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

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    Angry Chef
    Jan 29, 2018 - 11:15pm

    WTH Are These Swamp Creatures Made Of ????

    ????....Kryptonite ?

    https://www.thegatewaypundit.com/2018/01/swamp-strikes-new-acting-deputy-director-replacing-andrew-mccabe-previously-worked-comey-hide-clinton-lynch-tarmac-meeting-press/

    "The swamp immediately struck back. The new Acting Deputy Director of the FBI replacing Andrew McCabe, David Bowdich worked under Comey. In fact, he may be a witness in the ‘Trump-Russia’ investigation because Comey had a conversation with him about Trump asking the former FBI Director to supposedly ‘back off its probe into General Flynn".

    Jan 29, 2018 - 10:50pm

    Koos

    I’ve already discussed my disappointment and frustration with Koos on multiple podcasts.

    gf
    Jan 29, 2018 - 10:12pm

    Koos Jansen

    I throw my voice in with others. Turd, please comment.

    Jan 29, 2018 - 10:01pm

    Shocked, Shocked that there is Spoofing . . .

    Of course. It was only a matter of time. As any normal tin-foil-hat-wearing turdite would naturally begin to ponder, though, is the next series of questions:

    (1) Why now?

    (2) Why these low-ranking individuals?

    (3) Why such low fines, as compared to the value of the derivatives and the almost certain mega billions that the spoofing allowed the violators to amass?

    (4) Why no USA banks?

    And, of course, no list would be completed without this question:

    (5) For whose benefit?

    Given the nature of the charges, and the identities of the accused, everyone here should immediately expect that a bevy of class action law firms are already putting the final touches on class action lawsuits. The perpetrator arrests took place in different jurisdictions, so there may be many different class actions springing up all around the country (USA). I’ll be watching for news. When I find something, I’ll post it.

    I imagine that most anyone here who purchased gold or derivatives is almost certainly likely to be included in one or more class actions. The recovery may not be much, but the satisfaction of being involved and having the ability to silence doubters is priceless.

    Just my $0.02.

    p.s.: Pining, epic rant, thank you!

    mavens
    Jan 29, 2018 - 9:10pm

    @Pining

    I haven't read the whole thread yet, but wanted to add to Pinings first post here...

    What you said, plus: AND ALL THE WHILE JPM CONTINUES TO ACCUMULATE THE WORLDS LARGEST PHYZZ STOCKPILE IN THE SOLAR SYSTEM. WHY? BECAUSE THEY ARE UPWARDLY MANIPULATING PRICE WHILE THEY PURCHASE IT, YOU SAY?????? HA!!!

    cashonly
    Jan 29, 2018 - 8:50pm

    yeah, I donated

    to the butt wipe. Now he tries to make Turd look like a fool? What gives?

    Key Economic Events Week of 9/21

    9/21 8:00 ET Goon Kaplan
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    9/21 Noon ET Goon Brainard
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    Marchas45
    Jan 29, 2018 - 8:30pm

    Koos Jansen

    Wasn't he the one some of we Turdites sent funds to, to help him fund to get some documentations on the manipulations or something to that effect? Keep Stacking

    imfd
    Jan 29, 2018 - 8:16pm

    How about silver rigging

    Perhaps we will all be shocked and stunned to find out that the silver market has been rigged too, but this time it was by manipulators unknown but the scheme has been discovered and stopped and now silver has been revalued to its proper price of $600 oz, creating an unexpected windfall for JP Morgan. How delighted they would be, as would I.

    RickshawETF
    Jan 29, 2018 - 7:57pm

    Bringing Down the Hammer: A Classic Diversion

    Signs of a Classic Diversion:

    1. Arrest "the little guy" -- not those who encouraged/orchestrated the crime

    2. Pick a venue with little impact -- ok, spoofing can hurt the entire market, but it's mostly a matter of a few making a bundle on trades (hardly earthshaking, and not much real money)

    3. Make sure the "punishment" is borne by individuals

    4. Any "punishment" against institutions must be monetary only -- no jail time for management

    5. Ignore obvious signs of abuse -- as Turd likes to point out: institutions violating position limits

    6. Grant waivers [of prosecution] to serial offenders, so they can continue their raping and pillaging (and political donations)

    7. Institutionalize enabling -- allow naked shorting ad nauseum

    8. Hide behind the shield of shadow government -- act like a cartel, with every "member" following the same behavior

    9. Use executive orders -- such as the creation of the Plunge Protection Team (er, I meant the President's Working Group on Financial Markets) to manipulate behind the scenes in a legal manner

    10. Get the public to "buy in" to legislation designed to screw them -- bail-in legislation, suspension of money market withdrawals, ATM limits, "legal tender" laws, civil asset forfeiture, $10K cash limit leaving the country, etc.

    Folks, I have no idea how this all unwinds, since most people don't/won't have a clue about all of this until TSHTF. I fear precious metals, food, water, ammo, and a remote location won't be enough . . .

    Addendum: @Pining -- Welcome back! You were missed . . .

    lund175
    Jan 29, 2018 - 7:53pm

    Interetsing

    According to Hecla’s financial statements, they only made $4.2 million in net income on a total of $417 million in total revenues Q1-Q3 2017 (including $140 million from their Casa Berardi Gold Mine). Thus, their net income profit was only 1% of their total revenues

    https://srsroccoreport.com/worlds-largest-silver-mines-suffer-falling-or...

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