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Ten Banks, Including JPM, Goldman, Deutsche, Barclays, SocGen And UBS, Probed For Gold Rigging
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:
all trading in "paper" gold should cease immediately and all contracts be settled in physical for true price discovery
— StockCats (@StockCats) February 24, 2015
audit Fort Knox
— StockCats (@StockCats) February 24, 2015
So simple, even the most corrupt US Attorney General caveman can do it.
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It's not manipulation. It's market intervention. Parasites perform important functions in nature. A place for everything.Everything in its place.
Did they minipulate gold to 1900 and silver to 47 a few years ago. I think not. you can't have it both ways. Gold and Silver in long term bear market just like the 20 year bear in 1980-to 2000.
"Did they minipulate gold to 1900 and silver to 47 a few years ago"
Of course they did. They make money in both directions.
Pay attention.
Whoopie doo!
~~~~~~~~~~
What's on TV?
https://www.youtube.com/watch?v=VGDkFOyaoRI
Rigging by another name is just the paper asset plays. How much papers are shuffling on top of real physicals ? If you do not get it than all sorts of rigging and whatever will be spinning ad infinitum. (Dealing with technicalities not the issue).
Markets have long been in siege by Predators. Imagine a ball game where Umprires have abdicated or bought. The game and markets have morphed into traps. Alas, the game goes on as muppets/preys are still aplenty.
They are only being probed so they can be exonerated, duh.
It is just public stunt. The banks will be cleared of their rigging actions, that means they can and will rig MOAR gold. Watch this space.
The trial court will throw the case out; if not, the appellate court will; if not, the US Supreme Court will.
Guaranteed by TPTB.
So basically, the NSA's US population pissed the hell off meter just hit orange so time to play placate... interesting.
We all won't be safe until the swirling toilet bowl that spins inside the beltway is cleansed. Only more truth can do that. Let's see where the AG comes out on this... I've kept my fingers crossed for so long, I can't untwist them. It seems pointless
We all won't be safe until the swirling toilet bowl that spins inside the beltway is cleansed. Only more truth can do that. Let's see where the AG comes out on this... I've kept my fingers crossed for so long, I can't untwist them. It seems pointless
Maybe that toilet bowel in the beltway has a lot more folks who are waiting for a new direction.
LOL you have to laugh.
Probe to be dropped in 3-2-1... we found no wrong doing (thanks to all involved for the kind donations).
im sick of hearing bullshit like this.
it just fluffs you up, like a fluffer on a porn set.
its bullshit, if shit like this meant anything at all it would effect the price, and what is gold doing atm? not much, which is exactly what this is, not much.
I suspect that many commenters are missing the forest for the trees. Of course cynicism is warranted, and precise (collapse) timing remains a fool's game. But this report is yet another example (along with Greenspan, etc.) of those in power positioning themselves to look a touch more respectable when TS does HTF. "You see? I warned of the dangers..."
Why now? Why are the numbers of such warnings increasing noticeably? Because it's snowing much harder now, those rumbles of thunder in the distance are becoming louder, and no one knows which snowflake might catalyze the inevitable collapse.
Good point! When I visited the Great Sand Dunes in Colorado, you can start a savalanche(tm) [as in sand avalanche] by stepping on the very edge. Sand underneath you will vibrate and sound much like a low-idling turboprop "puddle jumper" airplane, much like the nonsense gulag casino economy pushed by the present administration in D.C.
I'm already hearing the droning sound of a sandvalance of a massive failure coming soon. This will be worse than Humpty Dumpty, and the bankers won't even try to grab those grains of sand to put back where they once belonged. That's why I stack the phyzz.
I told ya! I told ya!
Mmm hmm
Trisha! I told ya so.
Betta listen to me next time!
Let the theatre for us continue whilst everything continues backstage as it always has.
With complicity of every central bank and government.
Sounds rather official...
Like I said before: A French economic journalist said that half of the ECB QE will be to short Gold.
Not surprised that a dozen of banks do the same.
hey ! there are no more conspiracy theories, because they have [almost] all been proved as fact. Time everyone realised NOTHING is as it is presented, and as in a casino, the odds are always stacked against the individual citizen.
