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The CME Cracks Down On Another Gold Spoofing Mastermind
One month ago, days after explicit Zero Hedge step-by-step guide of precisely how gold manipulation takes place, the CME cracked down on the evil Indian market manipulating mastermind Nasil Salim (and his ostensibly less evil sidekick) Heet Khara, for spoofing and otherwise rigging the gold market for months on end. His punishment: a 60 day denial of access to the CME. A week late, a seven person crack CFTC team finally figured out how to read the charts posted on ZH 10 days earlier, and charged the two with illegal market spoofing.
Well, it is time for another sacrificial gold market manipulation crackdown (the same gold market, mind you, which CFTC commissioner and HFT lobby sellout extraordinaire Bart Chilton said was completely unrigged). Only it's not Barcalys, JPM, Virtu, Citadel, the NY Fed, the Bank of England, or even the PBOC - i.e., the real market manipulators - who is the receiving end of the CME's special breed of "justice." It is another "trade from his parents' home" Indian.
To wit:
NON-MEMBER: HIMANSHU KALRA
EXCHANGE RULES: Rule 432. General Offenses (in part)
It shall be an offense:
B.2. to engage in conduct or proceedings inconsistent with just and equitable principles of trade;
Q. to commit an act which is detrimental to the interest or welfare of the Exchange or to engage in any conduct which tends to impair the dignity or good name of the Exchange;
T. to engage in dishonorable or uncommercial conduct.
FINDINGS:
Pursuant to an offer of settlement that Himanshu Kalra (“Kalra”) presented at a hearing on May 28, 2015, in which Kalra neither admitted nor denied the factual allegations or rule violations upon which the penalty is based, a Panel of the COMEX Business Conduct Committee (“Panel”) found that Kalra consented to the jurisdiction of the Exchange for the time period of March 1, 2012 through August 19, 2012 and that, for the time period of August 20, 2012 through October 31, 2012, it had jurisdiction over Kalra pursuant to Exchange Rules 400 and 418. The Panel further found that on multiple trade dates during the time period of March 1, 2012 through October 31, 2012, Kalra engaged in a pattern of activity in which he repeatedly entered orders or layered multiple orders for Gold and Silver futures contracts without the intent to trade. Specifically, Kalra entered these orders or layered multiple orders to encourage market participants to trade opposite his smaller orders that were resting on the opposite side of the book. After receiving a fill on his smaller orders, Kalra would then cancel the resting order or layered multiple orders that he had entered on the opposite side of the order book.
The Panel concluded that Kalra violated Exchange Rules 432.B.2., 432.Q., and 432.T.
What is Kalra's penalty?
In accordance with the settlement offer, the Panel ordered Kalra to pay a fine to the Exchange in the amount of $35,000 and to serve a 30 business day suspension of all membership privileges and direct or indirect access to any CME Group Inc. trading floor or electronic trading or clearing platform owned or operated by CME Group Inc., including CME Globex. The suspension shall run from June 1, 2015 through and including July 13, 2015.
To summarize:
- the only people the CME will throw under a bus for manipulating gold are "trade from their parents basement" Indians
- the penalty for manipulating gold is a 30 day suspension, and a $35,000 fine. Manipulate the S&P500 however, and don't pass go but go straight to jail for life, sorry Navinder Sarao (whose origin is not Kentucky).
And with that we sit back and await for the CME to unveil the next Indian gold spoofing and market manipulating mastermind, an appropriately and timely distraction just so Benoit Gilson can continue to do what he does best without too much attention.
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Blaaaahahahahahagggahahhghhgrgrhrhgdfghdgdhsghahfhgghghghghgbhjjbh! Ummmmm FUCK
Put a giant neon sign over it and even a bureaucrap can see it......
The architects and engineers put a 50' billboard about the demolition of WTC 7 in front of the New York Times and they couldn't see it, so I don't put much faith in the vision of the bureaucraps on gold market rigging.
