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"When Gold Goes Above 1430 We Whack It"
ZeroHedge.com ^ | 16 December 2016 | Tyler Durden

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 ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government
KEYWORDS: gold; goldprice; pricefixing; silver
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To: Zeneta
...Gold is not worth more than its value as jewelry.

Aside...it has value. What value does rag paper have?

41 posted on 12/17/2016 3:09:35 PM PST by philman_36 (Pride breakfasted with plenty, dined with poverty and supped with infamy. Benjamiin Franklin)
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To: philman_36

When backed by nothing, nothing. Although I think the poster would tell you you can burn it, therefore its valuable.


42 posted on 12/17/2016 3:13:34 PM PST by crosdaddy
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To: philman_36
I take it you don't mean British thermal unit.

Yes, I did.

I challenge you or anyone else to come up with a greater measure of economic activity than BTU'S.

A greater measure of value and life.

We have long ago left the Gold standard and now operate under an energy/life standard.

43 posted on 12/17/2016 3:20:18 PM PST by Zeneta
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To: unlearner
yeah, well printing money like there's no tomorrow isn't doing it any good either
44 posted on 12/17/2016 3:28:43 PM PST by Chode (You Owe Them Nothing - Not Respect, Not Loyalty, Not Obedience, NOTHING! ich bin ein Deplorable...)
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To: Zeneta

I’ll use the GDP for a measure of economic activity, not the BTU’s consumed to produce it. Besides, we stopped burning whale oil 100 years ago :-)


45 posted on 12/17/2016 3:31:35 PM PST by crosdaddy
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To: crosdaddy

Good luck with that.


46 posted on 12/17/2016 3:43:09 PM PST by Zeneta
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To: InterceptPoint

I trade currencies daily. The 10 Big Boy Banks control 85% of the movement of currencies in that 4 TRILLION plus daily currency exchanges.

It used to be higher. But a market-rigging scandal that erupted in 2013 and led to several banks being fined billions of dollars and dozens, possibly hundreds, of traders around the world suspended or fired has cast a long, dark shadow over the industry.


47 posted on 12/17/2016 4:10:11 PM PST by wildbill (If you check behind the shower curtain for a slasher, and find one.... what's your plan?)
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To: Steely Tom
And what's the goal of the manipulators? What are they trying to do? Can you tell?

Suppressing the value of real money to hide the fact that they are creating paper money out of thin air. The ratio of the real money in circulation (all of the gold) to the paper money has been falling (I believe) and that should result in an increase in the price of gold and silver.

The manipulators do not want to see that so they manipulate the market. At some point that game has to run it's course. I would think.

48 posted on 12/17/2016 4:23:22 PM PST by InterceptPoint (Ted, you finally endorsed. About time.)
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To: Rockitz
Bought my gold back in the $412.00 an ounce days. :)
My only regret (of course)... that I didn't buy more.
49 posted on 12/17/2016 4:27:55 PM PST by BluH2o
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To: Zeneta
I take it you don't mean British thermal unit.

Yes, I did.

Okay, with that comment you've officially entered my "Don't listen to him for financial advice" column.
Good luck.

50 posted on 12/17/2016 4:43:55 PM PST by philman_36 (Pride breakfasted with plenty, dined with poverty and supped with infamy. Benjamiin Franklin)
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To: cornfedcowboy

BOTs are just programs of various complexity to make purchases or sales based on whatever parameters the BOT creator thinks are important. Some BOTs are designed to beat other BOTs and show their hands. It’s my undesrtanding that high frequency trading is just another form of a BOTs. in most cases BOTs are designed to make money off of you and me. Just like facebook BOTs are designed to make money. It all comes down to defrauding the average person.


51 posted on 12/17/2016 5:04:03 PM PST by wgmalabama
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To: SW6906
Relax, Francis.

Come on now. The proper usage is "Lighten up, Francis". Psycho would not be pleased.
52 posted on 12/17/2016 5:23:25 PM PST by fr_freak
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To: Zeneta
Energy Return On Investment is a key indicator. At the start, one barrel of oil returned 1200 more. Today one barrel yields about 20 more. It is almost a wash. Pre-1917 Russian farmers returned 145 calories of food value for 15 calories burned in production. Modern agriculture burns 20 calories for every calorie of food produced. When oil EROI approaches zero, modern farming methods become impossible. Hydro-electric is my favorite source of power.
53 posted on 12/17/2016 6:23:35 PM PST by Myrddin
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To: Rockitz

Potential new industrial use of silver could use ~3% of 2015 (886 Moz) production by 2020; and, result in a compounded increase of ~1.5% per year thereafter, for the following 15 years. By 2030 could possibly use about one-quarter of current yearly production.

Someone’s talking point about a coming shortage of silver in about 2 years will be used to talk the price up.


54 posted on 12/18/2016 10:18:43 AM PST by Ozark Tom
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To: Secret Agent Man
The german bank demanding back all its gold from the US not long ago.

But they didn't get it. The German Gold had to be recast into German bars because their original gold got damaged somehow, or so the story goes. In any case I think they were told it would take 6 years or some such to recover all their gold, haven't heard anything in recent years.

Anyone remember when the Hunt Brothers cornered the Silver market then the government forced them to give it up?

55 posted on 12/18/2016 11:36:38 PM PST by itsahoot (Three words I don't want to hear, Comprehensive Immigration Reform.)
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To: Myrddin

I’ve long ago considered the EROI as not only a key indicator, but far superior to any other measure.

At the end of the day, you can’t eat gold or do anything else with it other than show off.

Gold is superficial.

Energy is life.

The numbers you use are intriguing and I’d like to know your source.


56 posted on 12/25/2016 9:52:36 AM PST by Zeneta
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To: Zeneta
Start with Mike Maloney's 2010 talk here

The history change for oil EROI is discussed here

This article claims a minimum of 6:1 EROI is necessary for a modern civilization. As petroleum slides below this point, the attempts at biofuels as a replacement don't even come close. We have a big problem ahead.

I agree that you can't eat gold, but you certainly shouldn't leave the life energy you have accrued in fiat money printed by a failing government. Gold and PMs are a stable storage while waiting for a more suitable, stable medium of exchange to evolve.

57 posted on 12/25/2016 2:39:21 PM PST by Myrddin
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To: Myrddin

waiting for a more suitable, stable medium of exchange to evolve.


In the mean time I suppose we’ll just follow our Gov’t data tools?

Thanks for the links.


58 posted on 12/25/2016 2:54:17 PM PST by Zeneta
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To: servantoftheservant

In this instance BOT is accurate imo....as in ROBOT....

as in millions of sell orders backed by Nothing.


59 posted on 02/26/2017 4:03:38 AM PST by Therapsid (eagan)
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To: thinden

Decred could be replacing bit coin


60 posted on 03/20/2017 10:21:27 AM PDT by Therapsid (eagan)
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