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Gold Manipulation

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We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K. - Eddie George, then Governor of the Bank of England, 1999

That quote was Eddie George in reference to the reason why he sold half of England's 800 tonne gold reserve. Looking back, the sale was a colossal financial failure for England as the announcement of it drove the price of gold under $300 and ounce and most of the gold was sold well under $300/oz. England will never get that gold back unless they are willing to pay a price that would be many multiples of the current market price for an ounce - or if they confiscate what remains in GLD...

The manipulation of the gold market by the U.S. Government and the Federal Reserve has been going on for decades. It intensified after the Bretton Woods Treaty established the dollar as the global reserve currency. Since the Fed rolled out its QE program, its manipulation of the gold market has ramped up to the point at which it has become obvious to anyone involved in the markets and who has half a brain.
.....

truthingold.blogspot.nl/2014/01/the-h...
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The Hows and Whys of Gold Price Manipulation
January 17, 2014
Paul Craig Roberts and Dave Kranzler.
.....
While the manipulation of the gold market has been occurring since the start of the bull market in gold in late 2000, this pattern of rampant manipulative short-selling of futures contracts has been occurring on a more intense basis over the last 2 years, during gold’s price decline from a high of $1900 in September 2011. The attack on gold’s price typically will occur during one of several key points in time during the 23 hour Globex trading period. The most common is right at the open of Comex gold futures trading, which is 8:20 a.m. New York time. To set the tone of trading, the price of gold is usually knocked down when the Comex opens. Here are the other most common times when gold futures are sold during illiquid Globex system time periods:

- 6:00 p.m NY time weekdays, when the Globex system re-opens after closing for an hour;
- 6:00 p.m. Sunday evening NY time when Globex opens for the week;
- 2:30 a.m. NY time, when Shanghai Gold Exchange closes
- 4:00 a.m. NY time, just after the morning gold “fix” on the London gold market (LBMA);
2:00 p.m. NY time any day but especially on Friday, after the Comex floor trading has closed – it’s an illiquid Globex-only session and the rest of the world is still closed.

In addition to selling futures contracts on the Comex exchange in order to drive the price of gold lower, the Fed and its agent bullion banks also intermittently sell large quantities of physical gold in London’s LBMA gold market. The process of buying and selling actual physical gold is more cumbersome and complicated than trading futures contracts. When a large supply of physical gold hits the London market all at once, it forces the market a lot lower than an equivalent amount of futures contracts would. As the availability of large amounts of physical gold is limited, these “physical gold drops” are used carefully and selectively and at times when the intended effect on the market will be most effective.

The primary purpose for short-selling futures contracts on Comex is to protect the dollar’s value from the growing supply of dollars created by the Fed’s policy of Quantitative Easing. The Fed’s use of gold leasing to supply gold to the market in order to reduce the rate of rise in the gold price has drained the Fed’s gold holdings and is creating a shortage in physical gold. Historically most big buyers would leave their gold for safe-keeping in the vaults of the Fed, Bank of England or private bullion banks rather than incur the cost of moving gold to local depositories. However, large purchasers of gold, such as China, now require actual delivery of the gold they buy.
.....
www.paulcraigroberts.org/2014/01/17/h...
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Gold Flash Crash Caused By HFT Algorithm, Not Fat Finger
by Mark MelinJanuary 09, 2014, 11:59 am

The recent flash crash in the gold market, first reported by ValueWalk on January 6, is now being attributed to an intentional high frequency trading (HFT) algorithm and not a “fat finger” mistake, according to Eric Hunsader, founder of market software firm Nanex LLC. In this flash event the price of gold dropped over $30 in one second, a rare move indeed given the history of the gold market. Hunsader estimates the value of the trades in question at $500 million.