Unfortunately, nothing, abolutely NOTHING will come of this, as all governments and CBs hate gold. Volker himself said: "Gold is my enemy". Gold and silver (paper) prices will further decline, me thinks, untill their paper house of overindebtedness crashes and burns. When that is, is anyones guess, but these are good times for patient stackers of fizz.
Not only are you totally SPOT-ON with this, but the magic word to remember is "derivatives." It shall smash down quite horribly, this mountain of paper garbage with flimsy backing at best. It continues to be the elephant in the room which nobody dare discusses, spare having to clean up after.
Of course, the politicians will invoke another bailout, adding massive debt, if the Sheeple don't finally revolt and throw them and the criminal bankers in prison!
It is always possible those in the know understand that the ship is about to sink and it is not time to be a procrastinating rat.
The boiler analagy. Where gold (and other fixed stuff) are the pressure guage (gage?)
They can't manipulate the price of money with manipulating the price of virtually all the real stuff.
Before these dudes run out of other people's metal to dump and replace with IOUs, there will be no mining sector left. I have come to the conclusion that the authorities simply don't care or are clueless as to how the manipulation scam works. They also don't care or understand the damage being done. They don't seem to realize that when it goes bad, it is going to take the whole system down with it and it will never regain confidence. The noobs who investigate think if the price moves in the way the bankers want, and the paper gains are good, there must not be a ponzi scheme to unravel.
All good news. This coincides with my litigation against Anshu Jain of Deutsche Bank and 7 other banks for precious metal manipulation. Their defences are due in today.
Who watches the watchmen's watchmen's watchmen's...ERROR...
Transparent blockchain tech can get rid of these criminals.
Bitcoin et al were using OpenSSL 1.0 for ages, and we know that the NSA had a backdoor into that.
You either have possession of physical or you have
toilet paper.
Let's see the Lawyers investigate the Banks for some type of fraud...The Bank then pays the Lawyers to look the other way and no charges filed....Remember the Lawyers are the Politicians the Banks funds the Politicians...The greatest scam ever......
The banks will pay the lawyers in nails.
The civil side of it has better results because it implicates executives in a different manner.Should be an easy way for Governments to make money as long as politicians can remove themselves from being influenced by the very ones that are destroying the world's financial system.It's high time that they woke up to the fects that the same banks that have been implicated in laundering dope money for drug cartels and for intelligence agancies are the same banks that are tied up in risky derivatives bets and hedging that is a threat to National Security.
Well if this is true..we should see the market change overnight....the boys should stop playing the game when the Refs are watching...
And if this evre goes to court I will be the first in line or a lawsuit against them..as they have cost me a lot of money at this point....
They are going to:
Scrutinize,
Inspect
Study
Analyze
Search
Inspect
Examine
Dissect
Observe
Survey
Scan
Test
Assess
Grade
Judge
Question
Survey
Audit
Check
Investigate
Research
And then evaluate, assess, analyze, and review recent findings
But they will never do anything!
You forgot probe...they really like probe.
good one!
I'm shocked, Shocked I tell you. (practicing my shocked face in the mirror)
Some dunce bureaucrats are going to be retired, promoted or reassigned.
Apparently they did not realize that the entire US financial establishment was essentially taken over by the JP Morgan and Rockefeller clans after the Panic of 1907, and that those two sold out said industry to the BOE, and that the Fed existed as a funding and bailout mechanism for the British Empire (and now for the rest of Europe) right from the beginning.
I love Europeans and all that, but their financial sector's fingerprints are all over the Fed from its inception right up to the 2008-9 covert bailouts of Euroland banks and up to the present.
I don't blame Europeans in general for this, but I absoulutely blame a certain sector of their elites for it.
A conspiracy-minded person might note that WWI began within 7 months of the establishement of the Federal Reserve bank, whose operations prevented the absolute collapse of the pound sterling as a result of wartime spending. Of course such a person might find it even more interesting and significant that the Fed system was planned in the presence not only of the JP Morgan and Rockefeller clans, not only before Eastern US banking establishment Senate representatives such as Aldrich, not only before Council on Foreign Relations founder and Woodrow Wilson's primary advisor who was educated in English Prep schools along side British banking luminaries of the time - Edward House, but also in the presence members of the Warburg German banking clan, as well as English banking luminaries.
