fooled in the least bit.

watched the msm news last night (gasp), and i honestly can say the news is one fluffed lie from start to finish. since almost everyone has no critical thinking, (what tv does in the first place-zom-by-i-fies the brain), i see the effect. the outcome is as easy to understand as it gets. we are truely a lost species heading to a predetermined outcome. that outcome is a follow the money to death and destruction of the masses. they don't give a fuck about you - g.c. rip...

Tue, 02/24/2015 - 07:10 | 5821187 philipat
philipat's picture

Im not holding my breath. However, it is positive that a convenient non-US scapegoat has presented itself in the form of HSBC and LBMA because, as we all know, COMEX and the Major US Banks are completely without shame, sorry I meant blame and are all simply doing God's work......

Tue, 02/24/2015 - 02:14 | 5821400 no say
no say's picture

long pea shooters

Mon, 02/23/2015 - 23:51 | 5821121 r00t61
r00t61's picture

But Doug Casey says that there is no manipulation of PMs, and that anyone that disagrees with him is from the moon.

"I don’t believe in the conspiracy theories regarding gold price suppression. There’s zero credible evidence for it, and I’m embarrassed having to discuss the subject with outsiders who have heard it; for them it’s more evidence that gold investors all wear tinfoil hats."

http://www.lewrockwell.com/2015/02/doug-casey/doug-casey-on-isis-gold-an...

Tue, 02/24/2015 - 00:21 | 5821206 disabledvet
disabledvet's picture

AND I DON'T BELIEVE IN THE HOLOCAUST

 

AND I' M SORRY ABOUT THAT!

Tue, 02/24/2015 - 00:31 | 5821207 philipat
philipat's picture

But not embrassed enough to prevent one of his employees, Ed Steer who is also affiliated with GATA, from writing a column which almost daily references PM manipulation. Perhaps a reflection of an Organisation that has no moral code and will take business from anyone. Playing "Good cop, bad cop" allows Casey to remain accepted by the establishment whilst his minions bring in the "Tinfoil hat" brigade? Not an Organisation I would choose to do business with..

Tue, 02/24/2015 - 13:26 | 5822828 Bullionaire
Bullionaire's picture

But...but...aren't you gonna follow the pied piper to his Galt paradise in Argentina?

Mon, 02/23/2015 - 23:52 | 5821126 Took Red Pill
Took Red Pill's picture

Wake me up when someone goes to jail

Tue, 02/24/2015 - 02:07 | 5821385 Disc Jockey
Disc Jockey's picture

I'm sure you'll be awake when they finally get around to dragging us ZHers off to the looney bin for our dangerous beliefs.

Tue, 02/24/2015 - 04:14 | 5821549 OldPhart
OldPhart's picture

*Ding Dong*

Hi!  I'm FBIGuy, is Disc Jockey home?

He isn't?

Could you give him a call and ask him to meet me here, that would be great.

Can I come in to wait?

No?

Ok.  I'll sit here on the porch and we'll talk about him, your sons, and your new grandson.

(Pretty much how it went down.)

Tue, 02/24/2015 - 02:20 | 5821415 ThirteenthFloor
ThirteenthFloor's picture

All this manipulation was caused by a single crazed lunatic. But he was shot with a nail gun by another crazed lunatic. But we have him in jail. Crime solved. Everybody and the bankers can continue going on doing what they do. Justice served.

Tue, 02/24/2015 - 06:51 | 5821613 e_goldstein
e_goldstein's picture

moarest funny comment eva

Tue, 02/24/2015 - 06:41 | 5821663 zuuuueri
zuuuueri's picture

Ah, but haven't you figured out that we're shifting into the next phase of contraction: cannibalism. Some 'regulators' have figured it out more clearly than others, that these banks are now ripe to be milked for fines and settlements over 'violations'.. not like anybody involved gives half a shit about the 'violations' , just that when everything stinks it's easy to whip up a few billion in spending money by leaning on whoever is conveniently nearby and has any money in his pockets.If you like, it's a measure of where along the collapse curve we are- a bit more of the big players eating each other.

