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B_B 20 februari 2014 15:57

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2/20/2014 @ 7:13AM |498 views
China Seeks Seat On Gold Fix Table. What Does It Mean For The Gold Price?

This week reports emerged that South Africa’s Standard Bank was in negotiations to take Deutsche Bank’s seat at something known as the London fix: the group of banks who chair the price-setting mechanism for the global gold benchmark. On first glance it looked interesting and perhaps practical that South Africa, as a leading gold producer, should seek a seat at this particular table. But that is to miss the point. What is much more interesting is that Standard Bank is 20% owned by China’s Industrial and Commercial Bank of China (ICBC) – which is also in the process of buying a majority stake in Standard’s UK-based markets business, including commodities.

To understand the significance of this step, let’s take a look at the various elements of the story.

Firstly, what’s the gold fix? It is not as nefarious as it sounds, and the word ‘fix’ is somewhat unfortunate in an era of Libor and FX fixing scandals (which perhaps partly explains why Deutsche wants out – German regulators are investigating precious metals price setting and Deutsche is withdrawing from commodity markets anyway). Five banks determine the gold price between them, conducting conference calls twice a day, at 10.30am and 3.30pm London time. Today, those banks are HSBC, Barclays, SG, Bank of Nova Scotia and Deutsche. None of them were among the five founders who began the fix in 1919; the last of those, N M Rothschild, sold to Barclays 10 years ago.

Seats on this board are considered highly prestigious, though they don’t bring in much revenue in themselves. The problem is, ever since regulators started looking closely at manipulation of financial benchmarks – Libor being the most obvious example – it no longer looks so good to be a part of a handful of banks controlling something as vital as the gold price.

Next, what would China want with such a seat? Well, that’s another interesting story. The Shanghai Gold Exchange is not yet a driver of the global gold price, but is becoming steadily more significant in the world gold market. Yet gold behaves differently in China to elsewhere in the world. Delivery ratios are much higher in China than in other world markets. Delivery ratios reflect delivery of actual physical gold, rather than just contracts changing hands. In China, delivery ratios are commonly 30 to 40%, yet rarely exceed 5% on Comex, for example. There was a moment, in April 2013, when SGE deliveries overtook mining production.

So while trading in Shanghai is not yet enough to make a big difference to the global gold price, it is sufficient to drive distinctions between the paper and physical gold markets, which can behave differently from one another. On top of that, China has considerable gold reserves: they stood at 33.89 million fine troy ounces, or 1,054 tonnes, at the end of 2013. When one considers that, it’s entirely reasonable that a Chinese institution should seek a seat at the gold price table.

So why wouldn’t ICBC, or another Chinese bank like Bank of China or China Commercial Bank, just go and buy directly from a western bank? Well, maybe selling to Standard Bank is a little more palatable than a sale straight to a Chinese state-owned behemoth.

The next question is what difference this all makes to the gold price. In truth, a role among the fixing members doesn’t confer an enormous amount of power; the gold fix needs to reflect the prevailing dollar spot price, and is subject to rules testing buying and selling interest in the price. No individual member of the five can exert any more influence than the others. Collusion among them is theoretically possible but, with renewed scrutiny of financial benchmarks, is probably less likely now than ever.

So ICBC won’t change the gold price – or not just because it buys this seat. China, though? China is already supporting the gold price through central bank reserves, individual consumption and a love of the physical metal as much as its investment potential. China’s role in gold is only going to grow, and a role in the twice-daily fix is merely an accurate reflection of an existing reality.

www.forbes.com/sites/chriswright/2014...

B_B 20 februari 2014 20:41

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2/20/2014 @ 7:13AM
China Seeks Seat On Gold Fix Table. What Does It Mean For The Gold Price?

This week reports emerged that South Africa’s Standard Bank was in negotiations to take Deutsche Bank’s seat at something known as the London fix: the group of banks who chair the price-setting mechanism for the global gold benchmark. On first glance it looked interesting and perhaps practical that South Africa, as a leading gold producer, should seek a seat at this particular table. But that is to miss the point. What is much more interesting is that Standard Bank is 20% owned by China’s Industrial and Commercial Bank of China (ICBC) – which is also in the process of buying a majority stake in Standard’s UK-based markets business, including commodities.
.....
www.forbes.com/sites/chriswright/2014...