What is significant is that this confluence of personalities and events before and after WWI would tend to indicate that these men had foreknowledge. And after the war the Federal Reserve indisputably bailed out these select European banks...and the bailouts continue right up to the present.
Of course they manipulate Gold. This has been their modus operandi for over a century. The "Panic of 1907", which triggered the creation of the Federal Reserve, was an artificial panic triggered from London - 108 years ago. Certainly this proves these bankers have been manipulating Gold for a very long time.
Of course they perform similar manipulations of other markets, and of national currencies, for the same purpose - retaining and expanding power.
Mmmmm - why now? Has China got all the gold it wants, is QE belatedly recognised as an abject failure, is the market ready to crash with a scapegoat needed, does the impending bankruptcy of numerous banks need blaming on the criminality of a few, are arses being covered, is the rig up - or will absolutely nothing come of this!???
You may be on to something! It would make a great cover for bank collapse.
I just posted almost the same thoughts above - without having read this first - my bad!
Well, if you think about it, Meyer Rothschild probably was the first Rigger, when he realized the chance of everyone wanting their gold on the same day was nil. He and his partners could issue more gold notes than there was gold in the vault.
Today, they must use some formula to compare what currencies are doing and how much suppression is needed to keep the paper currency from depreciating too fast. Then they set that day's price.
Of course, now, with printing out of control, they must stay very busy and it has to require a LOT of co-ordination.
With what we know of Hold 'Em's track record, I would not expect any big arrests.
Let's wait and see...
Few hundrd years before.
Meyer. R. was small potatoes compared to the kids who managed to control whole countries money supplies.
You gotta give him credit (pun) for thinking big though.
Why now? Could it be the govt doesn’t want to look bad, like they haven’t been on the job, when China raises the price? Are they setting up the big banks as their scapegoat? Are the big banks and the govt working together on the script to minimize the damage?
Did they Tylers miss that this is a civil case? No one will be going to jail. They just want their "taste".
This Sopranos clip is basically what's going on.
https://www.youtube.com/watch?v=EScVpo-1zlw&feature=player_embedded
https://www.youtube.com/watch?v=18Mr2Vv9zUg
The PTB are repeating what worked nicely in Robo-signing. The institutions do their dirty work for billions, the government comes late and huffs and puffs and settles for millions, and the public gets barred by the immunity provisions of the deal.
Silly goyim. We give you much theater. All show. DoJ is kosher top to bottom. “Probe” be like big Bar Mitzvah party. Hahahaha! Kosher tribe always control money creation and emission. Gold no longer store of wealth. We make Ledger Credit Page Entry money for you out of thin air. Make you collateralize it with real wealth – your labor now and forever! Legal kosher crime syndicate make goyim responsible for debt. Debt is true wealth today. Kosher tribe controls everything by control of debt. Everything is abstract today. Gold today like clay tablets in Mesopotamia three millennia ago. Gold stories pure distraction for goyim. Mazel tov!!
The gold and silver mining companies should create a class action, civil suit. If they can prove even a fraction of this price fixing, they are entitled to treble damages under the FTC rules. The shareholders of the mining companies should demand that this be done. Sprott should organize the class action....all of his fund investors have been damaged.
Stand by for a fine, with a promsie not to do it again, but no criminal charges and no restriciton on their continued dealings.
It's just the cost of doing criminal business.
Call me crazy but i noticed that gold and silver have done te same up and down moves each and every day at the same time stamps.
The banksters gave the scam a name and put it out there for all the world to see....
What part of "London gold FIX" did you people not understand???
http://www.lbma.org.uk/pricing-and-statistics
All one had to do is just read about how the "FIX" was derived twice a day. Basically it is collusion betwixt banksters behind closed doors.
I knew this fact of price rigging almost 20 years ago.
"For over 80 years we have been fixing the price of gold."
https://www.goldfixing.com/
This Website is controlled by The London Gold Market Fixing Limited (“TLGMFL”), a private company limited
Fools!
No one will ever go to jail from these corporations because of the legal ficton called "Corporate Personhood"
They have the public gamed from A to Z
Fools, FOOLS!
Bawwhahahahahahahaha