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Deutsche Bank Blows Lid on Cartel who Fixes Gold Price
#1
Well now, this looks like it should be a pretty damn big story, except I'm not seeing much about it in the MSM. In fact, I can't find any mention of the following in the MSM at all, which given its seriousness should be astonishing. Except I'm not astonished.

The gold price has been suppressed and manipulated since the days of the banking crisis to discourage a big move into gold as a safe haven and to ensure that the stock and bond markets weren't voided by investors.

From William Engdahl:

Quote:19.04.2016 Author: F. William Engdahl

Deutsche Bank Turns on the Gold-fix Cartel

Column: Economics
Region: Europe



[Image: DB_Frankfurt_Zentrale-300x198.jpg]Deutsche Bank, Germany's once-respected giant bank, has admitted being a partytogether with a cartel of major Wall Street and select other international banksin deliberately manipulating the price of gold over a period of years. As well, the German bank, in a court settlement with litigants in a US court, has agreed to name the names of other big banks involved in the criminal enterprise. As this drama unfolds in coming weeks and months, the world may well see the price of gold soar to new heights to reflect the true global market demand. This is huge.The first time I came across evidence that select Wall Street and other major international banks, in cooperation with the Federal Reserve, were deliberately suppressing the world gold price was in the aftermath of the global stock market crash of October, 1987. That was when the Dow Jones stock index lost 23% in one day. John Crudele, an exceptionally persistent financial journalist with the N.Y.Post and John Williams of Shadow Government Statistics and an exceptional economist, informed me at the time of the gold manipulatipon reports. The reason for the fix, which then-Fed chief Alan Greenspan reportedly orchestrated, was to prevent a stampede by panicked investors out of risky stocks and bonds into gold. Had gold profited from the stock panic, it could well have been an early end to the dollar system. It worked then to prevent a gold rise.Now, on April 15, in a case tried in United States District Court in New York, Deutsche Bank wrote the Court that it has agreed on a mutual out-of-court settlement with the group of market traders suing the bank. Included in that settlement is a bombshell. Deutsche Bank will also turn over evidence it has to aid the traders in similar lawsuits against other major banks accused of being in the gold and silver price-fixing cartel. The German bank stated to the Court that it will turn over instant messages and other communications to help further their case:"In addition to valuable monetary consideration to be paid into a settlement fund, the term sheet also provides for other valuable consideration such as provisions requiring Deutsche Bank's cooperation in pursuing claims against the remaining defendants,"the bank's attorneys wrote to the Court.The traders bringing the lawsuits against Deutsche Bank and others allege that the banks abused their position of controlling the daily silver and gold price fix to reap illegitimate profit from trading, hurting other investors in the silver market who use the benchmark in billions of dollars of transactions.Notably, the Commodity Futures Trading Commission (CFTC), the US government agency allegedly mandated by Congress to regulate those banks and their commodity derivatives trading, initiated its own investigation in 2008. After a five-year-long "investigation" into allegations of price rigging in silver markets, in 2013 the CFTC dropped the case. The chairman of the CFTC was Gary Gensler, a former senior partner at Goldman Sachs, probably just coincidence. Today Gensler is Hillary Clinton's presidential campaign finance manager. OhOhOh…
Whom the gods would destroy…
The subtitle in English of my latest book, The Lost Hegemon, is taken from the classic Greek expression, "Whom the gods would destroy, the first make mad," as in insane. It certainly applies to the handful of Wall Street and very select EU banks that have been deemed "too big to fail." The same insane banks implicated in the gold and silver market manipulations have also been sued for manipulation of the London key international interest rate, LIBOR, as well as manipulating specific currencies.Just days before the Deutsche Bank bombshell, Wells Fargo and Goldman Sachs admitted to defrauding the United States government for nearly an entire decade, a fraud which subsequently led to the housing market collapse. Running the bailout of his Wall Street cronies as US Treasury Secretary for that Tsunami collapse was former Goldman Sachs chairman, Henry Paulsen. In short some of the largest banks in the world are being exposed as criminal enterprises.
The dam breaks
The daily London gold price is "fixed" in a special room at Barclays Bank under the auspices of the members of the London Bullion Market Association. The bullion fixing banks are Bank of Nova ScotiaScotiaMocatta, Barclays Bank, Deutsche Bank AG London, HSBC Bank USA NA London Branch und the French Société Générale. In addition to Deutsche Bank, banks being currently sued in New York for being a part of the rigging cartel include HSBC Holdings Plc and Bank of Nova Scotia and the giant Swiss UBS. The list is about to expand and we can be sure JP MorganChase, Goldman Sachs and select Wall Street banks are already in the targets of hundreds of class-action lawsuits being readied.One day after the dramatic Deutsche Bank news, two class action lawsuits seeking $1 billion in damages on behalf of Canadian gold and silver investors were launched in the Ontario Superior Court of Justice.The first class action alleges that the defendants, including The Bank of Nova Scotia, conspired to manipulate prices in the silver market under the guise of the benchmark fixing process, known as the London Silver Fixing, for a fifteen year period. The case is "on behalf of all persons in Canada who, between January 1, 1999 and August 14, 2014, transacted in a silver market instrument either directly or indirectly, including investors who participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that transacted in a silver market instrument."An identical class action lawsuit was launched for gold manipulation.Now that the price-fix dam has broken and Deutsche Bank has in effect agreed to turn on its fellow commodity-fixing bankers, it's certain that countless discussion between aggrieved traders and investors and their lawyers will result in a flood of costly litigation chocking Wall Street and City of London banks and their Continental co-conspirators. Interestingly, this ought to unblock the blockage in gold markets worldwide just as China, obviously fed up with the Wall Street gold price games, has created a Shanghai Gold Market intended to replace London and New York under quite different rules. This could well be the dawn of a new golden era, literally and figuratively.
http://journal-neo.org/2016/04/19/deutsc...ix-cartel/
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
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#2
Following on from the gold fix, there is now a piece in Zerohedge from a commodity dealer about the commodity and oil markets being fixed by the Fed and other Central Banks acting in unison to "artificially raise inflation" and thereby escape the low/negative interest rate catastrophe they dug themselves into.

