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UBS Investigated For Gold Manipulation Suggesting Gold Inquiry Goes Beyond London Fix | Zero Hedge

UBS Investigated For Gold Manipulation Suggesting Gold Inquiry Goes Beyond London Fix | Zero Hedge.

The last time the FT penned an article on the topic of gold manipulation, titled “Gold price rigging fears put investors on alert” it was promptly taken down without much (any) of an explanation. Luckily, we recorded the article for posterity here. Earlier today, another article on the topic appears to have slipped through the cracks of the distinguished editors of the financial journal that enjoys the ad spend of the status quo, when it reported that “Gold pricing scrutiny widens”, hardly an update that will take the world by storm, however it is notable that “even” the FT, where for years goldbugs claiming gold manipulation had been ridiculed, is finally start to admit the glaringly obvious.

In this case, the FT looks at one of the most habitual and recidivist manipulators of practically every asset class that the market has ever known, Swiss bank UBS, better known as the rat that isallegedly perfectly happy to expose all other manipulators in exchange for immunity, and focuses on the 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.

And while it was recently revealed that there has been unprecedented collusion and rigging of gold at the time of the London fix, the latest revelations confirms that the inquiry is going beyond merely what the venerable five member banks of the London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons: after all UBS is not part of this particular criminal syndicate, which at last check included Barclays, Deustche (soon to be replaced by Standard Bank which is merely a front for China’s ICBC), Bank of Nova Scotia, HSBC and SocGen.

More from the FT:

“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.

But before anyone gets too excited, let’s recall that the last time the CFTC did an “in depth” investigation of manipulation in precious metals, it found… nothing (however, according to Bart Chilton that was only due to the zero or negative budget allotted to the impotent regulator, until recently headed by a Goldmanite). Perhaps this time will be different, and suddenly it may be in someone’s interest to finally see gold trade up to its fair value, whatever that may be, although certainly higher than the current prevailing beaten down prices, which have seen China buy up unprecedented amounts of physical gold courtesy of manipulated paper supply and demand. Especially supply.

Better yet: we look forward to learning all about it by the staunch defender of fair and efficient gold markets, the FT. Which is why, just in case, we have saved this article too. You never know when the FT will pull down this article or that, simply for breaching the taboo topic of gold price manipulation, something the Bank of England we are confident, will be very interested in as well.

UBS Investigated For Gold Manipulation Suggesting Gold Inquiry Goes Beyond London Fix | Zero Hedge

UBS Investigated For Gold Manipulation Suggesting Gold Inquiry Goes Beyond London Fix | Zero Hedge.

The last time the FT penned an article on the topic of gold manipulation, titled “Gold price rigging fears put investors on alert” it was promptly taken down without much (any) of an explanation. Luckily, we recorded the article for posterity here. Earlier today, another article on the topic appears to have slipped through the cracks of the distinguished editors of the financial journal that enjoys the ad spend of the status quo, when it reported that “Gold pricing scrutiny widens”, hardly an update that will take the world by storm, however it is notable that “even” the FT, where for years goldbugs claiming gold manipulation had been ridiculed, is finally start to admit the glaringly obvious.

In this case, the FT looks at one of the most habitual and recidivist manipulators of practically every asset class that the market has ever known, Swiss bank UBS, better known as the rat that isallegedly perfectly happy to expose all other manipulators in exchange for immunity, and focuses on the 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.

And while it was recently revealed that there has been unprecedented collusion and rigging of gold at the time of the London fix, the latest revelations confirms that the inquiry is going beyond merely what the venerable five member banks of the London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons: after all UBS is not part of this particular criminal syndicate, which at last check included Barclays, Deustche (soon to be replaced by Standard Bank which is merely a front for China’s ICBC), Bank of Nova Scotia, HSBC and SocGen.

More from the FT:

“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.

But before anyone gets too excited, let’s recall that the last time the CFTC did an “in depth” investigation of manipulation in precious metals, it found… nothing (however, according to Bart Chilton that was only due to the zero or negative budget allotted to the impotent regulator, until recently headed by a Goldmanite). Perhaps this time will be different, and suddenly it may be in someone’s interest to finally see gold trade up to its fair value, whatever that may be, although certainly higher than the current prevailing beaten down prices, which have seen China buy up unprecedented amounts of physical gold courtesy of manipulated paper supply and demand. Especially supply.

