Gold World Spot (USD) XC0009655157

Gold Manipulation

1. B_B 14 maart 2014 21:22

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   MARCH 14, 2014, 9:30 AM
   UBS Discloses It Is Reviewing Its Precious Metals Business
   By CHAD BRAY and NEIL GOUGH
   
   LONDON — The Swiss bank UBS said on Friday that it was conducting an internal review of its precious metals business amid expanding regulatory investigations into potential manipulation of interest rates and the price of commodities and currencies.
   
   In its annual report released on Friday, UBS said that it had been conducting a review of its foreign exchange operations, including its precious metals business. The bank said it was cooperating with regulators, noting in its review that “a number of authorities also are reportedly investigating potential manipulation of precious metal prices.”
   .....
   dealbook.nytimes.com/2014/03/14/ubs-d...
2. B_B 17 maart 2014 11:22

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   March 17, 2014 9:08 am
   Gold pricing scrutiny widens
   By Neil Hume and Xan Rice
   
   UBS’s precious metals business review goes beyond ‘fix’
   The global regulatory scrutiny of benchmarks is shifting from interest rates and foreign exchange to commodities.
   In particular, the focus on bullion looks set to intensify following Friday’s admission by UBS in its 2013 annual report: that a review of its foreign exchange operations has been widened to include its precious metals business.
   
   In the report, the Swiss bank said: “Following an initial media report in June 2013 of widespread irregularities in the foreign exchange markets, UBS immediately commenced an internal review of its foreign exchange business, which includes our precious metals business.”
   It added: “A number of authorities also are reportedly investigating potential manipulation of precious metal prices. UBS has taken and will take appropriate action with respect to certain personnel as a result of its ongoing review.”
   UBS has been in front of its peers in revealing important details about various regulatory probes – most notably the rigging of Libor and other interbank lending rates.
   Until Friday the bank had not mentioned its precious metals business was included in its review of trading practices. There was, for example, no mention of the metals business alongside fourth-quarter results a month ago.
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   This suggests the concerns about gold could extend beyond the London gold fixing – the twice-daily benchmark used by miners, jewellers and central banks to value bullion.
   The Swiss bank is not one of the five financial institutions that oversee the 95-year-old London gold fix. They are Barclays, Deutsche Bank, Bank of Nova Scotia, HSBC and Société Générale – and all strongly reject any wrongdoing.
   The lawsuits filed so far by American class action lawyers broadly allege collusion among the five fixing members, although Germany’s financial regulator has also demanded documents from Deutsche Bank as part of an investigation into potential manipulation of gold and silver prices.
   UBS’s involvement in the London gold trade – one of the international centres of precious metals business – is one of the 11 market-making members of the London Bullion Market Association. This means it is required to quote prices throughout the London business day for the three main gold and silver products: spot, forwards and options.
   Seven of the market-making members including UBS, Goldman Sachs, JPMorgan and the five fixing banks, also submit prices used to set the Gold Forward Offer Rate, or Gofo, which is gold’s equivalent of Libor. This benchmark is used for long-term finance and loan agreements, and settlements of gold interest rate swaps.
   Unlike with Libor, however, the banks are obliged to trade at the Gofo rates they submit.
   
   www.ft.com/intl/cms/s/0/c43709a8-ad9c...
3. B_B 17 maart 2014 11:30

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   UBS announces that it is expanding internal probe to look at gold manipulation as class action lawsuits fly
   Monday, March 17th, 2014 | Posted by Thomas Paterson
   UBS announces that it is expanding internal probe to look at gold manipulation as class action lawsuits fly
   
   A couple of weeks ago we wrote a piece about two separate reports featured in the FT and Bloomberg. These different reports found that the price action in gold suggested that large-scale manipulation was going on.
   Interesting though, the FT article was actually pulled – but thankfully because nothing can really be taken off the internet, a cached version can be found in the link above.
   We finished that article saying the following:
   
   So are the mainstream press finally realising that a regulator somewhere in the world is about to come out and call “mass manipulation” in the gold space and they want to make it appear like they’ve been doing their job properly all along? Who knows?
   
