CFTC Files Eight Anti-Spoofing Enforcement Actions against Three Banks (Deutsche Bank, HSBC & UBS) &

Washington, DC — The Commodity Futures Trading Commission today announced, in conjunction with the Department of Justice and Federal Bureau of Investigation’s Criminal Investigative Division, criminal and civil enforcement actions against three banks and six individuals involved in commodities fraud and spoofing schemes.

CFTC Files Eight Anti-Spoofing Enforcement Actions against Three Banks (Deutsche Bank, HSBC & UBS) & Six Individuals

This appeared on the CTFC website today, then a bit later zerohedge added commentary:

Here is what got far less publicity: it wasn't just any futures that were spoofed - all the banks and traders busted were charged for spoofing the precious metals market, i.e. gold and silver. We bring this up because there are still the occasional idiots out there who say gold and silver were never manipulated.

www.zerohedge.com...

Denniger's take:

And oh, by the way, the firms involved have been caught manipulating before. In several cases they've been caught multiple times, most of them enough times to fail the "three strikes" clauses that result in life sentences for individuals. I believe the count for HSBC at this point after the first offense during which they swore "they'd never do it again" stands at four, but they're still in business and got a tiny little fine.

market-ticker.org...

Could be an interesting Feb for the metals.

Silver Doctor's commentary:

Editor’s Note: It’s always the little fish that go down. The big fish and the blatant manipulation by the ESF and the Fed continue unabated. That kind of precious metals price suppression will continue until the cartel loses control of the markets. For more information on the manipulation, see our spoofing, market manipulation, bullion banking cartel, and precious metals price suppression tags for pages and pages of information on the rigging of the markets. Finally, despite arrests and fines, there are those who still deny manipulation. One day the manipulation will fail. Stack accordingly…

www.silverdoctors.com... s-markets/

a reply to: SkeptiSchism


Usually when they dump the silver market it stays dumped, but lately it just spikes on up again, almost immediately. I think they are loosing control.

a reply to: anonentity

The spot price is very near production costs, so if the spot price drops for a while it just comes back up.

JPMC has been stocking up on physical for a break in the future's market already:

According to Butler for the past seven years, JPMorgan has used its power to control silver prices and has also accumulated the largest investment position ever seen in physical silver said to be no less than 675 million oz.

Excerpt: Most importantly, the ten year deal fits perfectly with my “big one” premise, as it is downright remarkable what a good position JPMorgan has put itself in for a liftoff in price just recently.

news.goldcore.com...

a reply to: SkeptiSchism


That's interesting thanks for that, another thing is that when the Hunt brothers cornered the silver market, it was with a fraction of the physical that JP Morgan is holding in its vaults, since JP Morgan has been stacking, and has been benefiting from the suppressed price. It makes me wonder that the Banks that have been called into question are just proxies for JP Morgan. When it takes off who benefits the most, by following the money if you get my drift.

a reply to: anonentity

Yah good points, I was wondering how big their 'short position' is, like how many naked short silver or gold positions or derivatives do they have?

Maybe they've been accumulating physical as a hedge against their naked short future's positions?

So I found this from November:

JPMorgan's Silver Short Position Now at 195 Million Ounces

news.goldseek.com...

But that doesn't account for their derivatives book, all that is under the table I think.

a reply to: SkeptiSchism



What they have done has got to be the most amazing, and well thought out scheme ever imagined. You really have to hand it to them. www.silverdoctors.com...

a reply to: anonentity

Thanks good find it explains what they did, I assume they've sold off all their shorts and cleared out of derivatives holding only metal.

They have 625 million ounces now, that article says there are 1.5 billion ounces available in the market (I guess warehousing) so they own 42% of the market. That's definitely larger than the Hunt Brothers ever held, amazing our regulators haven't uttered a peep eh?

Wow, blows your mind.

This was news two days ago, in Germany.

And everybody:

Ah, the Deutsche Bank again, who wonders.

But hey, isn´t that what they get their bonuses of millions for, for being morally degenarated, greedy criminal scum?

We should use their ties and make something useful out of that most useles garment mankind ever invented, we wouldn´t need to build guillotines then.

a reply to: DerBeobachter

Ah, the Deutsche Bank again, who wonders.

Is that Deutsche Bank or Douche Bank ? I cannot remember

a reply to: SkeptiSchism


Well to say JP Morgan has cornered the Silver market is an understatement .They are not doing it for fun.

In that public letter last year, I even spelled out the rationale for why JPMorgan was manipulating silver (and gold) prices, namely, to allow this crooked bank in acquiring as much physical metal as it could get at the lowest prices it could rig. This is the means, motive, opportunity and intent behind JPMorgan’s manipulation – to pick up as much cheap metal as it possibly could. In the last 10 months, in addition to racking up massive profits in paper COMEX trading, JPMorgan has added another 100 million oz of silver to a hoard now measuring nearly 700 million oz. And as I have written recently, JPMorgan has been doing the exact same thing in gold, namely, making enormous paper profits by being the largest short in COMEX gold, while picking up boatloads of physical gold on the cheap – at least 20 million oz over the past 5 years

www.silverdoctors.com... sts-fines/

Haha I read someone yesterday on ZH saying that 5 of the US biggest banks were rigging gold and silver for treasury directly. I've heard this before, but why is JPM accumulating physical when they could just keep making a fortune writing naked shorts?

They must have manipulated prices to buy up cheap, and it was 'allowed' because China also wanted to load up on physical cheap. But somewhere the US government/treasury is going to get hosed by this.

I guess it's a controlled demolition of sorts.

I mean lets say in 1 month China sells off all our treasury bonds and starts backing the yuan with gold. Do you think the US government will raid JPM vaults to secure the physical gold and silver they were able to hoard without attracting the attention of our regulators?

I don't think so, it's also convenient that JPMs HQ in NY is directly across the street from the NYFR with a tunnel connecting the 2 buildings below grade.

a reply to: SkeptiSchism


Its insurance for when China does the Gold backed Yuan, everyone will want a gold backed currency. Or Silver?

a reply to: anonentity

That's probably the argument I'm questioning the likelihood that the gold/silver could ever be recovered. They'd ship it out faster than our regulators could get court orders to look at it.