Tag: bullion

Like Jeffrey Epstein, Bullion Banks Get Sweet Deals from the Justice Department

Like Jeffrey Epstein, Bullion Banks Get Sweet Deals from the Justice Department

First, a bank’s commodities trading department takes metals investors for a ride like unwitting victims in the back of Jeffrey Epstein’s “Lolita Express.” Now federal prosecutors have extended the same sort of cozy non-prosecution agreement to shield the bank itself from a criminal indictment. Federal prosecutors signed a non-prosecution agreement in June with Merrill Lynch Commodities, Inc. (MLCI) and Bank of America (Merrill’s parent company) for rigging the precious metals markets. The U.S. Department of Justice (DOJ) found gold and silver traders working at Merrill Lynch had “schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market.” The agreement references “thousands […]

Continue Reading

Silver Market Alert: Powerful Bullish Setup Takes Shape

Silver Market Alert: Powerful Bullish Setup Takes Shape

The silver market appears to be setting up for a big move. After spending this spring stair-stepping lower in a narrowing range, silver prices have formed a falling wedge pattern. That pattern usually resolves in a powerful directional breakout. The good news for bulls is that falling wedges usually break out to the upside. Commercial hedgers and bullion banks (i.e., “smart money”) in the silver futures market have significantly trimmed their short positions over the past couple weeks – a bullish development. While their net positioning isn’t yet at an extreme, it is more favorable than not for a price rally to commence in the near future. Of course, neither futures traders […]

Continue Reading

What Surging Mining Stocks Mean for Metals Markets

What Surging Mining Stocks Mean for Metals Markets

By Stefan Gleason, Originally Published on Money Metals Exchange Gold and silver mining stocks have embarked on a rally this year that could prove to be one for the record books. The leading exchange traded fund for the sector, VanEck Vectors Gold Miners (NYSE:GDX), shows an incredible 125% year-to-date gain. That far out-surpasses the 27% and 44% advances of gold and silver spot prices, respectively. What does the mining stock run-up suggest about the fundamentals for the actual mined product, physical gold and silver? Overall, it suggests that investors and industry insiders are optimistic about the prospects for higher metals prices. The mining shares tend to lead the metals in […]

Continue Reading