German TV Exposes "<b>Gold Price</b> Manipulation Fit For A Financial <b>...</b> |
- German TV Exposes "<b>Gold Price</b> Manipulation Fit For A Financial <b>...</b>
- Barclays Fined For Manipulating <b>Price</b> Of <b>Gold</b> For A Decade <b>...</b>
- The <b>Gold Price</b> Closed Down $1.60 for the Week at $1291.70
- Barclays fined £26m over <b>gold price</b> fixing | UK | News | Daily Express
- <b>Gold Price</b> Shaping Up for the Next Plunge :: The Market Oracle <b>...</b>
| German TV Exposes "<b>Gold Price</b> Manipulation Fit For A Financial <b>...</b> Posted: 20 May 2014 05:46 PM PDT While we have done our best to expose the utterly disgusting manipulation that occurs day-in-and-day-out in the precious metals markets over the last few years (how the "fix" is manipulated, who is responsible, and the blowback from European investigations), but mainstream US media remains actively ignorant of exposing these realities (even as another 'gold-"fixer"' gets the ax today). But not the Germans. As the following brief documentary exposes "an examination of gold prices reveals machinations fit for a financial thriller." With the Germans still wanting their gold back, we suspect this German TV documentary explaining the "lack of oversight.. and serious manipulations of the gold price," will stir up more than a little public concern about ever getting it back. h/t Koos Jansen (21 votes)  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Barclays Fined For Manipulating <b>Price</b> Of <b>Gold</b> For A Decade <b>...</b> Posted: 23 May 2014 03:56 AM PDT It was almost inevitable: a week after we wrote "From Rothschild To Koch Industries: Meet The People Who "Fix" The Price Of Gold" and days after "Barclays' Head Of Gold Trading, And Gold "Fixer", Is Leaving The Bank", earlier today the UK Financial Conduct Authority finally formalized what most in the "tin-foil" hat community had known for years, when it announced that it fined Barclays £26 million for manipulating "the setting of the price of gold in order to avoid paying out on a client order." Furthermore, the FCA confirmed that those inexplicable gold raids which come as if out of nowhere, and slam gold with a vicious force so strong sometime they halt the entire market, had a very specific source: Barclays, whose trader Daniel James Plunkett, born 1976, "sent out a burst of orders aimed at moving the price of the yellow metal." This took place for a decade. As the FT reports:
Some further details on Plunkett's preferred means of manipulating the gold price.
Which is precisely what we have shown many times here for example in "Vicious Gold Slamdown Breaks Gold Market For 20 Seconds", when a sell order so aggressive comes in it not only takes out the entire bid stack with an intent not for "best execution" but solely to reprice the market lower. Recall from September:
And Mr. Plunkett in action: To be sure Barclays was truly sorry, and pinky swears that having been caught manipulating the gold market for ten years it will never do it again:
So a wrist slap, we get that. One wouldn't expect more - after all the banks run the show. And yet, one wonders: is this just a case of "Fab Tourre-ing" the scandal, and redirecting all attention to just one (preferably junior) person? To be sure, this one trader made handsome profits from gold manipulation...
... but is this just an attempt by the FCA to pass this off as the proverbial "only cockroach", especially when as we reported earlier this week, none other than Barclays head of trading Marc Booker quietly left dodge? The speculation is further heightened when one considers that Plunkett had left Barclays nearly two years ago in October 2012! According to his FCA record: Prior to Barclays Plunkett worked as a lowly junior trader at Dresdner and RBC - and this is the a manipulation mastermind? Further, considering the FCA found failures at Barclays starting in 2004 and Plunkett only joined in 2006, can the FCA please disclose who else was the frontman for gold manipulation at Barclays in the 2004-2006 period? This is what the FCA had to say on the matter of young master Plunkett:
It would appear that Plunkett is indeed nothing more than another instance of "Kerviel" or "Tourre" - an irrelevant mid-level trader thrown at the wolves of public consumption just so the attention can be redirected from the real manipulation elsewhere, and much higher up. This is hardly surprising, as we noted three days ago when we wrote about the Barclays head gold trader termination: "Bottom line: just like the Silver Fixing which last week announced its winddown, the days of the 117-year-old Gold fix are numbered. But to preserve continuity of riggedness and manipulation, perhaps they can just outsource their job duties to the biggest manipulators of all: Bank of England, the Fed and, of course, the BIS." So yes: it is now a fact that gold is manipulated by various commercial banks, and that those gold "raids" one sees every morning usually around the time of the London fix aren't accidental at all but are entirely designed to reprice the market, but how deeper does the rabbit hole go?
