U.S. DoJ and CFTC Open Gold Rigging Investigations
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: http://www.wsj.com/articles/big-banks-face-scrutiny-over-pricing-of-metals-1424744801
This report was then encapsulated by a site called "Financial Mines" and you can find their reporting here: http://blog.ctnews.com/financialmines/2015/02/23/report-doj-mines-metal-manipulation/
And of course, as you might expect, the most comprehensive summary of the story comes from ZeroHedge: http://www.zerohedge.com/news/2015-02-23/ten-banks-including-jpm-goldman-deutsche-barclays-socgen-and-ubs-probed-gold-rigging
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
- Credit Suisse
- SocGen (they of the Russian gold sales rumor back in December)
- 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".