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.


    About the Author

    tfmetalsreport [at] gmail [dot] com ()


    Angry Chef
    Jan 29, 2018 - 11:15pm

    WTH Are These Swamp Creatures Made Of ????

    ????....Kryptonite ?

    "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


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

    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!

    Jan 29, 2018 - 9:10pm


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


    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 11/23

    11/23 9:45 ET Markit flash PMIs
    11/23 1:00 ET Goon Daly
    11/23 3:00 ET Goon Evans
    11/24 9:00 ET Case-Shiller home prices
    11/24 10:00 ET Consumer Confidence
    11/24 11:00 ET Goon Bullard
    11/24 12:00 ET Goon Williams
    11/24 12:45 ET Goon Chlamydia
    11/25 8:30 ET Q3 GDP 2nd guess
    11/25 8:30 ET Durable Goods
    11/25 10:00 ET Personal Inc and Spend
    11/25 10:00 ET Core inflation
    11/26 US Market holiday

    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

    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.

    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 . . .

    Jan 29, 2018 - 7:53pm


    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

    Subscribe or login to read all comments.

    Become member and subscribe to Turd's Vault


    Donate Shop

    Get Your Subscriber Benefits

    Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

    Key Economic Events Week of 11/23

    11/23 9:45 ET Markit flash PMIs
    11/23 1:00 ET Goon Daly
    11/23 3:00 ET Goon Evans
    11/24 9:00 ET Case-Shiller home prices
    11/24 10:00 ET Consumer Confidence
    11/24 11:00 ET Goon Bullard
    11/24 12:00 ET Goon Williams
    11/24 12:45 ET Goon Chlamydia
    11/25 8:30 ET Q3 GDP 2nd guess
    11/25 8:30 ET Durable Goods
    11/25 10:00 ET Personal Inc and Spend
    11/25 10:00 ET Core inflation
    11/26 US Market holiday

    Key Economic Events Week of 11/16

    11/16 2:00 pm ET Goon Chlamydia
    11/17 8:30 ET Retail Sales
    11/17 8:30 ET Import Price Index
    11/17 9:15 ET Cap Ute and Ind Prod
    11/17 10:00 ET Business Inventories
    11/17 1:00 pm ET Chief Goon Powell
    11/18 8:30 ET Housing Starts
    11/18 1:20 pm ET Goon Bullard
    11/19 8:30 ET Jobless claims
    11/19 8:30 ET Philly Fed

    Key Economic Events Week of 11/9

    11/9 1:30 pm ET Goon Mester
    11/10 7:30 am ET Goon Kaplan
    11/10 10:00 ET JOLTS job openings
    11/10 10:00 ET Goon Rosengren
    11/11 Veteran's Day. Bond market closed.
    11/12 8:30 ET CPI
    11/12 11:45 ET Chief Goon Powell
    11/12 2:00 pm ET Federal budget
    11/13 7:00 ET Goon Williams
    11/13 8:30 ET PPI
    11/13 8:30 ET Goon Bullard
    11/13 10:00 ET Consumer sentiment

    Key Economic Events Week of 11/2

    11/2 9:45 ET Markit Manu PMI
    11/2 10:00 ET ISM Manu PMI
    11/2 10:00 ET Construction Spending
    11/3 U.S. Election Day
    11/4 November FOMC begins
    11/4 8:30 ET ADP jobs report
    11/4 8:30 ET US Trade Deficit
    11/4 9:45 ET Markit Services PMI
    11/4 10:00 ET ISM Services PMI
    11/5 8:30 ET Productivity & Unit Labor Costs
    11/5 2:00 ET FOMC Fedlines
    11/5 2:30 ET Chief Goon Powell presser
    11/6 8:30 ET BLSBS
    11/6 10:00 ET Wholesale Inventories

