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

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    turd [at] tfmetalsreport [dot] com ()

      82 Comments

    brolgaboy
    Jan 29, 2018 - 2:43pm

    CNBS

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

    activity at the COMEX. ahhh riiiiiigggghhhhttt

    bently
    Jan 29, 2018 - 2:45pm

    Engaged in a scheme to manipulate PMs...

    ...by 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
    Jan 29, 2018 - 2:45pm

    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?

    Clarkii Stomias
    Jan 29, 2018 - 2:45pm

    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.

    Maestro
    Jan 29, 2018 - 2:46pm

    Class Action Suit

    Where do we sign up?!

    Owtovit
    Jan 29, 2018 - 2:50pm

    Same old same old

    FFS!

    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

    lakedweller2
    Jan 29, 2018 - 3:00pm

    Class Action Suit

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

    Chancey
    Jan 29, 2018 - 3:20pm

    Fines??

    "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!

    Jan 29, 2018 - 3:21pm
    Jan 29, 2018 - 3:29pm

    more

    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:

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