Mon, 02/23/2015 - 23:33 | 5821053 Harlequin001
Harlequin001's picture

They need to nail these fuckers. Clearly it doesn't go down far enough and long enough when the Fed hits it...

See, the SEC does have a role, and its clearly to take out the competition to the banks when they manipulate it...

Mon, 02/23/2015 - 23:51 | 5821123 MrTouchdown
MrTouchdown's picture

Oh if you think that's fun, you should see what they're doing in the realm of credit card processing! They've got collusion, disparate pricing, bait and switch, and all kinds of money laundering. It's a real smorgesboard of criminality - all thanks to the Gov't enacting all the laws the banks write for the Gov't to enact.

Mon, 02/23/2015 - 23:38 | 5821043 Supernova Born
Supernova Born's picture

Meanwhile in Russia and China...

Mon, 02/23/2015 - 23:39 | 5821082 Calmyourself
Calmyourself's picture

Wow, the Justice dept. is investigating...  Yeah that investigation is so in their interest...

Mon, 02/23/2015 - 23:44 | 5821105 Cognitive Dissonance
Cognitive Dissonance's picture

When the corrupt can no longer ignore the corruption in the face of public outrage, conduct a public farce of an investigation, then stamp it done and over with.

Good for another four or five years of can kicking.

Mon, 02/23/2015 - 23:46 | 5821110 Self-enslavement
Self-enslavement's picture

Good for another four or five hundred years of can kicking.

Fixed.

Tue, 02/24/2015 - 01:47 | 5821366 NuckingFuts
NuckingFuts's picture

That "Fixed" thing is kind of played out. Isn't it? Kind of like saying "Not!" after a sarcastic remark. Or "Jolly good, Old Chap"

Tue, 02/24/2015 - 10:29 | 5822212 shovelhead
shovelhead's picture

Jolly good, Old Chap is tapped out?

Damn, I haven't even used that one yet...

I gotta get out more.

Tue, 02/24/2015 - 00:02 | 5821163 Teamtc321
Teamtc321's picture

Beware the Blow Out.....

http://trending.report/walmart-people/5/

Hope! HOPE and CHANGE!!!!

Tue, 02/24/2015 - 04:01 | 5821533 napper
napper's picture

but not the type of spanking practiced in Saudi Arabia, right?

Mon, 02/23/2015 - 23:44 | 5821108 sam i am
sam i am's picture

These banks are going to get out of this smelling like roses. After the "investigation," nobody would ever say that the PM market was rigged. Done and done...

Tue, 02/24/2015 - 00:29 | 5821221 suteibu
suteibu's picture

Time for the corrupt to get paid and what better propaganda that selling the hoi polloi on the idea that the government is acting on their behalf. 

Slick.

Tue, 02/24/2015 - 07:00 | 5821677 CHX
CHX's picture

DOJ to TBTFs: "How much did ya make"?

TBTFs: "Quite a bit..."

DOJ: "Ok, let's say we'll fine you 200 M in total..."

TBTFs: "No way, that's too much..."

DOJ: "Ok, how about 100 M... "?

TBTFs: "...only if we can deduct these losses from our taxes"

DOJ: "OK we have a deal, let's do it". 

Mon, 02/23/2015 - 23:29 | 5821025 tom a taxpayer
tom a taxpayer's picture

I look forward to the mass trials in the style of the Maxi Processo (Maxi Trials) of the Mafia in Sicily during the 1980s that resulted in hundreds of defendants convicted.

http://www.youtube.com/watch?v=_nPEgV1oqX0

Come on! Is there not one prosecutor in America with the testicular fortitude or vaginal vigor to "take on the mob"??? 

Yes, it is a David against Goliath..yes, the Wall Street mob will attempt to destroy you...yes, it is Mission Impossible. But when has that ever stopped a REAL HERO. If one prosecutor will lead, the public will support the prosecutor. 

The prosecutor who leads the charge will become a national hero.

Mon, 02/23/2015 - 23:38 | 5821074 Hulk
Hulk's picture

Tom,tom,tom...