B_B 20 februari 2014 21:33

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quote:
B_B schreef op 19 februari 2014 13:59:
Half Finland's gold is stored at the Bank of England, and "no more than half" is "invested". If any "investment" is to take place it would be in London. It is not immediately clear what is meant by invested, but presumably this is a result of translation of what has happened from English into Finnish plus explanation for a non-specialist readership. However if it has been invested, then by definition it is no longer in the possession of the Bank of Finland, and will most probably have been sold into the market in return for a promise to redeliver at a later date. This follows the Austrian National Bank's admission to a parliamentary committee a year ago that it had earned EUR300m by leasing its gold through London.

www.goldmoney.com/research/research-a...

Lose Lose Game
Om het "verloren/verspeelde" goud van de centrale banken terug te kopen moet de goudprijs omlaag.
Maar bij elke onderdrukking door de FED en/of de Bank of England, kopen de Chinezen het goud op om te BEWAREN.
Chinezen verkopen hun goud bijna nooit, ongeacht of het stijgt/daalt, ze bewaren het.
Hierdoor ontstaat er steeds meer tekort aan fysiek goud (voor de handel).

Centrale banken die hun goud bij de FED en de BoE hebben geparkeerd, hebben decennia lang meegedeeld in de winst die de FED en de BoE met hun goud hebben gegenereerd.
Daarom zullen zij de FED en de BoE nooit verraden.

B_B 20 februari 2014 21:38

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quote:
B_B schreef op 20 februari 2014 20:41:
2/20/2014 @ 7:13AM
China Seeks Seat On Gold Fix Table. What Does It Mean For The Gold Price?

This week reports emerged that South Africa’s Standard Bank was in negotiations to take Deutsche Bank’s seat at something known as the London fix: the group of banks who chair the price-setting mechanism for the global gold benchmark. On first glance it looked interesting and perhaps practical that South Africa, as a leading gold producer, should seek a seat at this particular table. But that is to miss the point. What is much more interesting is that Standard Bank is 20% owned by China’s Industrial and Commercial Bank of China (ICBC) – which is also in the process of buying a majority stake in Standard’s UK-based markets business, including commodities.
.....
www.forbes.com/sites/chriswright/2014...

"Het oog van de meester maakt het paard vet."
De prijs van het papieren goud zal de vraag naar het fysieke goud benaderen.

B_B 24 februari 2014 17:17

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Gold Price Rigging Fears Put Investors On Alert - FT
Monday, 24 February 2014
.....
The Financial Times reports this morning that global gold prices may have been manipulated on 50% of occasions between January 2010 and December 2013, according to analysis by Fideres, a consultancy.

The findings come amid a probe by German and UK regulators into alleged manipulation of the gold price. Prices are set twice a day by Deutsche Bank, HSBC, Barclays, Bank of Nova Scotia, and Societe Generale in a process known as the London gold fixing.

Fideres' research found the gold price frequently climbs, or falls, once a twice-daily conference call between the five banks begins, peaks or troughs, almost exactly as the call ends, and then experiences a sharp reversal, a pattern it alleged may be evidence of "collusive behavior."

Fideres concluded that this "is indicative of panel banks' pushing the gold price upwards on the basis of a strategy that was likely predetermined before the start of the call in order to benefit their existing positions or pending orders."

"The behavior of the gold price is very suspicious in 50% of cases. This is not something you would expect to see if you take into account normal market factors," said Alberto Thomas, a partner at Fideres.

Pension funds, hedge funds, commodity trading advisers and futures traders are most likely to have suffered losses as a result, according to Mr Thomas. He said that many of these groups were "definitely ready" to file lawsuits.

Daniel Brockett, a partner at law firm Quinn Emanuel, also said he had spoken to several investors concerned about potential losses.

Matt Johnson, head of distribution at ETF Securities, one of the largest providers of exchange-traded products, said that if gold price collusion is proven, "investors in products with an expiry price based around the fixing could have been badly impacted."

Gregory Asciolla, a partner at Labaton Sucharow, a U.S. law firm, added: "There are certainly good reasons for investors to be concerned. They are paying close attention to this and if the investigations go somewhere, it would not surprise me if there were lawsuits filed around the world."

All five banks declined to comment on the findings, which come amid growing regulatory scrutiny of gold and precious metal benchmarks.

BaFin, the German regulator, has launched an investigation into gold-price manipulation and demanded documents from Deutsche Bank. The bank last month decided to end its role in gold and silver pricing. The U.K.'s Financial Conduct Authority is also examining how the price of gold and other precious metals is set as part of a wider probe into benchmark manipulation following finding of wrongdoing with respect to LIBOR and similar allegations with respect the foreign exchange market.

