NYBob
5 years ago
Bank Gold Price Manipulation Continues -
Craig Hemke
October 4, 2019
1
You didn't actually think that a couple of indictments were going to change things, did you? By now you must understand that The Banks will continue to manage and rig prices until the time comes that it is no longer profitable for them to do so.
In case you need a summary of recent events, please take time to review these three links:
• https://www.cnbc.com/2019/08/20/another-ex-jp-morg...
• https://www.nbcnews.com/news/us-news/justice-depar...
• https://www.zerohedge.com/markets/abject-corruptio...
What was once dismissed as "conspiracy theory" is instead becoming widely understood as "historical fact." Yes, the market-making Bullion Banks seek to manage price for their benefit, and yes, gold price management dates back to the 1950s. However—and despite the recent indictments—these illegal schemes continue to this day.
Case in point? Last week.
As you know, the price of COMEX Digital Gold has rallied from a low of $1280 on May 28 to a high of $1565 on September 4. Why? As global economies slowed, global central banks began to reverse policies and head toward lower/negative rates and renewed quantitative easing. This reality created a surge of demand for gold in all its forms, one of which is futures contracts on the COMEX.
As of May 30, the total amount of gold futures contracts on COMEX (total open interest) was just 443,231 for 44,323,100 ounces of "digital gold." By now you should be familiar with The Bullion Bank strategy of increasing the total float (supply) of contracts in order to meet increasing demand in a rising market. If you don't understand this dirty trick, then please take time to read this seminal piece from 2017: https://www.tfmetalsreport.com/blog/8252/econ-101-silver-market-manipulation
Thus, it should be no surprise that by the time price peaked at $1565 on September 4, total contract supply also peaked at 643,563 or 64,356,500 digital ounces. This is an increase of slightly more than 200,000 contracts in three months...just over 45%! No new physical ounces were added to the COMEX vaults over this time. Instead, these new contracts were created by The Banks. These Banks took the short side and offered them to Specs looking for "gold exposure" and taking the long side.
Over time and with the 15% rally in price, The Banks began to experience some rather hefty potential losses, and at this point, anyone who has followed the precious metals for any length of time should have expected the eventuality that followed.
First, the global bond market began a correction in early September. Bond prices had also seen a tremendous rally in 2019 and were due for some profit-taking. Since COMEX gold and global bonds had been moving in tandem all summer, it was logical to expect a correction in gold, and it soon came to pass with prices falling from $1565 to $1492 in less than five days.
However, the global bond market began to recover in mid-September, and COMEX Digital Gold prices stabilized, too. What happened next is what finally drove The Banks to take direct, overt action.
Early last week, gold and silver prices began to stage a sharp, comeback rally. COMEX silver bounced all the way to $18.70 while COMEX gold traded back to $1540. Keep that level in mind... $1540.
As COMEX gold prices rallied on economic and impeachment concerns, The Banks went into hyperdrive in contract creation. Over just four days, The Banks increased the total float of COMEX gold contracts by nearly 5%, from 628,464 on September 18 to a NEW ALL-TIME HIGH of 658,944 on September 24. Why the sudden need to exceed the previous all-time highs from July 2016? In order to paint the chart with a head-and-shoulder top in the hope of inspiring the type of consistent, relentless selling that would bring a sharp selloff. The Specs sell their gold exposure, The Banks buy back and cover their shorts, pain and margin pressure is eased, and total open interest declines. It looks like this:
• On September 18, total OI was 628,464 contracts with price at $1515
• Four days later on September 24, to cap price at $1540, OI was moved to an all-time high at 658,944
• Four more days later, after price was smashed for $67, OI is back to 610,343 on September 30
And you can see this on the charts. Last Tuesday the 24th, price was obviously and clearly capped at $1540. The immediate reversals seen on the chart below reveal the deployment of the 11,600 contracts created that day alone by The Banks.
At the time, we quickly caught on to their intent. Here's the daily chart from that same day:
And now, after frightening the Specs into selling and closing nearly 50,000 COMEX gold contracts in just four days, the chart has been painted with that head-and-shoulder top that The Banks hope will inspire even more Spec selling in the days ahead.
So, anyway, if you want to bury your head in the sand, ignore the evidence and indictments, and claim that all you've just read is nonsense and "conspiracy theory," knock yourself out. A wise man once said, “it’s impossible to save someone who doesn’t want to be saved.” Indeed. All I can do is explain to you how these "markets" actually operate and remind you that the manipulation remains ongoing and active. You can take it from there.
