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 29, 2018 - 5:12pm

    John Titus

    I seem to recall John Titus discovered that a certain cabal of banks have immunity regarding market manipulation, while their individual employees that no longer work at those institutions, and other banks not part of the cabal, are fair game for prosecution under the law.

    What I can't rightly recall are specific details regarding which banks are immune.

    Jan 29, 2018 - 4:52pm

    The center behind this organized crime still untouched.

    When I see names like BIS, NY Fed, PPT, JPM...I will feel better.

    CFTC goes only after the opportunistic and greedy plankton.

    Jan 29, 2018 - 4:51pm

    Every market is manipulated...

    who cares who believes it or not?

    Pining 4 the fjords
    Jan 29, 2018 - 4:50pm

    well stated, my old friend

    well stated, my old friend

    Jan 29, 2018 - 4:48pm

    I also want in on the class-action

    This isn’t a victimless crime. Every person here has lost money or stack-value. I want my pound of flesh. Where do I sign?

    Jan 29, 2018 - 4:48pm
    Jan 29, 2018 - 4:45pm

    Turd, you hit the nail on the head

    All these losers for YEARS have argued “there’s no manipulation” and have gone out of their way to be as nasty and disparaging as possible towards anyone suggesting otherwise. Instead of apologizing and saying “OK, I admit I was wrong and you folks were absolutely right, there was manipulation going on” like an honest, honorable person would do, they instead move the goalposts. Now, apparently, “PM’s are manipulated, but not directionally”.

    OK geniuses, so your current “position” on this matter is 1. Big banks manipulate price, 2. Big banks (commercials) have had hundreds of millions of dollars worth of unbacked short positions vastly outweighing their longs, but 3. we don’t think their manipulation is directional. Uhhhhh...... why?

    Turd, ask these imbeciles why they think the banks manipulation wasn’t directional (I.e., down) when those same banks, on average, hold 3-4 shorts for every long on their books. How can manipulation be market-neutral when the banks shorts vastly outweigh their longs ????

    Weasels, liars, and shills. And metal-heads have long memories....

    Jan 29, 2018 - 4:36pm

    Concentration in any commodity is manipulation...

    and when the concentration is to the short side, it is suppression. Those a-holes are just mincing words to cover their arses.

    Ted Butler has proved illegal comex concentration has been going on for years, even decades. The CFTC did a 5-year "investigation" of the silver market, and yet came up with nothing!

    Ted thinks that the CFTC/government gave JPM special license to steal silver by manipulating down the price via concentrated shorting, then buying phyzz at the lows they created; in exchange for taking over the silver short position from Bear Stearns, which was going TU at the time.

    Since JPM and GS are just another word for Treasury, CFTC really has no jurisdiction over them anyway, it appears. That's why they are protected under "TBTF."

    Jan 29, 2018 - 4:29pm

    Suppression- Manipulation

    Reminds me when Bill Clinton asked what the definition of "is" is. These fucks are intolerable.


    Jan 29, 2018 - 4:15pm

    Bought a few JPM puts today

    and then comes the announcement "His Highness Jamie D has decided to bless

    us all with another 5 years at the helm"


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