Tag: gold & silver manipulation
Premiums on gold and silver coins in Greece have jumped significantly, as buyers and sellers struggle to find a more realistic equilibrium price. Investors should expect the same here in the U.S. if demand holds up while spot prices languish.
As I said last month at this time—along with a couple of Wall Street investment houses, these are “da boyz’—the sellers of last resort—and you can call them what you like. Until they decide, or are instructed to stand back, the prices of all four precious metals are going nowhere—supply and demand fundamentals be damned! As Jim Rickards so correctly put it, the price management scheme is now so obvious, they should be embarrassed about it. But they obviously aren’t.
U.S. officials are investigating at least 10 major banks for possible rigging of precious-metals markets, even though European regulators dropped a similar probe after finding no evidence of wrongdoing, according to people close to the inquiries.
A remarkable new paper by a Cornell law professor and CFTC staff counsel suggests that many aspects of high frequency computer trading (HFT) may be, in fact, illegal under various provisions of basic commodity law. Heretofore, it was generally assumed that HFT was legal, but disabused and impacted markets in disruptive manner on occasion. Many, like myself, never looked on HFT favorably, but few have tried to make the legal case against it. Scopino looked at HFT not through the universal perspective of something that’s here to stay and that we must get used to; to looking at it through an interpretation that it might violate existing law. His conclusion appears to be that much of HFT is not properly aligned with existing commodity law.
Judging by the increasing numbers of commentators and observers now including the developments in futures trading on the COMEX as the prime price influence on gold and silver, I am greatly encouraged. I firmly believe that we are much closer than ever to the point where enough see the COMEX price manipulation to render it ineffective. We are not there yet, but that day will come.
The fact that two assets with totally different fundamentals can move in the same rhythm is very odd indeed, at least if one looks at it from a real world perspective. And that is the clue of manipulation: gold and silver prices are largely disconnected from the real world, they are simply the result of speculative trading.
The CFTC releases at the end of each month the futures positions in precious metals of the large banks. At the closing of July 2014 there was no big difference in gold and silver compared to the previous month. A detailed analysis was provided by Ed Steer in his latest newsletter. We want to share his analysis because Ed Steer comes to the following factual conclusion: “3 or less” U.S. banks, along with Scotiabank in silver and gold, run the price management scheme.
The root cause behind the unlawful conversion of the COMEX into a speculative day trading scheme from a market designed by Congress to facilitate legitimate hedging is an old issue, but with a slightly new twist – the absence of position limits. And this explains why the CME fights legitimate speculative position limits at every turn.
This is an excerpt from the latest Global Gold Outlook Report, released by Global Gold Switzerland. The article below represents an interview with Dimitri Speck. Global Gold was interested to talk to Dimitri due to his strong reputation in identifying market anomalies, particularly in the gold market.
In this month’s Markets at a Glance, Eric Sprott presents a collection of thoughts on why he thinks precious metals is a compelling investment right now. He looks at three major topics: physical shortage in gold and silver, manipulation of precious metals prices, and the dire state of the economy.
If 2013 was the year of the big crash for gold, then 2014 could become the year of the truth for gold, evidenced by the attention that gold manipulation is getting in the mainstream media. Case in point: lawsuits against the Gold Fixing bullion banks started yesterday in New York.
In this article, Peter Schiff gives, for the first time, a detailed view of the leading conspiracy theories and how they impact its long-term investment outlook. He believes that the individual investor should have the same opportunities in the marketplace as the big institutions. The subtext “Because the price is suppressed, buying gold is for suckers” is fundamentally wrong in his view.
Manipulation cannot avoid gold to rise significantly. We are in my opinion in the first correction of this big bull market which started in 2001. Let be now or in one year, gold will continue to rise in the years ahead. It is connected with the problems of the financial situation of the world; the world is overly indebted in the US, Europe, Japan and China. Gold is a store of value, it is not credit based, so it can benefit greatly from this situation.
Here I am, directly and consistently accusing two of the world’s most important financial institutions of market manipulation (making sure I send each all my accusations) and I have received no complaint from either. I don’t think that has ever occurred previously. Now I am taking it one step further; presenting a guide for how and why JPMorgan and the CME should be sued for their manipulation of gold, silver, and copper.