Mr. Hunsader’s key insight is the fact that the trading algorithm paused during the $30 move and then continued its selling. In other words, it wasn’t a fat finger hitting the sell button once, but rather the finger hitting the sell button many multiples of times. Technology companies such as Microsoft Corporation (NASDAQ:MSFT) and Apple Inc. (NASDAQ:AAPL) have long assumed that a mistake can easily happen with one click, but a double click is an indication of intention. Mr. Hunsader is identifying what he believes to be a well-intentioned HFT algorithm not only due to the pause in trading, but also in the numeric behind the trade grouping.

HFT algorithm breakdown

In a report he posted to the Nanex website (figure 1), Mr. Hunsader breaks down the algorithm into a millisecond chart and groups similar trades from the same assumed trader into a 338-trade grouping. While the trades appear to the naked eye to be from a random set of traders due to the outward appearance of a randomization of the trade sizes (211, 186, 120, 193, 97, 193, 137, 112 and 109 to be precise). However, the pattern repeats itself, the sign of a well-organized trade algorithm. The grouping Mr. Hunsader identifies is an apparent method the HFT algorithm uses that obfuscates the singular identity of the trader by creating a seemingly random sequence of trades. But the algorithm isn’t random; it is a pattern in disguise, is Hunsader’s thesis.
Mathematical algorithms, unlike humans, trade using identifiable mathematical patterns. In other words, a human can execute a series of randomized trades without a discernable pattern. If an algorithm has a repeating mechanism of some sort it often follows a pattern in terms of trade size.

Another interesting element that Hunsader researched is his observation that the HFT algorithm was aware of the exchange mechanisms to prevent crashes and came right to the line, but didn’t cross the line that would have triggered a market halt. “What is disturbing about this algorithm, is that it carefully waited so as not to trip the CME Group Inc (NASDAQ:CME)’s stop logic and halt (trading),” Hunsader wrote. “The halt was from the more lenient volatility circuit breaker after the price declined $30 in less than a second. This algo appears to have been more concerned about preventing an immediate halt, rather than getting the best prices.”
.....

www.valuewalk.com/2014/01/gold-flash-...
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Two more U.S. State Dept. memos show conspiracy to control gold price
Submitted by cpowell on Sat, 2014-02-08 10:53. Section: Documentation
8a SRT Saturday, February 8, 2014

Dear Friend of GATA and Gold:

Government records from decades ago don't necessarily prove what governments are doing today, but they can demonstrate the possibly enduring interest of governments in the matters at issue. That's what is done by two more U.S. State Department documents called to GATA's attention this week by our friend J.V.

The first is a memorandum about "the gold question" sent in March 1974 by the deputy assistant secretary for international finance and development, Sidney Weintraub, to the undersecretary of state for monetary affairs, Paul Volcker, later to become, of course, chairman of the Federal Reserve Board. The Weintraub memo outlines the U.S. government's views and options about gold policy in preparation for a meeting with Secretary of State Henry Kissinger. The minutes of the meeting with Kissinger, held the following month, describe in detail the great but little-understood power of gold in the international monetary system and the interest of the United States in controlling gold's use as money. The minutes were discovered by GATA consultant Koos Jansen and published by GATA in November:

www.gata.org/node/13310

In his memo Weintraub tells Volcker: "U.S. objectives for the world monetary system -- a durable, stable system, with the SDR [Special Drawing Right] as a strong reserve asset at its center -- are incompatible with a continued important role for gold as a reserve asset." Weintraub adds that the U.S. objective is "to encourage and facilitate the eventual demonetization of gold" and to try to keep gold's price down, in part to diminish the influence of the Soviet Union and South Africa, gold producers whose political systems were opposed in the West.