Tue, 02/24/2015 - 00:50 | 5821266 Kaiser Sousa
Kaiser Sousa's picture

DEATH TO THE MONEYCHANGERS...

FREE YOURSELFS WITH REAL MONEY....

Tue, 02/24/2015 - 01:33 | 5821347 bluskyes
bluskyes's picture

"vaginal vigor"

I knew there was a name for my ex wife's condition!

Tue, 02/24/2015 - 03:33 | 5821504 El Vaquero
El Vaquero's picture

Hate to break it to you, but our laws are too fucked up and our government officials are either too brainwashed or too corrupt to do what they should have done long ago..  They won't be taken down via the rule of law, which you should find really disturbing.

Mon, 02/23/2015 - 23:30 | 5821045 Paveway IV
Paveway IV's picture

"The Justice Department is investigating..."

I stopped right there. 

Kind of like when you see the impossibly tiny clown car drive out into the center ring in the circus. You KNOW there's about ten clowns packed inside and the last one is going to be 10' high on stilts. It's a real crowd-pleaser but it's just so... predictable.

Mon, 02/23/2015 - 23:39 | 5821083 one_hundred
one_hundred's picture

my co-worker's ex-wife makes $80 hourly on the computer . She has been out of work for 10 months but last month her paycheck was $12310 just working on the computer for a few hours. look at this now... www.globe-report.com

Tue, 02/24/2015 - 02:06 | 5821371 Solon the Destroyer
Solon the Destroyer's picture

Well I'm sorry, but not everyone can sit at home and get fucked by a monster dick in front of a webcam for money.

Holder, probably.

But not everyone.

Hey, when you said "my co-worker", did you mean that like "my friend?"

Oh, you poor fellow.

Tue, 02/24/2015 - 04:20 | 5821556 OldPhart
OldPhart's picture

Did it make any difference in the alimony or child support?

Tue, 02/24/2015 - 09:55 | 5822067 nathan1234
nathan1234's picture

You are in the wrong business.

I am a TBTF bank and Yellen has just credited my account this month with another Trillion.

What did i do? Just had to make a call to her -after all she works for me

 

Tue, 02/24/2015 - 06:00 | 5821634 williambanzai7
williambanzai7's picture


.

Ponzi can surely attest

The gold in the vault is the best

But then he checked leases

For 10 times the pieces

And said: "Now I'm really impressed!!!"

The Limerick King

Tue, 02/24/2015 - 06:36 | 5821658 3Wishes
3Wishes's picture

Nailgun run

Tue, 02/24/2015 - 06:41 | 5821660 3Wishes
3Wishes's picture

.

Mon, 02/23/2015 - 23:20 | 5821008 booboo
booboo's picture

No, they are being probed for political donations.

Mon, 02/23/2015 - 23:23 | 5821015 EmmittFitzhume
EmmittFitzhume's picture

Essactly! I have a feeling they find nothing.

Mon, 02/23/2015 - 23:41 | 5821091 Ignatius
Ignatius's picture

...except for some cash under the pillow.

When/if such an action were to occur it will be because the big dogs want it.

Tue, 02/24/2015 - 00:00 | 5821151 Urban Redneck
Urban Redneck's picture

If they are just upending the couch cushions and looking for spare change to finance the next batch of Obozo phones from China, then the DOJ judged their counterparts across the pond to be impotent wankers who wouldn't dare retaliate... If they were to retaliate in kind, it could be the end of the world as we know it.  If they retaliate asymmetrically, it could be interesting...

I don't have much faith in the human lawn jockey's skill at game theory, if he and his and entire staff cannot find a single criminal in the C Suite of a major US bank (or a whore in whorehouse), then this seemingly desperate escalation seems ill advised (on their part).

On the other hand... Global Thermonuclear War Bankster Edition... is likely to dethrone or decapitate at least a banker's dozen of really evil bastards... Burn it Down. 

Tue, 02/24/2015 - 10:37 | 5822238 shovelhead
shovelhead's picture

Human lawn jockey?

