The <b>Gold Price</b> Closed at $1256.30 Needs to Close Above $1280 |
- The <b>Gold Price</b> Closed at $1256.30 Needs to Close Above $1280
- A Call to Action. Help End <b>Gold Price</b> Manipulation Now! | Zero Hedge
- <b>Gold Price</b> in a Fix :: The Market Oracle :: Financial Markets Analysis <b>...</b>
| The <b>Gold Price</b> Closed at $1256.30 Needs to Close Above $1280 Posted: 29 May 2014 04:18 PM PDT
The GOLD PRICE fell $3.00 to $1,256.30. Silver shaved off 5.2 cents to 1898.3c. When you are reduced to saying stuff like, "Well, if silver were really weak it would have fallen more after that break," you're grabbing at straws. That's true, it seems contradictory and might point to underlying strength that the silver and gold price have not followed through lower after Monday's big fall, but that's a backhanded compliment -- like saying a boy is ugly as a bucket of slop but at least don't smell bad, too. Who wants to rank in that league? Here's something better. The SILVER PRICE reached a new low for the move today at 1878 cents, but did not finish the day down there. In a sort of Step 1 of a Key Reversal (if you count the day and not the Comex), it traded down to 1878c and was still there about 1:30 central time. Before I could make up my mind to buy a little, it shot up a dime. If it closes higher tomorrow, I'll think about calling that a reversal. They needn't have bothered to open up gold trading today. High came at $1,260.60 and low at $1,250.90 -- why bother for a $10 trading range? If the last two day's pause marks roughly the halfway point of the decline, it should stop around $1,240 or $1,230. The GOLD PRICE now needs a close above $1,280 to turn around. For all my bellyaching, I'm not shorting anything here and I find myself buying. Stocks are hovering. All attention -- and money -- has been poured into the S&P500, and today it rose 10.25 (0.54%) to make another new all-time high. Closed at 1,920.03. Yet no other index, particularly not the Dow, has made a new high, save the Nasdaq 100, which is close. If those other indices fall back, that's sort of like a platoon all taking one step back and leaving one man standing forward when volunteers are called for. Should some of those others start climbing, it might send stocks on another two or three week jaunt upwards into a final high. Dow gained 65.67 (0.39%) to 16,698.74. Dow in metals bumped up again. Dow in gold hit 13.29 oz (G$274.43 gold dollars), up 0.57%. Dow in Silver ended up 0.4% at 878.23 oz (S$1,135.49 silver dollars), a new high for the move. Going higher. US dollar index, although it has pierced its 200 DMA (80.46) and remains above it, has backed off. Today it gave away 7 basis points and ended at 80.53. Technically it ought to head higher, but when? Euro gained the 0.08% today that the dollar index lost, but remains below its 200 DMA. Central banks fear markets as much as markets fear them. They dread to disappoint markets, so with all expecting some "easing" from the ECB, they will likely do so next week. Anyway, decision appears to have been colluded on amongst the central banks to let the euro fall. What bothers my mind most about the dollar is that its movements overlap, like a corrective and not an advancing wave. Yen rose 0.5% to 98.26, lost as a golfball in high weeds and baffled as a hog with a sidesaddle. In a nothing-much uptrend, but must clear 200 DMA and 99c/Y100 before it goes anywhere. 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.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| A Call to Action. Help End <b>Gold Price</b> Manipulation Now! | Zero Hedge Posted: 26 May 2014 08:13 PM PDT On the same day in which we released our letter writing campaign to "End Gold Price Manipulation Now!", Barclays Plc was fined $43.8 million and Barclays trader Daniel James Plunkett was fined more than $160,000 for manipulating the gold price to avoid a $3.9 million payout to a client that had placed options on gold in the market. Of course, these types of shenanigans have been going on for more than a decade now, but since this event marks the first significant fine against a bullion bank and a banker for gold price manipulation, it is groundbreaking in that regard. In any event, we have presented, in the past several years, numerous charts courtesy of Nanex and GATA's Dimitri Speck in our SmartKnowledgeU blog that illustrate the exact same artificially-engineered statistically significant "gold pukes" immediately in the timeframe of the London PM Gold Price Fix that occurred when Barclays trader Daniel James Plunkett executed his fraud. I want to make crystal clear that this is not a new event nor the first time a trader at a large bank has left a massive footprint of the fraud they have executed in gold markets in suppressing its price. It is merely the first time a trader has been banned and a bank has been fined for such gold price fraud, and ample evidence that the numerous people that have dismissed our gold price manipulation articles over the