Better yet: we look forward to learning all about it by the staunch defender of fair and efficient gold markets, the FT. Which is why, just in case, we have saved this article too. You never know when the FT will pull down this article or that, simply for breaching the taboo topic of gold price manipulation, something the Bank of England we are confident, will be very interested in as well.

German Gold Manipulation Blowback Escalates: Deutsche Bank Exits Gold Price Fixing | Zero Hedge

German Gold Manipulation Blowback Escalates: Deutsche Bank Exits Gold Price Fixing | Zero Hedge.

Germany’s blowback against gold manipulation is accelerating. Following yesterday’s report that Bafin took a hard line against precious metals manipulation, after its president Eike Koenig said possible manipulation of precious metals “is worse than the Libor-rigging scandal“, today the response has trickled down to Germany and Europe’s largest bank, Deutsche Bank, which announced that it would withdraw from the appropriately named gold and silver price “fixing”, as European regulators investigate suspected manipulation of precious metals prices by banks. As a reminder, Deutsche is one of five banks involved in the twice-daily gold fix for global price setting and said it was quitting the process after withdrawing from the bulk of its commodities business. The scramble away from gold fixing was certainly assisted by the recent first (of many) manipulation expose in the legacy media, when Bloomberg revealed “How Gold Price Is Manipulated During The “London Fix.” And sure enough, with Germany already very sensitive to the topic of its gold repatriation, and specifically why it is taking so long, it was only a matter of time before any German involvement in gold manipulation escalated to the very top.

Reuters has more:

“Deutsche Bank is withdrawing its participation in the gold and silver benchmark setting process following the significant scaling back of our commodities business. We remain fully committed to our precious metals business,” it said in a statement.

In mid-December, German banking regulator Bafin demanded documents from Deutsche Bank under an inquiry into suspected manipulation of benchmark gold and silver prices by banks, the Financial Times reported, citing sources.

Bafin declined to comment on Friday, but its President Elke Koenig said the previous day that it was understandable that the topic was attracting widespread concern.

“These allegations (about currencies and precious metals) are particularly serious, because such reference values are based – unlike LIBOR and Euribor – typically on real transactions in liquid markets and not on estimates of the banks,” she said in a speech

Needless to say, manipulation of the gold market would not be exactly novel to a bank which has also been named in cases related to the sub-prime crisis, credit default swaps, mortgages, tax evasion and a decade-old lawsuit suit brought by the heirs of late media mogul Leo Kirch, who accuse the bank of undermining the business.

Reuters also reports that Deutsche is now actively marketing its gold and silver fixing seats to another LBMA member, however now that the cat is out of the bag on the gold fixing manipulation scheme (the first of many), it is likely that others will seek to follow in Deutsche’s footsteps and seek to put as much distance between themselves and the wood-paneled room once located in theRothschild office on St. Swithin’s Lane in London.

We wonder which of these five gentlemen is from Deutsche?

So if everyone exits the London fixing market, what happens then?

“It wouldn’t surprise me if the other banks were looking at pulling out as well. Why would they want the aggravation?” said the source, who declined to be named.

“The more worrying point is that, if you don’t have the fixing, what do you have? There’s a lot of contractual business done on the gold fix, and if you’ve got no basis for where the price is, someone is going to lose out.

Well considering that the fixing process over the years was manipulation pure and simple, those who will lose out are the… manipulators? it would seem rather logical. And speaking of manipulation, if indeed Germany is so keen on breaking the manipulators’ back, perhaps it can demand that the pace of its gold returns from the NY Fed and Paris accelerates. It may be surprised at what it finds.

Gold And Silver – There Are Reasons Greater Than Demand For Owning Them. | InvestmentWatch

Gold And Silver – There Are Reasons Greater Than Demand For Owning Them. | InvestmentWatch.

by Michael Noonan

Here is some very cogent rationale for owning gold and silver.  None pertain to the
ever-ending reasons that demonstrate great demand.  Everyone has been hearing
about them in a steady stream for the past year, and the impact on the market has
been nil.  Often in tandem with the latest news, like record coin sales from…[pick a
mint or country], is the lament from PM holders on where the current price of gold
is, at lows for the past two + years, making many question the validity of owning PMs.

