One former precious metals manager at a big investment bank says there has long been an understanding among market participants that sellers and buyers of digitals [exotic options derivative contracts] would try to protect their positions if the benchmark price and barrier were close together near expiry.
That quote is from the Financial Times: Trading To Influence Gold Fix Price Was “Routine”
As most of you know by now, Barclays was fined a meagre $43 million for the “misconduct” of one options trader by England’s Financial Conduct Authority, the equivalent of FINRA in the U.S. The lack of a far deeper investigation into Barclay’s gold price manipulation activities – and that of the other LBMA Gold Fix member banks – is an outrage. The decision and the process to reach the decision is a complete farce.
My co-producer and I did a quick video analysis of this FCA’s decision and why it’s the equivalent of having a full file of evidence on a serial murderer and only convicting him for jay-walking. You can see the short video here: The LBMA: Fake Justice For Real Criminals
Please take the 9 minutes to watch this so you can see what a complete joke the entire western concept of “Rule of Law” has become.
The you can read this short report from Bloomberg in which Germany’s top financial regulator says “Metals, Currency Rigging Is Worse Than Libor” – article link.
The manipulation of the gold market runs far deeper, is more pervasive and is more insidiously executed than ANY of us can possibly understand. That is, until the scheme blows up in the face of the Governments, Central Banks and Too Big To Fail Banks who are orchestrating the entire Ponzi scheme.
When it is ultimately revealed that the gold supposedly being held on behalf of the citizens of the U.S. is no longer there, it will be the biggest scandal in the history of the country.