last decade are nothing but bank shills that fight against the liberty and freedom of people and for the continuation of banker debt slavery. We are attaching in this article our previously released letter writing campaign to one of the law firms that have initiated class action lawsuits for gold price manipulation in the hopes that this campaign will become viral. The mission of our letter writing campaign is to expose all banking shills that embark on persistent media campaigns to sell false stories that there are no signs of price manipulation in gold market, for we believe that such people inflict as much harm and damage to the effort to restore sound money and freedom as do the bankers that manipulate gold prices downward themselves. Secondly, we wish to extend the law firms' investigation of gold price manipulation to the banks that have been fixing gold prices in the futures markets, not just via the London AM/PM price fixing mechanism. We hope to increase the intensity of the spotlight on the banks suspected of slamming the price of gold and silver time and time again, as these tactics have proven to succesfully rebuke bank fraud in recent times. For example, Bloomberg reported in January of this year that as the investigation into Forex manipulation was ongoing, the sudden surges and immediate reversals in currency pair rates that normally preceded the 4PM London close became rarer, less pronounced and in some cases, entirely disappeared. Consequently, we do believe that focusing the public spotlight on gold and silver price fixing, while it will not eliminate fraud outright, will be effective in limiting and controlling the fraud. Thus, in our video below, we are launching a letter-writing campaign to urge the end of gold and silver price suppression schemes that are responsible for spreading economic misery throughout the world. We have provided a letter template and an envelope template so that you may easily print out a letter and send it onward to Kirby McInerney LLP in New York City to make use of the ample studies and raw data that provide mountains of evidence of gold and silver price fixing not only in the London price fix but also in the gold/silver futures markets during the price fix announcements. We firmly believe that a letter writing campaign will keep scrutiny on any ongoing gold price suppression mechanisms high and limit the ongoing efficacy of global banks that are interested in maintaining USD hegemony from severely slamming gold prices. At a minimum, if you believe in free markets, are against fraud, and believe in sound money that doesn't double your cost of living every decade, we kindly ask for your assistance in our campaign as your help will eventually root out the truth during eventual court hearings related to this matter and grant the public what we all deserve – unmanipulated markets and economies based upon sound money that can sustain real organic economic growth. Merely click on the above links to print out our letter and envelope, sign it, and send it off in the mail to Kirby McInerny LLP. As we are at a critical stage in our battle for economic freedom, we urge all of you to take this step within the next 72 hours if possible. Please take five minutes and support our End Gold Price Manipulation Now! Campaign, print out the letter, and mail it in. We thank you in advance for your consideration. In the below video, we present to you two clips regarding evidence of alleged gold price manipulation by the usual suspects: the Bank of Nova Scotia, Barclays, Deutsche Bank, HSBC and Société Générale, JP Morgan and Citibank. Finally, we have attached the body of the letter below for those that prefer just to cut and paste it: 22 May, 2014 Mr. David Kovel, Esquire Dear Mr. Kovel: As the attorney at the law firm leading the class action lawsuit against the Bank of Nova Scotia, Barclays, Deutsche Bank, HSBC and Société Générale for manipulating the price of gold in the London PM Price Fix, I am sure that you are aware of the analysis performed by Rosa Abrantes-Metz and Albert Metz, who have discovered that in six years between 2004 and 2012, at least 67% of the unusual price spikes that immediately preceded the 3PM London gold price fix were downward as were an overwhelming 92% of significant price moves in 2010 that immediately preceded the London price fix. As a source of raw data in your class action lawsuit, I would also like to bring your attention to the book The Gold Cartel, by commodity analyst Dimitri Speck, in which the author analyzed minute-by-minute data in gold futures markets from 1993 to 2012 and discovered that large movements in gold price in futures markets over 2% in condensed periods of time were usually downward and occurred within the immediate timeframe of the London PM price fix as well. Since the German business magazine Makro reported that 80% of the gold futures volume in daily trading is controlled by three banks – JP Morgan, Citigroup and HSBC – I encourage you to use Dimitri's