UBS To Settle Gold/Silver Manipulation Activities

Intrinsic currencies like gold and silver, for example, are acceptable without a 3rd party guarantee.  – Alan Greenspan, (LINK)

The Financial Times is reporting that UBS has agreed to settle charges against it by the UK’s Financial Conduct Authority that it engaged in the manipulation of the gold and silver markets.  While it may come as a surprise to chart wranglers like Trader Dan or interminably hot air windbags like Dennis Gartman and Martin Armstrong that gold and silver are manipulated by the big bullion banks, UBS has de facto admitted to such illegal activity.

This comes on the heels of a £1.5 billion pound ($2.4 billion) settlement agreement (to be announced Wednesday) that includes UBS, Barclays, Citigroup, HSBC, JP Morgan and RBS connected to charges of foreign exchange market rigging.

If these banks are rigging forex trading, it means that they are de facto rigging gold and silver.  Why?  Just ask Alan Greenspan:    “Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can match it…Gold has a monetary characteristic which is intrinsic.”  

I’m wondering if part of the $40 move higher in gold on Friday was driven by insiders – i.e. the banks – who knew that the UBS gold/silver manipulation settlement deal was going to be announced by the FT today (Sunday, November 9).

15 thoughts on “UBS To Settle Gold/Silver Manipulation Activities

  1. STILL …no jail time handed out …minor fines as the scumbags steal billions and pay next to nothing…and STILL stay in business to continue their criminal deeds….imho

  2. The coming weeks promise to be very interesting indeed. I do have a minor concern that if the Swiss referendum fails to pass, it will be a perfect cover story for tons of futures to sold (yet again) at 03:00 a.m.

  3. When an in itself intelligent child is hit on the fingers at school every time it says something noteworthy, after years of such punishment, the child turns in itself, becomes, paranoia and does not like establishment! This is what is happening to Gold & Silver, G&S miners and its believers /investors. I have had my lessons in the G & S market. It is outrageous, but one can only wait and see with the physical stuff and speculate with the miners when they are down (like now). The Batlle is for world dominance (read fiat currencies and huge party for the elites). Therefor they will go all the way to further destroy the confidence in the G & S universum. I am still for 20 % invested in this unversed as a base but do not expect a great party. Unless the Swiss!!! But I have the feeling that will not happen. Cherio

  4. Traitor Dan says that gold is manipulated by big hedge funds , not manipulation by UBS and other bullion banks.
    So I guess the Judge and courts are full of shit in England.

    Case closed

  5. If the bullion banks are caught in the future I wonder will it be just another pinch on the arm or will they be treated like a 3 time loser and go to jail for committing felony theft

    1. Nope. The people who would be in charge of prosecuting them are the same people who are letting them get away with their crimes. Eric Holder, Mary Jo White (SEC), etc.

  6. Congrats Dave, Zerohedge reprinted one of your articles: “The system is terminally broken” Now you’ve really hit the big time

  7. “chart wranglers like Trader Dan”

    I prefer to call him just a frigging asshole.

    We have seen in the past that whenever there were rumors about manipulation the price went up. This time considerably. You are spot on with your allusion.

  8. I’m like the many thousand little guys who invested a few thousand in gold/precious metals manipulated to a much lower price by the crooks who are above the law. The playing field is slanted strongly in favor of the crooks.


  9. With all the lawyers at their disposal, you know the evidence had to be overwhelming in order for the banks to agree to the settlement, especially knowing that there was no chance of any criminal prosecution if they lost.

    Years ago this type of activity was called “a payoff,” and it was done in secret and was considered illegal. Now it’s all above board and just a cost of doing business. It’s still just a payoff.

  10. Well, if traitor dan is a mere *hole, complete with the *, then we’ll just have to dig lower & deeper in the dicktionary to find nouns to accurately describe the best of the worst of the other slimebags.
    i reco

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