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Bloomberg News: Currency spikes at 4 p.m. in London provide rigging clues
8:25a ET Wednesday, August 28, 2013
Dear Friend of GATA and Gold:
Recurring spikes in currency market pairs over the last two years look like attempts by big currency dealers to rig financial benchmarks much as the LIBOR interest rate benchmark has been manipulated, Bloomberg News reports. Maybe Bloomberg will get around to the gold market in another decade or so. Plenty of documentation of gold market rigging, underwritten by Western central banks, long has been delivered to Bloomberg by GATA. The Bloomberg report on currency market rigging is posted here:
http://www.bloomberg.com/news/2013-08-27/currency-spikes-at-4-p-m-in-lon...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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In June, America's Internal Revenue Service (IRS) said it was examining the use of virtual currencies such as bitcoins amid fears that Americans are using them to evade taxes.
In the future, taxpayers could be forced to disclose to the IRS whether they are using PayPal accounts for the virtual transfer of money, according to Victor Lessoff, director of the IRS.
Last month Thailand became the first country to ban bitcoins after the central bank ruled it is not a currency.
The ruling means it is illegal to buy and sell bitcoins, buy or sell any goods or services in exchange for bitcoins, send any bitcoins to anyone outside of Thailand, or receive bitcoins from anyone outside the country.
Launched in 2009 in the wake of the global financial crisis, bitcoins are "mined" using complex computer source code. The virtual currency started as a relatively niche method of payment, devised by an anonymous programmer, but can now be used for anything from online gambling to pizza delivery.
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