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Turk: “Gold is trying to bounce back today in London, Eric, from the beating it was given last week.  It was another month-end option expiry with the usual result....


Continue reading the James Turk interview below...  




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“Gold was driven lower so that as many calls as possible would expire out of the money.  And then to top it off, gold was kept under pressure through month-end to make the shorts’ exposure to gold look as good as possible for end of the month marked-to-market reporting.


We’ve seen manipulations like this time and again over the years, but there has been a major new development.  The mainstream media is starting to write about these manipulations in the wake of the fine imposed on Barclays Bank by the Financial Conduct Authority, which is the UK’s regulator.


This £26 million fine is of course a drop in the ocean when compared to fortunes made over the years by the price manipulators.  But the fine is big enough to start drawing mainstream media attention to the skulduggery going on in gold.


An article by Bloomberg is particularly revealing, relying as it does on the FCA’s document that reports its investigation of this one particular gold price manipulation by Barclays Bank.  It makes clear how the paper market is being used to manipulate the price of physical gold, which ignores the reality that the supply of physical gold is limited, while the supply of paper commitments to deliver gold is essentially unlimited.


This means that gold - and silver too - operates on a fractional reserve basis.  In other words, there are far more commitments to deliver physical metal than there is physical metal available, so when the music stops - which it always does eventually - the result will be a systemic failure as occurred in 2008 when Lehman Brothers was unable to meet all of its derivative commitments.


The important point is that the FCA report illustrates how the Barclays “exotic options” trader, Daniel Plunkett, twice conjured up out of thin air up to 150 LBMA good delivery bars that he did not own (then valued at $93.5 million) in order to force the price of gold lower during the fixing process.  He then covered this short position by ‘buying back’ these non-existent bars from the trader at Barclays spot metal desk.


The Bloomberg article is worth reading, as is the FCA’s report.  Here are these two links for the convenience of KWN readers.


1) http://www.bloombergview.com/articles/2014-05-23/barclays-manipulated-gold-as-soon-as-it-stopped-manipulating-libor


2) http://www.fca.org.uk/static/documents/final-notices/barclays-bank-plc.pdf


This one incident is just the tip of the iceberg of bad practices regularly followed by banks.  What’s more, the mainstream media has yet to get to the heart of the matter, which of course is government price manipulation.


A select group of bullion banks are simply the front-men, acting as agents of the gold price suppression scheme devised and engineered by governments, and Barclays Bank may not even be among this chosen group.  After all, it was accused of manipulating the gold price by a dollar around the London fix, but the FCA did not investigate the big $18 drop in the gold price that had already occurred from the previous day.  The FCA only went so far to note the impact on the gold price from extreme selling in the US market by reporting that there was “a drop in the price of August COMEX Gold Futures (which was caused by significant selling in the August COMEX Gold Futures market, independent of Barclays and Mr Plunkett).”


So who was the real manipulator of the gold price that day?  Why isn’t the CFTC doing its job by investigating this manipulation?  And what about investigating the flash-crashes where imponderable weights of gold are sold on the COMEX in mere seconds?


You will get old waiting for an investigation.  We all know that the CFTC turns a blind eye to the manipulations by the US government.  But at least something is being done in London.  The FCA made a small step in the right direction, and so has the LBMA.” Part II of this interview has now been released - To read it CLICK HERE.


James Turk: Founder & Chairman of GoldMoney

and the author of “The Money Bubble”

To order from Amazon CLICK HERE.



© 2014 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


IMPORTANT - KWN has many more interviews being released today.


The audio interviews with Bill Fleckenstein, MEP Nigel Farage, Michael Pento, Dr. Paul Craig Roberts, Gerald Celente, John Mauldin, Eric Sprott, James Dines, Andrew Maguire, David Stockman, Art Cashin and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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