Posted on 12/17/2016 12:02:10 PM PST by Rockitz
As it goes in silver, so it goes in gold. In London at least.
In a bid to have UBS reinstated as a defendant in a London Gold Fix antitrust lawsuit, plaintiffs documents submitted to a New York Court last week include explosive chat room transcripts of UBS and traders from different banks encouraging each other to “push,” “smack,” and “whack” gold prices.
The transcripts are equally as startling as those described of banks of the London Silver Fix and UBS given to the court the previous day and described last week in this article.
On December 6th attorneys for plaintiffs in a consolidated class action against banks of the London Gold Fix and UBS, asked the court for leave to amend with a Third Amended Complaint. The TAC includes additional facts based on a “limited set of cooperation materials” produced by former defendant Deutsche Bank, as part of a settlement agreement and further statistical analysis.
...
In support of allegations that UBS shared customer order information and executed coordinated trades to manipulate gold markets, samples of “dozens” of chat room messages between UBS and Deutsche Bank are contained in the revised document indicating "many efforts to artificially suppress gold prices, and to manipulate gold prices at the time of the Fixing.”
Filings include the following script reminiscent of an 1980’s arcade game scene. Rather than competing for business in the marketplace, supposed competitors UBS and Deutsche Bank however are seen coordinating tactics as they anticipate the most illiquid of days to jointly execute their sell orders for greatest negative impact on the market.
(Excerpt) Read more at zerohedge.com ...
You probably live in a big city or something.
Go easy on her, she’s probably a Millennial and doesn’t know any better.
those poor kids were taught (tot) that boys can be girls, dads can marry dads, and that animals are people too.
My bad for using industry terminology.
If you're looking to communicate you talk down so others understand you, not up and risk creating confusion.
I fundamentally disagree.
I've spent 30 plus years in the securities industry in a wide variety of roles. I've traded on an institutional level and facilitated trading for others. I've taught hundreds and hundreds of people from wide ranging backgrounds on every aspect of trading markets. From the analytics to the mechanics. Order handling rules, order types and why one type of buy/sell order is better than another.
In my experience, it is substantially better to draw people UP toward knowledge than to talk down to them.
In COMEX there are 90 paper (or more!) paper contracts to actual Gold ozs. It is one of the biggest scams of all time run by the banksters.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
you think the metals market trading is a scam, just wait till they get cap & trade going and they start trading carbon credits in the pits.
this will kill “joe six pack” any chance of ending up with any money.
“....I’ve spent 30 plus years in the securities industry in a wide variety of roles...”
I’ve spent 20 some years in the medical office field. You could be called a PIA (pain in the arse) an anal sphinter, a dupa...
I just thought, maybe you voted for Trump. If so, I take bak all my mokry of u.
You're funny.
So, there's this story back in the early 1990's about this guy that was trading from is basement in Arlington VA. He was a SOES trader, sorry for the acronym, look it up. He was consistently picking off NASDAQ market makers and really pissing them off. Somehow a group of traders from Alex Brown in Baltimore found out who he was and where he lived and after a few drinks one night they drove to his home and beat the crap out of him.
Raise your hand if you didn’t know gold and silver prices are manipulated. :-)
In my experience, it is substantially better to draw people UP toward knowledge than to talk down to them.
NOT what I meant. I think you know that as well.
I've taught hundreds and hundreds of people from wide ranging backgrounds on every aspect of trading markets.
Consider me taught in one aspect of the vernacular as well then.
.
>> “
So you’re too good for us lowly retail pukes...” <<
Who tried to correct whom?
.
An instructor, as he was wont to do, once waxed eloquent for thirty minutes on a rheostat. All of the class was confused except one person who had an electrical background.
When we expressed our confusion to each other at break he told us to simply think of it as a radio volume knob and we instantly grasped the concept.
The instructor spoke far over our heads. The other student made it simple and understandable to the rest of us. That's all I'm saying.
Spelling aside.
Most people, like monkeys are unable to follow simple rules when comes to trading.
There are reasons why people/institutions do what they do and knowing the why, the when, the how, and the rules they must follow are all part of the game.
It's game theory on the highest level.
And, I love it. !!!!!
.
And that is the way it always is at FR!
What are we all here for?
Either asking or answering “stupid” questions.
.
I think this is currency manipulation.
Driving up the selling price of gold and silver is really just driving down the value of currency.
The thing about Gold, is that it now has two outs.
One, hyperinflation.
The other is when/if the SHTF.
IMHO, Gold is not worth more than its value as jewelry.
It has NO practical value other than it’s history.
You can eat gold.
If you want a true measure of what represents economic activity and life, it’s BTU’s.
I think most of the elements on the periodic table have “practical” value, no? It’s (gold) history is quite long,no? Why would so many nation states have such large reserves of it, if its essentially worthless, except for baubles and bling.
“History repeats in all conceits.
The glib replies
The same defeats “
I take it you don't mean British thermal unit.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.