One day, The Banks will either voluntarily or involuntarily leave this business and prices will be allowed to find a true equilibrium between physical metal and fiat currency. In the meantime, you must understand that the greedy, criminal, COMEX market-making Banks will continue to fight us every step of the way...regardless of whether a few of their trading Monkeys are indicted/incarcerated.
********
1
Craig Hemke
Our Ask The Expert interviewer Craig Hemke began his career in financial services in 1990 but retired in 2008 to focus on family and entrepreneurial opportunities. Since 2010, he has been the editor and publisher of the TF Metals Report found at TFMetalsReport.com, an online community for precious metal investors.
NYBob
7 years ago
Chris Powell: Gold market manipulation update, April 2018 -
http://gata.org/files/GoldMarketManipulationUpdateApril2018Slides_0.pdf
GATA consultant Robert Lambourne, who seems to be the only analyst outside government who studies the gold market interventions of the BIS, notes that footnotes in the BIS' monthly reports show that the bank's gold, gold swap, and gold derivative positions exploded from zero in March 2016 to 438 tonnes in March 2017 to 525 tonnes last month:
http://www.gata.org/node/18090
http://www.gata.org/node/18022
Slide 2 -- BIS / Notes to the financial statements
This page is taken from the BIS annual report issued in June, covering the year ending March 31, 2017. It acknowledges 438 tonnes of gold swaps.
Slide 3 -- BIS / Statement of account
This page, from the BIS' October 2017 statement of account, shows that the BIS' gold loans rose substantially since March last year.
What exactly is the BIS doing in the gold market and for whom?
In November I brought Lambourne's analysis to the attention of the BIS press office and asked if his analysis was correct and if the bank could explain exactly what it was doing in the gold market and for whom. The BIS press office replied:
http://www.gata.org/node/17793
"We do not comment on specific accounts and holdings of central banks or of the BIS. Please see our latest annual report for details on gold. Further information can be gleaned from central banks directly."
But the BIS' annual reports provide no more substantial information about its activity in the gold market than its monthly reports do. As for obtaining information about gold market activity from BIS member central banks, they are no more forthcoming.
A few years ago GATA sued the Federal Reserve in U.S. District Court in Washington for access to its gold market records. We received very little access, since the court ruled that nearly all the Fed's gold records are exempt from disclosure. Indeed, the most notable information we got by suing the Fed was the possibly inadvertent admission in writing by a member of the Fed's Board of Governors, Kevin M. Warsh, that the Fed has gold swap arrangements with foreign banks and will never disclose them.
http://www.gata.org/node/9917
http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf
Slide 4 -- Warsh photo and letter
If the swapping and leasing of gold by central banks is ordinary and innocent activity, why won't central banks disclose and explain it?
The answer to that question was given by the secret March 1999 report of the staff of the International Monetary Fund, which acknowledged that central banks conceal their gold swaps and leases to facilitate their secret interventions in the gold and currency markets:
http://www.gata.org/node/12016
http://www.gata.org/files/IMFGoldDataMemo--3-10-1999.pdf
Slide 5 -- Secret IMF report
* * *
The second biggest development in the gold price suppression scheme since we last gathered here involves the New York Commodities Exchange
Slide 6 -- NYMEX/COMEX building
-- where, GATA consultant Harvey Organ reports, thousands of gold futures contracts that have been called for delivery have been moved off the exchange in private transactions called "exchange for physicals," or EFPs.
One implication of this development is that there isn't enough gold in Comex warehouses to cover futures deliveries sought in New York and that deliveries have to be moved to London, where transactions are more easily concealed by mechanisms controlled by the London Bullion Market Association, or where long contract holders seeking delivery can be paid privately to postpone delivery.
There may be other explanations for this development, but it is recent and signifies that something big has changed about the gold market in the last year.
* * *
Perhaps not so coincidentally, as gold researcher Ronan Manly of Bullion Star in Singapore disclosed the other day, on April 1 the London Bullion Market Association --
Slide 7 -- LBMA building
-- will begin delaying its daily gold and silver auction price reports. Recently the auction price reports have been issued 30 minutes after the conclusion of the auctions. As of April 1 the auction price reports will be delayed 14 hours. The LBMA has provided no explanation for this delay, but of course the longer the reports are delayed, the more opportunity there will be to adjust or tamper with them.
