Loading ...Lol lol gold flake coffee. Dubai might go for that. Scotia Mocatta coffee sounds exotic.
Maya
‘Butterscotch Mocha Latte’
I think you’ve got something going on there. Shark Tank ready! 🙂
Scotia Mocatta
…conjures up ‘Butterscotch Mocha Latte’ to me. Sounds like something Starbucks would name a concoction. Slimy yet satisfying.
🙂
Moggy
Thanks Moggy. I needed that!
Slimy yet satisfying! 🙂
Ipso
Everytime I read of Scotia Mocatta I can’t help but think of Hakuna matata, lol.
https://www.youtube.com/watch?v=xB5ceAruYrI
Think the traffic here is bad.
Try China.
If Dreams Could Come True
UBS Is About To Blow The Cover On A Massive Gold-Rigging Scandal
Tyler Durden’s pictureSubmitted by Tyler Durden on 09/28/2015 15:22 -0400
With countless settlements documenting the rigging of every single asset class, it was only a matter of time before the regulators – some 10 years behind the curve as usual – finally cracked down on gold manipulation as well, even though as we have shown in the past, central banks in general and the Fed in particular are among the biggest gold manipulators.
That said, we are confident by now nobody will be surprised that there was manipulation going on in the gold casino. In fact, ever since Germany’s Bafin launched a probe into Deutsche Bank for gold and silver manipulation, it has been very clear that the only question is how many banks will end up paying billions to settle the rigging of the gold market (with nobody going to prison as usual, of course).
Earlier today, we learned that the Swiss competition watchdog just became the latest to enjoin the ongoing gold manipulation probe when as Reuters reported, it launched an investigation into possible collusion in the precious metals market by several major banks, it said on Monday, the latest in a string of probes into gold, silver, platinum and palladium pricing.
Here are the details that should come as a surprise to nobody:
Global precious metals trading has been under regulatory scrutiny since December 2013, when German banking regulator Bafin demanded documents from Deutsche Bank under an inquiry into suspected manipulation of gold and silver benchmarks by banks. Even though the market has moved to reform the process of deciding on its price benchmarks, accusations of manipulation have refused to go away.
Switzerland’s WEKO said its investigation, the result of a preliminary probe, was looking at whether UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui conspired to set bid/ask spreads.
“It (WEKO) has indications that possible prohibited competitive agreements in the trading of precious metals were agreed among the banks mentioned,” WEKO said in a statement.
Don’t hold your breath though: “A WEKO spokesman said the investigation would likely conclude in either 2016 or 2017, adding that the banks were suspected of violating Swiss corporate rules.” Those, and virtually all other market rules.
The good news is that unlike Bart Chilton’s charade “inquiry” into silver manipulation when after years of “probing” the CFTC found “nothing”, at least the Swiss will find proof of rigging for the simple reason that it is there.
he banks face financial penalties if WEKO finds them guilty of wrongdoing, the spokesman said, though he declined to comment on the size of any possible fine.
No please, anything but “financial penalties” for rigging the gold market.
Aside from regulatory probes, a number of lawsuits have also been filed in U.S. courts alleging a conspiracy to manipulate precious metals prices.
Commenting on the WEKO probe, a Julius Baer spokesman said the bank was cooperating with authorities.
In a statement, Deutsche Bank said it was cooperating with requests for information from “certain regulatory authorities” over precious metal benchmarks but declined to comment further.
Representatives for UBS, Barclays, Morgan Stanley and HSBC declined to comment. Mitsui was not immediately available for comment.
Some so-called experts promptly scrambled to talk down the upcoming proof that so-called “paranoid” gold bugs have been right all along:
The impact of the probes on wider precious metals trading was likely to be muted, according to Brian Lucey, professor of finance at the School of Business, Trinity College Dublin.
“The question is not if individuals, or groups of individuals are collaborating to rig the game for themselves, the question is if this has any material effect,” he said. “I’m not convinced collusive behaviour will have a meaningful effect micro-economically to the structure of gold trading around the world.”
Oh so the question is not if traders and banks made billions in illegal profits by rigging yet another market, but “if this has any material effect.” Give this man another distinguished financial professorship title: with observations like that what can one say but… “Keynesian genius.”
* * *
However, as we said above, none of the above, and certainly not the idiotic “finance professor” statements, will come as any surprise to anyone.
What will, however, is that unlike previous gold probe cases, this one will actually have consequences.
How do we know?
Because just like in LIBOR-gate, just like in FX-gate, it is the biggest rat of all, Swiss megabank UBS, that is about to turn on its former criminal peers.