For any self-doubters, especially those who paid for their PMs at 50% to 100% higher
in the past year or two, by example, we still hold some gold purchased at $1800 the
ounce, some silver at $48 the ounce.  That just happened to be where gold and silver
were at the time.   We were engaged on a consistent plan of purchasing, regardless of
price.  There were specific reasons for wanting to own physical gold and silver, and none
of those reasons have changed.  In fact, they have increased.

We now live in a financially insane world.  The government tells everyone that 2 + 2 =
5, consistently, and people continue accept the lies.  If you listen to the government
and the bought-and-paid-for mainstream media, all is well in this country, when in
reality, we are dealing with recession, inflation, joblessness, and general instability.

The biggest problem is debt.  Actually, it is the core issue.  Bury people and countries in
debt, and demand their hard assets as payment in return, aka the Rothschild formula,
in use for hundreds of years.  The debt burden is now so onerous that it is becoming
almost impossible to keep under control.  The elites are so skilled at getting their false
message out, through governments, that people are more than willing to believe the
lies.

Greece was a warning shot for the rest of what passes as a [not so] free world.  The
message?  It is mathematically impossible to sustain the growing debt burden in any
given country with no ability to ever pay it back.  The United States has become a
welfare state for too many of its citizens.  The largest growth sector in this country is
the federal government.  The government produces nothing.  Everything it spends
has to come from the people, or increased borrowing.  It is a tapeworm consuming
its host

The Fed has kept the stock market propped up by tapered window dressing.  Interest
rates are artificially being held low to enable the government and all the banks to keep
the debt Ponzi scheme on life-support, which ultimately leads to death, financially.

Zero rates means keeping the accumulating interest costs of government lower.
Allowing rates to rise to a more normal 3% – 5% would collapse the federal government
and all of the insolvent banks which are responsible for every financial problem everyone
now faces, except the privileged 1%.

No one in the past 100 years, since the Federal Reserve Act was passed and the privately
owned Federal Reserve bank usurped the organic Constitution and took over issuing this
nation’s money, has done anything to abolish the Fed.

“Give me control of a nation’s money, and I care not who makes the laws.”
    -Mayer Amschel Rothschild

It really is not hard to connect the dots if one truly wants to do so.  The information is out
there, but few are willing to seek out the truth, and instead, prefer dwelling in the [dis]
comfort of debt-laden lives.

There was one person who tried to make a difference:  John F Kennedy, when he decided
to print billions of silver-backed  dollar certificates.  The world knows that Kennedy was
assassinated and replaced by Lyndon Baines Johnson.  One of Johnson’s first official acts,
within days of being sworn in, was to rescind Kennedy’s order to issue the silver-backed
certificates.  The elites have their priorities, and puppet presidents must do their bidding.

Why aren’t politicians doing everything possible to get rid of the legal [but not lawful]
privately owned Federal Reserve Banking system that charges the government interest
on the purely fiat money the Fed issues?  Very few people in this country wonder why the
U S government does not issue its own currency, [as it did prior to the Federal Reserve
Act of 1913], and not have to pay interest on the currency issued.  One of the largest
expenses is the federal government is the debt owned to a foreign entity that controls
this country’s own money.  Federal Reserve Notes are not money.  They are debt
instruments.  Debt can never be money.  Dwell on that thought for a while.

The elites use the Federal Reserve to entirely control the government and used FDR
to ban gold ownership in 1933.  Previously, gold and silver were used exclusively in
backing United States Notes and gold and silver coins issued by the U S Treasury.
Since 1933, gold has been absent from the public arena, and 1963 for silver.  So many
in this country are unaware of the important role gold and silver have played.

Prior to 1933, people used gold and silver in all ways of their daily lives.  No one used
credit cards, and people had no need for socialist government services.  This is why
the elites had gold and silver removed from circulation as money.  It was accomplished
over decades, by design, so people would not notice the change and gradually accept
the substituted Federal Reserve Note system.

United States issued Treasury Notes, backed by gold and silver, were allowed to circulate
along side Federal Reserve Notes, [debt instruments], and people began to equate the
two as the same.  At that point, the Federal Reserve began withdrawing all US Treasury
Notes and had them destroyed.