"It is the U.S. concern that any substantial increase now in the price at which official gold transactions are made would strengthen the position of gold in the system and cripple the SDR," Weintraub writes. "If international liquidity were injected via gold, there would be little likelihood of new SDR allocations. There also would be reduced incentive to sell gold on the private market even after an official price increase since central banks would cling to their gold in expectation of further official gold price increases. In addition, too large an increase in world liquidity might add to inflationary dangers. Finally, the distribution of the increase in world reserves would be highly inequitable, with eight wealthy countries getting three-fourths while the developing countries would get less than 10 percent. Producing countries (the USSR and South Africa) would benefit from the implicit floor put under the free-market gold price."

The Weintraub memo is posted at the State Department's archive here:

history.state.gov/historicaldocuments...

The second document noted by J.V. is a memo written in January 1976 by Assistant Secretary of State for Economic and Business Affairs Thomas O. Enders to Secretary Kissinger about the decisions recently taken by the International Monetary Fund meeting in Jamaica, which had legitimized floating exchange rates among currencies. Enders' memo reviews the options for a role for gold in the international monetary system and notes that less-developed countries were especially opposed to any role, since they didn't have much gold -- though of course this was before gold mining became a major or prospective major industry in some of those countries, which are now substantially weakened by the efforts of industrialized countries to suppress the price of gold to support their own currencies.

The Enders memo is posted at the State Department's archive here:

history.state.gov/historicaldocuments...

Of course the foreign offices and central banks of the countries involved in these discussions made no public statements to clarify their policy objectives toward gold. That is, they met in secret to plot their policy, conspiring within their own governments and with other governments, as is always the case. Those who disparage the complaint of gold price suppression by central banks dismiss it as "conspiracy theory." But the government archives show that it is conspiracy fact. Just as often as not, of course, government itself is conspiracy.

Last year the U.S. State Department, in a letter to GATA's lawyers --

www.gata.org/files/StateDeptDenialLet...

-- denied that its archive holds anything like the three documents cited here.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

gata.org/node/13615
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Gold Price follows the Debt Ceiling (see chart).

Goud gaat een grote inhaalslag maken (zoals in 2009 - 2010).
Al is de leugen nog zo snel de waarheid achterhaalt hem wel.
Bijlage:
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Op 28-01-'14 om 15:42 uur schreef bennie:
Man plunges to death from JPMorgan tower in London
BY COSTAS PITAS
LONDON Tue Jan 28, 2014 9:32am EST

(Reuters) - A man plunged to his death from JP Morgan's 33-storey tower in the heart of London's Canary Wharf financial district on Tuesday in what British police said was a "non-suspicious" incident.
.....
On Tuesday, when asked about the death of William Broeksmit, a former senior manager at Deutsche Bank, London police said a 58-year-old man had been found hanging at a house in South Kensington on Sunday afternoon.

www.reuters.com/article/2014/01/28/us...


Binnenkort onthullingen over valuta en goud manipulatie?
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Insider warns that more banker assassinations are coming
February 5, 2014

Within the past few weeks, at least three high level bankers and one financial journalist have either died due to mysterious circumstances that officials have quickly labeled as 'suicides', or disappeared without a trace. With little information to go on from most public sources, several outside investigators have questioned the timing and reasons why these individuals have suddenly died, or been killed off, and are continuing to seek answers.

However, on Feb. 5, an insider and former head trader for a top banking firm issued a warning that new information is out which shows that 'hit squads' have been made active in the Wall Street area, and that a high level banker tied to recent investigations into Forex manipulation, along with up to three dozen others involved in scandals, are being targeted for potential assassination in light of their viability as witnesses and whistle blowers to federal and financial regulators.
.....

www.examiner.com/article/insider-warn...
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Gold, bitcoins, holiday homes favored by China's 'dama' investors
Staff Reporter 2014-02-01 13:12 (GMT+8)