Looks like the CME has caught themselves another minnow. How cute!!
Unfortunately all the bankster fish got away again like all the other 100 times. Luckily they got this beast of a minnow that weighs almost a full ounce.
The CME has taken a play from the US Military playbook. It's OK to target them if they have brown skin.
Once again, justice is served!
With a giant helping of dripping sarcasm as a side dish.
Schweeeeew! Thank goodness all the gold price manipulation will be over now! /s/
Thank God they're keeping a sharp eye out for those evil speculators.
May the Farce be with you...
Three indians. Wasn't the first inside trader bust an Indian too?
I think they've all been Indian.
So in addition to incompetent and corrupt, the CFTC is rayciss, too.
Reggie M. had better watch his back, lest they start targeting different shades of brown in order to be "fair."
Nah he's a protected class. Indians don't play victim enough so they're A-OK to actually victimize.
what about getting someone in the treasury futures...look at the action today, no volume kaboom job to the downside 11 basis points on nothing (other than first day of the month usual criminal activity)
what about closing the CME for good. nothing good comes out of that casino and it serves the interest of central banks.
Might as well such down the CFTC, SEC and FBI too as they are all captured and don't enforce any laws.
forget if it was simpsons, family guy, south park or other but one of those shows had an episode where a character was at fbi to help them foil some crime. they were walking down the hall past the various departments (murder, financial, porn, terrorism, etc) which were all normal doors to equally sized rooms till they got to "copyright infrigement" dept which had this palacial command center that looked like norad. life imitates art I guess...
madbraz: Tell that to Capital Group, which is CME's top shareholder. Capital World Investors is the largest subgroup of 7, which has $3.6 BILLION at stake.
I tell you...these Indians smell from a mile....no wonder they get caught...:)
There will be no market discovery until we discover a market.
Ready for another week of gold veering even further into the ditch as stocks continue to catch a bid?
Me too!
It's always the last "person" you would expect.
Good job, CME!!!
Indians aren't Christian, so it's obvious that they can't be doing god's work.
Well, at least not without moving that possessive apostrophe to after the s.
Lots of christian Indians,alll denominations.
LOL. The race that buys the second most gold in the world is manipulating the price. Only the Chinese would want to exclusively blame the Indians.
Prosecutions never include the Tribe.
I'm sure they're just cracking down on the gold spoofing masterminds that try to drive the price up. You don't prosecute those trying to drive the price down. That's what they're doing at the Federal Reserve every day.
Some penalty. Why not stick PM manipulators (including Chilton) in some deep dark mine and require as punishment they extract the same weight of Gold & Silver they manipulated in the paper world (not ore weight) as a condition of their release, and make a reality TV show out of it. Would be more befitting & entertaining than what passes for judgment now.
Telegram From President Johnson to the President's Special Assistant (Califano)
December 23, 1967, 1900Z.
These are views I should like to have Secretary Fowler and our Cabinet Committee seriously consider.2
Subject: The gold position and balance of payments
Confidence in world currencies demands a system which continues to have good support—particularly with regard to international systems.
The world supply and the world production of gold is insufficient to make the present system workable—particularly as the use of the dollar as a reserve currency is essential to create the required international liquidity to sustain world trade and growth—while, at the same time, our strength is required for so many extraneous situations: Vietnam, world wide defense, German installations, aid to underdeveloped countries, military aid abroad, etc. If all these or even some of them were eliminated, our monetary structure-balance of payments would be as strong as any nation. Dollars held by other countries would return. The risk of loss of gold would evaporate or, in fact, our gold stocks would increase. This would result in a disastrous withdrawal of the reserves which the other countries depend on to sustain their trade and development.
Point I. The point is that our role of world leadership in a political and military sense is the only reason for our current embarrassment in an economic sense on the one hand and on the other the correction of the economic embarrassment under present monetary systems will result in an untenable position economically for our allies.
