by Bill Holter, Miles Franklin:
We found out last Friday who “A” (not “the”) culprit was that has been selling concentrated blocks of gold futures to depress the price. The Financial Times wrote that a mid-level trader from Barclays was nabbed and censured by FCA (British equivalent of the SEC), Zero Hedge wrote about this last Friday here. Barclays was fined 26 million pounds for not supervising properly and injuring clients. I don’t even know which humorous direction to go from here because there are so many.
First off, this “lone perpetrator” only worked for Barclays for the last 8 years while FCA says that the scheme was ongoing for 10 years. Did someone “teach” him how to sell big and very naked blocks and then just retire and pass the baton on to him? Also, are we to believe that this “rogue” trader got away with selling $10′s of billions worth of gold (and in a bull market) while the compliance department at Barclays never saw or said anything? No, not possible. Remember, this particular instance has a 10 year track record behind it, FCA never saw anything at all until just recently? Or…the CFTC? How could they have not seen this?
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