The coming US dollar crisis Message Board

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Strategies & Market Trends : The coming US dollar crisis

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From: Horgad	5/23/2014 10:13:23 AM
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Nothing to see here...note it says "slapped" as in slapped with a wet noodle. This is over one day of a proven attempt at price fixing by one trader. So if one trader at one firm can move the WORLD price of gold in his favor for a couple of days around options expiration, what could a group of firms working together do or a country or a group of countries? Barclays Bank fined £26m for gold price failings ---snip--- Mr Plunkett was a director on the precious metals desk. He was responsible for pricing and managing Barclays' risk on a contract that was specifically linked to the price of gold at 3:00p.m. on 28 June 2012. If the gold price was above $1,558.96 (£925.57) at that time then Barclays would be required to make a payment of $3.9m to its customer. But if the price was below that benchmark Barclays would not have to make the payment. Mr Plunkett created fake orders with the intent of pushing the price of gold below $1,558.96, which he succeeded in doing. The result was Barclays was not obligated to make the $3.9m payment to its customer, and Mr Plunkett booked a profit of $1.75m for the bank. ---snip---

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