Gold: Member of Parliament urges investigation of gold-market manipulation in UK
Citing a confession to gold market manipulation in the United States, a member of Parliament this week urged the British government to investigate possible manipulation of the gold market in London.
The member, Jeremy Lefroy, Conservative for Stafford, prompted a discussion of manipulation during a speech Monday in the House of Commons. Lefroy questioned the economic secretary to the U.K. Treasury, John Glen, Conservative member for Salisbury, as to whether the government was able to prevent gold market manipulation.
Glen responded that the U.K.'s Financial Conduct Authority has "the right tools" and the jurisdiction to "detect and respond" to attempts at market manipulation. But he did not directly respond to Lefroy's request for an investigation.
Lefroy's statement, much of which is appended, showed detailed knowledge of the gold market and the recent increase in gold reserves by various nations. Lefroy not only cited the conviction for gold market manipulation of a former trader for JPMorganChase in the United States but also expressed concern about the trustworthiness of gold derivatives and paper gold, as well as the possibility that impoverished commodity-producing countries are being cheated by market manipulation. He also related the complaint of a constituent who accused Deutsche Bank of manipulating the gold and silver markets. Litigation brought by his constituent in Germany and the U.K. was unsuccessful, Lefroy said, but soon afterward Deutsche Bank confessed to such manipulation in regulatory proceedings in the United States.
Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org |
