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Showing posts with label market rigging. Show all posts
Showing posts with label market rigging. Show all posts

Wednesday, March 8, 2017

The CME Group's leaving the London Silver Fix could forecast the end of silver manipulation by end of the year

Last Friday night we published an article on the bombshell news that the CME Group (Chicago Mercantile Exchange) and Thomson-Reuters was leaving their position as the platform for facilitating the daily 'Silver fix' for the London Bullion Market Association (LBMA).  But what was left out of this was why the two entities would choose to leave this obligation with two years still remaining on their contract.

Now on March 7, more pieces of the puzzle may be coming out as metals analyst Bix Weir came up with some further documentation of an event that is to take place on Jan. 1, 2018 which involves new regulations from the European Union that will make it harder to rig financial markets, including that of Libor, Forex, and obviously precious metals.

The European Commission proposed a draft Regulation “on indices used as benchmarks in financial instruments and financial contracts”(Benchmarks Regulation) in September 2013 in the wake of the manipulation of various benchmarks. On 24 November 2015, the European Parliament and the Council reached a preliminary political agreement on a compromise text of the Benchmarks Regulation, an agreement that was confirmed on 9 December 2015 by the Permanent Representatives Committee of the Council of the European Union. The European Parliament voted and approved the text of the Benchmarks Regulation in its plenary session on 28 April 2016. The Council adopted the same text on 17 May 2016. The text of the Benchmarks Regulation was published in the European Official Journal on 29 June 2016, and entered into force the following day. It is entering into application on 1 January 2018. - ESMA
It is the use of 'benchmarks' rather than having the market itself establish prices for gold, silver, and other assets that has allowed central banks and their primary dealers to manipulate nearly every market, and made price discovery completely irrelevant when it comes to determining the true value of a given asset.

Whether the sudden exit by the CME Group and Thomson-Reuters from their contract with the LBMA is due to recognizing that the writing on the wall for the ending of the manipulation of silver is still to be seen, but with new potential crises coming onto the scene in both Europe and the U.S.'s financial systems, the possibility that the central banks will soon no longer be able to rig asset prices could come as soon as the start of next year.

Friday, March 3, 2017

Breaking! Just months after banks admit rigging silver price, LBMA administrators suddenly resign from the London price fix

On March 3 the CME Group, along with Thomson Reuters, without warning announced their resignation from running the auctions which set the daily silver price for the LBMA.

Long known as the London Price Fix, this sudden resignation by the two U.S. corporations which play an intrinsic role in controlling the price of silver comes just months after Deutsche and other banks admitted in court that they have been rigging prices in the silver markets for more than a decade.

CME Group and Thomson Reuters are to step down from providing the LBMA silver price benchmark auction, the London Bullion Market Association said on Friday, less than three years after they successfully bid to provide the process. 
"In consultation with the LBMA, CME Group and Thomson Reuters have decided to step down from their respective roles in relation to the LBMA Silver Price auction," the LBMA said in a members update seen by Reuters. 
The two will continue to operate and administer the silver auction until a new provider is appointed, the LBMA said. It will launch a new tender to appoint an alternative provider to operate the process "shortly", it said. - Reuters
The Chicago Mercantile Exchange (CME Group) is the world's largest commodity derivative exchange, and plays an essential role in allowing the Federal Reserve and its primary dealers (bullion banks) to manipulate gold and silver prices through the use of naked shorts and other derivatives.

Sunday, February 5, 2017

Deutsche Bank apologizes to public in newspaper ad for rigging gold prices... now where is J.P. Morgan's apology?

2016 was the year that institutions such as Wells Fargo and Deutsche Bank lost a great deal of credibility over fraud that they conducted against customers, investors, and the overall markets.  And while Wells Fargo did their best to lie even to Congress about their creating millions of fraudulent accounts and credit cards without their customers knowledge, Deutsche Bank came clean and are now even offering an apology to investors in a national newspaper.
Deutsche Bank took out full-page ads in Germany's Frankfurter Allgemeine Zeitung and Sueddeutsche Zeitung on Saturday, in which the country's biggest lender apologized for (getting caught) engaging in market manipulation and misconduct that has cost the company billions. In the ad, signed by CEO John Cryan on behalf of the bank's top management,the bank said its past conduct "not only cost us money, but also our reputation and trust." - Zerohedge

Yet even with all this, the markets have yet to hear from perhaps the greatest gold and silver manipulator of all.  And this despite the fact that a higher court earlier this week overturned a lower court ruling that had dismissed lawsuits against J.P. Morgan for their rigging of prices in the precious metal markets.

Image result for jp morgan gold rigging
Appeals Court Overturns Dismissal in JP Morgan Silver Rigging Case 
  • US Appeals Court overturns Dismissal in Silver Rigging Case against JPMorgan
  • The Appeals court rejected Judge Engelmeyer’s claim that the plaintiffs did not prove JPMorgan made “uneconomic bids” in the silver forward’s markets.
  • New Discovery May Win the Case for against JPMorgan
Summary 
The New York 2nd U.S. Circuit Court of Appeals ruled yesterday that District Court Judge Engelmayer was in error when he dismissed the Silver price rigging lawsuits against JP Morgan. The appellate court felt that Engelmayer’s dismissal reasons amounted to “impermissible fact finding” and placed too high of a bar in concluding that plaintiffs had not adequately plead their case. 
This reversal of the June, 2016 dismissal means the case will go back to the district court for further litigation. This also means the plaintiffs will ask for and receive more discovery. This can win the case for them. - Market Slant

Tuesday, January 10, 2017

Gold should go much higher in 2017 as short covering indicator has always led to rise in price

In this era where nearly everything in the financial system it rigged, manipulated, or controlled by a central bank, common indicators like fundamentals and technicals no longer are of much value when determining what direction an asset will go.

In fact, besides controlling the currency and bond markets through the massaging of interest rates, the equity markets are managed by an entity known as the Exchange Stabilization Fund, and the commodities are rigged through paper contracts in the futures markets.

So when doing one's research on what should be profitable to invest in, it is the direction of the manipulation that is most important, not the data provided on a company's balance sheet.

Ie... Don't Fight the Fed.

Yet with that being said, one of the 'new normal' indicators tied to gold is suddenly rearing its head, and historically has always led to higher prices in every given cycle.

And what is that indicator?  Short covering in the paper gold markets.

But the biggest indicator that gold sentiment is improving is the falling volume of short bets… 
You see, investors are starting to sell their shorts on gold stocks. One of these is NovaGold Resources Inc. (NYSEMKT: NG), a $1.5 billion gold mining firm whose number of short positions fell 3.8% from 13 million to 12.5 million between November 2016 and December 2016. 
The improving sentiment is also clear from the recent performance of the Gold Bugs Short Index (HUISH). This index tracks the short positions on gold miners that don't hedge their long-term gold production based on gold price movements. It's down 12% in the last month, indicating that short interest in gold companies is falling as well. - Money Morning
Following Donald Trump's victory in the November Presidential election, bullion banks crushed the gold price by dumping nearly three years of global mining output onto the futures markets in just three days.  But after this initial slam, using naked shorts to manipulate the price, these same banks began to cover previous short positions at lower levels and have since continued the process of covering many of their bets.

Gold has moved higher since the start of the new year, and has even begun to disconnect from the dollar as the price has moved higher even on days when the dollar has strengthened.  And as noted in the first paragraph of this article, old indicators no longer work when markets are dictated by the actions of those who manipulate and rig the markets.