Read and weep --- the markets are now so thoroughly fixed it's frightening

From Zerohedge

Quote:

Commodity Trader: "What Is Happening Has Absolutely No "Reasonable" Explanation"


[Image: picture-5.jpg]
Submitted by Tyler Durden on 04/21/2016 22:02 -0400










in[COLOR=#FFFFFF !important]Share[COLOR=#4E4E4E !important]46[/COLOR]



One commodity trader writes in with some very unique observations. From trader "Peter"
* * *
The insanity has now fully spilled into the commodity markets a market which I professionally made a transition to after the 2008 crisis from the financial markets, simply because I believed it was a market that would still function according to true fundamentals…
I guess that only lasted so long…
The commodity markets have been prone to excessive speculation for years, but at the end, the thought of specializing in something "tangible" that EVENTUALLY would have to revert back to true supply and demand fundamentals made all the sense in the world. Specially with the true circus that the financial markets have become since 2008…
* * *
From: XXXXXXXXXX
To: "Peter"
Sent: Wednesday, April 20, 2016 1:35 PM
Subject: volume totals today
774K of soybeans traded today and that would be a record by nearly 160K contracts as yesterday set the record at 615K.
Over 88K Jly/Nov traded today and 97K May/Jly traded. Unheard of non-roll numbers.
Meal volume was 270K and we have to think that was a record as well but not 100% on that one.
Lots of ideas around to try and explain the move: from commercial short hedgers blowing out, Chinese pricing, product switching from Argentina to the US.
Not really sure if all or any of this is true but it was quite a wild session
* * *
From: "Peter"
Sent: Wednesday, April 20, 2016 2:41 PM
To: XXXXXXXXXX
Subject: RE: Some staggering volume totals today
Man… I would be VERY surprised if this was due to any of the reasons people are mentioning…
Chinese pricing I am very positive it does have something to do with it, but for the overnight session not the daytime.
Commercial hedgers blowing out very possibly adding to the mess but no way commercial volume takes us to these levels of ridiculousness in total volume…
Product switching from ARG yep, because we REALLY need to ration our 400+ mb bean stocks… LOL
This is way past insane, ridiculous, etc…
The "fundamental" reasons people are trying to ping to this are simply a nice "window dressing"…
There is nothing else that can explain this other than you know what?
Here comes my Very-REAL Conspiracy Theory: the stupid FED and other Central Bankers around the world acting in unison to artificially raise inflation so that they can hopefully get out of the F'ing mess they got themselves into with this low/negative rate BS. Call me crazy, and I am not a "conspiracy theorist" but what is happening has absolutely no "reasonable" explanation. So I have to think outside the box…
The FED and other Central Banks have already destroyed the equity and other macro-financial markets… it is now turn for the commodities markets…
I am serious … I really am… I wish I was just being sarcastic… but pause for a moment and think about what is written above…
What explains the move in Crude? Ok, I could try and put some sort of "rationality" on the initial move from $26 - $40 (as crazy as it was), but the action in the oil market since Sunday's "about face" in Doha? No way anything other than pure, simple and outright manipulation can explain these last 3 days of action in the crude oil market… nothing…
How about the fact that the main drag on the inflation figures has been what? What? FOOD & ENERGY…
