More Gold Manipulators Busted!

note to regular readers who are not up on goldbuggery:  SarcAlert!!!

 

 

I’ve been one of the loudest voices on the internet trying to draw attention to the blatant manipulation in the gold market, chronicling my posts with concrete evidence of the blatant manipulation of the yellow metal.  I have hundreds of more screenshots that I haven’t even posted, as it got too repetitive to beat the same dead horse while the regulators stood idly by.

Today, though we got the news that the CME finally stepped up and busted some of these gold manipulators in action.   Of course, they needed help from you-know-who again: let’s look at what happened.

Earlier this week, Gold Manipulators struck multiple times, blatantly manipulating gold higher.  First, on Monday:

 

gold futures: 4/27/15

gold futures: 4/27/15

and then again, brazenly, on Tuesday:

gold: 4/28/15

gold: 4/28/15

 

now, the telltale signs of manipulation are obvious:  massive paper volume – the buyers don’t actually end up taking delivery of the physical gold – without regard to price or fiduciary duty.   The buying is purely designed to manipulate the price higher.   I know the CME Group follows me on Twitter,

 

 

cme_follow

so I gave them a little help with this obvious market rigging, noting that it was obviously spoofing:

 

obviously

obviously

I may have been wrong about the central banks (or maybe the CME is using these small time traders as scapegoats to cover up their bigger scheme), but it didn’t take long for the CME to act!  Here’s the story that prompted this victory lap post:

“On April 30, 2015, CME Group’s Market Regulation Department (“Market Regulation Department”), through its Chief Regulatory Officer, summarily denied Nasim Salim (“Salim”) direct and indirect access to all CME Group markets, the CME Globex electronic trading platform, any other electronic trading or clearing platform owned or controlled by CME Group, and all trading floors owned or controlled by CME Group. …

CME Group’s Chief Regulatory Officer’s summary access denial of Salim was based upon the findings of an investigation conducted by the Market Regulation Department, which revealed that on multiple trade dates during the time period of March 1, 2015 through April 28, 2015, Salim engaged in a pattern of activity in which he repeatedly entered orders or layered multiple orders for Gold and Silver futures contracts without the intent to trade. Specifically, Salim entered these orders or layered multiple orders to encourage market participants to trade opposite his smaller orders resting on the opposite side of the book. After receiving a fill on his smaller orders, Salim would then cancel the resting order or layered multiple orders that he had entered on the opposite side of the order book.

Salim introduced Heet Khara (“Khara”), who is also the subject of a summary access denial action, to his first FCM and Salim had an account at the second FCM at which Khara traded in a disruptive manner. Further, it appears that on multiple occasions Salim and Khara coordinated efforts to engage in disruptive activity. In an example from April 28, 2015, Salim entered small-lot orders on one side of the market in Gold futures, after which Khara entered large orders on the opposite side. When Salim’s small orders were filled, Khara canceled the large orders. Salim has not responded to correspondence from the Exchange.

The foregoing conduct, as well as Salim’s failure to cooperate with the Exchange, present a good faith determination that there are substantial reasons to believe that such immediate action is necessary to protect the best interests of the Exchanges and the marketplace.”

So there you have it!  These illegal manipulative spoofers were cut off from trading on the CME platforms on Thursday, April 30th.   The result of removing these gross manipulators from the marketplace, and allowing true, un-manipulated price discovery to take effect, is easily visible:

get rid of the manipulators, and price goes where it's supposed to

get rid of the manipulators, and price goes where it’s supposed to

Thank you, CME, for continuing to crack down on these shameful individuals who are working against the best interests of the Exchange and the marketplace.

related:

CME Disciplinary Notice

Is Anyone Calling the Regulators About Today’s Blatant Gold Manipulation?

Concrete Evidence of Gold Manipulation

One Month of Gold Manipulation, In Pictures

May Gold Manipulation In Pictures

Sources Call June 2014 Worst Month In History of Gold Manipulation

A Historic Summer of Gold Manipulation

As Details of Gold Manipulation Come to Light, Price Action Makes More Sense

Conspiracy FACT: Gold Manipulation Goes Front Page

Who Drives the Price of Gold?

Precious Metals Charlatans: Freaks of the Industry

KD