   Today it would seem that the FT has had a change of heart about talking about gold manipulation, and have published an article about the Swiss bank UBS expanding an internal probe into manipulation to also include gold. From the FT:
   
   In particular, the focus on bullion looks to set intensify following Friday’s admission by UBS in its 2013 annual report: that a review of its foreign exchange operations have been widened to include its precious metals business.
   In the report, the Swiss bank said: “Following an initial media report in June 2013 of widespread irregularities in the foreign exchange markets, UBS immediately commenced an internal review of its foreign exchange business, which includes our precious metals business.”
   It added: “A number of authorities also are reportedly investigating potential manipulation of precious metal prices. UBS has taken and will take appropriate action with respect to certain personnel as a result of its ongoing review.”
   
   And why is so interesting that this is coming from UBS at this time? Because UBS has a habit of being the first bank to admit it is being investigated by regulators for rigging markets – LIBOR being the best example:
   
   UBS has been in front of its peers in revealing important details about various regulatory probes – most notably the rigging of Libor and other interbank lending rates.
   
   So can we expect to hear from more banks in the coming weeks/months that they too are looking into manipulation of the gold price?
   Also, when we wrote the above piece a couple of weeks back, we suggested that the mother of all class-action lawsuits might be on the cards:
   
   So Fideres looked at the data and have concluded that the price moves show a pattern of “collusive behaviour”, that this behaviour was “predetermined” and “very suspicious”.
   Which all means that anyone who’s invested in gold might what to line up and join the mother of all class action lawsuits
   
   And that is exactly what has happened:
   
   The lawsuits filed so far by American class action lawyers broadly allege collusion among the five fixing members, although, Germany’s financial regulator has also demanded documents from Deutsche Bank as part of an investigation into potential manipulation of gold and silver prices.
   
   And the lawyers leading that class-action lawsuit are the same lawyers who lead a class-action suit for LIBOR – so they’ve got some pretty decent ‘previous’.
   2014 is shaping up to be a very interesting vintage for gold – price up 17% from the lows on NY eve, and gold manipulation stories popping up in the MSM on an almost weekly basis. Something rather large in brewing in the gold space that’s for sure.
   
   www.goldmadesimplenews.com/gold/ubs-a...
4. B_B 25 maart 2014 00:38

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   A Comex Gold Manipulated Hit Visualized
   GOLD AND METALS DESK, SPECIAL GUEST QUARTERS | DAVE KRANZLER | MARCH 24, 2014 1:44 PM
   
   Keep in mind that the primary reason the U.S. Government and Federal Reserve intervene actively in the gold(NYSEARCA:GLD) market is to keep the price from moving higher in order the protect the reserve status of the U.S. dollar(NYSEARCA:UUP). Given that we know Russia and China are actively disabusing their foreign reserve holdings of Treasuries – quietly and now apparently more quickly – the dollar was in danger of breaching key technical levels to the downside and drop like a rock into the mid-70's (USDX basis). Janet Yellen saved the day with her non-transparent post-FOMC statement that suggested the possibility of higher rates in six months, which all know is total nonsense. However, mission accomplished as her words managed to spike the dollar index back over 80 and now the Fed via its agent bullion banks are trying smash the price of gold lower to “reinforce” the move in the dollar.
   
   As you can see, there was a volume spike in the number of gold contracts that hit the Comex (both the globex computer system and the trading floor) right at 6:30. The volume at 8:30 EST was 7.5 times higher than it was for the previous 1-minute period.
   
   A little-known, barely followed economic report was released at 8:30 and the Ross Normans and Doug Caseys of the world would attribute the gold smash to the release of that report. Of course, no other market responded to the release of this report except of course silver. I’m not sure how Norman and Casey would explain that.
   
