You are here
CME Group says its rules ban market rigging, but so what? They didn't catch it
Dear Friend of GATA and Gold (and Silver):
Our friend Paul Fitzgerald of Groton, Massachusetts, has just proven that even individuals can get the attention of the entities and organizations that purportedly supervise our rigged markets, even if the truth can't always be extracted from them.
Fitzgerald recently filed a formal complaint with CME Group, operator of the major futures exchanges in the United States, alleging longstanding manipulation of the gold and silver markets operated by CME Group. While CME Group, in response, claimed to be unable to find evidence of substantial manipulation, Fitzgerald's complaint prompted CME Group's lead investigator to make himself ridiculous.
... Dispatch continues below ...
.... ADVERTISEMENT ....
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars.
To learn more, please visit:
http://www.goldmoney.com/?gmrefcode=gata
As you'll see in the account provided by Fitzgerald and appended here, the investigator replied that no entity, including the U.S. government, is allowed to manipulate the gold and silver markets, since that would be against CME Group rules.
The assertion is ridiculous since CME Group neither spotted nor stopped the manipulation of the gold and silver futures markets that was identified by the U.S. Justice Department and led to convictions and prison terms:
https://www.gata.org/node/22471
In fairness to CME Group, it must be acknowledged that the U.S. Commodity Futures Trading Commission itself conducted long investigations of complaints of silver futures price manipulation and said it couldn't find any wrongdoing. But then the Justice Department did.
That is, while CME Group may have rules against market rigging, they're not much good if the futures market operator is incapable of enforcing them.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
From Paul Fitzgerald, Groton, Massachusetts
Tuesday, January 7, 2025
The CME Group has closed administratively a complaint alleging manipulation of prices in the gold and silver markets. The complaint included evidence of 54 years of price manipulation detailed in the November 3, 2024, edition of Ed Steer’s Gold and Silver Digest. The complaint said the evidence shows "pure price management to the downside."
But CME Group's lead investigator, Cash Kinghorn, told the complainant -- Paul Fitzgerald of Groton, Massachusetts (h978@icloud.com) -- that the investigators looked and did not find evidence of manipulation that significantly moved the market.
Kinghorn had no explanation for why the evidence in the complaint showed consistent losses in trading. He said he is not an economist and there are many factors and players in the gold market.
Kinghorn also said no entity, including the U.S. government, is allowed to manipulate the gold and silver markets, since that would be against CME Group rules.
CME Group’s rules say traders are not allowed "to engage in, or attempt to engage in, the manipulation of prices of CME Spot Market contracts; to corner or squeeze, or attempt to corner or squeeze, the market; or to purchase or sell, or offer to purchase or sell, CME Spot Market contracts for the purpose of upsetting the equilibrium of the market or creating a condition in which prices do not or will not reflect fair market values."
The analysis published by Ed Steer’s Gold and Silver Digest that was included in the complaint to CME Group is posted at GoldSeek here:
https://goldseek.com/article/gold-manipulation-london-bias-1970-2024
The complainant is Paul Fitzgerald of Groton, Massachusetts. He can be reached at h978@icloud.com.
GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
The National Investor
The Prospector
Western Alaska Minerals
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
