Why not sue Comex for facilitating the rigging of monetary metals markets?
By: Chris Powell, Secretary/Treasurer, GATA
GoldSeek.com
Wednesday, 19 July 2017
read Ronan Manly’s July 18 report asserting that the New York Commodity Exchange’s gold futures market is structured to facilitate price manipulation:
http://www.gata.org/node/17521
The U.S. Commodity Futures Trading Commission likely won’t ever do anything about that. But I wonder if anyone has looked into whether the Comex and its operator, CME Group, might be held liable for knowingly facilitating or aiding and abetting illegal activity?
Perhaps a civil lawsuit seeking damages or an injunction might prompt changes in the monetary metals futures exchange to prevent manipulation. Your thoughts?
— C.W., New York
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Dear C.W.:
Thanks for your note. While these days you can be sued for wearing socks that don’t match, it seems unlikely that any litigation against the Comex could succeed, especially if, as GATA suspects, most of the manipulative trading is done at the behest of the U.S. government and other governments.
For the Gold Reserve Act of 1934, as amended in the 1970s, establishes the U.S. Treasury Department’s Exchange Stabilization Fund and authorizes it to trade secretly in all markets:
https://www.treasury.gov/resource-center/international/ESF/Pages/esf-ind…
The U.S. Federal Reserve is authorized to trade secretly as well.
The Rest…HERE