   Suffice it to say that it appears as if the lower gold prices have triggered an increase in demand for physical gold in India and China. Buy-premiums in India are up right now about 30% over last week and the premiums on the Shanghai Gold Exchange have moved back into positive territory after being negative for the past two weeks.
   .....
   
   www.wallstreetsectorselector.com/2014...
5. B_B 27 maart 2014 01:09

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   UBS suspends four more traders in forex probe: report
   NEW YORK/LONDON Wed Mar 26, 2014 4:54pm EDT
   
   (Reuters) - UBS AG has suspended four more of its traders in the wake of a global investigation into collusion and manipulation by big dealers in the foreign exchange market, Bloomberg News reported on Wednesday.
   
   According to the report, Onur Sert, an emerging markets trader in New York, was among the four the investment bank suspended. The report did not name the other three people, but said they were located in Singapore and Switzerland.
   
   A spokesman for UBS in London declined to comment.
   
   Authorities in the United States, UK, Switzerland, Germany and Singapore are looking into allegations of collusion and manipulation of the $5.3 trillion a day global forex market. Britain's market regulator began looking into such allegations at least as far back as early 2013 and formally announced it was investigating in October, the same month the U.S. Justice Department opened its own probe.
   
   Sources familiar with the matter told Reuters last month that UBS had approached U.S. authorities in September with information relating to their probe into alleged rigging of currency markets in the hope of gaining antitrust immunity if charged with wrongdoing.
   
   Since the probes began, more than 20 traders at some of the world's biggest banks have so far been placed on leave, suspended or fired. Regulators in the UK have said the forex investigation could be bigger than the Libor rate-rigging scandal, which has triggered criminal prosecutions as well as $6 billion in fines and settlements.
   
   www.reuters.com/article/2014/03/26/us...
6. B_B 27 maart 2014 08:23

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   April Fools’ drop dead date for the Volcker Rule – what it might mean for gold
   -- Posted Wednesday, 26 March 2014
   By Michael J. Kosares
   
   It could get to be interesting as we move into the end of the month. The Volcker Rule which limits banks’ speculative investments (including gold) goes into effect April 1, 2014. There has probably already been quite a bit of adjustment to bank portfolios, but those who have held out will need to make their moves before the deadline.
   
   In conjunction with the implementation of the Rule, there has been an exodus of talent from the banks. The latest heavyweight departure came yesterday when Jamie Dimon’s closest aide, James Cavanaugh, left JP Morgan for the Carlyle Group, a private equity firm. Cavanaugh was considered Dimon’s heir apparent. Says this morning’s NYTimes, “Mr. Cavanagh’s decision to give up a chance at eventually running JPMorgan signals how running a large bank has become less attractive, considering the regulatory hurdles and heightened scrutiny that have dogged Wall Street since the aftermath of the financial crisis.”
   
   Financial Times reports this morning that the big banks have been hit with nearly $100 billion in costs and settlements related to the lending scandals. Those costs come before the banks face the even bigger potential problems associated with various market manipulations, including the forex markets, interest rates and gold.
   
   All of this could accrue as a big positive for the gold market as we move into the second quarter of the year, and we will be monitoring events here at the USAGOLD Blog if you would like to stay informed.
   
   The big trading banks traditionally have occupied the short side of the paper gold market. Some feel those positions will be handed off to the hedge fund business so things won’t change much. On the other hand, hedge funds are not considered too big to fail, thus their bets could be placed more evenly on either side of the market.
   
   Presumably, hedging activities offered by the banks as brokers are still allowable under the Volcker Rule, and it will be up to regulators to determine whether or not a trade is speculative or a hedge placed in behalf of a client. That might be easier to do than some think in that regulators might look closely at the net position of banks by the end of any given trading day. The position of the bank should be flat — and provably so.
   