Dass Ray-cisss...

But funny as hell. Coffee everywhere.

Mon, 02/23/2015 - 23:21 | 5821009 remain calm
remain calm's picture

Hang all the bastards.

Mon, 02/23/2015 - 23:22 | 5821012 MarketAnarchist
MarketAnarchist's picture

"In related news, the price of physical gold attains its real price of $46,582"

Tue, 02/24/2015 - 00:29 | 5821222 disabledvet
disabledvet's picture

That's what I sold my Mexican stash for with Putin.  "Dolares please" after he tried to pull a fast one wit dem rublie things.

 

Me and El Mayor of Caracas were laughing about it but then he got arrested and I had to flee the country in my "motor boat."

 

Ten cents a gallon in that Surplus Navy attack boat is one deal I sure will miss...

Mon, 02/23/2015 - 23:23 | 5821016 Whootie_who
Whootie_who's picture

How many banksters charged after 2008?

Mon, 02/23/2015 - 23:23 | 5821022 TeamDepends
TeamDepends's picture

"Bag" Holder has been "watching" the terrststs since OKC, you think he's going to pipe up now? Sheeeeit....

Mon, 02/23/2015 - 23:23 | 5821024 Hulk
Hulk's picture

all for show...

Mon, 02/23/2015 - 23:25 | 5821028 Son of Loki
Son of Loki's picture

Wake me up when one, even just one banker goes to jail fore his fraud and illegal manipulation. Eric "Fast & Furious" Holder has a spotless of zero prosecutions during his term. You might say his record is "exceptional!"

Mon, 02/23/2015 - 23:25 | 5821030 Mentaliusanything
Mentaliusanything's picture

Under scrutiny are Bank of Nova Scotia , Barclays PLC, Credit Suisse Group AG , Deutsche Bank AG , Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Société Générale SA, Standard Bank Group Ltd. and UBS AG

Please explain why the same names continue to be named and yet they keep their license to operate.

Shut them down then you stop the others being corrupted. Damn it's not that hard

Mon, 02/23/2015 - 23:39 | 5821079 rejected
rejected's picture

TBTF

:)

Mon, 02/23/2015 - 23:49 | 5821113 Self-enslavement
Self-enslavement's picture

Law enforcement is for the slaves, there are no laws for their captors.

Tue, 02/24/2015 - 00:02 | 5821164 imaginalis
imaginalis's picture

Too rigged to fail

Tue, 02/24/2015 - 06:49 | 5821671 CHX
CHX's picture

Too broke to fail 

Tue, 02/24/2015 - 00:57 | 5821281 you enjoy myself
you enjoy myself's picture

i've said something similar before, but the TBTF banks should openly engage, as an institution, in coke dealing, sex slave smuggling, and murder for hire.  if they can't ever be prosecuted for financial crimes because of the daisy chained implosion it would create, then they literally won't be prosecuted for anything.

Mon, 02/23/2015 - 23:58 | 5821035 erg
erg's picture

And around and around it goes without end. It's farcical. A ceasless procession of...processions.

Mon, 02/23/2015 - 23:27 | 5821037 Renfield
Renfield's picture

Something's up. Thanks for the report, Tyler.

Mon, 02/23/2015 - 23:50 | 5821118 Flybyknight
Flybyknight's picture

Probably figured out a way to blame Russia and China for manipulating the price so they could build their reserves at low cost.

Tue, 02/24/2015 - 00:34 | 5821236 KingGenius
KingGenius's picture

Yeah,

Nothing is going to happen in the PM market until a collapse happens. Once it does, they will use an excuse like PM manipulation is the cause of the collapse of our shit economy. Inside banker trading and gold manipulation did it, oil did it, not debt based currency, not unemployment, not decefits, not war, not spending what we receive from actual tax revenue, not the propping up of stocks from low interest rates, not derivative speculation. The system is fucked, they know it. When??? Go ahead and get on with it. The IMF and SDR, back it w/ PM's. Then let the manipulation start all over. I do like how they can put actual PM's inside paper currency. Hell, silver is an antibacterial. Do you know how much actual fecal matter, cocaine, and snot remnants are on your dollars? 

