Crude Oil is up and Gold was up premarket but falling now because when the Economy is Great for today news it shall come in a little retrace...but don’t forget about the spoofers especially on the Precious Metals side they will keep GOLD up as long as they can..
U.S. regulatory authorities are cracking down on firms who unfairly manipulate or “spoof” the precious metals market.
Commodity Futures and Trading Commission (CFTC) fined Bank of America’s Merrill Lynch Commodities, Inc. (MLCI) $25 million.
The charges were related to allegations that traders at MLCI attempted to manipulate precious metals futures over a six-year period. Yes for 6 while years they manipulate the Gold and Silver markets causing millions in losses for legitimate investors as they are heartless souls working for the Big Bank industry where paying a 10% fine for spoofing while making 90% in profits is par course of business.
The CFTC said that MLCI traders spoofed precious metals markets by placing orders to buy and sell with the intent to cancel the orders before execution. The CFTC added that the manipulation ultimately caused artificial prices.
The CFTC noted an example from where a trader wrote the following in an electronic chat: “guys the algos are really geared up in here. [I]f you spoof this it really moves.”
“Today’s enforcement action shows that the commission continues to aggressively pursue those who manipulate and spoof in our markets,” said James McDonald, CFTC Director of Enforcement said in a statement from the CFTC. “If left unchecked, this sort of misconduct can undermine the integrity of the price discovery process, harm law-abiding market participants, and diminish confidence in our markets more generally. That’s why we will continue to keep our markets free from spoofing and illegal Big Bank traders.
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