Point II. The available gold resources must be maintained in the monetary systems and not dissipated by sale to speculators and loaders at prices which are riskless to the buyer. This will result in a 2-price structure but the argument that supports this is world economic necessity.3 The current buyers of gold are not Americans scared of the dollar (they aren't allowed to anyhow) but people of many countries who have experienced inflation and are afraid of their own currencies which they exchange for dollars so that they can buy gold, as gold is only sold in terms of dollars by the London market which must have the dollars to replace it. In 1941–47–48 the International Monetary Fund took this position and the speculators had to pay premiums which substantially reduced the offtake. I recommend the following four [three] steps:
I. On grounds of international economic necessity, state that if gold resources must be preserved for use in monetary systems and that pending establishment of a system under an international body, no further gold will be supplied by the supporting countries to the London market. I would not even supply at the official price to Arts and Industries who can easily obtain their requirements from newly mined or secondary sources just as they now do in other metals. As in the case of silver, let the consumer pay the free market price.
II. Take the leadership in causing the International Monetary Fund or some suitable agency to establish a system of control which (1) prevents small countries from cheating through cut-off of replacement; (2) encourage with strong pressure those countries, i.e., South Africa, Canada, etc., who produce gold to deliver at least, say, one half into the monetary network. This will still provide more than enough for any legitimate use in art or industry."
Document 165
Telegram From President Johnson...
If this is /was a legitimate rendition of a communique from our then Dear Leader Lyndon Baines, where did the logic behind it come from? How would he know if this action would "provide more than enough for any legitimate use in art or industry"?
Just another self-aggrandizing Texas plutocrat with delusions of Grandeur.
Jmo.
Hmm. When thinking who I wanted to payback for the blatant manipulation of Gold price, this guy wasn't on the Top 20 list.
Members only.
I had a jacket like that once.
You ought to see what they do with the Curry market...its a hot one
It's because Indians have a gold member.
I think it's important to get the little insignificant guys because the big guys will then surely follow.......hang on a minute I've got that the wrong way around!!!
This scape-goating trick is getting old real fast. Surely they'll run out of goats. India isn't that rich yet.
Ever see the Simpsons were Apu pretends to be from Green Bay to avoid investigation? Might work here...
Gold is following a so-far predictable path whether or not spoofing is being committed. In the end, there is nothing even a large investor, much less an individual, can do about altering prices...
http://www.globaldeflationnews.com/gold-elliott-wave-update-for-week-end...
HOW long have I been saying that you need to follow the CSI trail (Motive, Means, Opportunity) on "Who benefits the most from AU manipulation?"
A: India and China, i.e. the same countries that benefit from all Commodities and Resources that they import, getting crushed: Oil, Gas, PM, Cu...
Sorry, but not everything is the fault of Zionists. When you got almost 3 Billion people, most of whom are literally dirt-poor, you HAVE to manipulate the shit out of Commodities and Resources. Duh!
p.s. Some years ago I worked for a West Coast tech giant, and 80% of the Indians were two-faced, smiling, scheming, colluding, back-stabbing pricks, who played the Demographic Politics game to perfection. Good for them (it's what I'd do for my Kind), but shame on the dumb-ass, politically-correct liberal Whiteys in HR, and the spineless Whitey management who were all too happy to tap-dance to HR's tune. The other 20% of Indians were real and decent human beings, that I had no problem working with or being friends with. In fact, it was kind of enjoyable, because this 20% was smart, funny and harmless.
The point is: Non-European cultures do not subscribe to European-American values, i.e. you need to accept that they don't give a rat's ass for your white-bread Christian values, you Useful Fools. That's where Quid Pro Quo helps you survive (you treat others the way they treat you), not Turning The Other Cheek.
+100 I was married to an Indian for 20 years. Racism is profoundly deep in all asian cultures, 100% in agreement with who is probably controlling the whole manipulation shit show.
Crooked Mercantile Exchange
the casino where the centrals play for free