It's Russia and China's fault. 

Mon, 02/23/2015 - 23:29 | 5821040 dizzyfingers
dizzyfingers's picture

More taxpayer dollars out the window...

Mon, 02/23/2015 - 23:29 | 5821042 European American
European American's picture

Off with their Fucking Heads...let ISIS do the severing.

Mon, 02/23/2015 - 23:29 | 5821044 benjamin_1114
benjamin_1114's picture

Get ready for another 50 cent wrist slap, yawn

Mon, 02/23/2015 - 23:30 | 5821047 rejected
rejected's picture

but,,,but,,,but Pippa Malmgren says it's all conspiracy theory!!!

 

Mon, 02/23/2015 - 23:34 | 5821054 Millivanilli
Millivanilli's picture

The banks are Jeffrey  Dahmer and the Justice system is run by Ted Bundy.

In other words, move along,nothing to see here folks.

Mon, 02/23/2015 - 23:33 | 5821056 honestann
honestann's picture

This whole blah, blah is a scam or setup of some kind.  Not sure which kind, but nothing is legit any more.  And the CFTC already spent years investigating and came to the official conclusion that "everything is above board" (because nothing is wrong, by definition, when carried out by order of a government).

Unless, of course, they're finally ready to purposely destroy the dollar, and all the predators-that-be have huge leveraged long positions.  Which is also a scam and setup.

Mon, 02/23/2015 - 23:56 | 5821141 TheFourthStooge-ing
TheFourthStooge-ing's picture

The Magic 8-Ball indicates the following likely outcome.

Goldman and JPM will settle for a big fine (in lieu of future taxes, of course) and no admission of wrongdoing.

The others, well, that all depends on the degree of subservience, eagerness, and creativity they display in fucking over Russia on behalf of Vichy DC.

Tue, 02/24/2015 - 00:09 | 5821174 GMadScientist
GMadScientist's picture

A 'big fine' in the sense that Ma and Pa Kettle will wolf whistle on reading it, but anyone with a clue will recognize as a fraction of a percentage of their net.

Tue, 02/24/2015 - 02:51 | 5821190 honestann
honestann's picture

To both of you above.  Yes, that has been exactly the pattern to date.  However, this time seems pointless and unnecessary, since everyone awake understands the fraud now.  For that reason, this smells a bit different.

Tue, 02/24/2015 - 04:06 | 5821542 napper
napper's picture

indeed, this smells a bit worse ... when the banks are cleared of wrongdoings or when the judge throws the case out of court.

Mon, 02/23/2015 - 23:34 | 5821057 Rearden-Steel
Rearden-Steel's picture

On behalf of everyone here, DURRRRRRRRRRRRR!

Mon, 02/23/2015 - 23:42 | 5821093 BadDog
BadDog's picture

This is what is happening in a parallel universe, not here.  Show me the hanging tree and I will believe.

Mon, 02/23/2015 - 23:43 | 5821099 prefan4200
prefan4200's picture

OMG !  Stop it !  My stomach hurts I'm laughing so hard ! Please !  You're killing me !  Eric Holder and the US DOJ is going to actually investigate a real scandal - the PM manipulators?  Really?  And you're taking this seriously?  Please !  I'm begging you, stop it !  This article isn't even worth posting.  Holder.  What a tool.

Mon, 02/23/2015 - 23:51 | 5821122 Self-enslavement
Self-enslavement's picture

Brought to you by the same people that refer to Facebook as Social Media.

Mon, 02/23/2015 - 23:44 | 5821100 i_call_you_my_base
i_call_you_my_base's picture

The larger manipulation will move prices 25%, and these guys will get busted for colluding on .1% price moves on facebook chat on some random tuesday afternoon. Same with libor. The real movers would not do it this way.

Mon, 02/23/2015 - 23:50 | 5821119 Spankee
Spankee's picture

YAWN ...