Last year, Chinese "damas" or stay-at-home mother investors, earned renown worldwide after they started to speculate in gold, bitcoin and in the property market, buying up houses on South Korea's Jeju Island, the Shanghai-based Xinmin Weekly reports.
.....
Since early 2013, damas have been investing heavily in the international financial market, shocking Wall Street at one point with heavy investments in gold. From April 12-15, 2013, as international gold prices plunged, Wall Street investors took short positions on gold, triggering a sharp drop in gold price to US$1,321 per ounce from US$1,550 per ounce. In the ten days that followed, Chinese damas emerged seemingly out of nowhere to buy 300 tonnes of gold worth more than 100 billion yuan (US$16.5 billion) and about 10% of the world's annual gold production. Investment banking giant Goldman Sachs broke rank on the short position, rewarding Chinese dama investors.
.....
www.wantchinatimes.com/news-subclass-...
Dappere Dodo nr. 6
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Ben wel erg benieuwd wat er richting volgende week vrijdag gaat gebeuren, ik lees overal dat er te weinig goud geleverd kan worden als levering daadwerkelijk verlangd wordt op expiratie feb'14.
Extreme situatie kan dat opleveren lijkt me, shocking, sort of system melt down?
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quote:

Dappere Dodo nr. 6 schreef op 12 feb 2014 om 23:29:


Ben wel erg benieuwd wat er richting volgende week vrijdag gaat gebeuren, ik lees overal dat er te weinig goud geleverd kan worden als levering daadwerkelijk verlangd wordt op expiratie feb'14.
Extreme situatie kan dat opleveren lijkt me, shocking, sort of system melt down?


Monday, February 10, 2014
.....
Registered gold inventory at the COMEX is so much lower this year that it would be difficult for any participant to push prices lower. For example, where could JPM get over 900,000 ounces of registered gold to issue now as they did last April between their house and customer accounts? At the beginning of February 2013 COMEX had 2,295,000 ounces of registered gold in inventory. To start this February COMEX had 439,900 ounces in inventory. Of course JPM or any other participant can always get registered gold from the eligible inventory category by paying a higher price! Last year at this time gold was $1,660/ounce.
.....
rikgreeninvestorforum.blogspot.nl/201...
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U.S. COMEX gold futures for April delivery settled up
$5.10 at $1,300.10 an ounce. Trading volume was about 35 percent
below its 30-day average
, preliminary Reuters data showed.

www.reuters.com/article/2014/02/13/ma...

Lage volume en toch omhoog.
Zijn ze gestopt met drukken/manipuleren (capitulatie)?
Dappere Dodo nr. 6
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Het gaat heerlijk deze week. Heb al een paar maanden goudsprintertjes in portefeuille, maar er was tot vorige week eigenlijk geen bal aan.
Vandaag na het passeren van de beruchte $1.300 grens nog wat bijgekocht.
Het lijkt erop dat zilver dezelfde route als goud gaat volgen, met een paar dagen vertraging
Dappere Dodo nr. 6
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Wat een enge artikelen allemaal in die Chinese krant overigens: www.wantchinatimes.com
Over een te voeren oorlog met Japan, met de USA... zou dat het gemiddelde sentiment in China zijn? Kan niet veel goeds van komen. Dat zou de trigger kunnen zijn van de volgende megadip (-40%) op de beurs, en van een skyhigh stijging van goud
B_B
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quote:

Dappere Dodo nr. 6 schreef op 14 feb 2014 om 21:36:


Wat een enge artikelen allemaal in die Chinese krant overigens: www.wantchinatimes.com
Over een te voeren oorlog met Japan, met de USA... zou dat het gemiddelde sentiment in China zijn? Kan niet veel goeds van komen. Dat zou de trigger kunnen zijn van de volgende megadip (-40%) op de beurs, en van een skyhigh stijging van goud


bennie, op 14 februari 2014 om 17:12 uur bij AEX-index
U.S. en Europa krijgt dit jaar te maken met stagflatie.
De rente staat al heel laag, alleen een renteverhoging is mogelijk.


