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Published on Gold Anti-Trust Action Committee (http://gata.org)

At Money Metals, TF Metals Report's Craig Hemke scorns technical analysis of manipulated markets

By cpowell
Created 2019-10-07 14:49

10:55a ET Monday, October 7, 2019

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report, interviewed by Mike Gleason of Money Metals Exchange, notes the irrelevance of much technical analysis in markets that are as manipulated as those for gold and silver.

The "spoofing" in the gold and futures markets that recently has yielded indictments and convictions of bullion bank traders in the United States is directly related to the strange "waterfall" smashes in gold and silver in recent years, Hemke says.

... Dispatch continues below ...



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The gold and silver trading desk of JPMorganChase in New York, whose gold and silver traders have been indicted and convicted, worked closely with the bank's physical desk in London, Hemke says.

Hemke explains: "Say the physical desk in London has an order that they took a few weeks back and they've got to fill. They've got to get a ton, 50,000 ounces, whatever. And they've got to fill that order and they don't have it. So they've got to go buy it. First they've got to get that metal shook free, so they've got to convince somebody to sell, but at the same time they might want to save a few bucks when buying that metal and so they get the desk in New York to rig the price lower.

"The guy in London calls up [JPM gold trading desk chief] Michael Nowak and says, 'Mike, I really could use the price down $10 from here. Could you take care of that for me?'

"Mike gets [confessed JPM gold-spoofing trader John] Edmonds on the phone. They start spoofing away -- boom. And you get these waterfall declines where we all sit back and scratch ours head going, 'Wait a second. Who in their right mind sells 10,000 contracts in 30 seconds?'"

Meanwhile, Hemke says, "Baghdad Bob" financial market letter writers contrive technical analysis explanations for the strange market action, since any candid analysis of it would reveal to their subscribers the uselessness of the technical analysis they're selling.

Gleason's interview with Hemke is posted at Money Metals Exchange's internet site here:

https://www.moneymetals.com/podcasts/2019/10/04/bank-liquidity-crunch-co... [2]

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org [3]

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