Seeking Alpha

Gold pricing probe may be widening

  • UBS's annual report disclosure that an investigation of of its foreign exchange operations has been widened to include its precious metals business suggests the probe is about more than the twice-daily London gold fix.
  • The Swiss lender is not one of five banks which oversee the fix and - the FT notes - no mention of an investigation into precious metals was made during the company's Q4 results just one month ago.
  • UBS's disclosure is especially important as the bank has tended to be a front-runner among its peers in revealing the details of these numerous regulatory probes over the past two years.
  • As for gold trading today, the price threatened $1,400 per ounce overnight, but has retreated back to flat on the session at $1,379.
  • Gold ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, GLDI, DGZ, AGOL, DGLD, TBAR, UBG, GLDE, GYEN, GEUR, GGBP
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Comments (6)
  • filipo
    , contributor
    Comments (4203) | Send Message
     
    As by coincidence they (the regulators) are looking in the wrong direction.
    17 Mar 2014, 11:30 AM Reply Like
  • Agbug
    , contributor
    Comments (1162) | Send Message
     
    This won't go anywhere, IMO. LIBOR is one thing, but gaming the system on precious metals is quite another. "Those right wing nut speculators get what they deserve". Who are they to dare to question the full faith and credit of the United States government anyway?
    17 Mar 2014, 12:36 PM Reply Like
  • fred1724
    , contributor
    Comments (67) | Send Message
     
    What full faith and credit?
    17 Mar 2014, 01:07 PM Reply Like
  • Renov8
    , contributor
    Comments (20) | Send Message
     
    On any other day, the Crimea vote and subsequent effort to invalidate, would send $GLD prices thru the roof. Today, it's in the basement along with the preciouse metals manipulation investigation...
    17 Mar 2014, 01:41 PM Reply Like
  • User 390519
    , contributor
    Comment (1) | Send Message
     
    I hope the Ted Butler and Sprotts of the world are putting pressure on all involved
    with this probe. Bob
    17 Mar 2014, 01:42 PM Reply Like
  • nooseah
    , contributor
    Comments (550) | Send Message
     
    Underpinning the 'value' of fiat is all that counts. PMs will remain manipulated and suppressed until it is no longer possible.

     

    A country like China could easily wage economic war on the U.S. by keeping up a large and relentless gold purchasing pace - thus draining BIS members' and IMF stocks, until such time as some kind of monetary reset was forced upon the West.

     

    There are some commentators who suggest that this is the plan. Others say China is keen to not rock the boat too much as they would suffer economically in the fallout. And others reckon a global reserve currency based on a basket of majors will be the next step (Including the Yuan). Fascinating times.
    17 Mar 2014, 06:07 PM Reply Like
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