- UBS To Settle Gold/Silver Manipulation Charges!
Intrinsic currencies like gold and silver, for example, are acceptable without a 3rd party guarantee. – Alan Greenspan, (LINK)
The Financial Times is reporting that UBS has agreed to settle charges against it by the UK’s Financial Conduct Authority that it engaged in the manipulation of the gold and silver markets. While it may come as a surprise to chart wranglers like Trader Dan or interminably hot air windbags like Dennis Gartman and Martin Armstrong that gold and silver are manipulated by the big bullion banks, UBS has de facto admitted to such illegal activity.
This comes on the heels of a £1.5 billion pound ($2.4 billion) settlement agreement (to be announced Wednesday) that includes UBS, Barclays, Citigroup, HSBC, JP Morgan and RBS connected to charges of foreign exchange market rigging.
If these banks are rigging forex trading, it means that they are de facto rigging gold and silver. Why? Just ask Alan Greenspan: “Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can match it…Gold has a monetary characteristic which is intrinsic.”
I’m wondering if part of the $40 move higher in gold on Friday was driven by insiders – i.e. the banks – who knew that the UBS gold/silver manipulation settlement deal was going to be announced by the FT today (Sunday, November 9).