CFTC Fines Banks For Precious Metal Price Manipulation

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.



yukon123's picture

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's picture

The CFTC seems impotent

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

Turd Ferguson's picture

let's roll

brolgaboy's picture


let's all send Andrew Clingon a nasty email!

Ben Stackin's picture

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's picture

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's picture

fines today.....another raid tomorrow

you can count on it

chocolatechiphorses's picture

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

Owtovit's picture

Same old same old


Hang the bastards......superiors, not just the low hanging fruit

Edit: Keep the faith, WE will be proven right in the long run, it’s a marathon not a short sprint wink

lakedweller2's picture


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

brolgaboy's picture


did yall notice that they can't stop talking about these foreign banks illegal

activity at the COMEX. ahhh riiiiiigggghhhhttt

Clarki Stomias's picture

Enough of the fines

We need to see jail time and to see this government sanctioned manipulation stop. At least now we have an arrow in the quiver. This is just the beginning. Now there is legal precedent.

bently's picture

Engaged in a scheme to manipulate PMs... trading in a manner to trigger customer stop-loss orders.

True. Also may be one of the greatest understatements in the history of financial reporting. 

yukon123's picture

Turd when is the A2A with him? He has seem very prescient

from @lukegromen:

IMO the value in this story is less "I told you so" & more "They only seem prosecute spoofing in markets they want to go up (for example, see May-10 'flash crash'"). Has something changed in policymakers' view of gold?

Maestro's picture

Class Action Suit

Where do we sign up?!angry

lakedweller2's picture

Class Action Suit

Should be a lot generated.  Criminal only way to stop them.

Chancey's picture


"HSBC will pay a civil monetary penalty of $1.6 million"

Hah! You have got to be kidding?? 

That is like getting a parking ticket fine for 1 cent. It's essentially consent to park in the same illegal parking space again!

Turd Ferguson's picture

first update



Turd Ferguson's picture



It's as if they all emailed each other and discussed which diversionary tactic to employ.

Here's a comment at Goldseek from a troll who regularly comments on almost every post of ours published there:

Dr Jerome's picture


Is that ALL they are doing?  Fake orders that do not get filled?    No... I smell a weasel.  They charge these "sacrificial scapegoats," rogue traders, for their personal sin of "spoofing," or "cheating," but let the institutions off the hook for exceeding position limits, distorting markets, for making billions in trades that cap price and maintaining price suppression.

I am not satisfied!

But at least the apologists have NO ground to stand on in their denials. Perhaps they'll shut up now.

Owtovit's picture

@ turd

as you can see I have not been here much lately so if possible can you fill me in about Koos Jansen, I thought he was one of the “good guys!”

any clues as to what “turned” him to the dark side?

PS: loved your A2A with Cliff High

AGXIIK's picture

Satisfaction comes when the corridors of Wall Street

are lined with gallows.

From every one hangs a bankster.  

Thousands;  tens of thousands of gallows; all filled with banksters swinging in the wind.   

SilverDudeMan's picture

Craig, in your War of Words with them....

Make sure to bring up: Illegal Position Limits, Directional Positions of Commercials (e.g. unhedged), and Monopolistic holdings.  This is WAY more than just "spoofing".  WTF !!!

Spoofing is just what gets the landslide going (and it's always a landslide - gravity goes down, never to the upside), but who has the most to gain?  Those that hold monopolistic, illegal positions on the short side !!!

They never have to spoof on the going up part of the cycle.

sam020's picture

why now?

Why now are they arresting these traders when this shit has been going on since the 80s....

sam020's picture

ponzi scheme

Blackwatersailor's picture


Does this action open up the banks to litigation from all holders of gold and silver for losses incurred?  Can they be charged under RECO?

sam020's picture

as per Peter Schiff

Turd Ferguson's picture

One more for good measure

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