Tag - Manipulation

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Saturday, July 27 2019

Ex-Scotia Capital, Bear Stears metals trader guilty in spoofing case

A former trader at Scotia Capital and Bear Stearns pleaded guilty Thursday to a federal crime and admitted manipulating precious metals markets for nine years

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An Important Discussion with Andrew Maguire

A few weeks ago, you may have seen the story of a British member of Parliament reading into the official record a lengthy synopsis of precious metal price manipulation, the sordid involvement of the bullion banks and the risks these banks pose to the global financial system.

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Friday, July 26 2019

In CFTC Actions, Two Former Precious Metals Traders Admit To Engaging in Spoofing and Manipulation at New York Banks

The U.S. Commodity Futures Trading Commission today issued two orders filing and settling charges against former precious metals traders at separate financial institutions who entered into formal cooperation agreements with the CFTC’s Division of Enforcement (Division) and admitted to spoofing and manipulative conduct in the futures markets.

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Saturday, July 20 2019

Gold & Silver Price Manipulation – The Greatest Trick ever Pulled

By siphoning off demand for real gold and silver and channeling it into unbacked or fractionally-backed credits and futures, the central banks and their bullion bank counterparts have done an amazing job in creating an entire market structure of futures and synthetics trading that is unconnected to the physical gold and silver markets. This structure siphons off demand away from the physical precious metals markets, and in doing so, creates a system of price discovery which is nothing to do with physical gold and silver supply and demand.

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Thursday, July 11 2019

Precious Metal Markets - Hansard

I wish to ask the Minister a number of questions.

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Wednesday, June 26 2019

Merrill Lynch Caught Criminally Manipulating Precious Metals Market "Thousands Of Times" Over 6 Years

As MLCI itself admitted, beginning in 2008 and continuing through 2014, precious metals traders employed by MLCI schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market.

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Saturday, May 18 2019

Yes, Gold Is Being Manipulated. But to What Extent?

First of all, let me say that gold price suppression (“fixing,” “rigging,” “manipulating” or however else you want to think about it) is not just a conspiracy theory. It’s a well-documented phenomenon, with real actors and real ramifications. In 2014, Barclays was fined nearly $44 million for failing to prevent traders from manipulating the London gold “fix.” Late last year, a former JPMorgan trader pleaded guilty to manipulating the U.S. metals markets. Remember the gold futures “flash crash” of 2014?

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Thursday, May 2 2019

In Memory of Bart Chilton

Bart will forever be known (especially by those in the silver community) as one of the former commissioners of the CFTC. And in particular, the one CFTC commissioner who often spoke out about how he did feel there was illegal trading activity going on in the silver market.

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Saturday, December 15 2018

JP Morgan faces lawsuits after guilty pleas by a former metals trader

Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.

At least six lawsuits, all making similar allegations against the nation’s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut unveiled a plea agreement with a former J. P. Morgan Chase metals trader.

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Wednesday, November 21 2018

JPMorgan Metals Probe Moves Ahead as U.S. Seeks to Delay Lawsuit

The Justice Department’s investigation of manipulation in the precious-metals markets at JPMorgan Chase & Co. spurred prosecutors to ask a judge to delay a civil lawsuit focusing on similar misconduct.

Former trader John Edmonds pleaded guilty last month to federal charges that he placed hundreds of orders in the futures market he never intended to execute, in a six-year spoofing scheme. On Monday, the Justice Department asked the judge overseeing an antitrust lawsuit against JPMorgan to delay the case for six months to “protect the integrity” of its ongoing criminal probe.

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Tuesday, November 6 2018

Ex-JP Morgan trader pleads guilty to manipulating metals markets 

An ex-J.P. Morgan Chase trader has admitted to manipulating the U.S. markets of an array of precious metals for about seven years -- and he has implicated his supervisors at the bank.

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Tuesday, October 2 2018

Scotiabank to pay $800,000 to settle U.S. CFTC charges

Canada’s Bank of Nova Scotia (Scotiabank) will pay $800,000 to settle charges filed by the U.S. Commodity Futures Trading Commission that it engaged in spoofing in gold and silver futures contracts, the CFTC said on Monday.

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Monday, August 27 2018

Would Tocqueville's Hathaway risk too much by being honest?