The Financial Times article, ‘Gold price rigging fears put investors on alert’,can not be accessed this morning, but the Gold Anti Trust Action Committee (GATA) covered the Financial Times story in their dispatches and it can be read here: gata.org/node/13681

news.goldseek.com/GoldSeek/1393250400...

B_B 27 februari 2014 01:56

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February 26, 2014, 1:56 pm

Eric Sprott says the artificial manipulation of gold prices we saw in 2013 is ending

Eric Sprott of Sprott Global Resource Investments Ltd. recently published a research report titled “Don’t Miss This Golden Opportunity“. His central thesis in the report is that the price of precious metals has been artificially manipulated downwards over the last 12 months or so, and that that precious metals and mining stocks have just begun their bull run with clear skies ahead.
.....
He lays out a chronology of events:

- “November 27, 2013, BaFin announces an inquiry into precious metals manipulation on the London Bullion Market Association (LBMA).3
- Mid-December 2013, BaFin is reported to have seized documents from Deutsche Bank AG (NYSE:DB) (ETR:DBK).4
- January 17, 2014, BaFin announces that the manipulation is “worse” than LIBOR.1 On the same day, DB also announces its withdrawal from the LBMA gold and silver price fixings.
.....
“If gold prices are back on their long-term trend, ex-manipulation, a linear progression of the gold chart from 2000 to 2014 would suggest a price of $2,100 now (62% higher than the current $1,300 level) and $2,400 by year-end

www.valuewalk.com/2014/02/buy-gold-go...

B_B 28 februari 2014 10:22

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Gold Fix Study Shows Signs of Decade of Bank Manipulation
By Liam Vaughan Feb 28, 2014 10:07 AM

The London gold fix, the benchmark used by miners, jewelers and central banks to value the metal, may have been manipulated for a decade by the banks setting it, researchers say.

Unusual trading patterns around 3 p.m. in London, when the so-called afternoon fix is set on a private conference call between five of the biggest gold dealers, are a sign of collusive behavior and should be investigated, New York University’s Stern School of Business Professor Rosa Abrantes-Metz and Albert Metz, a managing director at Moody’s Investors Service, wrote in a draft research paper.

“The structure of the benchmark is certainly conducive to collusion and manipulation, and the empirical data are consistent with price artificiality,” they say in the report, which hasn’t yet been submitted for publication. “It is likely that co-operation between participants may be occurring.”

The paper is the first to raise the possibility that the five banks overseeing the century-old rate -- Barclays Plc (BARC), Deutsche Bank AG (DBK), Bank of Nova Scotia, HSBC Holdings Plc (HSBA) and Societe Generale SA (GLE) -- may have been actively working together to manipulate the benchmark. It also adds to pressure on the firms to overhaul the way the rate is calculated. Authorities around the world, already investigating the manipulation of benchmarks from interest rates to foreign exchange, are examining the $20 trillion gold market for signs of wrongdoing.

Union Jacks

Officials at London Gold Market Fixing Ltd., the company owned by the banks that administer the rate, referred requests for comment to Societe Generale, which holds the rotating chairmanship of the group. Officials at Barclays, Deutsche Bank, HSBC and Societe Generale declined to comment on the report and the future of the benchmark. Joe Konecny, a spokesman for Bank of Nova Scotia, didn’t respond to requests for comment.

Abrantes-Metz advises the European Union and the International Organization of Securities Commissions on financial benchmarks. Her 2008 paper “Libor Manipulation?” helped uncover the rigging of the London interbank offered rate, which has led financial firms including Barclays Plc and UBS AG to be fined about $6 billion in total. She is a paid expert witness to lawyers, providing economic analysis for litigation. Metz heads credit policy research at ratings company Moody’s.

The rate-setting ritual dates back to 1919. Dealers in the early years met in a wood-paneled room in Rothschild’s office in the City of London and raised little Union Jacks to indicate interest. Now the fix is calculated twice a day on telephone conferences at 10:30 a.m. and 3 p.m. London time. The calls usually last 10 minutes, though they can run more than an hour.

Unregulated Process

Firms declare how many bars of gold they want to buy or sell at the current spot price, based on orders from clients and themselves. The price is increased or reduced until the buy and sell amounts are within 50 bars, or about 620 kilograms, of each other, at which point the fix is set.

Traders relay shifts in supply and demand to clients during the call and take fresh orders to buy or sell as the price changes, according to the website of London Gold Market Fixing, where the results are published. At 3 p.m. yesterday, the price was $1,332.25 an ounce. The process is unregulated and the five banks can trade gold and its derivatives throughout the call.

