Libor and the Bank

Nearly five years ago, the former CEO of Barclays Bank, Bob Diamond, defended himself against accusations that on his watch, Barclays had deliberately falsified Libor submissions. To no avail: after widespread adverse press coverage, Diamond resigned. Was this at the instigation of the Governor of the Bank of England and the head of the FSA? We will probably never know. But events yesterday make not only Diamond’s resignation, but also the prosecution and jailing of traders and Libor submitters from Barclays and other banks, look distinctly odd. The BBC’s Andy Verity has revealed the existence of a recording which appears […]

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The end of the road for the Co-Op Bank

The Co-Op bank is putting itself up for sale. It announced today that it will offer all of its shares for sale, including the Co-Op Group’s 20% stake and the shares currently owned by a consortium of American hedge funds, institutional investors and small investors. The decision follows on from last month’s disclosure that it was facing a full-year loss for the third year running and would fail to meet capital requirements set by the Prudential Regulatory Authority (PRA) for some years to come. It has almost certainly been made under pressure from the PRA. The decision to offer the […]

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Deutsche Bank Lawsuit Uncovers Damning Evidence of Silver Price Rigging

Some say there is honor among thieves. Perhaps, but apparently not among the banking class of criminals when they are under serious legal and regulatory pressure. German behemoth Deutsche Bank agreed last spring to assist plaintiffs and regulators by ratting out their co-conspirator banks in a wide ranging scheme to rig prices and cheat clients. They cut a deal to avoid even larger monetary damages and criminal prosecution. Executives there agreed to pay nearly $ 100 million to settle their legal troubles and share information. In return the bank gets to deny wrongdoing and keep its license to trade in […]

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Deutsche Bank Silver Rigging; David Morgan on Financial Markets under Trump

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason. Coming up we’ll hear from David Morgan of The Morgan Report. David gives his insights on current industry sentiment following a few rough months for the metals, tells us what to expect with the upcoming price action for gold and silver, and gives us his predictions on how the financial markets will react to Donald Trump’s presidency – and his outlook may surprise you. Don’t miss another fantastic interview with the Silver Guru, David Morgan, coming up after this week’s market update. Precious metals markets continue to show signs of […]

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Trump’s Task List for Reining in Our Reckless Central Bank

President-elect Donald Trump will soon have the opportunity to put his stamp on the Federal Reserve. And that is making the elite body of central bankers nervous. On the campaign trail, Trump harangued Fed chair Janet Yellen for pumping up financial markets with cheap money – accusing the Obama appointee of being politically motivated. Trump also called for the Federal Reserve to be audited. The Fed operates in secret, creates inflation, and bails out Wall Street. Fed officials worry the Trump presidency represents a unique threat to the Fed’s closely guarded “independence.” Sound money proponents, meanwhile, are hopeful that some […]

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India Voids Bank Notes; Is the U.S. Bond Bubble Popping?

Donald Trump promises to “Make America Great Again.” Whether he can do it remains to be seen, but the Federal Reserve Note “dollar” is certainly responding to his victory. Traders began swapping bonds for dollars the morning after the U.S. elections and they haven’t stopped yet. The DXY index topped 101 on Friday – its highest level since early 2003. Beleaguered precious metals bulls are feeling the side effects. The surge in the dollar coincides with the retracement of a portion of the year’s price gains in gold and silver – although gold is still up close to 13% and […]

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Synthetic Gold Leasing: More Details Regarding The “Precious Metals” On Chinese Commercial Bank Balance Sheets.

BullionStar More proof the “precious metals assets” on Chinese commercial bank balance sheets have little to do with the “surplus” gold in China’s domestic market. One of the topics about the Chinese gold market that has not been fully illuminated is the “gold” on the 16 Chinese commercial banks’ balance sheets. At the end of 2015 the aggregated “precious metals assets” on the bank balance sheets accounted for 598 billion yuan (RMB), which translates into approximately 2,682 tonnes of gold – if all the precious metals were gold related, which is very likely. In my previous post on this subject we learned from examining the banks’ […]

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Central Bank Austria Claims To Have Audited Gold at BOE. Refuses To Release Audit Reports & Gold Bar List

BullionStar After years of gradually securing its official gold reserves (unwinding leases) the central bank of Austria claims to have completed the audits of its 224 tonnes of gold stored at the BOE. However, it refuses to publish the audit reports and the gold bar list. What could possibly be so sensitive to hide from public eyes? After the Germans had activated a program to repatriate 150 tonnes of their official gold reserves in 2012, which was revised in 2013 to have 50 % of their gold on German soil by 2020, and the Dutch repatriated 123 tonnes in 2014, the Austrians have likely been inspired by […]

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Gold & Silver Steady amid Bank Problems; Steve Forbes Speaks on Gold and Politics

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason. Responding to popular demand, we’ll hear a replay my conversation with Steve Forbes. Earlier this year, Mr. Forbes gave a fascinating interview about the presidential election and why he believes the time is now for America to restore gold in our monetary system. My interview with Steve Forbes, billionaire investor and CEO of Forbes, Inc., coming up after this week’s market update. Well, the big market moving news this week didn’t come from the Federal Reserve for a change. It came from another powerful market rigging cartel – OPEC. The […]

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Deutsche Bank Collapse: The Most Important Bank In Europe Is Facing A Major ‘Liquidity Event’

The largest and most important bank in the largest and most important economy in Europe is imploding right in front of our eyes.  Deutsche Bank is the 11th biggest bank on the entire planet, and due to the enormous exposure to derivatives that it has, it has been called “the world’s most dangerous bank“.  Over the past year, I have repeatedly warned that Deutsche Bank is heading for disaster and is a likely candidate to be “the next Lehman Brothers”.  If you would like to review, you can do so here, here and here.  On September 16th, the Wall Street […]

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