Phone Call from a Bank Manipulator…”he said in no uncertain terms that manipulation does occur.”
By Keith Weiner
GoldSeek.com
Monday, 2 April 2018
This topic is so timely and so important, that we publish this special report in lieu of our normal weekly Supply and Demand Report.
After our recent article debunking manipulation, we got a phone call from a man whom we will call Jim Bailey (all names have been changed to protect the innocent and the guilty). Jim worked on the London gold desk at a major financial institution. He told us that a lot of what we said was spot on. However, he said in no uncertain terms that manipulation does occur. Here is Jim’s story, as related to us by phone on Friday.
It was seven years ago, today. Lord Horace Abernathy came into our office. I knew of Abernathy, of course, he was my boss’ boss’ boss. A power broker, his value to the bank was not so much in his managerial skills, but his connections in government. His seat in the House of Lords was invaluable.
He did not ask after the traders’ health, or make any other small talk. He is a Lord and traders are mere peasants. He just said, “Chancellor Osborne needs you to make silver go down.”
There was a long silence, as nearly a score of traders gaped at each other.
“Gold too, of course.”
The head trader, a man known only by his last name McKellar, looked like a hard man such as you might find drinking and fighting heavily in a pub in South London. He had a florid nose, and one ear perhaps resembled cauliflower. He kept a running tally of every gold forward throughout the trading day, and could calculate bid and offer on options spreads in his head in about a second.
He wasn’t having none o’ the Lord’s rubbish. “We haven’t got a Harry Potter wand to wave and just make them go down! Every tosser is buying right now. We could sell our whole prop position and it wouldn’t make a dent.”
Abernathy ignored McKellar and his uncouth language. “Well, what are you waiting for? I should not even need to tell you this, but Osborne personally wants gold and silver to go down. This big rise makes the government’s money look bad.”
The Rest…HERE