Bloomberg News reported in November concerns among traders and economists that the fixing banks and their clients had an unfair advantage because information gleaned from the calls provided an insight into the future direction of prices and banks can bet on spot and derivatives markets during the call.

All Down

Abrantes-Metz and Metz screened intraday trading in the spot gold market from 2001 to 2013 for sudden, unexplained moves that may indicate illegal behavior. From 2004, they observed frequent spikes in spot gold prices during the afternoon call. The moves weren’t replicated during the morning call and hadn’t happened before 2004, they found.

Large price moves during the afternoon call were also overwhelmingly in the same direction: down. On days when the authors identified large price moves during the fix, they were downwards at least two-thirds of the time in six different years between 2004 and 2013. In 2010, large moves during the fix were negative 92 percent of the time, the authors found.

There’s no obvious explanation as to why the patterns began in 2004, why they were more prevalent in the afternoon fixing, and why price moves tended to be downwards, Abrantes-Metz said in a telephone interview this week.

“This is a first attempt to uncover potentially manipulative behavior and the results are concerning,” she said. “It’s down to regulators to establish why there are such striking patterns but banks have the means, motive and opportunity to manipulate the fixing. The results are consistent with the possibility of collusion.”

Bafin, FCA

Deutsche Bank, Germany’s largest lender, said in January that it will withdraw from the panels setting the gold and silver fixings. German financial markets regulator Bafin interviewed the Frankfurt-based bank’s employees as part of a probe into the potential manipulation of gold and silver prices.

“In general, research that finds certain price patterns does not as such constitute evidence of manipulation,” said Thorsten Polleit, chief economist at Frankfurt-based precious-metals broker Degussa Goldhandel GmbH and a former Barclays economist. “However, it might encourage interest in finding out more about the sources of these price patterns.”

‘Appropriate Oversight’

The five banks that oversee the fixing set up a steering committee and will appoint external advisers to consider reforms before EU legislation on financial benchmarks’ regulation and oversight comes into force, Bloomberg reported last month.

Britain’s Financial Conduct Authority is also scrutinizing how prices are calculated. The regulator published a report this week outlining its remit for regulating commodities including gold, saying that while it’s responsible for commodities derivatives, it doesn’t regulate physical commodities.

“Abusive behavior can occur in the physical commodity markets which in turn can have an impact on, or be directly linked with, financial market activity and prices,” the FCA said in the report. “The regulatory regime -- both in the U.K. and internationally -- needs to be adapted to ensure robust and appropriate oversight.”

www.bloomberg.com/news/2014-02-28/gol...

B_B 28 februari 2014 17:19

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February 28, 2014
U.S. Secrets, Criminal Banking Syndicates & Empty Gold Vaults

With so much chaos taking place around the world, today King World News spoke to the man who has been focused on uncovering sensitive government and market information for over 15 years. What he had to say will shock KWN readers around the world. Chris Powell covered everything from a shocking scandal involving Western central planners to criminal banking syndicates, and the trip down the rabbit hole involves the U.S. Fed, European central banks, and a criminal syndicate of banks operating on their behalf. Below is what Powell had to say in this remarkable and stunning interview.

Eric King: “Chris, obviously we’ve had the Western mainstream media put out a couple of stories in the past week openly discussing the price fixing and manipulation that has taken place in the gold market. You have to think like a criminal when you are dealing with Western propaganda and the use of the mainstream media as a tool of this propaganda. What is the West up to with this open discussion of gold market manipulation?”

Powell: “I am suspicious that this latest reporting by the Western mainstream media openly discussing market rigging in gold is somebody’s scheme to conceal the most important role of this manipulation which is that of the central banks....

“I have been nudging reporters at Bloomberg and the Financial Times for years to report on this illegal activity. I’ve been providing them with the documentation, in many cases sensitive government documents, which expose the surreptitious manipulation of the gold market.

The central bank angle to gold market manipulation is far bigger than the angle of the London fix and the bullion banks. The truth is that the bullion banks act in the gold market as agents of the central banks. So it is the Western central banks who are conducting this illegal activity, and the bullion banks taking the marching orders from the central banks.”

