CFTC Fines Banks For Precious Metal Price Manipulation

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: 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:

  • 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.


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    Jan 30, 2018 - 1:32pm

    Comment for the day

    Sherlock Holmes

    "Be a good Christian, give Weiner a Hug Mr Moriarty"

    Jan 30, 2018 - 9:49am

    Dollar STB again

    The once proud dollar has become a serial bed wetter.

    The USD/JPY is in hysterics.

    The US treasury market doesn't know whether to shit or go blind.

    The banksters and (s)poofter squads are found in dereliction of duty.

    The regulators are AWOL

    Situation Normal-all Fouled Up, moving to FUBAR then TACFU

    Sounds like the Democratic party.

    We need the shootout scene in Open Range like where Boss Spearman and Charlie Waite taken on the entire gang; eliminating every one.

    A great movie for guys and gals if you like happy endings. Like gold and silver catching a bid

    Jan 30, 2018 - 9:27am

    Futures rolling over

    Wonder if its a sell the news event before tonight ...

    Jan 30, 2018 - 8:49am

    Saint Nancy:

    Saint Nancy:

    Last Saturday afternoon in Washington, D.C. an aide to Nancy Pelosi visited the Bishop of the Catholic Cathedral in D.C. He told the Cardinal that Nancy Pelosi would be attending the next day's Mass, and asked if the Cardinal would kindly point out Pelosi to the congregation and say a few words that would include calling Pelosi a saint.

    The Cardinal replied, "No. I don't really like the woman, and there are issues of conflict with the Catholic Church over some of Pelosi's views." Pelosi's aide then said, "Look, I'll write a check here and now for a donation of $100,000 to you if you'll just tell the congregation you see Pelosi as a saint."

    The Cardinal thought about it and said, "Well, the Church can use the money, so I'll work your request into tomorrow's sermon." As Pelosi's aide promised, Nancy Pelosi appeared for the Sunday worship and seated herself prominently at the forward left side of the center aisle. As promised, at the start of his sermon, the Cardinal pointed out that Ms. Pelosi was present.

    The Cardinal went on to explain to the congregation, "While Ms. Pelosi's presence is probably an honor to some, the woman is not numbered among my personal favorite personages. Some of her most egregious views are contrary to tenets of the Church, and she tends to flip-flop on many other issues. Nancy Pelosi is a petty, self-absorbed hypocrite, a thumb sucker, and a nit-wit. Nancy Pelosi is also a serial liar, a cheat, and a thief. I must say, Nancy Pelosi is the worst example of a Catholic I have ever personally witnessed. She married for money and is using her wealth to lie to the American people. She also has a reputation for shirking her Representative obligations both in Washington and in California .

    The woman is simply not to be trusted." The Cardinal concluded.

    “But, when compared with Hillary Clinton, Ms. Pelosi is a saint."

    Jan 30, 2018 - 7:08am

    Remember Nav Sarao?

    The young guy who supposedly flash crashed the dow by spoofing from his parent's house in West London.

    Apparently he was offered a lower sentence if he helped identify other cases of spoofing to the authorities. Lol just point at any big bank.

    It's appalling that this guy is in jail. Read this and some other articles about the story and then think about what happens in precious metals markets.

    Jan 30, 2018 - 6:46am

    Paul Craig Roberts - Re: Gold Manipulation

    I did not see that this had been a prior post:

    "The economy has been debilitated by the offshoring of middle class jobs for the benefit of corporate profits and by the Federal Reserve’s policy of Quantitative Easing in order to support a few oversized banks that the government protects from market discipline. Not only does QE distort bond and stock markets, it threatens the value of the dollar and has resulted in manipulation of the gold price. See

    If the House and Senate are willing to turn over their legislative function to the executive branch, they might as well abolish themselves.

    The financial media has been helping the Federal Reserve and the banks to cover up festering problems with rosy hype, but realization that there are serious unresolved problems might be spreading. Last week interest rates on 30-day T-bills turned negative. That means people were paying more for a bond than it would return at maturity. Dave Kranzler sees this as a sign of rising uncertainty about banks. Reminiscent of the Cyprus banks’ limits on withdrawals, last Friday (January 24) the BBC reported that the large UK bank HSBC is preventing customers from withdrawing cash from their accounts in excess of several thousand pounds."

    Jan 30, 2018 - 4:33am

    I have an idea

    , How about we pay for shit we want when we want it.

    Let's pretend golf balls, ford cars, boeing, apple, microsoft has a futures market. Would these companies stand by as short after short pile on with the major intention to drive their product below production costs? NO, hedging is a bullshit argument created by those who are the beneficiaries of this practice. If I buy a peanut am I entitled to issue 100 contracts investing in this peanut? It's a control mechanism and no more. Look at Bitcoin as the latest example. tell me how has Bitcoin performed with the weight of futures contracts in the headwinds? Paper contracts take otherwise demand for real things and package them into paper intruments and this drains away demand for whatever the commodity in question. It's a sham and crooked and it should be exposed for what it is!!!! I've just played 12 holes of golf and had about 14 beers, but am I off or on? I'm not sure.

    Jan 30, 2018 - 1:21am


    Just Bought A Tube

    of ASE's....

    I can't afford it right now, I'm cash poor, crypto and PM rich, but want to drive another nail in the coffin of the cartel, so fuck it, I starve tomorrow. Let's go boys!!!!!!!!!!!!

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    coin collectress
    Jan 30, 2018 - 12:45am


    I'm an infrequent poster but just had to share this. It's a stunner!

    Exposing the biggest Fed Quad Trillion Scam on Earth and putting the Spotlight on the Fed’s worst possible Nightmare. Remember how Madoff came down? Exposure and Closure!

    The bad news for the US FRB (Federal Reserve Bank) is that China will soon become a partial Benefactor and they will be served with the biggest Chinese Redemption Marker you ever conceived. Those are Chinese Ancestral Assets they STOLE! Their secrets will not stay buried.

    Much more at link...

    Jan 29, 2018 - 11:51pm

    A license to rig the markets

    These arrests and fines are sheer tokenism, just so the regulatory powers can be seen to be doing something... See, you told us there was rigging in the gold market and now we have taken action on it... case closed!

    The fines don't even amount to a slap on the wrist. More like the brief wagging of a finger. You've been a very naughty boy. Don't do let me catch you doing it again.

    Meanwhile, the banks will consider it a license to carry on all of the activities that were not included in this description of rigging. So, that's everything except spoofing. And even then, if they can get away with spoofing, they will do so.

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