   All of this makes the upcoming April Fools’ Day 2014 something of a watershed for Wall Street and trading business. Whether or not the banks truly give up the speculative activity remains to be seen, but the wholesale exit of traders to the hedge funds and private equity firms might provide a clue as to what is going on behind the scenes and what the big guns are thinking. (Cavanaugh is just one example.) Once again, the important factor is that the hedge funds will pay their losses out of pocket without the benefit of the government and Federal Reserve’s safety net — at least that’s the intent of the Rule. We will see how that aspect of the plan works out the next time the financial sector toes the cliff, but between now and then we could see a slow evolution of a more balanced approach to the gold market than many expect.
   
   news.goldseek.com/GoldSeek/1395852522...
7. [verwijderd] 27 maart 2014 10:11

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   Gaat lekker met goud, mijn turbo shorts zitten nu op 200% winst, met de winst ga ik straks weer fysiek goud kopen doe ik nu al een jaar bevalt me goed zit ondertussen al op en paar kilo komt straks hopelijk nog een kilo bij dankzij deze manipulaties.
8. B_B 27 maart 2014 14:09

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   quote:

   pmsbutternutter schreef op 27 maart 2014 10:11:

   Gaat lekker met goud, mijn turbo shorts zitten nu op 200% winst, met de winst ga ik straks weer fysiek goud kopen doe ik nu al een jaar bevalt me goed zit ondertussen al op en paar kilo komt straks hopelijk nog een kilo bij dankzij deze manipulaties.
   

   Gefeliciteerd!
   
   Toch denk ik dat dit jaar anders wordt voor goud.
   Ik weet dat "gold bulls" al jaren klagen over manipulatie en Dollar printing, maar dit jaar krijgen we de "perfect storm" voor goud.
   Daarom geloof ik dit jaar in goud (eerste keer in mijn leven).
   
9. [verwijderd] 27 maart 2014 14:23

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   Ik reden daar ook op BB kan ik nogmaals profiteren nu van een stijging van fysiek goud, verkopen doe ik het zowiezo never nooit niet.
10. B_B 27 maart 2014 16:05

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    quote:

    pmsbutternutter schreef op 27 maart 2014 14:23:

    Ik reden daar ook op BB kan ik nogmaals profiteren nu van een stijging van fysiek goud, verkopen doe ik het zowiezo never nooit niet.
    

    Een win-win situatie voor u.
    
    Ik ben geen lange termijn belegger, maximaal 1 jaar.
    Ik beleg maar een paar keer per jaar.
11. B_B 28 maart 2014 13:39

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    Friday, March 28: Today in Gold and Silver
    BY Casey Research .| 03/28/14 - 05:23 AM EDT
    
    NEW YORK (TheStreet) -- It was another day when not much happened during the Far East trading session---and volumes were microscopic. But as you already know, that all changed once London opened. At that point the gold price got sold down a bit more than six bucks---and I was expecting the worst when I got up late yesterday morning, but was much relieved to find out that the worst had already past. Gold rallied a bit until precisely 10 a.m. EDT in New York, before getting sold down for the remainder of the day.
    
    The CME Group recorded the high and low ticks at $1,307.60 and $1,289.60 in the April contract. Glancing at Friday morning activity in Hong Kong right now, I note that most of the trading activity is now in the new front month, which is June.
    
    Gold closed in New York on Thursday afternoon at $1,291.70 spot, down $14.10 from Thursday's close. Not surprisingly, gross volume was over the moon at 335,000 contracts, as all the large traders [except those standing for delivery] had to be out of their April positions by the Comex close yesterday. Net volume was a tiny 34,000 contracts. And, as an aside, the rest of the traders have to be out of their April positions by the end of the Comex session today. That applies to all Comex contracts, regardless of the commodity.
    .....
    
    Gold closed firmly below both its 50 and 200 day moving averages yesterday, but Ted and I feel that we haven't seen the final washout to the downside in either gold or silver. And as Ted pointed out, it's not always the price that determines when the bottom is in, it's the number of long contracts that JPMorgan et al can force the technical funds to puke up with their HFT antics. We'll find out soon enough when the bottom is in---and that will be determined by how quickly "da boyz" slice the salami to the downside. They way they're going now, it could take a while. I'd prefer the end to come with a big burst to the downside, but JPMorgan et al always prefer to take their time with a little slice each day, with the odd tiny rally sprinkled in every once in a while. I'd prefer it to happen in a couple of day---but it could take a couple of months.
    
