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London Gold Pool Collapse 2020s (VIDEO)
London Gold Pool Collapse 2020s (VIDEO)
To better understand where Gold is going, you have to know where it has been (gold price suppression history).
Especially in the context of our last 50+ full fiat currency regime years as only for a small single-digit percentage in that time was gold allowed to do its freaking premiere money job.
Given the ridiculous situation, central banks and fiat financialization has gotten us to in 2020, it’s only a brief time from now where the ultimate final bubble of this debt supercycle shows up in gold.
Here we dig through in detail how the City of London has often been at the center of rigging gold prices for the benefit of fiat financiers.
Such frauds and those who learned volatility injection from them (COMEX) are losing effect as the run on gold bullion have begun.
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What you’re looking at in the chart above, is the inevitable free-market repricing higher, after pegging and suppressing the price of premiere money, gold bullion near $35 oz for some 35 years of time.
After the original multinational London Gold Pool price rigging operation collapsed in 1968, the fiat Federal Reserve note became the anchor to all fiat currencies everywhere (August 1971).
Last time London was at the center of politely rigging the gold price, France’s Charles de Gaulle decided to break up the price rigging party with his Exorbitant Privilege (1965) speech.
The then French President spoke, in a similar tone to how a modern Vladimir Putin or a perhaps a Chinese Nationalist might today.
As you can see in that 1970-1980s gold price chart above, the yellow precious metal went to work repricing some 24Xs higher following the conspiratorial price rigging collapse.
…click on the above link to read the rest of the article…
“Panic Stations”: What Are The LBMA And COMEX Trying To Hide?
“Panic Stations”: What Are The LBMA And COMEX Trying To Hide?
Between 1962 and 1968, a cartel of central banks from the US and Europe ran a price manipulation scheme in London, aiming to keep the price of gold at $35 per ounce. They did this by constant intervention into the market, pooling their gold reserves to sell down the market. Conceived and coordinated at the Bank for International Settlements (BIS) in Switzerland by the G10 central bank governors, the dirty work of actual gold market intervention was done by the Pool’s agent, the Bank of England gold trading desk in London.
The syndicate, known as the London Gold Pool was successful until it wasn’t, with the beginning of the end in early March 1968 as the huge run on gold became a tidal wave with sterling and US dollar weakness. On 10 March 1968, a Sunday, the consortium released a statement claiming that: “the London Gold Pool reaffirm their determination to support the pool at a fixed price of $35 per ounce”. At the same time, Fed chairman William McChesney Martin even vowed that the US would defend the Pool “to the last ingot”.
The Pool then proceeded to airlift hundreds of tonnes of gold bars from the US Treasury’s Fort Knox to RAF Mildenhall, which they dumped into the London market for the rest of the week (March 11 -14). With all the Good Delivery Gold siphoned off to the Market (actually a consortium of European merchant banks), the Rothschild and the Bank of England pulled the plug, and the London Gold Pool collapsed on the evening of 14 March 1968, ushering in an era of free market gold prices.
…click on the above link to read the rest of the article…
Gold Tumbles – Is The BoJ Back In The Market?
Gold Tumbles – Is The BoJ Back In The Market?
Gold prices are down around $25 this morning, despite a collapse in stocks and bond yields – and generally weak trend lower in the dollar.
The question is why? Or more appropriately, who?
We may have an answer to this outlier move. Last week we asked (rhetorically): “Are The Japanese Losing Faith? Yen Crashes Near Record Lows Against Gold?“
Noting that JPY and gold had massively decoupled, seemingly breaking out of their unofficial peg.
Perhaps this week’s crisis was enough to force the BIS or Bank of Japan back into the precious metals market to stabilize faith in fiat as the chart above shows a series of high volume dumps pressuring gold lower, and the chart below shows a huge roundtrip back into the ‘peg’ for yen against gold…
So did Kuroda and his pals step in?
“free markets” eh?
US Launches Criminal Probe Into JPMorgan For Gold Price Manipulation
US Launches Criminal Probe Into JPMorgan For Gold Price Manipulation
There was a time when the merest mention of gold manipulation in “reputable” media was enough to have one branded a perpetual conspiracy theorist with a tinfoil farm out back… and immediately banned from social media.
That was roughly coincident with a time when Libor, FX, mortgage, and bond market manipulation was also considered unthinkable, when High Frequency Traders were believed to “provide liquidity”, or when the stock market was said to not be manipulated by the Fed, and when the ever-confused media, always eager to take “complicated” financial concepts at the face value set by a self-serving establishment, never dared to question anything.
That has now changed…
In November 2018, a former JPMorgan precious-metals trader admitted he engaged in a six-year spoofing scheme that defrauded investors in gold, silver, platinum, and palladium futures contracts.
John Edmonds, 36, of Brooklyn, New York, pleaded guilty under seal on Oct. 9 in the District of Connecticut to commodities fraud, conspiracy to commit wire fraud, commodities price manipulation, and spoofing. As Justice notes in a statement:
“From approximately 2009 through 2015 John Edmonds engaged in a sophisticated scheme to manipulate the market for precious metals futures contracts for his own gain by placing orders that were never intended to be executed,” said Assistant Attorney General Benczkowski.
“The Criminal Division is committed to prosecuting those who undermine the investing public’s trust in the integrity of our commodities markets through spoofing or any other illegal conduct.”
That was followed, a year later, by the DOJ charging the entire precious-metals trading desk at JPMorgan of being deeply involved in what prosecutors described as a “massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants.”
