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Congressman keeps pressing Treasury, CFTC about gold market rigging

Goldhedge

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#1
Congressman keeps pressing Treasury, CFTC about gold market rigging

Submitted by cpowell on Tue, 2019-09-10 14:18. Section: Documentation
10:23a ET Tuesday, September 10, 2019

Dear Friend of GATA and Gold:

U.S. Rep. Alex X. Mooney, R-West Virginia, is continuing his efforts to get answers from the U.S. Treasury Department, Federal Reserve, and Commodity Futures Trading Commission about surreptitious interventions by the U.S. government in the financial and commodity markets and particularly the gold and silver markets.

Mooney's efforts began with letters sent to the Federal Reserve chairman and treasury secretary in April 2018:


http://www.gata.org/node/18210

In July 2018 the Fed and Treasury responded to Mooney but only incompletely, the Fed denying that it was trading in gold but refusing to say whether it is trading in other markets, the Treasury giving a partial denial of gold trading but failing to answer about the government's policy toward gold:

http://www.gata.org/node/18407

In February this year Mooney asked the CFTC, as GATA already had done, if it has jurisdiction over manipulative trading undertaken by the U.S. government or brokers acting for the U.S. government, or if such manipulative trading is authorized by federal law:

http://www.gata.org/node/18832

The CFTC has never responded to GATA or to Mooney.

Summarizing the major questions that remain unanswered:

1) What is U.S. government policy toward gold? Is the policy still to drive gold out of the world financial system in favor of the U.S. dollar, as State Department records show the policy was in the 1970s?

2) Is the Treasury Department's Exchange Stabilization Fund transacting in gold?

3) What markets are the Fed and Treasury trading in, through what mechanisms, and for what purposes?

4) Does the CFTC have jurisdiction over manipulative trading by the U.S. government or its agents?

5) Has the U.S. gold reserve ever been audited for any encumbrances? If so, what were the findings?

Mooney's latest letter to Treasury Secretary Steven Mnuchin, sent last month, is here:

http://www.gata.org/files/MooneyToTreasury-08-19-2019.pdf

Mooney's latest letter to the CFTC, also sent last month, is here:

http://www.gata.org/files/MooneyToCFTC-08-19-2019.pdf

Of course the refusal of the Fed, Treasury, and CFTC to answer the congressman's questions promptly and fully is strong evidence that the U.S. government is deeply and comprehensively involved in market manipulation.

If only mainstream financial news organizations and financial market analysts had the courage and integrity to pose Mooney's questions on their own behalf. Then the world might enjoy some actual financial journalism -- and the market rigging and the imperialism the rigging represents might be defeated and free and transparent markets restored along with limited and accountable government.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
 
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#2
DOJ Accuses JPMorgan's Precious Metals Trading Desk Of Being A Criminal Enterprise

Who would have thought that JPMorgan's precious metals trading desk is the functional equivalent of the mafia, and that its one-time leader, Blythe Masters, was the mafia's don?

Well, almost everyone who didn't mind being designated a conspiracy theorist for years. And now comes vindication, because this has just been confirmed by the DOJ, which accused the PM trading desks at JPMorgan of being deeply involved in what prosecutors described as a "massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants."

In an indictment unsealed on Monday morning, the DoJ charged Michael Nowak, a JPMorgan veteran and former head of its precious metals trading desk and Gregg Smith, another trader on JPM's metals desk, in the probe. (Blythe Masters was somehow omitted).

“Based on the fact that it was conduct that was widespread on the desk, it was engaged in in thousands of episodes over an eight-year period -- that it is precisely the kind of conduct that the RICO statute is meant to punish,” Assistant Attorney General Brian Benczkowski told reporters.

Here's where it gets extra interesting: according to Bloomberg, the unusually aggressive language language embraced by prosecutors reminds legal experts of indictments utilizing the RICO Act - a law allowing prosecutors to take down 'criminal enterprises' like the mafia by charging all members of the organization for any crimes committed by an individual on behalf of the organization.

https://www.zerohedge.com/markets/t...harged-massive-gold-market-manipulation-fraud
 

negative1

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#3
In all honesty this must be seen as treasonous.

The artificially suppressed price of gold actually helps both China and Russia stockpile even more metal. If gold and silver weren’t held down they would probably only have a small fraction of what they have accumulated.

The gold that they hold makes them stronger.

:2 thumbs up:
 
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