CFTC Fines Banks For Precious Metal Price Manipulation

82
Mon, Jan 29, 2018 - 1:59pm

Hmmm. I wonder how System Apologists like Moriarty, Christian, Hug and Weiner will try to spin this one?

In order to get this information out as quickly as possible, we'll save the price implications for later. But just today I saw this posted at Silver Doctors. I only post it here as a demonstration of typical Apologist garbage: https://www.silverdoctors.com/gold/gold-news/keith-weiner-weve-debunked-... So, given what you're about to read, will that author soon print an apology and retraction? Don't hold you breath.

Late Friday, reports hit Reuters that the CFTC would soon levy fines for "spoofing and price manipulation in the futures markets". Well, just a few minutes ago, we got the news release. You can read it all here:

  • https://www.cftc.gov/PressRoom/PressReleases/pr7681-18
  • However, to save you some time, here's the most important section:

    What about "ENGAGED IN A SCHEME TO MANIPULATE THE PRICE OF PRECIOUS METALS FUTURES CONTRACTS" is vague or open to interpretation? Not much. However, those who have based their careers and cash flow upon the notion that the precious metal markets are sacrosanct, free and fair just got themselves a cold slap of reality.

    Will there be arrests and future charges against some of the US Banks? Meh, we'll see. Maybe. But that's a topic for another day. For now we await the response of those who have always claimed that we here at TFMR are nothing but tin foil-hatted simpletons who rely upon conspiracy theories to explain away things we're too stupid and unsophisticated to understand.

    TF

    About the Author

    Founder
    turd [at] tfmetalsreport [dot] com ()

      82 Comments

    Jan 29, 2018 - 2:05pm
    yukon123
    Jan 29, 2018 - 2:08pm

    zero h article

    Goldman Sacs/JP Morgan:"If anyone is going to rig these markets, it's going to be us! The nerve of these guys!"

    ArtL
    Jan 29, 2018 - 2:16pm

    The CFTC seems impotent

    their targets have spit in the CFTC's Face today as seen in the price of PM's

    Jan 29, 2018 - 2:19pm
    brolgaboy
    Jan 29, 2018 - 2:19pm

    bastards!

    let's all send Andrew Clingon a nasty email!

    Ben Stackin
    Jan 29, 2018 - 2:24pm

    Great coverage of this story Turd

    thanks.... was focused on the McCabe situation. You cut to the heart of the matter. Serial offenders, all of them. Fines need to be more significant to earnings than in the past.

    Marchas45
    Jan 29, 2018 - 2:33pm

    I Just Had To Log On

    and comment on this post. Screw the fines, throw their efen asses in jail. Hopefully now I won't have enough fiat to Keep Stacking as the price of the PM's will be to high but until then. Keep Stacking

    brolgaboy
    Jan 29, 2018 - 2:39pm
    CC Horses
    Jan 29, 2018 - 2:41pm

    Another Fire in Malibu CA.

    FIRE DANGER: A fire broke out early this morning near Malibu, California. Evacuation orders have already been lifted. A high fire danger remains in effect in parts of southern California and the southwest

    lakedweller2
    Jan 29, 2018 - 2:43pm

    Criminals

    Need jail for each individual, supervisors, Central Bankers and politicians.

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    Key Economic Events Week of 1/13

    1/14 8:30 ET CPI
    1/14 9:00 ET Goon Williams
    1/15 8:30 ET PPI and Empire Fed
    1/16 8:30 ET Retail Sales and Philly Fed
    1/17 8:30 ET Housing Starts
    1/17 9:15 Et Cap Ute and Ind Prod

    Key Economic Events Week of 1/6

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    1/7 10:00 ET Factory Orders
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    1/9 8:00 ET Goon Chlamydia speech
    1/9 1:20 ET Goon Evans 2:00 ET Goon Bullard
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    12/17 8:30 ET Housing Starts and Bldg Perms
    12/17 9:15 ET Cap Ute and Ind Prod
    12/19 8:30 ET Philly Fed
    12/20 8:30 ET Final guess Q3 GDP
    12/20 10:00 ET Pers Inc and Spending
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    12/12 8:30 ET PPI
    12/13 8:30 ET Retail Sales
    12/13 10:00 ET Business Inventories
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    12/4 10:00 ET ISM Services PMI
    12/5 8:30 ET Trade Deficit
    12/5 10:00 ET Factory Orders
    12/6 8:30 ET BLSBS
    12/6 10:00 ET Wholesale Inventories

    Key Economic Events Week of 11/25

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    11/25 7:00 pm ET CGP speech
    11/26 8:30 ET Advance Trade
    11/26 9:00 ET Case-Shiller home prices
    11/26 10:00 ET New home sales
    11/26 10:00 ET Consumer Confidence
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    Key Economic Events Week of 11/11

    11/12 Three Fed Goon speeches
    11/13 8:30 ET CPI
    11/13 11:00 ET CGP on Capitol Hill
    11/14 8:30 ET PPI
    11/14 Four Fed Goon speeches
    11/14 10:00 ET CGP on Capitol Hill
    11/15 8:30 ET Retail Sales
    11/15 8:30 ET Empire State Manu Index
    11/15 9:15 ET Cap Ute and Ind Prod
    11/15 10:00 ET Business Inventories

    Key Economic Events Week of 11/4

    11/4 10:00 ET Factory Orders
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    Key Economic Events Week of 10/28

    10/30 8:30 ET Q3 GDP first guess
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    10/30 2:30 ET CGP presser
    10/31 8:30 ET Personal Income & Spending
    10/31 8:30 ET Core Inflation
    10/31 9:45 ET Chicago PMI
    11/1 8:30 ET BLSBS
    11/1 9:45 ET Markit Manu PMI
    1/1 10:00 ET ISM Manu PMI

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