from Gold Core:
The CFTC’s very unusual announcement through “people familiar with the matter” that it is examining various aspects of gold and silver price fixings in London, including whether they are sufficiently transparent, continues to be digested.
The London gold fixing is conducted twice a day by five banks: Barclays Plc, Bank of Nova Scotia (BNS), Deutsche Bank AG, HSBC Holdings Plc and Societe Generale SA. The pricing started in 1919 and was conducted in a meeting held at N.M. Rothschild & Sons Ltd.’s offices. It began taking place by telephone in 2004.
Deutsche Bank, Scotiabank and HSBC conduct the silver fixing by phone once a day at midday. The first settlement was in 1897.
The price fixing story has been picked up by the non specialist financial media internationally including by many publications and media groups who very rarely cover the gold market and nearly never cover the silver market.
CFTC examining… LOL
Just think if they didn’t manipulate the price of gold and silver. Silver could be at $300 or more per ounce…how may silver stackers would there be? The reason I buy silver is because it is so cheap. If silver was $300 or more per ounce, I would not buy any silver, I would buy land….land with woods, and some for growing food to sell at farmers markets. I would also raise organic cattle and chickens. But, being silver is so dirt cheap, I’m a buyer.
CFTC: “Couldn’t Find The Connection” between Banks and Market Manipulation.
Isn’t it funny [sad] that the CFTC always looks elsewhere for the problem? After all, it couldn’t possibly be COMEX could it?
Just like the LIBOR fraud, it could not happen here so let’s misdirect the sheeple so they do not find fault with the US leaders. We all know that our leaders and government would never steal or lie to us, right??????????????
It is crystal clear, to those of us who have been paying attention, that the CFTC is a straw man that has been set up to give the appearance that someone is watching the banksters and the broksters and protecting our interests. Nothing could be further from the truth. The people in this sham organization worked for the big banks BEFORE they came to the CFTC and they will work for those same banks AFTER they leave the CFTC. These people are not independent from these big banks. They are merely bank employees who are on extended furlough from the banks so that they can play their parts in the current looting and pillaging of the American economy. That’s all. Expecting them to actually do anything useful is an exercise in futility. Oh, yeah, if some small-fry comes along and plays fast and loose with the rules, THEY will get busted and a big show will be put on to prove that the CFTC people are “on watch” and “protecting the financial interests of the American people”, etc. ad nauseum.