The market rigging has gone on so long it’s obvious now, and as you say the wait will require free markets re-emerging.

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Wednesday, June 27 2018

The Shareholders Gold Council (SGC) - "Just don't mention the Gold Price"

One of the more interesting developments in the gold mining sector at the moment is the impending launch of an investor alliance called the Shareholders Gold Council (SGC) whose objectives focus on reversing the poor shareholder returns and underperformance that has been dogging the sector’s leading gold mining stocks for some time now.

The Shareholders Gold Council, which on paper will have immense research resources and firepower and influence, will not it seems devote any time or resources to questioning anything to do with the gold price and will just take it a a given. This to me is a completely lost opportunity given that there is ample material for analysis in this area, some of which would surprise institutional and hedge fund investors in the gold space if they bothered to look. Much of this material has been documented on this website and elsewhere, such as by GATA.

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Saturday, June 23 2018

Manipulation of Gold & Silver by Bullion Banks

Why is this important? Because despite what everyone tells you to the contrary, markets are controlled, and Gold and Silver in particular. Technicals, sentiment, and positioning are important tools, but you need to be aware of the risk of manipulation undermining the message these tools are telling you.

So why bother with such tools at all? Why buy Gold or Silver? The banks use the same tools we do to determine when to force prices lower, which is why their behavior is predictable. Second, manipulation has an expiration date, as demonstrated in the 2000s and 1970s in particular. They cannot stop metal prices going up forever, and you want to be around for when Gold and Silver soar next. They are the most undervalued assets out there today. Plus, I follow the smart money. And China, Russia, and JP Morgan have been loading up on physical metals for years now. Central banks around the world are also repatriating their Gold from the U.S. in preparation for some major event to come. I want to be long, too, when that event occurs.

In summary, manipulation in metals is undeniable. It has become so chronic that it is now obvious and therefore predictable. Unfortunately, it can temporarily undermine or render traditional analytical tools as useless. You need to be aware of this to protect yourself when it is about to happen again, because it will.

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Tuesday, May 15 2018

Paper Manipulation - Jim Rickards

In his latest book, "The New Case for Gold," fund manager, geopolitical analyst, and financial letter writer James G. Rickards may have summarized the international gold price suppression scheme better than anyone, including GATA itself.

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Wednesday, April 25 2018

Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge

A former UBS Group AG precious metals trader was found not guilty on Wednesday of scheming to manipulate futures markets through a practice known as spoofing.

The former trader initially faced six additional charges of commodities fraud and substantive spoofing, but those counts were thrown out by U.S. District Judge Jeffrey Meyer, who found they should’ve been brought in Chicago where the alleged illegal trades were executed.

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Tuesday, April 17 2018

Man Bites Dog at Flotron's Trial

In a strange twist of events, the judge presiding over a criminal trial involving allegations of spoofing in US gold and silver futures against a Swiss trader commencing in Connecticut this week, has charged the Government with “manipulation”, and thrown out a Department of Justice request to have indictments broadened against the trader to include specifically, manipulation.

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Spoofing Futures and Banging Fixes: Same Banks, Same Trading Desks

Prosecuting banks and traders for price manipulation on COMEX futures while ignoring the far larger London market and its gold and silver fixings looks like a job half done. Trading desks and their traders are agnostic to trading venues and with interlinked markets, the COMEX and the London Fixings are two sides of the same coin.

With blatant evidence that the same banks and traders were involved in both markets, and with actual chat room transcripts now confirming that precious metals traders across multiple banks were colluding in fixing price manipulation, then why are their no active regulatory investigations of trader manipulation of the London Gold and Silver Fixings?

Is it because of lack of jurisdictional authority or are the regulators and criminal enforcement agencies such as the FCA, DoJ, FINMA and the German BAFIN too terrified of opening a can of worms into the huge liabilities that would arise from proving a decade long criminal manipulation of the London Gold and Silver price benchmarks and that were used throughout the world the value everything from ISDA contracts to institutional precious metals products, to ETFs.

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Tuesday, April 10 2018

"US gold and silver futures markets "easy" target." - partial retraction

Please be aware the following article has been partially retracted: "US gold and silver futures markets "easy" target."

This article has been retracted to correct relevant details regarding Andre Flotron who will appear next week in a criminal trial in CT, USA.

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