Alas, this is a lie - by handing Plunkett to the public on a silver platter, it simply means that the far bigger and more important players in the gold manipulation market - stretching all the way to central bank and, of course, bank of central bank level, will simply be allowed to continue business "as usual." So for those who want the real people behind the real manipulation before they all scatter into the dust, we urge you to reread "From Rothschild To Koch Industries: Meet The People Who "Fix" The Price Of Gold." Because the gold manipulation rabbit hole goes far, far deeper than just one single, solitary trader... (68 votes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The <b>Gold Price</b> Closed Down $1.60 for the Week at $1291.70 Posted: 23 May 2014 05:41 PM PDT
On Comex, where they take no prisoners, the GOLD PRICE lost $3.30 to end at $1,291.70 while silver gave up 10.2 cents and closed at 19.388. Past seven days have witnessed silver and gold as somnolent as I've ever seen them. Some big event is needed to break this impasse. Higher dollar doesn't help, but that doesn't always keep the gold price down. More help would come from stocks dropping sharply. The last week hasn't changed anything for silver and GOLD PRICES. Gold remains in a narrow even-sided triangle bounded today by roughly $1,280 and $1,303.75, and it groweth narr'er by the day. The SILVER PRICE is in an uptrend that began in May but has since forgotten what it was doing. Silver can't even stay above its 20 day moving average, but then, neither can the gold price. Frankly, best thing that could happen now would be for silver and gold to fall sharply, clear out the shorts, and set the stage for another rally. This dead-in-the-water sidewise float is for the fowls. Monday is a US holiday, Memorial Day, but Tuesday is not. Look for some fun to start next week. By the way, British regulators today fined Barclays Bank $48 million for the actions of a trader in the London Gold Fix in June 2012. Barclays is one of four Banksters that participates twice daily in the London Gold FIX. In this case the trader bogused up enough orders to push gold below a threshold that would have forced Barclays to pay a customer $3.9 million and profited the bank $1.75 mn. This comes one day after Barclays was slapped with a $450 million fine for rigging LIBOR. Listen: you can always trust a bank. . . To act like a bank. After all, it stands for Bilk All Ninety-eight-point-six Kustomers. Markets is people, and people don't make sense. Thus I will not torture myself over the apparent contradictions, I will just sit tight and wait till they go away, without pretending I can explain them. Stocks struggled through the week and managed to rise a little by week's end. Metals are in the deadest slumber I can remember (but I'm getting old). White metals had a rotten day today but closed higher for the week. US dollar index got up off the mat and advanced to its 200 DMA. Pretty good for a nasty, scrofulous, parasitical fiat currency, but tough on the euro and yen. The Dow and S&P500 are diverging here a bit. S&P500 nearly touched its last intraday high (1,902.17) but closing at a new all time high close, 1,900.53 (up 8.04 or 0.42% today). Meanwhile the Dow, up today 63.19 or 0.38% to 16,606.27, lags far behind. Its last intraday high was 16,735.51 and its all time high close 16715.44 (13 May, same as S&P500). Other indices can't agree, either. The Nasdaq 100 broke out of its downtrend six days ago, but remains far below its all-time high. Russell 2000 remains in its downtrend but hit the downtrend line today. Wilshire 5000 remains below its all time high. These are not smashing new highs but struggling highs. Signs of a top abound, head and shoulders patterns, broadening tops, diamonds. Stocks may have shot their wad today, or might make a slightly higher high next week, but I believe the end draweth nigh. Dow in Gold continues to dither. Rose today 0.47% to 12.84 oz (G$265.43 gold dollars). It did close above the 20 DMA but remains locked in a sidewise range. Dow in silver dithereth even more tightly than the Dow in gold. Rose 0.49% to 852.92 oz (S$1,102.77 silver dollars). A big break one way or the other approacheth. May get one more new