Mon, 02/23/2015 - 23:51 | 5821120 Smuckers
Smuckers's picture

In my younger stacking days, I would be fist pumping this news  - but now I just see it for the hopeless pile of steaming horseshit that it is, and return to stacking.

 

 

Tue, 02/24/2015 - 00:46 | 5821261 Pareto
Pareto's picture

+100 for.......but now I just see it for the hopeless pile of steaming horseshit that it is, and return to stacking.

Mon, 02/23/2015 - 23:55 | 5821134 enloe creek
enloe creek's picture

The shakedown operation to loosen up Hillary donations 

Mon, 02/23/2015 - 23:56 | 5821142 Dragon HAwk
Dragon HAwk's picture

Somewhere there is a very simple answer to all this banking problem...

 the words principle only come to Mind. but i am still looking

Mon, 02/23/2015 - 23:57 | 5821143 Rock On Roger
Rock On Roger's picture

According to what i read

Three more dead banksters here:

 

http://www.lohud.com/story/news/transit/2015/02/23/metro-north-crash-rep...

 

But my google doesn't confirm, were they banksters?

Mon, 02/23/2015 - 23:59 | 5821148 Smuckers
Smuckers's picture

Barbaric relic riggers.

 

Now say that 10x quickly.

 

Tue, 02/24/2015 - 00:17 | 5821197 I Write Code
I Write Code's picture

I'm not the barbaric relic rigger
Or the barbaric relic rigger's son
But I can rig barbaric relics
Until the barbaric relic rigger comes.

Tue, 02/24/2015 - 09:48 | 5821155 TrustbutVerify
TrustbutVerify's picture

Broad based market rigging = The Fed ZIRP and out-of-thin-air money printing is doing what it can to prevent absolute collapse because of astounding debt levels worldwide - though ZIRP and money printing ultimately contributes greatly to the already mammoth problem.  Meanwhile, as ZIRP and money printing continue (Waiting for the next QE).  Instead of deleveraging government debt continues to skyrocket.  

I feel various price rigging, if there is any by various banks, to be miniscule in comparison.  Criminal investigations and charges these days are often political (S&P fine for downgrading the US) and an easy method of shakedown for billion dollar fines (Revenue, baby!) in an era of drunken sailor government spending and astronomical debt levels. 

 

Tue, 02/24/2015 - 00:02 | 5821158 JohnnyBlaze
JohnnyBlaze's picture

Please help me understand something I do not get.

 

If there is all this rempant rigging that is outta control going on, how the fuck is there any supply?  I don't understand how I am still able to purhases silver and gold if this is happening.

 

Word

Tue, 02/24/2015 - 00:43 | 5821254 KingGenius
KingGenius's picture

The rigging is done in paper ETF's and high frequency trading algorithms. Bascially, they trade more then they have on hand at the Comex. There are paper receipts that are not backed by physical Jr.

But they aren't fooling people much anymore. Silver sales are through the roof. Consider this an opportunity. That is what govs. are doing, buying while it's cheap.

They are also maintaining faith in stocks, 401k's and banks by not allowing the price to reflect its actual value. They do not want a run on the banks. They like it tracable and digital so they can tax everything and keep you in debt and slaving away to pay interest. I could go on and on but do some research. 

Tue, 02/24/2015 - 00:53 | 5821272 Conax
Conax's picture

I have wondered this myself.  I think that American bullion retailers get supplied no matter what.  There were long delays after the '08 massacre, and the bull break out of '11 was the result.

The scheme will blow sky high if premiums go up too much too fast.  Supplying retail is second only to industrial clients (silver).

I have noticed that many of them send me sales ads whenever there is a seal clubbing. Why are they so anxious to sell low?

Prices rising, I don't hear a peep.  These guys are good, they are.  They know how to con everyone.

Tue, 02/24/2015 - 01:04 | 5821290 TeethVillage88s
TeethVillage88s's picture

Well how does Jewelry keep a 50% or more Mark Up in the American Market??

