Mini-Puke: Barclays got Caught fixing the gold market

lukep

lukep

He Hath Arisen
Sep 18, 2010
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On the blockchain
I didn't see a thread in here on the Barclay's scandal, so since we here in STS always appreciate a busted-open conspiracy theory, I'll do the honors:

Caught Red-Handed: This Is What Zoomed In Gold Manipulation Looks Like | Zero Hedge

For the last decade at least, the paper gold market has been fixed through a trick called the "mini-puke" where the bank sends through a huge sell order, it stalls the system for a few seconds, and in that tiny window they can hide other orders somehow. This has been constantly supressing the price of paper gold for all these years!

Barclay's bank is blaming one of their low-level employees for basically fixing the entire, global gold market. Yeah, I'm sure he did it alone. Until a few days ago, the whole 'gold supression' thing was only a conspiracy theory that most people would call a 'libertarian fantasy.' Now it's a fact; and Barclay's is going to pay a mere 26 Million Pounds for their crimes of gold market manipulation... Over the last DECADE. /seems legit

Barclays Fined For Manipulating Price Of Gold For A Decade; Sending "Bursts" Of Sell Orders | Zero Hedge

So, could other banks be doing it too? What's gold going to do now?

Seems like a good time to buy, but bitcoin is still a far superior buy in my opinion, and will likely make all precious metals pretty obsolete given time.
 


But at least that's a, you know: A *REAL CURRENCY


*REAL: if you poled 10 random peeps they would All agree it was actually worth something.

hahahahaha
 
GerardWon said:
But at least that's a, you know: A *REAL CURRENCY
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Gold cannot be remotely defined as currency in this century.... Almost nobody accepts it in trade, for instance.


GerardWon said:
*REAL: if you poled 10 random peeps they would All agree it was actually worth something.
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That may be the worst way to define something I could imagine.

Forget about it being a logical fallacy in the first place, but 95% of the population of the planet has no idea what makes money worth anything. They have no clue whatsoever what money is and where it comes from. Deriving "realness" from their pooled opinion is a sure way to lose all your value.
 
lukep said:
Gold cannot be remotely defined as currency in this century.... Almost nobody accepts it in trade, for instance.



That may be the worst way to define something I could imagine.

Forget about it being a logical fallacy in the first place, but 95% of the population of the planet has no idea what makes money worth anything. They have no clue whatsoever what money is and where it comes from. Deriving "realness" from their pooled opinion is a sure way to lose all your value.
Click to expand...

Seriously??... cut the crap. It has value if they can spend it in Walmarts or pawn it for something that can be spent there... and EVERYONE KNOWS THIS. You included.

awight. My work here is done.
 
posting to learn what paper gold is






























































































































































inb4 only to unwillingly discover how its a bullshit currency anyway and how bitcoin is 100 times better according to lukep
 
GerardWon said:
Seriously??... cut the crap. It has value if they can spend it in Walmarts or pawn it for something that can be spent there... and EVERYONE KNOWS THIS. You included.

awight. My work here is done.
Click to expand...

Money, and anything else, has value if you believe it does, and the person you are giving it too does as well. It does not matter how the conclusion of value is reached, that's the actuality of it.
 
posting in a lukep bitcoin thread

l3k1WwP.jpg
 
GerardWon said:
Seriously??... cut the crap. It has value if they can spend it in Walmarts or pawn it for something that can be spent there... and EVERYONE KNOWS THIS. You included.
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LOL, I can spend my bitcoins at any walmart just fine... Meanwhile, could you imagine the myraid of problems you'd have spending gold at one? They don't take it, and there's like 5 different reasons they won't.

Merchants accepting gold? Maybe a few hundred, despite all the hardships. Bitcoin? 60,000+ and growing daily.

Peter "bitcoin has no inherent value" Schiff now accepts bitcoin for his gold... This game is over bro. Give it up.

& thanks for proving my point.


Dr. Scientist said:
posting to learn what paper gold is
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It's just contracts for gold... Any time the gold isn't in your hand or traded in person, that's paper gold, which for the last decade has been selling for a lower and lower rate compared to gold in person.

ayzo said:
posting in a lukep bitcoin thread
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I didn't mean it to be that way... This gold news is actually pretty freaking huge. I promise I won't mention bitcoin here again if you guys don't ask me specifically about it.

I really just wish the people that accused libertarians of being tinfoil hat wearers for all those years about this would step forward and admit they were wrong.
 
SkyFire said:
Money, and anything else, has value if you believe it does, and the person you are giving it too does as well. It does not matter how the conclusion of value is reached, that's the actuality of it.
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Luke can pitch a BTC future in Kansas until he's dead - if you go to a Wal-Mart in America - or anywhere the 99% amass, you realize quick you're not going to get anyone to understand what virtual money is. Not unless govt works with Walmart and starts loading up bitcoins onto peoples welfare cards to spend as "points" at the store. The average American can grasp the concept of points for stuff. BTC is too advanced. So they'll never believe it has value.

Lukep still reminds me of BTC wagenheim.
 
After reading this thread, I can understand why nobody tends to think the 20%-60% income taxes people pay is exactly like 20%-60% of your work day being involuntary servitude -slavery - and despite the findings in the grace commission report, everybody believes its necessary to pay those taxes. Again, despite the data and the science, you even think its ok to pay to have insecticide (instead of vitamin c) added to your water under the guise of preventing cavities while it widdles away at your IQ and causes dental and skeletal fluorosis. Hitler only inflicted such atrocities on his concentration camps. Its painfully obvious now why the crooks that victimize entire nations rarely ever go to jail and because of this: Fuck all the worthless eaters, I understand now why you'd be treated so poorly and I'd like to profit off of your suffering just the same. Nevermind, thats all some crazy conspiracy theory according to the impartial, fair and balanced duality of modern infotainment.