    Here are the 6-month charts for both gold and silver once again, so you can keep a running tab on how the salami is being sliced---and as Jim Rickards said: "If I were running the manipulation, I would actually be embarrassed at this point because it's so blatant." And except for the willfully blind---and all the precious metal mining companies---it's certainly all of that.
    .....
    
    www.thestreet.com/story/12558752/1/fr...
12. B_B 28 maart 2014 13:40

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    Zamansky LLC Investigates Alleged Gold Price “Fix” Manipulation And Losses Suffered by Investors In Gold Funds, Gold Stocks and Gold Futures Trading
    
    New York, NY (Law Firm Newswire) March 28, 2014 – Zamansky LLC announces that it is investigating alleged price manipulation in the gold market via the London “Fix”, a widely-used price benchmark, and losses suffered by investors in gold funds, gold stocks and gold futures trading. The Fix is used to price gold in industrial contracts, and is embedded in gold derivatives such as futures, options and swap contracts. It is also used to value gold holdings. It impacts the value of COMEX-traded gold futures contracts and of exchange-traded. Persons who trade gold derivatives, jewelers, gold dealers and mining companies would all be impacted by artificial prices.
    Lawsuits now on file charge that Barclays, Deutsche Bank, Bank of Nova Scotia, HSBC, and Société Générale manipulated the London Gold Fix to their advantage and to the disadvantage of derivatives traders and others from 2004 through 2013. Specifically, each day traders at these banks discuss the current spot price of gold, which is adjusted up or down based on the banks’ bid/ask order book requests. The price is “fixed” when buy orders match sell orders (within 50 quantity units). Bankers buy and sell gold based on clients’ orders and also from their own books. In sum, the allegations are that the 5 banks that set the London Fix colluded to do so to earn excess profits from disadvantaged gold market participants.
    Additionally, since 2012, gold prices have fallen 20% or more on average. This decline has affected investors in large gold funds such as the SPDR Gold Trust (GLD), Market Vectors Gold Miners ETF (GDX), Pro Shares Ultra Gold (UGL), Powershares DB Gold Fund (DGL), Tocqueville Gold Fund (TGLDX) and others. Gold futures traders and stock investors are also affected. The volatility and risk associated with gold funds may have not been suitable for investors who sought to invest in gold as a safe alternative to the stock market, or inflation hedge.
    
    What Investors Can Do
    If you were a gold investor since 2004, or an investor who suffered losses in the recent decline, you may be eligible to file a legal proceeding to seek recovery of your damages.
    
    Persons who may be eligible:
    Investors in gold derivatives that referenced the London Fix
    Investors in gold derivatives traded on COMEX, such as futures contracts
    Investors in gold ETFs or mutual funds
    Are a gold producer
    Bought/sold physical gold at a contract price tied to the London Gold Fix
    and wish to have your circumstances or investment reviewed or discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
    
    About Zamansky LLC
    Zamansky LLC is a leading stock law firm specializing in securities class actions and insurance and securities arbitration. We are fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
    
    To learn more about Zamansky LLC, please visit our website, www.zamansky.com.
    
    Contact
    Zamansky LLC
    50 Broadway - 32nd Floor
    New York, NY 10004
    Jake Zamansky
    Phone: 212-742-1414
    Email: jake(at)zamansky(dot)com
    
    www.lawfirmnewswire.com/2014/03/zaman...
13. [verwijderd] 28 maart 2014 14:06

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    Goud deze week elke dag naar beneden, wanneer straks VS opent gaat het nog veel verder naar beneden. Volgende week ook weer naar beneden tot weer onder de $1200 volgende maand, komen er weer mooie koopkansen voor fysiek goud.
14. B_B 2 april 2014 15:39

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    $100 daling in 2 weken is eigenlijk heel positief.
    Voorheen daalde de goudprijs soms met meer dan $30 in minder dan een seconde.
    Dit betekent dat de grote (negatieve) manipulatie is gestopt.
    De daling van afgelopen 2 weken komt door "normale" manipulatie door handelaren.
    Handelaren verdienen geld aan volatiliteit (omlaag en omhoog).
15. B_B 7 april 2014 13:27

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    quote:

    B_B schreef op 1 maart 2014 14:44:

    Gold manipulation wordt een hot topic in de mainstream media volgende week.
    