Eric King: “We are now beginning to see this open vilification of the agent banks or bullion banks in the Western mainstream media. We both know the Western central bank gold is largely not there anymore. When I got permission from the government of Dubai to interview Ian MacDonald, who was the Executive Director of the Dubai Multi Commodities Center in 2008, Ian made the following incredible admission to me:

“Some of the biggest suppliers have been the (Western) central banks to the market.” But what he said to me off the air was even more surprising: “The vaults must be getting pretty empty because the gold they are now sending me is scrap from the back of the vaults. It’s things like old gold coins, so we are literally
having to refine this scrap gold into .9999 purity bars before we sell it into market.”

The implication here is that when there is a run on gold, the Western central banks in London and at the New York Fed, which are supposed to be storing large amounts of gold for foreign nations, will already have sold that gold into the market. But the out for the Western central banks will be, “We trusted these bullion banks and it turns out they leased this gold and they can’t pay it back. There is a problem here but it wasn’t our fault.”

Powell: “The bullion banks could provide a scapegoat for the central banks’ failure to maintain competent custody of the gold. Everyone is suspicious of the banks and it might be very easy for the Western central banks to blame them for the losses, the corruption, and the disappearance of the gold. But the citizens of countries such as Germany will still be outraged that the gold was not held passively by the US Fed, and was instead used in a price suppression scheme.”

Eric King: “I’ve always believed this was the plan by the Western central banks. I’ll give you an example: The Bank of Portugal leased 17 tons of gold to Drexel Burnham. When Drexel failed in 1990, the Bank of Portugal never got its gold back. Its claim evaporated when Drexel evaporated. So it now appears that the Fed and everyone else involved in this gold price suppression scheme is setting up the banks to take the fall. This will of course involve bankrupting some of these banks so the claims on the gold are forfeited, just like they were for Portugal when Drexel failed.”

Powell: “There will be hell to pay if that is the case. The central banks will have to answer the question, ‘Why were you engaging in this?’ Well, they were engaging in it as a general scheme of currency market manipulation. So, yes, things are very suspicious right now. Deutsche Bank decided to withdraw from the London Gold fix after the German financial regulatory agency decided to investigate gold market rigging. There is a tremendous amount of stress in the gold market now, and so there is great stress at the official level. I am trying to do what I can to increase that stress.”

Eric King: “I’ve always had an issue with gold price suppression. Regardless of what laws are on the books, it is an international crime. If you look at the Nuremberg Trials, they were about ‘crimes against humanity.’ This Western policy of gold price suppression has caused a great deal of unnecessary disease, famine, and death in places like South Africa as well as many other third world countries. Therefore, that is a crime against humanity.”

Powell: “Certainly it is. I just came back from the developing country of Suriname, and the people in the government communicated to me that they were practically terrified by what the gold price plunge of the last year was doing to the government’s revenue. Gold is the biggest export product in that country.

Well, Suriname is a little country. You mentioned South Africa but you could also include most of Africa. The disease and impoverishment in Africa, which is a mineral rich continent, is just overwhelming. So I’m with you -- it is a crime against humanity. On the other hand, it is a crime against humanity that is fully sanctioned by United States laws. The US may have passed laws making this legal from their perspective, but it is still an international crime because of the deaths of so many innocent people.

I told the people of Suriname that this was effectively a declaration of economic war by the United States on their country. In fact, it’s a declaration of economic war by the United States on all developing countries that produce gold and other commodities. Certainly the United States is not the only country waging this war -- it also has allies in Europe.

But this is an endless war between the producing class and the financial class. I am trying to do what I can to help the producing class. The end goal of course is expropriation of assets by the government.”

Eric King: “Meaning, theft.”

Powell: “Yes.”

kingworldnews.com/kingworldnews/KWN_D...,_Criminal_Banking_Syndicates_%26_Empty_Gold_Vaults.html

B_B 1 maart 2014 14:44

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Gold manipulation wordt een hot topic in de mainstream media volgende week.

B_B 2 maart 2014 11:30

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London gold fix ‘manipulated’
March 2 2014 at 12:16pm
By Liam Vaughan
.....
Large price moves during the afternoon call were also overwhelmingly in the same direction – down. On days when the authors identified large price moves during the fix, they were downwards at least two-thirds of the time in six different years between 2004 and last year. In 2010, large moves during the fix were negative 92 percent of the time, the authors found.
.....
www.iol.co.za/business/news/london-go...

B_B 3 maart 2014 01:45

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Negative GOFO and Rising Gold Prices
By Turd Ferguson | Saturday, March 1, 2014
.....
The days of Central Bank gold leasing are almost over. Whether the CBs are "out" of gold or simply unwilling to lease what they have left for fear of not getting it back (from China), the CBs are not playing the gold leasing game like they have for the past 45 years. Again, for the past 24 years, GOFO rates were negative just 7 out of 5,000 days. Since July 8, 2013, GOFO rates have been negative for 98 out of 164 days or roughly 60% of the time.

