Gold Sales: UBS, HSBC, DB Face Prosecution

The CFTC announced via press release that 6 current and former traders from 3 major banks will be charged with spoofing gold sales in futures markets.

Every month, we see op-eds wondering if manipulation is happening, usually with circumstantial evidence that it could be. Further supporting manipulation claims – and sometimes to the surprise of people who don’t keep up with the news – this is not the first time such charges have been brought. Especially against HSBC.

Our favorite sentence in today’s featured article is the last: “For those keeping count, this is roughly the 4th time HSBC has been found guilty of manipulating markets after the bank nearly lost its charter and swore it would never manipulate markets again.”

You can read all about the charges and the fines here, and comment below on whether you think the penalties are appropriate.

 Related: Is the Gold Market Being Tampered With? Here’s What You Need to Know. 

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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