Er komt geen oorlog.
Een valuta oorlog met behulp van goud is al aan de gang.
Negatieve beurzen door stagflatie.
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Gold Posts Biggest Weekly Rally Since August on Haven Demand
By Debarati Roy Feb 14, 2014 9:42 PM GMT+010

Gold posted the biggest weekly gain since August as signs of a faltering recovery in the U.S. economy boosted demand for precious metals as a haven. Silver had the longest rally since March 2008.
.....
Barclays Plc said today that “the rally will flounder.”

“It bodes well for prices that investor interest has shown signs of stabilising, but, in our view, without a more meaningful shift in sentiment, prices are likely to struggle to retain their recent gains,” the bank said in a report.

Goldman Sachs Group Inc. this week affirmed a forecast for lower prices. The metal will drop to $1,050 by the end of the year, analysts led by Jeffrey Currie said in a report, citing expectations for improving U.S. growth.
.....
www.bloomberg.com/news/2014-02-14/gol...

De grote banken zijn nog steeds negatief over goud.
Een aantal analisten die wel positief zijn over goud verwachten een langzamer/moeizamer stijging komende maanden.
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Author: Frank Tang (Reuters)
Posted: Monday , 17 Feb 2014
NEW YORK (REUTERS)
.....
SOROS ADDS BARRICK SHARES, PIMCO CUTS AGAIN

New York-based Paulson & Co, led by longtime gold bull John Paulson, owned 10.2 million shares in the ETF worth $1.19 billion on December 31, unchanged from its holdings on September 30, a filing with the U.S. Securities and Exchange Commission showed on Friday.

That represents a loss of $123 million as the price of gold tumbled in the fourth quarter.

Paulson, which shot to fame in 2007 with a prescient bet against subprime mortgages, sharply cut its stake to 10.2 million shares in Q2 from 21.8 million in Q1, marking the first time the firm cut its gold ETF stake since the fourth quarter of 2011.

Soros Fund Management, run by billionaire financier George Soros, added 6.3 million shares of Barrick Gold worth $111 million to its holdings. The firm also boosted its stake in the Canadian miner's call options.

Boston-based Baupost Group, one of the industry's most revered hedge funds run by Seth Klarman, sticked with its 21.7 million stake in NovaGold Resources Inc, valued at $55 million.

Among large institutional investors, PIMCO has now cut its stake in SPDR Gold Trust for a fifth consecutive quarter to just 0.8 million shares by Q4, down sharply from 6.3 million shares in the second quarter of 2012.

SPDR Gold Trust held about 800 tonnes of gold at the end of the fourth quarter, a 12 percent decline from the 906 tonnes in the third quarter. The pace of selling appeared to slow after a nearly 400-tonne outflow, or 30 percent drop, in the first half of the year.

Institutional investors' massive stakes in SPDR Gold Trust have tremendous influence in gold prices as redemptions of their massive ETF mean dumping the metal in the open market.

www.mineweb.com/mineweb/content/en/mi...
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Soros piles into S&P short
February 18, 2014

Billionaire investor George Soros has doubled up on a bet that the US sharemarket is headed for a fall, taking a position now worth $US1.3 billion, reports The Wall Street Journal.

New regulatory filings show that the Soros Funds Management increased a put position on the S&P 500 ETF SPY by 154 per cent in the fourth quarter, compared with the third.

(A put or short position basically gives the owner the right to sell a security at a set price for a limited time, and in making such a bet, an investor generally believes the security is going to decline.)

The value of that holding, the biggest position in the fund, has risen to $1.3 billion from around $470 million. It now makes up a 11.13% chunk of all reported holdings.

The second- and third-biggest positions in the regulatory filing were a fresh put on the Energy Select Sector SPDR fund and a big jump in a holding in Israeli pharmaceutical maker Teva.

It’s been roughly 28 months since a substantial correction for the S&P 500.