Further, Manly discloses, the LBMA has postponed for another year its plan to start reporting individual trades of gold and silver. If something nefarious is going on with those "exchange for physicals" by which Comex futures contracts appear to be transferred to London, the LBMA's reporting of individual trades might reveal it. Now there will be no reporting by the LBMA of individual gold and silver trades in London for at least another year:
http://www.gata.org/node/18094
* * *
In January this year U.S. authorities charged three foreign banks and eight individuals in "spoofing" of the gold and silver futures markets:
http://www.gata.org/node/18004
https://www.reuters.com/article/us-usa-cftc-arrests/european-banks-pay-4...
Slide 8 -- Reuters story on spoofing
* * *
Also in January this year GATA disclosed the discounts that are being given by CME Group futures exchanges to governments and central banks for secretly trading gold and silver futures contracts. It is not widely understood that governments and central banks are secretly trading all futures contracts on U.S. exchanges, for mainstream financial news organizations refuse to report secret interventions in markets by governments:
http://www.gata.org/node/17976
http://www.gata.org/files/CMEGroupCBIP-Q&A-December2017.pdf
Slide 9 -- CME Group explainer
* * *
But maybe all you really need to know about gold price suppression could have been surmised from a story on the front page of The Wall Street Journal on August 10 last year:
http://www.gata.org/node/17562
Slide 10 -- Wall Street Journal front page
In that story the newspaper quoted four experts on the gold market, all of them associates of the Gold Anti-Trust Action Committee and all of them introduced to the newspaper's reporter by me.
Slide 11 -- Close-up of Wall Street Journal story
Those four experts -- gold researcher Ronan Manly, Sprott Asset Management's John Embry, GoldMoney founder James Turk, and futures market analyst James McShirley -- accused the Federal Reserve of being involved with the suppression of the gold price through the surreptitious lending and swapping of central bank gold reserves.
The Wall Street Journal story was a triumph for GATA, even though the Journal declined to mention GATA by name. (The reporter told GATA Chairman Bill Murphy that the newspaper just ran out of space.)
But the story would have been a much greater triumph for us -- indeed, it would have been a triumph for free markets -- if the newspaper had not decided, in reporting these complaints about surreptitious government intervention in the gold market, to violate the first rule of journalism. That's the rule about getting and reporting both sides of a story.
The Journal reported: "Some gold bugs -- investors bullish on the yellow metal -- think the Fed secretly lends it out to suppress prices, partly to protect the dollar's value. In theory the Fed can feed gold into the market through swaps with other countries."
So where were the Journal's questions about this for the Fed and the U.S. Treasury Department? Are the Fed and the Treasury Department involved in keeping the gold price down through surreptitious interventions, or are they not involved?
But the Journal never asked such questions, even though for a year and a half, as I provided the Journal's reporter with the documents of these interventions, I repeatedly pressed her to put the questions to the Fed and Treasury. I even provided the Journal's reporter with a video showing New York Federal Reserve Bank President William Dudley refusing to answer a question about gold swaps during his appearance at the Virginia Military Institute on March 31, 2016.
Slide 12 -- Still photo from Dudley video
Can we play that video now?
The Dudley video can be viewed here:
https://drive.google.com/file/d/1_igBCLUsgNUx4o-O3LC764QIsaWKBAU6/view
Note the inconsistency in Dudley's response. First he talks at length about the German Bundesbank's transactions to repatriate its gold from the New York Fed. Then, asked if the Fed is involved with gold swaps, Dudley says he can't comment on "individual customer kind of transactions." But he had just discussed an individual customer's transactions with the Fed at great length -- Germany's -- and the second question, about gold swaps, was not about individual customer transactions at all but simply whether the Fed was in the gold swap business.
Ordinarily news organizations are most interested in questions that high government officials refuse to answer. But mainstream financial news reporters are not interested in questions about secret government interventions in the gold market and secret interventions in markets generally. No, such questions are too sensitive, apparently considered threats to national security.
The best that mainstream financial news organizations can do is just to acknowledge the questions sometimes. Mainstream financial news organizations can never pursue the answers, no matter how easy it would be to do so.
Unfortunately most gold market analysts themselves will not pursue these questions either -- at least not yet. GATA will continue working on them.
Will the gold industry itself ever pursue these questions? Will the gold industry ever stand up for itself?