high before this ends. The US dollar index on 7 May turned up from a 78.93 low and shot clean up to its downtrend line in six days (about 80.40). Then it fainted. Last three days it has shown life again, and today broke above its downtrend line, touched its 2020 DMA (80.490 and closed higher by 14 basis points (0.17%).Dollar intends to move higher, but must climb the stile at 80.80. Euro has just plumb broke down beyond redemption. Touched its 200 DMA ($1.3627) today and closed down 0.16% at $1.3624. Appears the trend for the next few months will be higher dollar, lower euro. Great for you folks planning European vacations. Japanese yen three days hence struck its 200 DMA (98.95) and was knocked out cold. Lost another 0.23% today to 98.07c. Technically in an uptrend since April, but oh, Mercy! It's a slow one. PRECIOUS METALS IRAs. Some of y'all have precious metals IRAs already, and some would like to have. For that, there's no one better than New Direction IRA in Louisville, Colorado. They are easy to work with and efficient, even with human beings answering the phone. Promptly. And their fees are reasonable. We don't administer IRAs as a trustee, but with New Direction IRA as your IRA trustee you can buy and silver precious metals through us. One reason I like New Direction is that they understand AND co-operate with our gold-silver swapping strategy. More, they accomplish that in few days with minimal paperwork. If you open an account or transfer and existing IRA to New Direction IRA by 1 August 2014, you will receive 50% OFF your first transaction fee. I get no commission or kickback for this recommendation, but did convince them to offer you that discount, IF you enter the promotional Code "Moneychanger 2014" on your application. Y'all enjoy your weekend! Aurum et argentum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger © 2014, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Barclays fined £26m over <b>gold price</b> fixing | UK | News | Daily Express Posted: 23 May 2014 03:11 AM PDT
The Financial Conduct Authority (FCA) said the bank had failed to manage conflicts of interest between itself and its customers in relation to the way the price of gold is set, between 2004 and 2013. Its announcement focused on the behaviour of Daniel James Plunkett, who was a trader on the Barclays precious metals desk, on June 28 2012. The FCA said that on that day Mr Plunkett "exploited the weaknesses in Barclays' systems and controls to seek to influence that day's 3pm gold fixing and thereby profited at a customer's expense". It said that, as a result, Barclays did not have to make a $3.9 million (£2.3 million) payment to a customer, though it later compensated the customer in full. Mr Plunkett's actions boosted his own trading book by $1.75 million (£1.04 million), the FCA said. The watchdog has fined him £95,600 and banned him from the industry. Mr Plunkett's actions came just after Barclays had agreed a £290 million settlement with US and UK regulators over the rigging of Libor and Euribor interbank lending rates in a scandal that precipitated the resignation of chief executive Bob Diamond. Tracey McDermott, the FCA's director of enforcement and financial crime, said the gold-fixing failings had once again tarnished the industry's reputation. She said: "A firm's lack of controls and a trader's disregard for a customer's interests have allowed the financial services industry's reputation to be sullied again. "Plunkett has paid a heavy price for putting his own interests above the integrity of the market and Barclays' customer. "Traders who might be tempted to exploit their clients for a quick buck should be in no doubt - such behaviour will cost you your reputation and your livelihood. "Barclays' failure to identify and manage the risks in its business was extremely disappointing. Plunkett's actions came the day after the publication of our Libor and Euribor action against Barclays. She added: "We expect all firms to look hard at their reference rate and benchmark operations to ensure this type of behaviour isn't being replicated. "Firms should be in no doubt that the spotlight will remain on wholesale conduct and we will hold them to account if they fail to meet our standards."
