zerohedge.com / By Tyler Durden / 03/13/2013 17:05
Years after the CFTC, under the leadership of Goldman’s Gary Gensler, theatrically agreed to investigate whether the price of precious metals was manipulated during trading – whether systematically or ad hoc – only to let that inquiry fizzle and drop the whole idea proclaiming there is manipulation, the commodity futures regulators are once again taking a look at shady activities originating at London. Or rather, it is “discussing internally” whether the daily London gold and silver price fixing is open to manipulation.
We are confident that this latest noble CFTC effort will be for naught: after all wholesale market manipulation like that of Libor and the energy market, is only contained to those sectors. It is preposterous and inconceivable that bankers, anywhere and especially in London, would be tempted to intervene illegally and push gold prices lower. After all, it is not like a surge in gold and precious metal prices is indicative of a loss of faith in the status quo and fiat money, and thus an embeded status quo oligarchy would have any interest in keeping precious metal prices lower. Which is why we urge the CFTC to promptly forget this latest charade, and to instead focus on much more productive things: like ignoring the creeping takeover by HFT of all commodity markets as well as complaining to Congress about its low, low budget.
From the WSJ:
The Commodity Futures Trading Commission is discussing internally whether the daily setting of gold and silver prices in London is open to manipulation, according to people familiar with the situation.
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