UBS Is About To Blow The Cover On A Massive Gold-Rigging Scandal

Zero Hedge ^ | 28 Sep 15 | Tyler Durden

[SkyPilot]

With countless settlements documenting the rigging of every single asset class, it was only a matter of time before the regulators - some 10 years behind the curve as usual - finally cracked down on gold manipulation as well, even though as we have shown in the past, central banks in general and the Fed in particular are among the biggest gold manipulators.

That said, we are confident by now nobody will be surprised that there was manipulation going on in the gold casino. In fact, ever since Germany's Bafin launched a probe into Deutsche Bank for gold and silver manipulation, it has been very clear that the only question is how many banks will end up paying billions to settle the rigging of the gold market (with nobody going to prison as usual, of course).

Earlier today, we learned that the Swiss competition watchdog just became the latest to enjoin the ongoing gold manipulation probe when as Reuters reported, it launched an investigation into possible collusion in the precious metals market by several major banks, it said on Monday, the latest in a string of probes into gold, silver, platinum and palladium pricing.

Here are the details that should come as a surprise to nobody:

Global precious metals trading has been under regulatory scrutiny since December 2013, when German banking regulator Bafin demanded documents from Deutsche Bank under an inquiry into suspected manipulation of gold and silver benchmarks by banks. Even though the market has moved to reform the process of deciding on its price benchmarks, accusations of manipulation have refused to go away.

Switzerland's WEKO said its investigation, the result of a preliminary probe, was looking at whether UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui conspired to set bid/ask spreads.

[SkyPilot]

he market will continue to rise afterwards just like it has throughout history.

The "Las Vegas" financial gamblers have set us on the road to ruin. All of us.

http://www.jsmineset.com/2015/09/27/the-final-flush-is-at-hand/

When the markets meltdown and the entire credit market is destroyed, we will know who to "thank."

[expat_panama]

Quantity of material or units of a manufactured good that can be produced or purchased within the lowest unit cost range. It is determined by reconciling the decreasing unit cost of larger quantities with the associated increasing unit cost of handling, storage, insurance, interest,

I needed to reread it a few times but it's what I meant tho definately how I'd have said it.   I'd have thot more along the lines of the first one google pups up:  "...measure or quantity increment acceptable to or specified by the party offering to buy or sell."  Bottom line is we need arbitrage/middlemen that can convert lotsizes that providers like into lotsizes that consumers want.   imho if Zerohedge wants to outlaw arbitrage today then I'll expect him to try and outlaw the retail sector next.

[Toddsterpatriot]

I love Jim Sinclair links. Like this one.

Jim Sinclair: Gold Will Run to $4990

Two and a half years ago, when gold was near $1600 an ounce, he predicted it would "run to $4990". It's down over $450 an ounce since then.

When the markets meltdown and the entire credit market is destroyed, we will know who to "thank."

What's the timeframe on this destruction of the entire credit market? I'd like to know when I can start laughing.

[Sawdring]

I had just never heard that term before.

[Toddsterpatriot]

Here is why "arbitrage" is immoral and wrong. It is duplicity and double dealing. It is selling something based on a price you know is fundamentally dishonest and immoral,

You're watching your computer screen and you notice you can buy 10,000 shares of IBM at $142.52 and sell them at $142.54. I'm wondering if the $142.52 is the "fundamentally dishonest and immoral" price or if the $142.54 is the "fundamentally dishonest and immoral" price?

Anything you can do to help with my dilemma?

Did you need another day or two to think about those prices?

[Toddsterpatriot]

My prediction Todd is that you are just going to become more angry as things get worse.....

Should I be angry yet?

[SkyPilot]

That's up to you. What do you really trust in?

[Thibodeaux]

Bravado

[Toddsterpatriot]

The Dow is up 1800 since your post. Is that things getting worse?

[SkyPilot]

Is that what you trust in? That's your answer. The Dow?

It was a larger question.

[Toddsterpatriot]

Why would I put my trust in the Dow?

[SkyPilot]

Then what do you trust in?

[Toddsterpatriot]

I trust Tyler to write moronic articles.

I trust the ignorant to believe them.

[SkyPilot]

That’s what you say you don’t trust. What do you put your trust in, and your heart? You reference the Dow climb, then disavowed it seconds later. Again, this is a larger question.

[Toddsterpatriot]

That's what you say you don't trust.

I trust Tyler to write moronic articles.

I trust the ignorant to believe them.

[SkyPilot]

You give me no answer. So I will also not share mine.

[Toddsterpatriot]

You're not going to share whether I should be angry yet?

Or whether an 1800 point rise in the Dow is "things getting worse"?

[SkyPilot]

I thought you didn’t trust the Dow?

[Toddsterpatriot]

I didn't say whether I did or I didn't.

You seemed to think I should get angry if it dropped below 16,000.

Should I be angry now that it rose 1800 points, or not?

[combat_boots]

Yes