It was Soros himself who famously once said: “I rely a great deal on animal instincts.” And as we all know, George’s made some big, crazy, winning bets in the past.

www.macrobusiness.com.au/2014/02/soro...
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quote:

B_B schreef op 11 feb 2014 om 20:23:


Op 28-01-'14 om 15:42 uur schreef bennie:
Man plunges to death from JPMorgan tower in London
BY COSTAS PITAS
LONDON Tue Jan 28, 2014 9:32am EST

(Reuters) - A man plunged to his death from JP Morgan's 33-storey tower in the heart of London's Canary Wharf financial district on Tuesday in what British police said was a "non-suspicious" incident.
.....
On Tuesday, when asked about the death of William Broeksmit, a former senior manager at Deutsche Bank, London police said a 58-year-old man had been found hanging at a house in South Kensington on Sunday afternoon.

www.reuters.com/article/2014/01/28/us...


Binnenkort onthullingen over valuta en goud manipulatie?


HONG KONG
Investment banker jumps to death from JP Morgan’s headquarters in Central
PUBLISHED : Tuesday, 18 February, 2014, 4:49pm

An investment banker on Tuesday jumped to his death from the roof of Chater House in Central, where Wall Street bank JP Morgan has its Asia headquarters, several witnesses told the South China Morning Post.
....
www.scmp.com/business/banking-finance...
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Finland’s Gold
By Alasdair MacLeod
Posted 01 November 2013

On Wednesday Finland gave in to public pressure and revealed where she stores her gold reserves. The statement followed a press release by the Bank of Sweden on similar lines released on Monday.

The totals (in tonnes) for these two Scandinavian countries are as follows:

Location------------------Sweden---Finland
Bank of England --------61.4---------25.0
Swedish Riksbank-----15.1-----------9.8
New York Fed-----------13.2-----------8.8
Swiss National Bank---2.8-----------3.4
Bank of Finland ----------0.0----------2.0
Bank of Canada----------33.2----------0.0

Total-------------------------125.7--------49.0


So far, so good. But then the Head of Communications for the Bank of Finland added some more information in Finnish in a blog run on the Bank's website. It is not available in English, so I asked her for a translation, but I am still waiting.

Instead, a Finnish reader of my own blog and a Finnish journalist who has been following this topic have independently given me an English translation of a highly relevant and interesting paragraph, three from the end. This is the journalist's:

"Maximum half of the gold has been within investment activity over the years. Gold has been invested among other things in deposits similar to money market deposits and using gold interest rate swaps. Gold investment activity is common for central banks. The risks associated with gold investments are controlled using limits, investment diversification and limitations concerning duration."

And my reader's translation:

"Throughout these years no more than half of the gold has been invested. Gold has been invested in for example deposits similar to money market deposits and gold interest rate swap agreements. Gold investment activities are common for central banks. Risks related to gold investments are controlled with limits, decentralising investments and limits regarding run times."

Half Finland's gold is stored at the Bank of England, and "no more than half" is "invested". If any "investment" is to take place it would be in London. It is not immediately clear what is meant by invested, but presumably this is a result of translation of what has happened from English into Finnish plus explanation for a non-specialist readership. However if it has been invested, then by definition it is no longer in the possession of the Bank of Finland, and will most probably have been sold into the market in return for a promise to redeliver at a later date. This follows the Austrian National Bank's admission to a parliamentary committee a year ago that it had earned EUR300m by leasing its gold through London.

The evidence is mounting that Western central banks through the Bank of England have been feeding monetary gold into the market through leasing operations. Indeed, the Finnish blog says as much: "Gold investment activities are common for central banks".

This explains in part how the voracious appetite for gold by China, India and South-East Asia is being satisfied, without the gold price rising to reflect this demand. It is also consistent with my disclosure earlier this year of the discrepancy of up to 1,300 tonnes between the gold in custody as recorded in the Bank of England's Annual Report, dated 28th February 2013 and the amount recorded on the virtual tour on the Bank's website the following June.

www.goldmoney.com/research/research-a...
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