Gold/Silver Futures Market Manipulation Arrests

derryb

But of course, no mention of JP Morgan

update: perps/banks named

". . . it wasn't just any futures that were spoofed - all the banks and traders busted were charged for spoofing the precious metals market, i.e. gold and silver. We bring this up because there are still the occasional idiots out there who say gold and silver were never manipulated."

And JPM answers to no one.

ricko

This is another swamp that needs to be drained.... Cheers, RickO

derryb

@ricko said:
This is another swamp that needs to be drained.... Cheers, RickO

They'll get the lizards, but the gators are too big to jail.

roadrunner

UBS

The CFTC today issued an Order filing and settling charges against UBS AG(UBS), requiring UBS to pay a $15 million civil monetary penalty and to undertake remedial relief. The Order finds that from January 2008 through at least December 2013, UBS, by and through the acts of certain precious metals traders on the spot desk (Traders), attempted to manipulate the price of precious metals futures contracts by utilizing a variety of manual spoofing techniques with respect to precious metals futures contracts traded on the Commodity Exchange, Inc. (COMEX), including gold and silver, and by trading in a manner to trigger customer stop-loss orders.

http://www.cftc.gov/PressRoom/PressReleases/pr7681-18

I guess that's why many of us are skeptical about the "no manipulation theory". UBS will pay $15 million out of the goodness of their own hearts....probably less than 1% of the money ripped. Yes, they manipulated both ways, whichever ways they can fleece retail traders at any one moment. However, most retail traders are longs, which would suggest most money is made by these crooks in manipulating to the down side, i.e contract dumps to plunge prices.

5 years of manipulation from 2008 boom/bust....to 2013 crash....exactly the period when many of us stated the manipulation was beyond obvious. And JPM skated free on silver market manipulation....despite having held up to 13 yrs of world silver supply in paper derivatives....prior to the August 2008 crash. CFTC could find nothing wrong with any of it after 5 yrs of "looking." Even OJ could have found the perps on that one....lol.

derryb

"Precious metals markets are not manipulated."

cohodk

Years ago you guys were saying hold and silver were manipulated because they either didn't go up by huge percentages or because they went down by huge percentages. Is this spoofing responsible for those big moves that either did or didn't happen?

ChrisRx

@ricko said:
This is another swamp that needs to be drained.... Cheers, RickO

Swamp draining starts in d.c. (still waiting on that.)

derryb

How Central Banks Actively Suppress The Price Of Gold

BLUEJAYWAY

@derryb said:

@ricko said:
This is another swamp that needs to be drained.... Cheers, RickO

They'll get the lizards, but the gators are too big to jail.

And too big too fail.

TwoSides2aCoin

It's not really manipulated. It's "fixed". Same difference. Farmers deal with this every year with their commodities. Miners work on an hourly wage. Banker's hours ? They work in the dark.... Where they like to keep us.

VanHalen

@TwoSides2aCoin said:
It's not really manipulated. It's "fixed". Same difference. Farmers deal with this every year with their commodities. Miners work on an hourly wage. Banker's hours ? They work in the dark.... Where they like to keep us.

Ah yes, the Mushroom Management Method (Keep them in the dark and feed them manure) has worked for decades.