If not, why should anyone invest in an industry that doesn't care about the suppression of the price of its product?
Slide 13 -- Contact and thanks
The documents I have cited today are all posted at GATA's internet site, GATA.org, most of them in the "documentation" section:
http://www.gata.org/taxonomy/term/21
If you have any trouble locating them or have any questions about GATA's work, I'll be glad to hear from you at CPowell@GATA.org.
Thanks for your kind attention.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
http://www.gata.org
To contribute to GATA, please visit:
http://www.gata.org/node/16
CONTACT GATA
info@gata.org
Gold Anti-Trust Action Committee
7 Villa Louisa Road
Manchester, Connecticut
06043-7541 USA
www.gata.org
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Recommended Internet sites for daily monitoring of gold and precious metals news and analysis.
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http://goldismoney2.com/forum.php/index.html
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http://www.investmentrarities.com
http://www.kereport.com (Korelin Business Report -- audio)
http://www.plata.com.mx/Mplata/default.asp (in Spanish)
http://www.plata.com.mx/mplata/articulos/articles.asp (in English)
http://www.resourceinvestor.com
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http://www.goldpennystocks.com/
http://www.oroyfinanzas.com/ (in Spanish)
http://www.goldcore.com/
http://coininfo.com/
http://www.milesfranklin.com
http://www.silverminers.com
http://www.PreciousMetalsMonthly.com
http://www.SilverStockReport.com
http://www.longwavegroup.com/
http://theaureport.com/
http://www.goldprice.org/
http://traderdannorcini.blogspot.com/
http://www.thegoldstandardnow.org/
http://www.runtogold.com/
http://www.goldandsilverblog.com
http://www.kingworldnews.com
http://www.goldsilver.com
http://biiwii.com/wordpress/
http://www.europeangoldcentre.com
http://www.silvermonthly.com/
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Eagle Ranch discussion site:
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Ted Butler silver commentary archive:
http://www.investmentrarities.com/
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Anglo Far-East Bullion Co.
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BMG Group Inc.
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BullionStar Pte. Ltd.
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BullionWorks
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CMI Gold & Silver
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Bill Haynes, President
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Don Stott, Proprietor
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Fisher Precious Metals
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Goldcore
14 Fitzwilliam Square
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+353 (0)1-632-5010
... and ...
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London EC3V 3ND, England
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GoldMoney
Net Transactions Ltd.
1st Floor
32 Commercial St.
St Helier, Jersey JE2 3RU
British Channel Islands (UK)
Tel: +44-1534-633-933
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Gold Silver Group
300 Corporate Pointe
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David Weishaar, Senior Account Executive
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Matterhorn Asset Management AG
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Greg Westgaard, Sales Manager
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Jaxville Gold and Silver Trading Co.
4901-48 St.
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Red Deer, Alberta, Canada
Jack Fortin, Owner and Operator
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auric@telus.net
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Jaggards Pty Ltd. (Established 1963)
Bullion and Rare Coin Dealers
Level 8, 74 Pitt St.
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contact: Robert or Yen
at +61 2 9230 0886
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300 Frandor Ave.
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LINGORO.com
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MRCS Canada
12303-118 Ave. NW
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Michael Riedel, Proprietor
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Miles Franklin Ltd.
801 Twelve Oaks Center Drive
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Contacts: David Schectman,
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Missouri Coin Co.
11742 Manchester Road
St. Louis, Missouri 63131-4614
info@mocoin.com
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Money Metals Exchange
Box 2599
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inquiry@moneymetals.com
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Pacific Coin Exchange
300 Carlsbad Village Drive, Suite 207
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phil@pacificcoinexchange.com
http://www.pacificcoinexchange.com
Precious Metals International, Ltd.
20 Genesis Place, DMS House, Ground Floor
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pmi@pmi.ky
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Resource Consultants Inc.
6139 South Rural Road
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Pat Gorman, Proprietor
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Royal Crown Precious Metals Ltd.
Suite 1500, HSBC Building
885 West Georgia St.
Vancouver, British Columbia V6C 3E8
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Andreas Runge, President
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Scottsdale Silver & Gold
20701 North Scottsdale Road
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sales@scottsdalesilver.com
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SD Bullion
8000 Yankee Road
Ottawa Lake, Michigan 49267
Contact: James Anderson, Tyler Wall
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Sheldon's Finest Coins
P.O. Box 194
30 Noelle Court
Lincoln Park, New Jersey 07035-2256
1-888-786-5678
Ed Sheldon CPA, Proprietor
Agbug777@SheldonsFinestCoins.com
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Silver Gold Bull Inc.