So is it so crazy to think that Central Bankers all got together in early 2016 and came up with the following equation???
ARTIFICIALLY RAISE COMMODITY VALUATIONS = HIGHER ARTIFICIAL INFLATION = CLAMORING FOR RATES TO BE RAISED = CENTRAL BANKS HAVING A "SUCCESSFUL" END TO THE CLUSTERFCK THEY GOT THEMSELVES AND THE REST OF ALL OF US INTO WITH THEIR "ZIRP" AND "NIRP" EXPERIMENTS…
Who or what has the power to produce such volume in such short amount of time?????? Not the powerful Chinese, not the commercials, not even the "regular" hedge fund crowd… This is much bigger than that Chris… much bigger…
When you pause and think about what I just wrote it will not sound that crazy after all…
I truly wish I was joking…
I also wish I could let go of my natural makeup of focusing on "fundamentals" and just go long everything… but I don't believe I can… and I am frankly and idiot for it…
Don't write this off as some crazy conspiracy… Think about it… it is almost scary how much sense it makes…
At the end of the day… it is what it is…
Peter

[/COLOR]
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
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#3
WOW! The gold manipulation and Deutsche Bank being caught red-handed certainly is NOT being mention in the MSM - who are entirely focused on the death of Prince and the usual trivia. It is a HUGE story, and could start the unraveling of the current economic system and the polities that are connected to it! Wow!...its really huge! Ditto, if just about all the markets are fixed, as well.....well, we knew the system was corrupt, but the level of corruption seems to know no limit. I can't see this kind of 'crapitalism' lasting much longer...some GIANT collapse is 'a comin' soon! :Depressed:
"Let me issue and control a nation's money and I care not who writes the laws. - Mayer Rothschild
"Civil disobedience is not our problem. Our problem is civil obedience! People are obedient in the face of poverty, starvation, stupidity, war, and cruelty. Our problem is that grand thieves are running the country. That's our problem!" - Howard Zinn
"If there is no struggle there is no progress. Power concedes nothing without a demand. It never did and never will" - Frederick Douglass
Reply
#4
Peter Lemkin Wrote:WOW! The gold manipulation and Deutsche Bank being caught red-handed certainly is NOT being mention in the MSM - who are entirely focused on the death of Prince and the usual trivia. It is a HUGE story, and could start the unraveling of the current economic system and the polities that are connected to it! Wow!...its really huge! Ditto, if just about all the markets are fixed, as well.....well, we knew the system was corrupt, but the level of corruption seems to know no limit. I can't see this kind of 'crapitalism' lasting much longer...some GIANT collapse is 'a comin' soon! :Depressed:

The first thing Engdahl said was that this story would see the gold price shoot up - and it seems a reasonable surmise. But I don't see it happening because besides the markets being manipulated across the spectrum, so are all the information and news networks. If you don't have access to information you can't make decisions.

It's both a case of Full Spectrum Duping and living in the real Twilight Zone.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
Reply
#5
I've never been a believer in the 'marketplace'. For me they were always rigged and manipulated.
"The philosophers have only interpreted the world, in various ways. The point, however, is to change it." Karl Marx

"He would, wouldn't he?" Mandy Rice-Davies. When asked in court whether she knew that Lord Astor had denied having sex with her.