Put another way, positive GOFO means "business as usual". Central Banks are willing to lease gold to the Bullion Banks. The BBs take this gold and dump it onto the futures market, using this scheme to contain, manage and suppress price. This worked perfectly until 2003 when demand and fundamentals overwhelmed this scheme for the next nine years and price rallied from $300 to $1900. Leased gold was continually dumped from October 2012 until late June 2013 and the resulting decline took gold back from $1800 to less than $1200.

But, now, negative GOFO is the new norm. Why? Because the CBs no longer have the gold to lease to the BBs. Without this readily available physical supply, the BBs are unable to aggressively manage price on a day-to-day basis and they are forced to stand down. Instead of daily 7:00 am London time price raids, we only get one per week. Instead of "waterfall" declines on the Comex, we get gradual and steady price increases.
.....
www.tfmetalsreport.com/blog/5530/nega...
CB=Central Bank
BB=Bullion Bank

Monday, March 03, 2014
China aggressively promoting gold to citizens

China has been promoting the ownership of Silver and Gold to it's Citizens since September 2009. The main state-owned television company, China's Central Television, has been running news programme informing the public know how easy it is to buy precious metals as an investment.
.....
Prior year 2002, the private ownership of gold was prohibited in China
.....
www.noblecoins.com/Gold-and-Silver-In...

GAME OVER
Het "Uitleen Spel" tussen de Central Banks en de Bullion banks was niet berekend op de Chinese gewoonte t.o.v. Goud bezit.
Sinds 2002 mogen Chinezen goud bezitten, ze kopen goud ongeacht de prijs om te BEWAREN.
Ze verkopen niet (ongeacht de prijs), maar bewaren voor meerdere generaties.
De CBs en de BBs hadden verwacht dat door de goudprijs te laten crashen (2011-2013), de Chinezen hun goud massaal zouden verkopen.
Maar de lage prijs trok juist meer Chinese kopers, geen Chinese verkopers.

CBs goud is verdwenen/verkocht, de BBs krijgen de schuld en de CBs blijven buiten schot.

B_B 4 maart 2014 11:53

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Ik verwacht steun van Soros en Paulson vanmiddag (beiden long gold).
Soros en Paulson weten dat een herstel in gold vandaag heel belangrijk is voor gold sentiment.

B_B 5 maart 2014 01:03

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Deutsche Bank Hires Consultancy to Review Gold Fix Role -- Update
By Dow Jones Business News, March 04, 2014, 12:14:00 PM EDT

Deutsche Bank AG has hired consulting firm Charles River Associates to assess its role in the London gold benchmark, as regulators look at the century-old system for potential flaws.

According to a person familiar with the matter, the Boston-based company was hired several months ago to undergo an assessment of Deutsche Bank's participation in the gold "fix"--a global benchmark for the price of gold that is used by everyone from jewelers to central bankers to price deals and which helps to determine the value of securities tied to the metals, such as exchange-traded funds.

Deutsche Bank declined to comment. A spokeswoman for Charles River Associates couldn't be reached for comment.

According to its website, Charles River Associates helps clients respond to "pressing regulatory and legal challenges." It also works with clients to develop compliance strategies and anticipate and adapt to future regulatory requirements.
.....
The U.S. Commodity Futures Trading Commission raised the matter with the FCA in discussions in 2013, telling U.K. financial regulators the London gold fix was worthy of scrutiny because the process appeared to lend itself to abuse, according to a person familiar with the matter.

Critics of the fix say there is scope for potential price manipulation, which may affect large investors who trade gold as a financial tool.

The CFTC hasn't taken any action in the matter, but the FCA is conducting a review into the gold fix. This is still in its early stages, and the FCA hasn't approached any of the banks involved for information or documentation relating to the benchmark, said a person familiar with the investigation. Germany'sFederal Financial Supervisory Authority, known as BaFin, is also looking into rate-setting processes for gold and silver.

None of the five banks involved has been accused of wrongdoing.

They have, however, formed a steering committee to review the process and will appoint external auditors to ensure it is in line with the principles for financial benchmarks laid out by the International Organization of Securities Commissions.

www.nasdaq.com/article/deutsche-bank-...