4819 45th St. / Box 2612
Rocky Mountain House, Alberta T4T 1L6
Canada
877-646-5303 or 877-646-5304
Fax: 403-845-5511
Sales@SilverGoldBull.com
http://www.SilverGoldBull.com
Silver Trading Co.
445 Montgomery St.
PO Box 876
Shreveport, Louisiana 71107
Larry LaBorde, Proprietor
318-470-7291
LLaBord@silvertrading.net
http://www.silvertrading.net
SprottMoney Ltd.
Royal Bank South Tower
200 Bay St.
Suite 2750, P.O. Box 90
Toronto, Ontario M5J 2J2
Canada
416-861-0775
or toll-free 888-861-0775
sales@sprottmoney.com
http://www.sprottmoney.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
Dean Heskin, CEO
1-800-BUY-COIN
hes@swissamerica.com
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The Moneychanger
Box 178
Westpoint, Tennessee 38486
Franklin Sanders, Proprietor
1-888-218-9226, 931-766-6066
http://www.the-moneychanger.com
The Real Asset Co. Ltd.
2nd Floor, 8-9 Talbot Court
London, England EC3V 0BP
United Kingdom
+44-0-207-283-1953
support@therealasset.co.uk
http://therealasset.co.uk/
True Metals Group
728 West Ave., Suite 1100
Cocoa, Florida 32927
Daniel and Karina Ward, Owners
866-303-0781
Sales@silver50.com
http://www.silver50.com
USAGold
Box 460009
Denver, Colorado 80246-0009
1-800-869-5115
Michael Kosares, Proprietor
cpm@usagold.com
http://www.USAGOLD.com
Worldwide Precious Metals (Canada) Ltd.
Suite 1108-1030 West Georgia St.
Vancouver, British Columbia, V6E 2Y3
Canada
President: John P. Downes
Toll-free: 1-866-623-2002
Local 778-945-2002
info@wwpmc.com
http://www.wwpmc.com
God Bless America
mcokpba
7 years ago
Royal Gold Receives Operational Update from Mount Milligan
December 27, 2017 04:05 PM Eastern Standard Time
DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) reports that Centerra Gold (“Centerra”) today announced that, due to a lack of sufficient water resources, mill processing operations at the Mount Milligan mine in British Columbia, Canada have been temporarily suspended. Centerra reports that there will be adequate fresh water available to restart mill processing operations at partial capacity by the end of January 2018 and at full capacity after the spring melt, typically in April.
Calendar year-to-date Centerra reports that Mount Milligan has produced approximately 225,000 ounces of payable gold and approximately 54 million pounds of payable copper, slightly below full year guidance. Royal Gold has a streaming interest on 35% of the gold and 18.75% of the copper from Mount Milligan. Due to the timing of shipments and deliveries of gold and copper, the impact of this shutdown is likely to be reflected in Royal Gold’s mid-calendar 2018 results.
Centerra reports that the water shortage at Mount Milligan has been exacerbated by unanticipated extremely cold temperatures, which has resulted in a greater than expected loss of water volumes in the tailings storage facility due to ice formation. In the fourth quarter of calendar 2017, Centerra noted that it sought to mitigate the water shortfall by drilling additional water wells to draw water from nearby aquifers located on the property. While such wells were partially successful, Centerra reports that the additional water obtained was not sufficient to offset the loss of water volumes noted above. In addition, as a further, longer-term mitigation measure, Centerra is pursuing an amendment to Mount Milligan’s Environmental Assessment (EA) to allow pumping of water from a nearby lake (Phillips Lake) and is applying for the additional related permits. Centerra expects that by the end of January 2018 there will be adequate fresh water available to restart mill processing operations utilizing just one of the mine’s two ball mills (38,000 tonnes per day to minimize water requirements), returning to full capacity of two ball mills following the spring melt.
