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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      82 Comments

      Refresh
    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.

    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

    lakedweller2
    Jan 29, 2018 - 2:43pm

    Criminals

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

    CC Horses
    Jan 29, 2018 - 2:41pm

    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

    brolgaboy
    Jan 29, 2018 - 2:39pm
    Marchas45
    Jan 29, 2018 - 2:33pm

    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

    Ben Stackin
    Jan 29, 2018 - 2:24pm

    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.

    brolgaboy
    Jan 29, 2018 - 2:19pm

    bastards!

    let's all send Andrew Clingon a nasty email!

    Jan 29, 2018 - 2:19pm
    ArtL
    Jan 29, 2018 - 2:16pm

    The CFTC seems impotent

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

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