B_B 5 maart 2014 01:06

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Barclays, Deutsche Bank Accused of Gold Fix Manipulation
Mar 5, 2014 12:49 AM

Barclays Plc (BARC), Deutsche Bank AG (DBK) and three other banks were accused in a lawsuit of manipulating the London gold fix, a benchmark used throughout the $20 trillion market for the metal.

Kevin Maher, a New York resident who says he bought and sold gold and gold futures and options, sued today in Manhattan federal court claiming the five banks overseeing the century-old benchmark colluded to manipulate it.

Maher’s complaint cites press reports, including a Bloomberg News story last week on a draft paper by two researchers showing unusual pricing patterns connected to the gold fix. The paper is the first study to raise the possibility that the banks, which also include Bank of Nova Scotia, HSBC Holdings Plc (HSBA) and Societe Generale SA (GLE), may have been actively working together to manipulate the benchmark.

Maher is seeking to represent a class of all investors who, from 2004 to now, held or traded gold and gold derivatives that were priced based on the gold fix or who held or traded COMEX gold futures or options. He’s seeking unspecified damages on behalf of the class. Damages may be tripled under U.S. antitrust law.

The case is Maher v. Bank of Nova Scotia, 14-cv-01459, U.S. District Court, Southern District of New York (Manhattan).

www.bloomberg.com/news/2014-03-04/bar...

B_B 5 maart 2014 10:45

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March 4, 2014
A Historic Event Has Taken Place In The Gold Market

With continuing tensions in Ukraine, today James Turk spoke with King World News what is happening around the world, including a historic event in the gold market. Turk also compared the manipulation taking place in the gold market to what happened when the manipulators of the British pound were taken down by Soros.

Turk: “As important as the Ukraine is to propel the price of gold higher, last week there was an even more important development. Bloomberg reported that the gold price is being manipulated, which followed shortly on the heels of a similar report in London’s Financial Times. Any report like this in the mainstream media is a big deal, but to have it reported twice is indeed an important development....

“The fact that this information is now being made public is a historic event in the gold world. News reports like these in the mainstream media describing price fixing and the interventions in the gold market are now being brought to the attention of the mainstream investing world. It was just a matter of time before these interventions finally appeared in the mainstream media. The US regulators won’t do anything about it, just like the investigation by the CFTC into the silver price manipulation was eventually buried.

However, it is different over here in Europe. There is a 50/50 chance that regulators will pursue it here in London, but regardless, there is probably a 90% chance that German regulators will make waves. So expect more mainstream media reports about interventions in the gold market, which is important.

These reports are a red flag because investors know that market interventions and central planning cause distorted prices. So mainstream investors will start looking at how to play it. In other words, how to position themselves to take advantage of these market distortions.

Soros breaking the Bank of England back in 1992 is a good example. The pound’s exchange rate was fixed in the Exchange Rate Mechanism imposed by European central planners. This fixed rate clearly overvalued the pound, the effects of which were increasingly reported in the mainstream media back then.

As more and more investors read these reports and jumped on the short side, along with savvy people like Soros who early on recognized the opportunity, eventually the dam broke. The ERM broke up, and the pound collapsed, losing a third of its value in a matter of days.

Now here is how this example applies to gold, which is the mirror image of the pound: Years of interventions by central planners have kept the price of gold too low, just like they tried keeping the pound too high. But central planners ignore the reality that market forces are more powerful than they are. As a result, they are oblivious to the reality that it is hopeless for them to try keeping an asset overvalued, as in the case of the pound, or undervalued, as is the case with gold. The same is true for silver.

So again, Eric, as I ponder the year ahead, the picture for gold and silver just keeps getting better. And when gold eventually climbs to a new record above $1950, we’ll look back and marvel at how cheap and undervalued gold and silver were at current prices.”

kingworldnews.com/kingworldnews/KWN_D...

B_B 7 maart 2014 09:27

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Scotiabank CEO Porter Says ‘Dated’ Gold Fix Needs Review
By Sarah Jacob Mar 5, 2014 9:10 PM

Scotiabank CEO Says Gold Fix Should Be Reviewed
Bank of Nova Scotia (BNS) Chief Executive Officer Brian Porter said the process for setting gold prices, known as the London gold fix, is outdated and should be reviewed.

“The fix is dated, it has been around for a long period of time,” Porter said today in an interview on Bloomberg Television. “It should be reviewed and any degree of transparency we could bring to that would be healthy.”

