Gold Manipulation Goes Mainstream, Financial Times Reports On “Routine Influence”

gold timeThe Silver Bug: Last week, we discovered that Daniel Plunkett, a former options trader for Barclays was charged with manipulating the price of gold on a daily basis.

This vindicated those in the precious metals community who have been claiming that the precious metals market is manipulated.

This was further supported by the UK’s Financial Conduct Authority who found that Barclays was in violation from 2004 until 2013.

This leads us to ponder on whether the mood is changing in regards to precious metals manipulation.

Is the public finally waking up to reality?

Is the mainstream media donning the proverbial “tin foil hat”?

It appears so.

The Financial Times on Tuesday released an article titled Trading to Influence Gold Price Was Routine“. 

The Financial Times adopts a much softer approach than the traditional gold bug and replaces “manipulation” with “influence”, although their fundamental point remains the same.

The gold market is rigged and Barclays is only the first domino to fall.

As reported by the FT:


“While the Financial Conduct Authority says the case appears to be a one off – the work of a single trader – some market professionals have a different view.

They claim the practice of nudging a trade-able benchmark in order to protect a “digital” derivatives contract – as a Barclays employee did – was routine in the industry.

Customers of Barclays and other market-making banks may be looking to see if they too have cause for complaint, according to one hedge fund manager active in the gold market.

“If I was at the FCA I would be looking at all banks trading digitals.

This could be the tip of the iceberg – there’s a massive issue with exotic derivatives and barriers.”


The Financial Times then goes on to explain how Barclays,


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