    MANIPULATION is nu een hot topic in de mainstream media!
16. B_B 25 april 2014 11:20

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    FCA Said to Observe London Gold-Fixing Calls as Scrutiny Grows
    By Suzi Ring and Nicholas Larkin April 24, 2014
    
    Regulators are stepping up their scrutiny of how gold prices are set, with officials from Britain’s Financial Conduct Authority visiting Societe Generale SA (GLE) to observe the so-called London fixing process, two people with knowledge of the matter said.
    
    Investigators visited the French bank’s U.K. offices in recent weeks for the morning and afternoon conference calls, during which the reference price used by miners, jewelers and central banks is set, the people said. The watchdog is visiting all five member banks involved in the London fixing as part of its review of gold benchmarks, according to one of the people, who asked not to be identified because the matter is private.
    .....
    
    www.businessweek.com/news/2014-04-24/...
17. B_B 30 april 2014 01:06

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    Deutsche Bank Resigns From Gold Price-Setting Panel
    Bank Fails to Sell Seat, Also Resigns Its Place on Silver Price Panel
    
    Updated April 29, 2014 2:16 p.m. ET
    Deutsche Bank AG DB +2.02% has failed to sell its seat on the London gold-fixing panel following a three-month search for potential buyers, raising fresh concerns about the credibility of the historic benchmark.
    
    The German lender is one of five banks that set the twice-daily gold "fix"—a snapshot of the market price—in a process that has operated more or less unchanged since 1919. The bank had been looking for someone to buy its seat after announcing in January it was exiting the fixing panel as part of a wider scaling back of its commodities business.
    
    On Tuesday, the bank said it has resigned its seat, as well as its place on the three-bank silver-fixing panel. The bank was unable to find a buyer for either position, according to a person familiar with the matter.
    .....
    online.wsj.com/news/articles/SB100014...
18. B_B 8 mei 2014 11:44

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    Gold Price Manipulation Reaches Mainstream Media
    May 7th, 2014
    
    Gold Silver Worlds: If 2013 was the year of the big crash for gold, then 2014 could become the year of the truth for gold, evidenced by the attention that gold manipulation is getting in the mainstream media.
    .....
    etfdailynews.com/2014/05/07/gold-pric...
19. B_B 8 mei 2014 11:57

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    Bijna elke dag negatieve manipulatie rond 11:30 uur en 16:00 uur.
    
    Afgelopen dagen werd de goudprijs zelfs op zeer opzichtige wijze gemanipuleerd.
    De goudprijs onderdrukken is nu belangrijker dan de verhulling van de manipulatie (paniekvoetbal).
    
    The truth will come out soon, very soon!
20. B_B 30 mei 2014 02:37

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    • B_B

      Lid sinds: 02 nov 2007

      Laatste bezoek: 29 jun 2023

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    Reuters reports that China has approached foreign banks and gold producers to participate in a global gold exchange in Shanghai, people familiar with the matter said, as the world's top producer and importer of the metal seeks greater influence over pricing. The Shanghai Gold Exchange (SGE) got the go ahead from the central bank last week to launch a global trading platform in the city's pilot free trade zone, a move that could challenge the dominance of New York and London in gold trade and pricing. Beijing's plans to open up gold trading comes at a time when the benchmark price-setting process for precious metals is under scrutiny. Barclays Plc became the first bank to be fined over attempted manipulation of the 95-year-old benchmark London gold market daily "fix" last week.
    
    State-backed SGE has asked bullion banks such as HSBC, Australia and New Zealand Banking Group, Standard Bank, Standard Chartered and Bank of Nova Scotia to take part in the global trading platform, two people approached by the exchange said.
    
    www.resourceinvestor.com/2014/05/27/c...
    
    Een gold exchange in Shanghai om de westerse manipulatie te ontwijken.