Also, cocks.
 
lukep said:
Deriving "realness" from their pooled opinion is a sure way to lose all your value.
Click to expand...

And to artificially inflate it as well. i.e. - tulips and bitcoin

Interesting fraud story, however. Now I hate Barclays too.
 
What the fuck is it with this thread? The subject is Gold Market fixing... Why is Jeffrey the drunk the only one that even came close to addressing such an important subject?

It's not like there weren't hundreds of threads about gold & the price of it on wickedfire before... Tons of you speculated what was happening to the price of gold and tons more of you called the first group conspiratards.

Where are all of these people now that some solid, hard evidence of that entire market being rigged is finally here?


@Gerard: You obviously don't need bitcoin. Please just ignore my cheerleading, ok? It's not intended for a genius like you.
 
lukep said:
Tons of you speculated what was happening to the price of gold and tons more of you called the first group conspiratards.
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people have got to be a little retarded to assume those with the means would never conspire. amirite or amirite. stupid mother fuckers.

Where are all of these people now that some solid, hard evidence of that entire market being rigged is finally here?
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stupid mother fuckers.

They didn't care about Libor either or subprime. We're in the optimization space, some of you know a bit about probability theory, the law of large numbers. What do you think banks use to write underwriting guidelines? Thats enough to tell you they were well aware of the subprime problem which is why
that paper was turned into derivatives to be sold world-wide.

I can tell you from experience, your mission to wake people up is hopeless, unfortunately. You've got television, poison and other propaganda competing with a subject as complex as finance? If you had a chance in hell of making an impact to the idiots (whom are actually the problem itself), you'd have to unravel the distractions and chem first.

Get money, in whatever form, sell poison and propaganda to the worthless eaters. Fuck em. Make a mill, build a mcdonalds in the ghetto that broadcasts sporting events.

Or use bitcoin tech to start a decentralized democratic network that mines to validate votes and elections, secures comm, hosts a small social network where people can vote and trust that those votes count. Try to grow it, make an attempt at attrition.

Liberating people with knowledge will never work, most people either don't realize it matters enough to give a shit about, don't care because they're void any sense of right and wrong, or too stupid to understand it from square one.

Join those that would conspire with each other to exploit herds of morons, or try another method.

Based on careful observation and experience:

Heres what doesn't work:
1) Peaceful protest
2) Trying to wake people up with knowledge
3) Waking people up with knowledge (even if you can teach them about the gold fraud, the next week they'll be looking retarded belching out Alex Jones or David Icke verbatim without any kind of critical thought.

What works:
1) Kill off all the people that promulgate the root problem
2) Divide the target with a false paradigm of "teams" like democrat/republican
3) Get them to fight each other about useless ideas that don't matter at all like gay marriage and abortion
4) Use propaganda and capital to control and corrupt puppets that write laws nobody reads anyways
5) Enforce propaganda by making sure everybody knows the opposite of your copy is stupid using some simpleton cliche like "oh wow, get your tinfoil hat"

That shit works, obviously. I think combining what works with bitcoin tech could decentralize all government worldwide, that might be a simple enough concept for the idiots to catch on to, especially if you make it look like facebook and tell everyone "this social network (where you can vote and elect a decentralized government) wont track your user data (which would actually serve to improve the quality of service the app provides - but people dont like this despite the benefits)

not to get you down or anything lol
 
luke, fun fact, when M00dy's downgraded greece, I was doing rep mgmnt for them. A few months ago I found out who was paying for it. UN. I was buying links for that on this forum. Atkins wanted to change Dr Atkins cause of death in Wikipedia, we did that. A plastic pallets company wanted to show everyone that wood pallets were a huge danger to society, FOX news was hiding some shit but I wasnt on that, and for some reason they wanted to stop 1 of the 3 private space program owners from their IPO. cats out of the bag now. I give 0 shits, I didn't like doing that stuff but I was happy to have the validation that I could see the corruption first-hand. Google the abbreviations for New Yankee Cat House Alpha and the words "image guru". We did that too, the protagonist here is an agent. This is when we got caught. If this company wasnt such a piece of shit, I might keep those secrets, but they werent paying me conspiracy dollars. Chump change mafkr.

Hiding the downgrades certainly would have an impact on trading activity.

thought youd enjoy this info :)
 
conspiracy theory? mini-puke? paper gold? hidden orders? You sure love going for dramatic speech and over hyping. The way I read it from the BBC article, it was a rather isolated case, although you can bet the higher ups knew something dodgy going on and took a long time to act. Basically they had a gold contract with a client, had to pay like $3.6 million to a customer if gold was above $x amount at a specific time. So they put in a lot of sell orders around that time, forced the price down enough and saved themselves from having to pay out.
 
Fierce said:
conspiracy theory? mini-puke? paper gold? hidden orders? You sure love going for dramatic speech and over hyping. The way I read it from the BBC article, it was a rather isolated case, although you can bet the higher ups knew something dodgy going on and took a long time to act. Basically they had a gold contract with a client, had to pay like $3.6 million to a customer if gold was above $x amount at a specific time. So they put in a lot of sell orders around that time, forced the price down enough and saved themselves from having to pay out.
Click to expand...

Isolated case?

30vzuj4.jpg


Poopie come and preach - inb4 I get schooled.
 
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