RE:gold market "spoofer" got fined (it's Merill Lynch !!) sailor8 - (6/26/2019 2:37:34 PM)
gold market "spoofer" got fined (it's Merill Lynch !!)
Six-Years Of Gold Market Spoofing Results In $25 Million Fine
Merril Lynch brokers faking the buy/sell orders just to try to manipulate the market SURELY NOT
How many day's profit is $25 Million to them ?
I think this price spoofing would have some possible effect on Algos or some traders who wanted a certain price and then started chasing the changing fake orders as they move but I think a far more serious problem is the seemingly unlimited naked shorting that sometimes occurs. Huge orders that hit the market driving down the price usually to paint the tape at the end of a week or overnight to scare off potential long orders for the next day and hopefully cause a panic pullback.
It seems at times whoever the sellers are are not in the least concerned with getting a good price but only on driving the metal prices and mining stocks down as much as possible so as to put their naked shorts in the money.
Obviously they are playing with money that is not theirs but comes from taxpayers and common investor losses that they can unfairly steal by selling metal or stock that they don't have didn't borrow and could never make good on if they ever had to. They know that if the market is allowed to find a true value their priviliged jobs will be in jeopardy along with the fancy titles and perks they have.
Governments let them get away with it because otherwise the whole Ponzi Scheme might fail.
Someday the tide will go out on them and as Warren Buffett likes to say we will see who is swimming naked. It would be nice to see one of these criminal manipulators offside and have to suffer the consequences for once but if and when that happens we will all probably go down with them as it will lead to a terrible depression with lots of unforseen problems even for those who prudently prepare ahead for it.