Gold and Silver Price Manipulation Part 3 of 11 by Illuminati Silver

Video transcript:

Today is Sunday 10th January 2016 and we are addressing the issue of Gold and Silver price manipulation.

In Part 1 we mentioned the views of economist Jim Rickards who broadly stated that there is price manipulation, primarily carried out to assist China in increasing its gold reserves cheaply. In Part 2 we reflected on the views of Dr Paul Craig Roberts and GATA and to a lesser extent Andrew Maguire who claimed that manipulation is conducted to maintain the supremacy of the dollar. In this part we are dealing with Bill Holter of Miles Franklin Precious Metals, who provides his perspective and some cases supporting the fact that manipulation may indeed have been discovered.

On 16th September 2014, Bill Holter then an associate writer for Miles Franklin, stated in an article entitled ‘But why are gold and silver markets manipulated?’ the following:
“Why” gold and silver HAVE TO BE MANIPULATED is at the very central core of the global monetary system. Global money today is ALL fiat, all creatable at will and whim by central banks and …have zero intrinsic value on their own. Gold on the other hand “is” money…… I guess the best way to explain this is if you are issuing a currency (especially the reserve currency) which has no intrinsic value and everything ‘financial’ in the world is based off of, or derives value from, your currency… you must try to crush all competitors………. If you think about it long enough you will come around to understanding that euros, yen, pounds, roubles and all the rest are not really ‘competitors.’ No, they are all ‘partners in crime’ whereas gold is THE competitor. Gold is nothing more than ‘truth’ if you will. ‘Truth’ as in getting paid for or paying for something while making a true and real settlement, something for something rather than the current something for nothing scheme.”

So the underlying argument here is that gold, being a finite commodity has real value as opposed to dollars which can be printed on demand. So let’s look at a few examples where suspicions of manipulations are being taken somewhat seriously by the Authorities:

Joe Hall of CITY AM wrote on 9th November 2014 “UBS, Barclays, Citigroup, HSBC, JPMorgan and Royal Bank of Scotland have been the subject of probes into their foreign exchange trading from Regulators in the UK, the US and Switzerland. The six banks will announce a £1.5bn agreement with the UK’s Financial Conduct Authority (FCA), the Office of the Comptroller of the Currency and the Commodity Futures Trading Commission in the US, and Finma in Switzerland on Wednesday this week. However, unlike the five other groups under investigation, UBS’s precious metals arm is closely integrated with its forex trading businesses.”

Reported by CNBC on 28th September 2015, Switzerland's competition commission, known as WEKO launched an investigation into the possible manipulation of precious metals trading by a number of leading banks ………,following an initial probe into seven banks including Deutsche Bank, UBS, Julius Baer, HSBC, Barclays, Morgan Stanley and Mitsui. The investigation is looking into the possible manipulation and ‘anticompetitive behaviour’ in the trading of precious metals, such as gold, silver, platinum and palladium, with the Swiss regulator looking specifically at whether the seven banks named were involved in manipulating the bid/ask spread – the difference between the bid and the asking price of a metal.” It will report its findings sometime in 2016/2017

This follows an earlier incident when In the U.K. Barclays were fined £26 million by the Financial Conduct Authority after one trader was found to have rigged the London gold fix, the twice daily conference call used to value the metal that has since been replaced by an electronic system.

So this concludes the first section of our reports putting forward the case in favour of manipulation and why it is happening.

In Parts 4+5 we shall address how these alleged manipulations are being carried out and who is doing the manipulating. Then we shall move on to those arguing the case against manipulation.

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Disclaimer:

Illuminati Silver owners come from a background of Banking, International Wealth Management and Economics. Having now retired from these worlds we are not qualified to give investment advice. Therefore, this and other productions must not be deemed to be giving such advice and merely represent the personal views of its owners.