    Key Economic Events Week of 10/26

    10/27 8:30 ET Durable Goods
    10/27 10:00 ET Case-Shiller home prices
    10/27 10:00 ET Consumer Confidence
    10/27 10:00 ET Richmond Fed
    10/28 8:30 ET Advance Trade in Goods
    10/28 8:30 ET Wholesale Inventories
    10/29 8:00 ET ECB monetary policy stmt
    10/29 8:30 ET Q3 GDP first guess
    10/30 8:30 ET Personal Income and Spending
    10/30 8:30 ET Core Inflation
    10/30 10:00 ET UMich Consmer Sentiment

    Key Economic Events Week of 10/19

    10/19 11:45 ET Goon Chlamydia
    10/20 8:30 ET Housing Starts
    10/20 1:00 pm ET Goon Evans
    10/21 10:00 ET Goon Mester
    10/21 2:00 pm ET Fed Beige Book
    10/22 8:30 ET Initial Jobless Claims
    10/23 9:45 ET Markit Oct flash PMIs

    Key Economic Events Week of 10/12

    10/13 8:30 ET CPI and Core CPI
    10/14 8:30 ET PPI
    10/14 9:00 ET Goon Chlamydia
    10/15 8:30 ET Philly Fed
    10/15 8:30 ET Empire State Idx
    10/15 8:30 ET Import Price Idx
    10/16 8:30 ET Retail Sales
    10/16 9:15 ET Cap Ute & Ind Prod
    10/16 10:00 ET Business Inv

    Key Economic Events Week of 10/5

    10/5 9:45 ET Markit Svc PMI
    10/5 10:00 ET ISM Svc PMI
    10/5 10:45 ET Goon Evans
    10/6 8:30 ET Trade Deficit
    10/6 10:00 ET JOLTS job openings
    10/6 10:45 ET Chief Goon Powell
    10/7 2:00 ET Sept FOMC minutes
    10/7 3:00 ET Goon Williams
    10/8 8:30 ET Initial jobless claims
    10/9 10:00 ET Wholesale Inventories
    10/9 12:10 ET Goon Rosengren

    Key Economic Events Week of 9/28

    9/29 8:30 ET Advance trade in goods
    9/29 9:00 ET Case-Shiller home prices
    9/29 10:00 ET Consumer Confidence
    9/30 8:15 ET ADP employment report
    9/30 9:45 ET Chicago PMI
    10/1 8:30 ET Personal Income and Spending
    10/1 8:30 ET Core Inflation
    10/1 9:45 ET Markit Manu PMI
    10/1 10:00 ET ISM Manu PMI
    10/2 8:30 ET BLSBS
    10/2 10:00 ET Factory Orders

    Key Economic Events Week of 9/21

    9/21 8:00 ET Goon Kaplan
    9/21 10:00 ET Goon Evans
    9/21 Noon ET Goon Brainard
    9/21 6:00 pm ET Goon Williams & Goon Bostic
    9/22 10:30 ET Chief Goon Powell on Capitol Hill
    9/22 Noon ET Goon Barkin
    9/22 3:00 pm ET Goon Bostic again
    9/23 9:00 ET Goon Mester
    9/23 9:45 ET Markit flash PMIs for September
    9/23 10:00 ET Chief Goon Powell on Capitol Hill
    9/23 11:00 ET Goon Evans again
    9/23 Noon ET Goon Rosengren
    9/24 1:00 pm ET Goon Bostic #3
    9/24 2:00 pm ET Goon Quarles
    9/24 10:00 ET Chief Goon Powell on Capitol Hill
    9/24 Noon ET Goon Bullard
    9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
    9/24 2:00 pm ET Goon Bostic #4
    9/25 8:30 ET Durable Goods
    9/25 11:00 ET Goon Evans #4
    9/25 3:00 pm ET Goon Williams again

    Forum Discussion

    by matt_, 4 hours 7 min ago
    by matt_, 4 hours 49 min ago
    by silverseeker, Nov 25, 2020 - 11:19pm
    by 11IMIX, Nov 25, 2020 - 7:50pm
    by Turd Ferguson, Nov 25, 2020 - 6:04pm
    by Trail Trekker, Nov 25, 2020 - 5:37pm