Interview: “Are We Going To See Massive Confiscation Of Wealth By Banks!?”

Wednesday, June 4, 2014
By Paul Martin

Wednesday, 4 June 2014

Continuing revelations regarding gold manipulation by banks continues to be ignored, for now.

The Financial Times reports today that when the UK’s financial regulator(FSA) slapped a £26 million fine on Barclays for lax controls related to the gold fix, it offered more ammunition to critics of the near-century-old benchmark. But it also gave precious metal traders in the City of London plenty to think about.

“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 that the practice of nudging a tradeable benchmark to protect a “digital” derivatives contract — as a Barclays employee did — was routine in the industry,” according to the FT.

Gold bullion is due a bounce as it appears oversold. Gold’s 14-day relative-strength index was at 28.1 today and since May 29, it has been below the level of 30. This suggests a potential impending rebound to technical analysts.

The dollar reached an almost two-month high versus 10 major currencies before the U.S. government releases a jobs report on Friday. Friday’s jobs report is forecast to show employers added 215,000 jobs in the U.S., just above this year’s average. A worse than expected number is quite possible given the state of the struggling U.S. consumer and retailers. This would lead to a safe haven bid for gold.

Silver for immediate delivery added 0.3% to $18.86/oz in London. Silver reached $18.63 on May 30, the lowest since June 28, 2013. Palladium fell 0.6% to $833/oz. Palladium reached $845.24 on May 28, the highest since August 2011 due to concerns about Russian supply. Platinum lost 0.6% to $1,422.51/oz, after falling to $1,421.75, the lowest since May 12.

Interview: “Are We Going To See Massive Confiscation Of Wealth By Banks!?”

GoldCore’s Head Of Research, Mark O’Byrne was interviewed on Rick Wile’s Trunews radio programme on Monday night. Topics discussed in the 30 minute interview were

– China and Russia’s gold hoarding
– Ireland and Europe’s perspective on the dollar
– Denial and complacency amongst the public
– Deflation and inflation risk
– Do not trust government ‘headline inflation’
– Ecuador’s pawning their gold to Goldman Sachs
– The importance of owning physical gold internationally
– The likelihood of deposit bail-ins in G20 countries
– Cyprus bail-in did not hurt Russians – rather Cypriot working and middle classes
– You have to be prepared. Better to be a year early than a day late
– And how this all factors into the coming restructuring of the global financial system

The Rest…HERE

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