analysis to add JP Morgan and Citigroup to the 5 banks above in your class action lawsuit for gold price manipulation as the manipulation of gold price that has occurred in gold futures markets in recent years has been far worse, and is likely even easier to prove, than the gold manipulation that has been allegedly occurring in the London AM/PM Price Fix. Millions among us appreciate your efforts to root out the corruption that exists in gold and silver markets and we unilaterally support and applaud your efforts in bringing worldwide attention to this very serious matter. Sincerely, (Your Name Here) About the author: JS Kim is the Founder & Managing Director of SmartKnowledgeU, an independent consulting & research firm dedicated to rooting out corruption in the financial industry. Click here to learn more about our wealth preservation services and how you can join our movement to return the world to sound money. (5 votes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold Price</b> in a Fix :: The Market Oracle :: Financial Markets Analysis <b>...</b> Posted: 30 May 2014 12:02 PM PDT By: Alasdair_Macleod
The fix is a process by which the four fixing members match their orders at an agreed price. The London bullion market is over-the-counter without the formal price records of a regulated market. The fix is therefore a needed reference price, and its status and the liquidity that follows have been central to London being the world's major bullion dealing centre. There are two problems with the fix. The first is it potentially distorts the market by delaying pre-fix business and bringing post-fix business forward. The second is that customers have to trust the fixing banks, who are also dealing for themselves into the fix. And this is what tripped up Barclays. Outside the fix it should be reasonably clear to clients whether a bank is operating as principal or agent. During the fix roles can become opaque, and unscrupulous dealers can find ways to game the system. Claims that the Barclays case was an isolated instance may be true, but indications that the FCA is treating this as a one-off and not investigating other banks may be ultimately damaging to the market's reputation. Then there are the separate circumstances of Deutsche Bank's resignation of its fixing seats on both gold and silver. Last December Deutsche Bank was instructed by the German banking regulator, BaFin, to hand over documents in connection with its enquiry into gold and silver price fixing. Four weeks later the bank announced it was resigning its seats on the gold and silver fixes. While it is premature to positively link the resignations with BaFin's enquiry, the coincidence raises the possibility that banks which have settled with regulators over accusations of fixing LIBOR may have a case to answer in precious metals as well. Interestingly, there are no buyers for Deutsche's seats, suggesting legal and compliance officers at other bullion banks also have doubts about the fixing process. To give this topic further context it should be noted that London has seen some unusual price movements in the past. The table below shows the profits generated by shorting one ounce of gold on the morning fix and buying it back at the afternoon fix every day for the eleven years 2000-2010, covering most of the largest bull market in the LBMA's history. This phenomenon was first drawn to public attention a few years ago by an American analyst, Adrian Douglas. In every year this short trade would have been profitable, despite a rise in the gold price from $282.05 to $1405.50 in December 2010, a rise of 400%. This extraordinary price behaviour was confined to London trading hours. So hard statistics tell us gold has been behaving unusually in London hours for a considerable time. The LBMA is not a regulated market, but derivatives and share prices based on precious metals are, so regulators have a duty to be interested. The FCA should broaden its investigations accordingly, but whether it does or not it is hard to see how the twice-daily gold fix can survive. Alasdair Macleod Head of research, GoldMoney Alasdair.Macleod@GoldMoney.com Alasdair Macleod runs FinanceAndEconomics.org, a website dedicated to sound money and demystifying finance and economics. Alasdair has a background as a stockbroker, banker and economist. He is also a contributor to GoldMoney - The best way to buy gold online. © 2014 Copyright Alasdair Macleod - All Rights Reserved © 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication. |
Last week the UK's Financial Conduct Authority fined Barclays for rigging the gold price at a gold fix for the disadvantage of a customer and the benefit of the bank's book. This news could not come at a worse time for the London Bullion Market and the London Gold Market Fixing Limited, the company directly responsible for the twice-daily fix. It may well lead to the end of the gold fix, the silver fix already being axed in August.
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