- Americans are idiots
- Jewelry Prices are fixed
- There is a Cabal or Network setting Prices for Jewelry
- It has always been this way
- Americans always pay too much for everything

Tue, 02/24/2015 - 00:04 | 5821167 battlestargalactica
battlestargalactica's picture

Better send in 007...

http://youtu.be/PSbj2Mx2By8

Tue, 02/24/2015 - 00:14 | 5821191 dumbStruck
dumbStruck's picture

A message will need to be sent. Shitgum accidents are coming. Some low level banker or DOJ employee's corpse with a note nailed to it will be found.

Tue, 02/24/2015 - 00:15 | 5821192 semperfi
semperfi's picture

will turn out just like BaFin's investigation - not guilty

Tue, 02/24/2015 - 00:19 | 5821203 Atomizer
Atomizer's picture

They’ve merely been rebidding on the same pet rock to advance leverage.

Tue, 02/24/2015 - 00:21 | 5821209 Bemused Observer
Bemused Observer's picture

So, who is behind the gold rigging, and who is behind the investigation of the gold rigging?
Do the riggers know about this investigation? Why would they allow it? If they are allowing it, what's their game?
I've no doubt gold, and silver, are being held underwater. I've also no doubt that TPTB and all their friends are in complete disarray, and that all parties concerned are trying to amass enough 'evidence' on everybody else so that when the shit DOES hit the fan, they can point somewhere else.
We hear about this because it involves government agencies...what we AREN'T seeing are all the private investigations being conducted by the banks, in order to 'get the goods' on all those government folks...
It's just more warning shots being fired across each other's bows..."Whatever we find, we'll hold. Unless we need to release it, and if things get THAT bad we'll be sure to take you down with us..."

It's a financial arms-race, with each side trying to insure MAD should things go horribly wrong.

Tue, 02/24/2015 - 00:30 | 5821224 Atomizer
Atomizer's picture

Just follow the trail..

http://harveyorganblog.com/

Tue, 02/24/2015 - 00:31 | 5821228 Shizzmoney
Shizzmoney's picture

I have the O/U at how many people will be arrested for this at 0.5 at -100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Tue, 02/24/2015 - 00:32 | 5821234 cyclist
cyclist's picture

It is almost comical, that so called insiders and well informed personalities like M. Armstrong, D. Casey, Pippa M.  can deny what is so blantantly obvious in every single market , yet precious metals is the exception?  Huh? How much favor does being a Trojan Horse pay?  What a circus.....

Tue, 02/24/2015 - 00:35 | 5821238 surfeitndearth
surfeitndearth's picture

Nothing will happen. All bankers are liars, whether they know it or not. Utter fucking banker-induced chaos is on its way. Prepare accordingly.

Tue, 02/24/2015 - 00:36 | 5821242 stingboo
stingboo's picture

Since it's 5 degrees on Wall Street. ...you could argue that "Hell has frozen over".....

Tue, 02/24/2015 - 00:47 | 5821265 The Old Man
The Old Man's picture

Actually the colder it gets the faster the algo's run because there's less resistance in the lines for the HFT's to pass the barrier. Simple physics and laws of thermodynamics.  If it ever goes to -50C the hedgers and their computers will have "Multiple" orgasms knowing if they trade at just the right temperature they'll beat the competitors. Ain't it great!

Tue, 02/24/2015 - 00:37 | 5821244 lasvegaspersona
lasvegaspersona's picture

What's the charge? Inadequate rigging oof the gold market?

Tue, 02/24/2015 - 00:39 | 5821249 SweetDoug
SweetDoug's picture

'

'

'

Tyler!

 

Are you supposed to print the news? Not the old news, and certainly not something we all knew about!

 

O?–<
V-V

Tue, 02/24/2015 - 00:52 | 5821250 One And Only
One And Only's picture

If a bar of gold falls into the JPM or HSBC gold vault and you know the price is rigged...did the bar ever exist?

This is the Schrodinger world where assets exist only depending on how you look at them. Sometimes they are there but when you look away, and look back, they are gone.

Economics are in the realm of quantum physics now. Do you know where the asset or the liability are? Maybe if we send Yellen through the CERN particle accelerator and collide her with a Bernanke particle we could get a fair value on the S&P500.