Barclays has been part of the panel of banks that sets the gold price since 2004 - a mechanism that allows market users to buy and sell the precious metal at a single quoted price. The finding against Mr Plunkett centred on him placing certain orders to try to push the gold price fix below a "barrier" of $1,558.96, which it eventually did. If the price had fixed above this level, Barclays would have been required to make a payment to a customer but if it had not it would not. Soon afterwards, the customer became aware that the price had fixed just below the barrier and sought an explanation from Barclays. When this was relayed to Mr Plunkett he failed to disclose that he had placed orders and traded during the gold fixing, the FCA said. "Further, Plunkett misled both Barclays and the FCA by providing an account of events that was untruthful. "Plunkett's misconduct is particularly serious because he preferred his interests over those of a customer and his actions had the potential to have an adverse effect on the gold fixing and the UK and international financial markets." The watchdog found that between June 7 2004 and March 21 2013, Barclays failed to take reasonable care to "organise and control its affairs responsibly and effectively", including procedures monitoring and training in relation to gold fixing. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold Price</b> Shaping Up for the Next Plunge :: The Market Oracle <b>...</b> Posted: 22 May 2014 11:48 AM PDT By: Submissions
YEARLY CHART Here we can see that gold has just experienced a bull market lasting 10 continuous years. Is it any wonder that perhaps a pullback was needed? So we currently appear to be still in a correction within a long term structural bull market. The bulls need not fret as this correction is healthy and will provide a strong foundation from which to launch its next offensive in the years to come which, in my opinion, should see the price whoosh past US$5000. Now let's take a look at the monthly chart to get a bit more detail. MONTHLY CHART The monthly shows that a downtrend is currently in force. We can see a double bottom has formed around US$1180. While the amateurs can be heard jumping up and down shouting "Double bottom! Double bottom!" as if it's the holy grail, one thing I have learnt is that double bottoms and tops rarely end trends. Sure they are great for traders who can play the reactions but once done the underlying trend will return, in this case a downtrend. As an aside, the double bottoms and tops that are powerful are those that are with the trend - ie/double bottoms in an uptrend and double tops in a downtrend. In fact there is an example of just that in the monthly gold chart. A double top, or triple top even, appears at the $1800 level which has formed after the all time top has been set. This led to a powerful decline. From an Elliott Wave perspective, which I don't like to get too wrapped up in, the double bottom appears to be part of a corrective ABC structure. The C point looks to be the recent top in March at US$1390 and unless that level is surpassed it is my view that the next leg down is underway which should see the double bottom smashed in the near future. The corrective pattern may or may not include a D and E point which would just prolong the duration of the correction. WEEKLY CHART The weekly chart just lets us look up close and personal at the current structure unfolding. The A, B and C points are clearly defined and look to be part of a bearish consolidation pattern. My personal opinion is there is still a bit more backing and filling to be done which would give rise to a D and E point. There is a good chance the D point will make a triple bottom. Then once the E point has formed price should then come down and bust the US$1180 support on the 4th attempt. The 4th attempt at support or resistance is generally successful. Failure to bust support then would be a very bullish sign but I highly doubt that scenario. Looking further out in an attempt to predict the end of this major correction from the top, we can see the last meaningful top before the all time top was that in 2008 at US$1034. Old tops often act as support in the future but experience has shown me that price often dips a bit below these support levels. I have also put up some Fibonacci retracement levels of the upleg from the 2008 low to 2011 high. While many chartists focus on the popular Fib level of 61.8% I often find that once that level is broken they give up forgetting the oft forgotten 76.4% level. In this case that sits around US$973. Also, one of Gann's teachings is that the low price is often 50% of the high price, in this case US$960 (being 50% of the US$1920 high). These levels sit conveniently below the important psychological level of US$1000 and if that level is broken then the gold permabulls will go weak at the knees, their hopes crushed – just the signal that the correction will be over! Bio I have studied charts for over 20 years and currently am a private trader. Several years ago I worked as a licensed advisor with a well known Australian stock broker. While there was an abundance of fundamental analysts there seemed to be a dearth of technical analysts, at least ones that had a reasonable idea of things. So my aim here is to provide my view of technical analysis that is both intriguing and misunderstood by many. I like to refer to it as the black magic of stock market analysis. I am available to be a paid contributor for a reputable outfit. Contact austingalt@hotmail.com © 2014 Copyright Austin Galt - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors. © 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication. |
Austin Galt writes: I always begin my analysis by looking at the big picture to determine what is the overall trend and where we are in that trend. That means starting by looking at the yearly chart. I also like to keep my charts simple so things aren't too confusing and I don't start jumping at shadows.
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