You do not need more statistics about the current shortage of gold and silver, or more
citing on the number of tonnes of gold China continues to import.  That information has
been of little practical use.  What you need to know is the kind of factual history we just
briefly presented in order to know that it is incumbent upon your future to take whatever
measures necessary for surviving the financial time bomb waiting to explode.

It is not important to know what others are doing, but it is critically important to know
what others are doing to you, and what you are going to do for yourself and your family.
It is a proven historical fact that every fiat system has failed, utterly.  The U S is in that
process, right now.

The actions of the government will be your first signs of imminent collapse.   Anyone
who chooses to keep money in the banking system is fodder for the banking whores.
They will steal your money.  It is a known fact that all money you deposit into the banking
system becomes their money, and you, by banking laws, become an unsecured creditor.

The government will raid private pensions, like Hungary and Poland have done.  Your
pension will likely become nationalized, and you may receive a 10 year government bond
in return for whatever money you have saved.  It happened in Argentina just a decade ago.
There is ample evidence throughout the world of what a government will do to survive, at
your expense.

You  want a reason to own gold and silver instead of anything paper-issued?  Forget
about statistics and the demand side of the equation.  All of the events discussed here,
and worse, are on the agenda of the elites to gain world control over everyone.  Without
gold and/or silver, it will be almost impossible to survive what is to come.  No one knows
when, but when it does, and it is a historical certaintyare you really going to care
what you paid for your gold and silver?

We all have choices to make, and we all deal with the consequences of these choices.  Do
not worry if you paid a high price for your gold and silver.  You do not intend to sell it,
so any loss is imagined.  Stay true to what history has proven.  No one knows when the
collapse will be realized, but one has to continue to prepare for the inevitable in a world
that makes no sense, financially.

We were interviewed on this topic, last week, and the audio can be found on our site,
edgetraderplus.com, under the category “Interview,” for anyone interested.

The charts may be closer to showing signs of bottoming.  Here is our current read.

Bearish spacing develops when a low is broken, last April, and the next rally swing high,
August, fails to reach and retest the previous swing low, leaving a space.  It indicates a
weak market.

There was a strong rally on Friday, but when seen on the weekly chart, the results are
less impressive.  That observation is amplified when you compare the last two bar ranges
and respective volume.  The second bar from the end shows ease of upward movement by
a wide range and strong close with volume greater than the previous day.

On Friday, volume increased sharply compared to day 2, yet the price bar range narrowed.
Increased effort, volume, yielded less results, a smaller range.  The reason why the range
narrowed was due to sellers meeting the increased effort of buyers and preventing the
price range from extending higher.

You can expect to see this kind of activity in a down trend where sellers have been in
control.  From a weekly chart perspective, gold continues to struggle, even with a strong
rally effort on Friday.  This is the way to read the “message” of developing market activity.

 

GC W 11 Jan 14

Friday’s rally stopped at a minor resistance area, [thin horizontal line].  Continuation to
the upside would be expected on Monday.  We will now begin to see if gold can develop
a sustained upside rally and begin to change the trend, from down to at least sideways.

GC D 11 Jan 14

The last time silver spent 8 weeks in a TR, June – August, the 9th week was a strong rally.
There are now 8 weeks completed in the current TR, and Monday starts week 9.   The last
three weeks have a close clustering of closes.  This reflects balance between sellers and
buyers, and from balance comes unbalance.

All three of the last closes are upper range, indicating buyers won the battle each week,
and it would indicate that buyers are absorbing the effort of sellers prior to moving
higher.  That is the probability read, but the market always has the final say.

SI W 11 Jan 14

The daily does not have a similar positive read as the weekly, and as we noted on the
chart, the increased volume, last bar, did not quite generate as wide a price range as
occurred 6 bars earlier.  Price is still within the established TR, moving farther along
the Right Hand Side, where resolve takes price out of the TR.

For the moment, momentum is on the buy side.

The futures still have issues, and one cannot buy into rallies in a down trend.  The
physical gold and silver metals also have issues, but the resolve is going to eventually
lead to an explosive upside.  Continue to buy the physical.  These are great prices.

SI D 11 Jan 14
Read more at http://investmentwatchblog.com/gold-and-silver-there-are-reasons-greater-than-demand-for-owning-them/#pgbtod7IBmvBXxH2.99

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