12 votes

$640 Million Gold Trade to Manipulate Market

Interesting. Even CNBC is reporting this as a "conspiracy."

Someone with BIG money made a $640 million sell trade in the gold market that caused the market to halt for a short time. And this is not the first trade of this type recently.

Now, who would have the buying/selling power to move more than a half billion in gold and not care what the price was?

Federal Reserve? Goldman Sachs? JP Morgan?

"Jim Iuorio, managing director at TJM Institutional Services, sees similarities between what happened to gold Friday and what happened Sept. 12, when a big gold sale at 2:54 a.m. ET similarly caused a trading halt and hurt the market.

"'There is only one conclusion that seems logical regarding Friday's gold trade and the one from a month ago, and that's that they were designed to manipulate prices,' Iuorio said."

http://www.cnbc.com/id/101110403

FYI -- Here is a post I made awhile back about manipulation in the silver market. I wonder if the manipulation of both markets are related.

http://www.dailypaul.com/280014/how-jp-morgan-manipulates-th...

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could it be foreign?

why limit the suspects to the big wall st banks?

Thanks for this-I included it as an example of how the west

is selling paper gold while the east is buying physical
http://www.dailypaul.com/302542/the-east-is-buying-physical-...

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640 Million

That's nothing. JP Morgan just spent $9.3 billion on legal expenses to put into perspective how small that amount is.

Please wake me up when there's at least a Trillion dollar gold trade. Everything else is not worth talking about.

great perspective-indeedJPmorgan could BUY all

of the silver on the planet if they wanted too

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The funniest part of the article was at the end...

"But not everyone is on the conspiracy train.

George Gero of RBC Capital Markets, precious metals strategist and a veteran of the gold market, says what we saw could have simply have been a fund changing its mind.

"Gold has been a market hedge for some big funds, and of course you've had big ups in the stock market all week,"...

So is that how Gero would have sold $640 million worth of gold?

"Absolutely not," he said with a laugh. "But I don't know who the fund was, and I don't know who managed their order room."

Michael Nystrom's picture

That is true

There are a bunch of dumb people out there doing dumb things all the time.

That is one thing I've learned in my old age, lol.

The world is full of dumbasses. Many of them have positions of great power.

To be mean is never excusable, but there is some merit in knowing that one is; the most irreparable of vices is to do evil out of stupidity. - C.B.

Agree, either the paper gold market has a good share of

dumb traders apt to dump hundreds of millions of dollars of paper gold in one go to get the worst price (this has happened often in the past few years) OR its manipulated.

Either way it makes paper gold trading extremely risky. Physical Gold and silver held in a secure insured vault over time takes some of the risk of price gyration out of the equation

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The government is criminal,

The government is criminal, and we have no recourse.