U.S. authorities charge three banks, eight individuals in futures 'spoofing' probe - Michelle Price #BUSINESS NEWSJANUARY 29, 2018 / 3:33 AM / UPDATED 41 MINUTES AGO 5 MIN READ
WASHINGTON (Reuters) - The U.S. Justice Department and the country’s derivatives regulator said on Monday they had filed civil and criminal charges against three European banks, which paid $46.6 million to settle the cases, and eight individuals for alleged manipulation in U.S. futures and commodities market.
Gold finished the day, the week, the month and the year solidly in positive territory.
On the day, it was up $8.12 or .6% On the week, it was up $28.35 or 1.02 % On the month, it was up $28.16 or 1.02% And. . . last but not least, on the year it was up $152.00 or 13.2%.
Closing price: $1302.90
Silver also finished the day, the week, the month and the year in positive territory, but not quite as spectacularly as did gold.
On the day, it was up 7¢ or .4% On the week, it was up 55¢ or 3.4% On the month, it was up 54¢ or 3.2% And. . . on the year, it was up $152.00 or 6.4%.
Closing price: $16.92
For gold, it was the best year since 2011, the second straight year of posting gains and one that evolved despite a strong stock market, the constant threat of rising interest rates and, rightly or wrongly, an optimistic start to the Trump administration in terms of business and finance.
Quote of the Day “Large speculators have made a record shift in their positioning for the last two weeks. In the latest week, they reduced their net longs by 66,000 contracts after a reduction of ~51,000 contracts the previous week. This group of traders is usually considered trend-followers. The extreme positing by this group may provide a clue to a changing trend.
In contrast to speculators, commercial traders and bullion banks have reduced their net short positions in gold. This group of traders is usually referred to as smart (bankster) money. When this category hits the bottom in short interest, prices usually rise.
It has been hailed as an indicator that gold prices could have an advantage as we enter 2018.” – Annie Gilroy, Market Realist
I have a nice profit and still like Gran, with their 1.7 P/E or so Gran can 4 bag in 2018 as gold is perking going over 1300 and mining stocks in general starting a rally. geodan thank you good info smile)
Note .... The gold bull market in the 1970s and 1980s happened even as the Fed tested record-high interest rates. The yield on the 30-year Treasury bond rallied sharply during the late 1970s, eventually topping 15% in 1981. Gold rallied from about $100 per ounce in 1976 to over $850 per ounce in 1980.
The Commodity Futures Trading Commission levied fines against three European Banks on Friday for “spoofing” the futures markets, including COMEX gold. Six traders were arrested yesterday.
"Spoofing" involves placing buy or sell orders in order to move markets in a desired direction then canceling the orders before they get executed. It is one more tool that HSBC, Deutsche Bank and UBS have been using to rig markets.
The fines, which range from $1.6 million to $30 million, might otherwise have been written off as a cost of doing business for these behemoth banks.
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