“I think it would be a good idea” Ghandi, when asked about Western Civilisation.
Reply
#6
Magda Hassan Wrote:I've never been a believer in the 'marketplace'. For me they were always rigged and manipulated.

True.

But the propaganda is now defeated too.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
Reply
#7
David Guyatt Wrote:
Peter Lemkin Wrote:WOW! The gold manipulation and Deutsche Bank being caught red-handed certainly is NOT being mention in the MSM - who are entirely focused on the death of Prince and the usual trivia. It is a HUGE story, and could start the unraveling of the current economic system and the polities that are connected to it! Wow!...its really huge! Ditto, if just about all the markets are fixed, as well.....well, we knew the system was corrupt, but the level of corruption seems to know no limit. I can't see this kind of 'crapitalism' lasting much longer...some GIANT collapse is 'a comin' soon! :Depressed:

The first thing Engdahl said was that this story would see the gold price shoot up - and it seems a reasonable surmise. But I don't see it happening because besides the markets being manipulated across the spectrum, so are all the information and news networks. If you don't have access to information you can't make decisions.

It's both a case of Full Spectrum Duping and living in the real Twilight Zone.

They can and they are suppressing this - but IMO they can NOT keep the lid on this for long. Gold traders and gold buyers, large holders of gold not in on the 'fix' will get wind of this and start lawsuits [apparently one such suit has begun]....and it will spread......then the whole structure might well fall....I for one would welcome that!

[just looked and Gold is down in the last day...but not a huge drop]

{{A search of the term 'deutsche bank admits gold silver price fixing' brings up LOTS of hits....thousands...yet the MSM has yet to say 'peep' on this to my knowledge.....very strange.}}
"Let me issue and control a nation's money and I care not who writes the laws. - Mayer Rothschild
"Civil disobedience is not our problem. Our problem is civil obedience! People are obedient in the face of poverty, starvation, stupidity, war, and cruelty. Our problem is that grand thieves are running the country. That's our problem!" - Howard Zinn
"If there is no struggle there is no progress. Power concedes nothing without a demand. It never did and never will" - Frederick Douglass
Reply
#8
Peter Lemkin Wrote:
David Guyatt Wrote:
Peter Lemkin Wrote:WOW! The gold manipulation and Deutsche Bank being caught red-handed certainly is NOT being mention in the MSM - who are entirely focused on the death of Prince and the usual trivia. It is a HUGE story, and could start the unraveling of the current economic system and the polities that are connected to it! Wow!...its really huge! Ditto, if just about all the markets are fixed, as well.....well, we knew the system was corrupt, but the level of corruption seems to know no limit. I can't see this kind of 'crapitalism' lasting much longer...some GIANT collapse is 'a comin' soon! :Depressed:

The first thing Engdahl said was that this story would see the gold price shoot up - and it seems a reasonable surmise. But I don't see it happening because besides the markets being manipulated across the spectrum, so are all the information and news networks. If you don't have access to information you can't make decisions.

It's both a case of Full Spectrum Duping and living in the real Twilight Zone.

They can and they are suppressing this - but IMO they can NOT keep the lid on this for long. Gold traders and gold buyers, large holders of gold not in on the 'fix' will get wind of this and start lawsuits [apparently one such suit has begun]....and it will spread......then the whole structure might well fall....I for one would welcome that!

[just looked and Gold is down in the last day...but not a huge drop]

{{A search of the term 'deutsche bank admits gold silver price fixing' brings up LOTS of hits....thousands...yet the MSM has yet to say 'peep' on this to my knowledge.....very strange.}}

I also searched for any MSM story about this and came up empty too.

When the markets are so corrupt, and allowed to be, and the media stay silent about price fixing and rigging, is it any wonder that other nations try to fund a new parallel banking system - because the one we have is not only crooked but completely controlled by the elite. It is "their" cow to milk as and when they see fit.

And for these reasons I regard it as imperative that BRICS succeed, along with Russia's parallel SWIFT clearing system.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
Reply


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