Bank of Nova Scotia, based in Toronto, is one of five banks overseeing the London gold fix, the century-old benchmark used throughout the $20 trillion market for the metal. Kevin Maher, a New Yorker who said he buys and sells gold futures and options, sued the banks, which also include Barclays Plc, Deutsche Bank AG, HSBC Holdings Plc and Societe Generale SA, claiming they colluded to manipulate it.

www.bloomberg.com/news/2014-03-05/sco...

B_B 11 maart 2014 12:50

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March 11, 2014, 7:43 a.m. EDT
AIS files class-action suit against gold-fix banks
By Francesca Freeman

A U.S. investment-management firm has filed a lawsuit against the five banks that set the London benchmark gold price, alleging that the banks conspired to manipulate the price of gold for their own gain.

Documents seen by The Wall Street Journal show that AIS Capital Management, based in Connecticut, filed a class-action complaint late Monday against Barclays PLC, Deutsche Bank, HSBC Holdings PLC, Bank of Nova Scotia and Société Générale SA in the U.S. district court for the Southern District of New York.

The suit is on behalf of AIS and other investors who held or traded gold and gold derivatives that were settled based on the gold fix, or who held or traded COMEX gold futures or options, from 2004 to present.

The London gold fix is a global benchmark for the spot price of gold that is used, for example, by jewelers and central bankers to price deals and help determine the value of securities tied to gold, such as exchange-traded funds. That process, which plays a crucial role in the $20 trillion-a-year gold market, is under review by regulators in the U.K. and Germany.

AIS wasn't available for comment.

Barclays, HSBC and Société Générale declined to comment. A spokesman for Deutsche Bank said: "We believe this suit is without merit and will vigorously defend against it." Bank of Nova Scotia didn't immediately respond to requests for comment.

www.marketwatch.com/story/ais-files-c...

B_B 11 maart 2014 14:36

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Tuesday, March 11: Today in Gold and Silver
BY Casey Research .| 03/11/14 - 05:22 AM EDT

NEW YORK (TheStreet) -- The gold price was under selling pressure from the HFT boyz almost right from the open in New York on Sunday evening. The low of the day came about 90 minutes before the London open---and by 8 a.m. GMT, gold volume was already well north of 30,000 contracts, which is enormous for that time of day for such a "thinly traded" market.

From the pre-London open low, gold rallied until the London p.m. gold fix, which now comes an hour later than normal in New York because London is not yet on British Summer Time, although it did experience a slight downdraft for a couple of hours starting at the Comex open, which is obvious from a quick glance at the Kitco chart below. Once the "fix" was in, gold got sold down until shortly after 2 p.m. EDT---and then traded flat into the 5:15 p.m. electronic close.

The low/high ticks were recorded by the CME Group at $1,327.50 and $1,344.90 in the April contract.

Gold closed in New York on Monday at $1,339.80 spot, up 30 cents on the day. Volume, net of roll-overs out of the April delivery month, were pretty light at only 99,000 contracts. But as I mentioned further up, almost a third of that occurred in the "thinly traded" Far East market, so it's obvious that the JPMorgan et al were out and about to influence prices during that time period.
.....
www.thestreet.com/story/12524379/1/tu...

In Amerika en Europa wordt de goudhandel in de gaten gehouden, dus manipuleren ze tijdens Aziatische handelstijden (weinig volume, eenvoudiger om te manipuleren).

[verwijderd] 12 maart 2014 03:55

0

Wow, dit wist ik niet.

B_B 13 maart 2014 17:03

0

quote:
Aymen schreef op 12 maart 2014 03:55:
Wow, dit wist ik niet.

2014: The Year The Lies Stop Working?
The Russo-Chinese Pincer Movement Against The US Treasury and The FED
Posted on January 22, 2014

vidrebel.wordpress.com/2014/01/22/the...

(te veel fantasie)

Vertraagd	30 apr 2024 06:42
Koers	2.325,87
Verschil	-10,01 (-0,43%)
Hoog	2.336,41
Laag	2.325,02
Volume	0
Volume gemiddeld	0
Volume gisteren	0

18 apr	AEX maakt zich op voor licht herstel,...
09 apr	AEX struikelt vlak voor de finish en ...	5
03 apr	Taiwan beeft, maar AEX opent naar ver...
02 apr	Slotcall: daar gaat de winst, maar ge...
26 mrt	Slotcall: AEX scherpt record verder a...	2
19 mrt	Slotcall: AEX trekt lange neus naar a...	1
07 mrt	Goud glanst weer
dec '20	Flinke stijging goudprijs in coronaja...
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nov '20	Olieprijs stijgt, goudprijs daalt in ...	1

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