Until we can get those measurements I think we're stuck to hoping for the best. Just throw the bowl of spaghetti against the WSJ and buy whatever stock the spaghetti sticks to.

If you have a better strategy please share.

Tue, 02/24/2015 - 00:42 | 5821253 The Old Man
The Old Man's picture

The plot thickens.

So now, after oil and gold/silver have been slammed, somebody is paying attention to possible manipulation schemes whilst the dollar is top dog.

Watson, I think a conspirancy is afoot. 

Suddenly paper is leveraged beyond delivery. Stockpile numbers are not true???? 

My Lord Watson, what are we to do?

How bout: "Wake the fuck up!"

Nuff said.

Tue, 02/24/2015 - 01:04 | 5821291 asophocles
asophocles's picture

Why don't more Zero Hedgers applaud those who allegedly manipulate metal prices lower? 

Assuming you folks believe that prices will eventually rise, you should be thanking these people - and your lucky stars! - that you live in a time and place where silver and gold are far lower than they should be.

Celebrate by buying more, but don't be bitter and angry about it.  Be thankful prices are as low as they are. 

You folks aren't in this for the short run, right?

Tue, 02/24/2015 - 01:22 | 5821328 Vooter
Vooter's picture

"Celebrate by buying more, but don't be bitter and angry about it"

How about we celebrate by buying more, and then force the guilty banking parties into sweltering cattle cars at gunpoint?

Tue, 02/24/2015 - 01:04 | 5821292 you enjoy myself
you enjoy myself's picture

in addition to ending all paper gold transactions, how about also doing away with pre-market and aftermarket trading?  what legit purpose do they serve?  why should anyone be able to dump tons of gold and silver into illiquid sunday nights in an obvious attempt to move the market?  

Tue, 02/24/2015 - 01:09 | 5821303 Fred Hayek
Fred Hayek's picture

The same people behind the rigging of the gold market have been behind the rigging of the silver market. The CFTC had an "investigation" open for something like 5 years after which, in the finest tradition of either complete corruption or Inspector Clouseau-like incompetence they said they couldn't find any wrong doing.

So now people expect the same miscreants to be punished for doing exactly the same thing in the gold market?!

Tue, 02/24/2015 - 01:13 | 5821313 AwkwardReader
AwkwardReader's picture

Haha! FK ZeroHedge..lame ass shit. Give me some Goddamn doom! All I get is what the the Fed gives me, the Can getting kicked downed the road. I'm thinking the year 2025 for the collapse.  I channeled a legit future seer for that year. Rolls eyes.

Tue, 02/24/2015 - 01:19 | 5821324 floyd084
floyd084's picture

"the discovery that the manipulation cartel in Europe involves absolutely everybody will shock and stun the world"

 

No it won't. most of them won't care. This will be forgotten about just like the other manipulation scandals the public is so upset about.... /s

Tue, 02/24/2015 - 01:32 | 5821345 whopper
whopper's picture

Bart Chilton already looked into it, this is bullshit   <sarc>

Tue, 02/24/2015 - 02:01 | 5821379 holdbuysell
holdbuysell's picture

Not sure what the debate is about...it's already in the record as a foregone conclusion:

 

"Central banks stand ready to lease gold in increasing quantities should the price rise."

?Alan Greenspan

 

Tue, 02/24/2015 - 02:11 | 5821395 DirtyHarry
DirtyHarry's picture

Yeah, right, they willo do something this time. When Andrew Maguire told them what manipulation will happen 2 days in advance and then in real time pointed out what was happening, the CFTC could not see anything.

http://en.wikipedia.org/wiki/Andrew_Maguire_(whistleblower)

 

 

Tue, 02/24/2015 - 02:15 | 5821406 Jack Daniels Esq
Jack Daniels Esq's picture

LMAO - folks also believe Obama is American

Tue, 02/24/2015 - 02:27 | 5821423 demur
demur's picture

Thats like asking criminals to revamp the criminal justice system to take away privaleges.  

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