Treasury, CFTC Refuse To Answer Gold Market Rigging Inquiry

For anyone who has studied the issue in-depth, there’s no question that Governments and Central Banks interfere in the gold market (and silver).  The motive is undeniable. Removing price discovery from the gold market enables the Central Banks to sustain the illusion that paper fiat currency is real money.

In addition to all of the evidence gathered and presented to the public over the years (see GATA’s article archive back to 2000), why does the Fed and the Treasury go out of their way to avoid public scrutiny of their gold trading and accounting activities?

The Fed spent millions lobbying Congress and feeding former House Rep Barney Frank’s retirement fund in order to prevent Ron Paul’s audit the Fed legislation from ever getting out of Frank’s House  Committee on Financial Services.  This included hiring Enron’s former chief lobbyist, Linda Robinson.  While Congressman Paul wanted an independent audit of the Fed’s entire operations, he specifically was interested in seeing the files on gold trading, leasing and swaps.  To this day, the Fed refuses any outside inspections of its gold vaults. This includes German Government officials who wanted to see the gold the Fed allegedly “safekeeps” on its behalf.  Why?

U.S. Rep Alex  X.  Mooney has taken over efforts to get to the truth from the U.S. Treasury and the CFTC about its activities in the financial and commodities markets, particularly in the gold and silver markets.   Most of Mooney’s questions on two occasions went unanswered.

GATA has compiled an accounting of Mooney’s fact-finding mission and the refusal of the U.S. Government to respond fully:  “Of course the refusal of the Fed, Treasury, and CFTC to answer the congressman’s questions promptly and fully is strong evidence that the U.S. government is deeply and comprehensively involved in market manipulation.”

You can read entire GATA dispatch with supporting documentation here: Congressman keeps pressing Treasury, CFTC about gold market rigging.

15 thoughts on “Treasury, CFTC Refuse To Answer Gold Market Rigging Inquiry

    1. But wait! There’s more! Abject Corruption!!!

      You can’t make this stuff up! Maybe not today. Maybe not tomorrow. But one of these days, Gold goes no offer. Either you have it or you don’t.

      The Enforcement Division of the CFTC runs a five-year investigation into silver price manipulation, only to immediately close the investigation once presented with irrefutable whistleblower evidence of said manipulation.

      The head of the Enforcement Division, David Meister, quits the CFTC within a week of closing this investigation.

      Meister then takes a job with Washington law firm, Skadden LLP.

      Skadden LLP has been retained by Michael Nowak, former head of the JPMorgan precious metals desk, as his defense attorneys. The lead attorney defending Nowak is David Meister.

      https://www.tfmetalsreport.com/blog/9673/abject-corruption

  1. Dave
    I think we can’t expect ever to to get answer from , they are above the Law.
    They only let Gold go higher because something is coming and it’s planned by them.
    Time will show.

  2. This guy should be fed to the gators.

    “The Global Precious Metals Code is a code of conduct which promotes a fair effective and transparent market. It provides market participants with Principles and Guidance to uphold high standards of business conduct. All of this creates confidence in the market for all participants.”

    Lol. Yea right.

    https://www.bullionstar.com/blogs/ronan-manly/lbma-board-member-jp-morgan-managing-director-charged-with-rigging-precious-metals/

    Gold isnt going to $10,000/oz. It’s going ad infinitum!!!

  3. “A group of investors including the hedge fund founded by billionaire John Paulson said’ significantly mismanaged” gold companies could unlock $13 billion in value through mergers and cost cuts.”

    It seems widedpread corporate m&a’s are driving asset bubbles more than anything else.
    This year has been the same but with mining included.

    Anytime you have asset consolidations & concentrations, you have cost cutting, and reduced competition.

    More money goes to the largest ultra-wealthy investors (those manipulating the market), less to the labor force, meaning more people with less to spend, leading to economic stagnation.

    Bubbled asset prices are rarely long-lived, and benefit only a few.
    They reap profits off the “losers” that buy late into these bubbles (exploiting fear of loss psychological factors).

    I fail to understand the real difference/distinction between government manipulation & large investor manipulation of assets (which often go hand-in-hand, as the wealthy elite form the secret government).

    Neither allows the “invisible hand” of a market system to work.
    Central planning (i.e. socialism) is central planning, regardless whether directed by bureaucrats, governments, or covert plutarchs.

    Is greater wealth really all there is to live for?
    Can people really find no more value or purpose in life?

  4. Its a maffia, Michael Novak, the JP Morgan director indicted for his criminal activities to rig the gold market is a LBMA Board Member :

    https://www.bullionstar.com/blogs/ronan-manly/lbma-board-member-jp-morgan-managing-director-charged-with-rigging-precious-metals/

    DOJ Accuses JPMorgan’s Precious Metals Trading Desk Of Being A Criminal Enterprise :

    https://www.bloomberg.com/news/articles/2019-09-16/jpmorgan-s-metals-desk-was-a-criminal-enterprise-u-s-says

    Department of Justice : Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy

    https://www.justice.gov/opa/pr/current-and-former-precious-metals-traders-charged-multi-year-market-manipulation

    1. These above-the-law, too big to indict, prosecute, or fail institutions will cut losses, cut the ties to personnel that did the dirty work, pay the costs [fines] of doing business their way, learn how to better protect themselves against scrutiny, and go back at it…while there is a profitable game to be played.

  5. Below is the DOJ Press Release September 16 on three more charged in the indictment. Bring on the RICO…..for the negative people, who would have thought the investigation would have got this far…..there are lots of lawsuits already.

    https://www.justice.gov/opa/pr/current-and-former-precious-metals-traders-charged-multi-year-market-manipulation

    Each of the three defendants was charged with one count of conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity (more commonly referred to as RICO conspiracy); one count of conspiracy to commit wire fraud affecting a financial institution, bank fraud, commodities fraud, price manipulation and spoofing; one count of bank fraud and one count of wire fraud affecting a financial institution. In addition, Smith and Nowak were each charged with one count of attempted price manipulation, one count of commodities fraud and one count of spoofing.

    1. “Smith, Nowak, Jordan, and their co-conspirators allegedly engaged in a complex scheme to trade precious metals in a way that negatively affected the natural balance of supply-and-demand,” said FBI…”

      And yet the largest money-management & investment firms & investors do the same with stocks, assets, metals (via mining co. ownership), etc.
      But for them it’s legal.

      Go figure….

  6. “Governments and Central Banks interfere in the gold market (and silver).”

    And the interest rate, and the money supply, and/or other “market” activities.

    Not many people can completely agree on the constructs/functions of socialism.
    But one key tenets of socialism is central planning.

    There can be, and are capitalists in socialist economies.
    -ism – An attachment to something.
    Capitalism – An attachment to capital.

    There are wealth-hoarding capitalist billionaires in “communist China”, in socialist Russia, in socialist *India, in socialist Vietnam, etc.

    The commonality?
    They all gain control of the government, and that central-planning authority, to direct more profits their way.

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