U.S. DoJ and CFTC Open Gold Rigging Investigations

41
Mon, Feb 23, 2015 - 10:59pm

Though these "investigations" will very likely lead to nothing but delays, obfuscation and cover-ups...just as the 5-year, CFTC silver "investigation" did...this evening's news is interesting, nonetheless.

The news item itself is from the Wall Street Journal. If you have an online subscription, you can read it here: https://www.wsj.com/articles/big-banks-face-scrutiny-over-pricing-of-met...

This report was then encapsulated by a site called "Financial Mines" and you can find their reporting here: https://blog.ctnews.com/financialmines/2015/02/23/report-doj-mines-metal...

And of course, as you might expect, the most comprehensive summary of the story comes from ZeroHedge: https://www.zerohedge.com/news/2015-02-23/ten-banks-including-jpm-goldma...

Apparently, this is a dual investigation. Gumshoes and flatfoots from the U.S. Department of Justice are scrutinizing the price-setting process for the precious metals in London while the contemptibly corrupt CFTC has opened an investigation here in the U.S. Whether or not either of these probes eventually leads to civil and/or criminal penalties remains to be seen but, given the past performance of these agencies, I don't think that anyone should get their hopes up.

At least, if anything, it's nice to have the criminal gold price suppression and manipulation scheme in the news again. The banks mentioned in the article are all of the primary Bullion Banks...The Evil Empire...The Cartel...whatever you'd like to call them and it's nice to see them singled out:

  • The Scoshe
  • Barclays
  • Credit Suisse
  • DoucheBank
  • SocGen (they of the Russian gold sales rumor back in December)
  • Tungstenman
  • JPMorgan
  • HSBC
  • Standard Bank Group
  • Unlimited BS

So, we'll see what happens. Maybe this will amount to something, maybe it won't. However, with even two agencies of the U.S. government now investigating precious metals price manipulation, it seems there are just three fools left in the entire world who stubbornly cling to the belief that the metals "markets" are free and fair. (I bet you can name them.) As for everyone else, we already know that this current scheme is doomed to certain failure, just like The London Gold Pool implosion in 1968. It's simply a matter of time, regardless of the findings and results of these new "investigations".

TF

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  41 Comments

infometron
Feb 23, 2015 - 11:05pm

monkey business

Well, we'll see if this has any affect on the early morning monkey business we are all too familiar with... if it at least has the affect of backing them off for a while, that would be a good thing... Oh, and first! Woohoo!

StevenBHorse
Feb 23, 2015 - 11:06pm

All C no B's

"price setting mechanism" Leads me to believe this is more about the daily fixings. I find it hard to believe that Eric Holder will turn into our White Knight He is a fucking piece of garbage. You are right that we shouldn't give our hopes up.

crylandjr
Feb 23, 2015 - 11:06pm

Bet the farm

That the Feds don't bite the hand that feeds them.

Feb 23, 2015 - 11:09pm
infometron
Feb 23, 2015 - 11:10pm

To your point

And a heads up...

In the past, news items like this have often lead to almost immediate price raids. Be on the lookout.

infometron
Feb 23, 2015 - 11:15pm

@ Craig Re: To your point

Yes, nary a blip on the charts in response to this announcement

With spin as it is these days, it would be no surprise for the 'regulators' to conclude that the cartel has purportedly been artificially keeping the price up!! <-- sarc

silver66
Feb 23, 2015 - 11:18pm

Not a surprise to Turdville

However we can expect the apologists to say they are shocked

Casablanca gambling? I'm shocked!

Silver66

​edit:4-1

ReachWest
Feb 23, 2015 - 11:27pm

Fun to Watch .. but

I don't hold out much hope that this will lead to anything other than more of the same and perhaps a few more mid-level bank staffers hanging themselves in a dark room someplace (and not by choice). A this point, I truly don't believe anything short of a total collapse of the system will end the PM rigging. If the PM rig fails - the CB's fail. We're no where near that yet. IMO. They'll obfuscate, lie, cheat, bribe, payoff, murder, threaten and throw pissy temper tantrums long before they allow the rigging to fail.

lakedweller2
Feb 23, 2015 - 11:51pm

Save Time

Some sharp Congressman or Senator... Forget that. Somebody elected to Congress should anticipate the failure of our Regulators to do their jobs and begin immediately holding hearings monitoring the investigation and their lack of progress. Then impeachment hearings.

boomer sooner
Feb 24, 2015 - 1:37am

Add up the profits for one

Add up the profits for one year, multiply x 10%, and you will have the "fee" paid for playing with the market. Call it DOJ commission. I believe it is a legit business expense today.

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