Talk About Manipulation?
July 24th 2008 18:01
Here's a hoot!
The Commodity Futures Trading Commission (CFTC) has charged Optiver Holding BV with oil-market manipulation, in March of 2007! They are alleged to have engaged in "banging" or "marking" the close. In OTC stock trading it might be like hitting the bid on the last trade of the day to show a low close or hitting the offer side at the close to avoid a margin call. That's mainipulation!
But where's the CFTC been when our government does the same thing in Gold to keep the price from reacting to the news or to "bang" the market as the London Metals Exchange (LME), closes, as Marcus C. Rodriguez, CFP® charges in his letter to the CFTC:
The letter from Rodriguez has a remarkable chart showing how the trading of the August Gold contract was impacted on four consequtive days beginning on July 15th, 2008.
The Commodity Futures Trading Commission (CFTC) has charged Optiver Holding BV with oil-market manipulation, in March of 2007! They are alleged to have engaged in "banging" or "marking" the close. In OTC stock trading it might be like hitting the bid on the last trade of the day to show a low close or hitting the offer side at the close to avoid a margin call. That's mainipulation!
But where's the CFTC been when our government does the same thing in Gold to keep the price from reacting to the news or to "bang" the market as the London Metals Exchange (LME), closes, as Marcus C. Rodriguez, CFP® charges in his letter to the CFTC:
...the nearly identical large sales of gold contracts in a short period of time over consecutive days at precisely the same time are indicative that the seller’s intent was clearly not to maximize their sale price. These events were intentionally telegraphed to the market, with the intent to distort prices by capping the price of gold. Furthermore, the timing of these sales historically appears to be coordinated with the closing of the London Metals Exchange,... (LME),
The letter from Rodriguez has a remarkable chart showing how the trading of the August Gold contract was impacted on four consequtive days beginning on July 15th, 2008.
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