Hot on the heels of the significant news that Barclays was just fined over $40 million for manipulating the gold price, is this piece by JS Kim, which also outlines what action individuals can take to aid in perhaps limiting any manipulation taking place…
On the same day in which we released our letter writing campaign to “End Gold Price Manipulation Now!”, Barclays Plc was fined $43.8 million and Barclays trader Daniel James Plunkett was fined more than $160,000 for manipulating the gold price to avoid a $3.9 million payout to a client that had placed options on gold in the market. Of course, these types of shenanigans have been going on for more than a decade now, but since this event marks the first significant fine against a bullion bank and a banker for gold price manipulation, it is groundbreaking in that regard.
In any event, we have presented, in the past several years, numerous charts courtesy of Nanex and GATA’s Dimitri Speck in our SmartKnowledgeU blog that illustrate the exact same artificially-engineered statistically significant “gold pukes” immediately in the timeframe of the London PM Gold Price Fix that occurred when Barclays trader Daniel James Plunkett executed his fraud. I want to make crystal clear that this is not a new event nor the first time a trader at a large bank has left a massive footprint of the fraud they have executed in gold markets in suppressing its price. It is merely the first time a trader has been banned and a bank has been fined for such gold price fraud, and ample evidence that the numerous people that have dismissed our gold price manipulation articles over the last decade are nothing but bank shills that fight against the liberty and freedom of people and for the continuation of banker debt slavery.
In the below video, we present to you two clips regarding evidence of alleged gold price manipulation by the usual suspects: the Bank of Nova Scotia, Barclays, Deutsche Bank, HSBC and Société Générale, JP Morgan and Citibank.
We are attaching in this article our previously released letter writing campaign to one of the law firms that have initiated class action lawsuits for gold price manipulation in the hopes that this campaign will become viral. The mission of our letter writing campaign is to expose all the banking shills like Ross Norman, the chief executive of Sharps Pixley and former employee of N.M. Rothschild & Sons, who embarks on persistent media campaigns to sell his false story that there are no signs of price manipulation in gold markets. Secondly, the mission of our letter writing campaign is to extend the law firms’ investigation of gold price manipulation to the banks that have been fixing gold prices in the futures markets, not just via the London AM/PM price fixing mechanism. We hope to increase the intensity of the spotlight on the banks suspected of slamming the price of gold and silver time and time again, as these tactics have proven to be successful in recent history.
For example, Bloomberg reported in January of this year that as the investigation into Forex manipulation was ongoing, the sudden surges and immediate reversals in currency pair rates that normally preceded the 4PM London close became rarer, less pronounced and in some cases, entirely disappeared.
Consequently, we do believe that focusing the public spotlight on gold and silver price fixing, while it will not eliminate fraud outright, will be effective in limiting and controlling the fraud. Thus, in our video below, we are launching a letter-writing campaign to urge the end of gold and silver price suppression schemes that are responsible for spreading economic misery throughout the world. We have provided a letter template and an envelope template so that you may easily print out a letter and send it onward to Kirby McInerney LLP in New York City to make use of the ample studies and raw data that provide mountains of evidence of gold and silver price fixing not only in the London price fix but also in the gold/silver futures markets during the price fix announcements. We firmly believe that a letter writing campaign will keep scrutiny on any ongoing gold price suppression mechanisms high and limit the ongoing efficacy of global banks that are interested in maintaining USD hegemony from severely slamming gold prices.
At a minimum, if you believe in free markets and are against fraud, we kindly ask for your assistance in our campaign as your help will eventually root out the truth during eventual court hearings related to this matter and grant the public what we all deserve – unmanipulated markets. Merely click on the above links to print out our letter and envelope, sign it, and send it off in the mail to Kirby McInerny LLP. As we are at a critical stage in our battle for economic freedom, we urge all of you to take this step within the next 72 hours if possible. Please take five minutes and support our End Gold Price Manipulation Now! Campaign, print out the letter, and mail it in. We thank you in advance for your consideration.
Finally, we have attached the body of the letter below for those that prefer just to cut and paste it:
22 May, 2014
Mr. David Kovel, Esquire
Kirby McInerney LLP
825 Third Avenue
New York, NY 10022
Dear Mr. Kovel:
As the attorney at the law firm leading the class action lawsuit against the Bank of Nova Scotia, Barclays, Deutsche Bank, HSBC and Société Générale for manipulating the price of gold in the London PM Price Fix, I am sure that you are aware of the analysis performed by Rosa Abrantes-Metz and Albert Metz, who have discovered that in six years between 2004 and 2012, at least 67% of the unusual price spikes that immediately preceded the 3PM London gold price fix were downward as were an overwhelming 92% of significant price moves in 2010 that immediately preceded the London price fix. As a source of raw data in your class action lawsuit, I would also like to bring your attention to the book The Gold Cartel, by commodity analyst Dimitri Speck, in which the author analyzed minute-by-minute data in gold futures markets from 1993 to 2012 and discovered that large movements in gold price in futures markets over 2% in condensed periods of time were usually downward and occurred within the immediate timeframe of the London PM price fix as well.
Since the German business magazine Makro reported that 80% of the gold futures volume in daily trading is controlled by three banks – JP Morgan, Citigroup and HSBC – I encourage you to use Dimitri’s analysis to add JP Morgan and Citigroup to the 5 banks above in your class action lawsuit for gold price manipulation as the manipulation of gold price that has occurred in gold futures markets in recent years has been far worse, and is likely even easier to prove, than the gold manipulation that has been allegedly occurring in the London AM/PM Price Fix. Millions among us appreciate your efforts to root out the corruption that exists in gold and silver markets and we unilaterally support and applaud your efforts in bringing worldwide attention to this very serious matter.
(Your Name Here)
About the author: JS Kim is the Founder & Chief Investment Officer of SmartKnowledgeU. Learn to invest in gold and invest in silver as insurance during the second phase of this global monetary crisis and global currency race to the bottom. Follow us on Twitter at @smartknowledgeu and Like Us on Facebook. Article may not be republished on other websites unless reproduced exactly as is, with all text, links and author acknowledgements intact in their original state.