However, as Centerra noted, the availability of water is subject to, among other things, natural forces that can be unpredictable. During this downtime, Centerra announced that mill maintenance crews will continue to carry out outstanding preventative maintenance activities and will look to bring forward other maintenance work that had been planned for later in the year. Centerra reports that Mount Milligan continues to operate according to its mine plan and will continue to expose, mine and stockpile additional ores for future processing.
https://www.businesswire.com/news/home/20171227005483/en
NYBob
10 years ago
THE SHOCKING TRUTH HISTORY CHANNEL CAN'T BROADCAST -- Bix Weir
http://www.youtube.com/watch?v=-zzSAoD2mzU#t=150
BANKING BOYS ARE IN REAL TROUBLE- MASSIVE DERIVATIVES CRISIS LOOMS IN GOLD! Harvey Organ:
http://www.youtube.com/watch?v=SrUfX3ojKm8
Gold Fixing Lawsuits Begin in New York -
May 6th, 2014
Newmont Mining and all gold mining companies and their
shareholders should join The Class Action Lawsuite -
(please, pass along >>>>>>>>>>>>>)
Plaintiffs Consolidate Gold Fixing Lawsuits in New York -
It appears that critical mass is finally being reached amongst the
lawsuits that are being taken against the Gold Fixing bullion
banks.
Yesterday, in Federal District Court in New York, more than 20
plaintiffs met up to coordinate their lawsuits against the five
investment bank members of the Gold Fixing.
The various lawsuits, which are being pursued by public investors,
hedge funds and private investors, stipulate that the five
investment banks (Barclays, SocGen, ScotiaBank, Deutsche Bank and
HSBC) have the ability to manipulate the gold price because the
Fixing is unregulated and the fact that the banks can and do trade
gold and gold derivatives during the twice daily Fixing calls.
The first lawsuit was filed in March by Kevin Maher, a former New
York gold trader.
However, over subsequent weeks, multiple lawsuits were filed,
leading to a decision to try to consolidate the suits and
appoint a lead lawyer.
According to The New York Times, the courtroom in Manhattan was so
full of lawyers yesterday that it took nearly 15 minutes for the
army of lawyers to introduce themselves. The presiding judge,
Valerie Caproni, attempted to bring some discipline to the
situation and said “I want to do this in an organized way to
figure out who’s who,”, however, the sheer number of lawyers
appeared too much for the judge as she added, “Not, that I’ll
remember.”
It will therefore be interesting to see how these lawsuits
progress now that the lawyers appear to have joined forces.
Read more at:
http://investmentwatchblog.com/gold-fixing-lawsuits-begin-in-new-york/#woTSl8y6bdfcWVks.99
Jeff Rothschild
Jeff Rothschild is a libertarian in San Francisco, atheist in LA,
anarcho-capitalist in New York, communist in China, capitalist in
Washington D.C, and secretly a big admirer of Hitler like Mark
Zuckerberg.
http://anarchadia.com/2014/04/10/2014-biggest-genocide-in-human-history/
The Legal Nurse Consultants at The Optio Group help you complete
and submit your medical and pharmaceutical class action lawsuit
settlement claim.
http://www.theoptiogroup.ca/?gclid=CJejsJGFmr4CFcOBfgodKZsAhQ
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=101239413
Metals, Currency Rigging Worse Than Libor, Bafin’s Koenig Says
By Karin Matussek and Oliver Suess
Jan 16, 2014 4:00 PM PT 18 Comments
Germany’s top financial regulator said possible manipulation of
currency rates and prices for precious metals is worse than
the Libor-rigging scandal, which has already led to fines of
about $6 billion.
The allegations about the currency and precious metals markets
are “particularly serious, because such reference values are
based -- unlike Libor and Euribor -- typically on transactions
in liquid markets and not on estimates of the banks,” Elke
Koenig, the president of Bafin, said in a speech in Frankfurt
yesterday.
Koenig is the first global finance regulator to comment publicly
on the investigations as probes into the London interbank
offered rate, or Libor, expand into other benchmarks.
Joaquin Almunia, the European Union’s antitrust chief, said
this week that its preliminary probe into possible foreign-
exchange manipulation covers similar practices as in the
regulator’s probe into Libor-rigging.
Bonn-based Bafin said earlier this week it is investigating
currency trading, joining regulators in the U.K., U.S. and
Switzerland, who are examining whether traders at the world’s
largest banks colluded to manipulate the WM/Reuters rates, used
by money managers to determine the value of holdings in
different currencies.
‘Public Reaction’
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=95997786
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=96024525
God Bless
My opinions are my own and and DD I post should be confirmed as unbiased