As Bloomberg reported earlier “UBS was granted conditional leniency in Swiss antitrust probe of possible manipulation of precious metal prices, a person with knowledge of the matter said.”
Bloomberg adds that the “bank may face lower fine than six other banks and financial firms suspected in probe or may avoid penalty altogether, person says.”
Why would UBS do this? The same reason UBS did so on at least on two prior occasions: the regulators have definitive proof it is involved, and gave it the option to turn evidence and to rat out its cartel peers, or face even more massive financial penalties.
UBS promptly chose the former, and took the opportunity to minimize yet another key civil (and criminal) market manipulation charge against it, especially after it was already branded a “criminal recidivist” between Libor, FX and, of course, the tax evasion scandal: one more manipulation scandal and the bank could well lose its license to operate in NYC.
Which simply means that now the official countdown on the announcement of what will be revealed as the biggest gold-manipulation and rigging scandal in history, has begun.
http://www.zerohedge.com/news/2015-09-28/ubs-about-blow-cover-massive-gold-price-rigging-scandal
Glencore
is a time BOMB and they are courting the Royalties for cash …Franco ,Silver Wheaton,Sandstorm, they could collapse and take them down with them…They had better be carefull ..Creditors of Glencore need to be part of the rescue deal and not setting traps for the Royalties …I dont trust them….
If the deal is too good to be true …It probably is …A bunch of small deals are a lot safer because of risk management ,the risk is not concentrated ..
From Turd Ferguson
A Comex Bank Run For Scotia Mocatta
snip
Are we seeing a “run” on the “bank”?
Over the past 6+ months, clients of Scotia Mocatta, technically the oldest of all the Bullion Banks, have removed over 60% of their gold stored and kept in safekeeping with this company. Hmmm. Why the sudden rush to re-establish ownership and lay claim to gold held within The Comex vaulting system?
Again, nearly 60 metric tonnes of gold, stored by The Scoshe for their clients, have now been removed. And, over the same time period, total Comex registered gold has fallen by 85%?
Does this constitute a slow-burning lack of confidence or “run”? Are clients of Scotia Mocatta seeking to slowly, gradually reclaim their gold from the over-leased and over-hypothecated bullion bank system?
Would you want to be left holding the bag with nothing but paper certificates and warehouse receipts when the paper derivative pricing scheme finally collapses? Me, neither. And perhaps the closely-connected clients of the world’s oldest bullion bank feel the same way? If you hold gold in safekeeping with Scotia or any of the other Bullion Banks, you might want to follow their lead.
TF
more http://www.tfmetalsreport.com/blog/7170/comex-bank-run-scotia-mocatta
Trumps tax plan
The plan calls for four tax brackets for both personal income tax (there are currently seven) and investment income:
http://www.westernjournalism.com/breaking-trump-just-officially-announced-his-tax-plan-and-it-includes-some-big-changes/?utm_source=Facebook&utm_medium=WesternJournalism&utm_content=2015-09-28
Floridagold
Plus they’ve got a court from the world government deciding things for Chile which may be a foreshadowing of what could happen in the USA, control of small arms and the like, a sovereignty question.
Barrick should always be questioned
without a doubt it’s a serious tool of the cabal. Just look at all the weirdos that have sat on the board. Nope no special interest there. I don’t care if they’re the biggest baddest Gold miner in the world, this company and it’s directors are toxic.
I had forgotten about this (Blanchard vs Barrick) case
for those skeptics requiring proof of PM manipulation
this reminder was posted by a reader of this latest UBS dustup
um puptent that’s easy
It’s in the operations manual for the boyz. Then they come and they clobber everything in that case. Pound PM index to hell. Did you expect something else? Impossible.
oops there goes your country
Bolivia is hailing an important diplomatic victory in a dispute over access to the Pacific Ocean which has raged for more than a century with its neighbour Chile.
The Bolivian government is lobbying for a strip of land six miles wide which would run the 100-mile length of the existing Chile/Peru border.
The International Court of Justice at the Hague on Thursday declared that it has the jurisdiction to rule on Bolivia’s claim, overriding Chilean protests.
Bolivian President Evo Morales declared: “This is a historic day which will be remembered by all Bolivians: the court’s decision is an important step in our claim to return to the Pacific ocean.”
The court rejected by 14-2 Chile’s objection that it had no jurisdiction over the dispute, as the existing borders had already been agreed by a peace treaty with Bolivia in 1904-5.
Silver Wheaton faces potential C$353m CRA tax bill for offshore revenue
TORONTO (miningweekly.com) – The world’s largest precious metals streaming firm Silver Wheaton is set to challenge the Canadian Revenue Agency (CRA) over the agency’s decision to reassess the company’s 2005 to 2010 tax years and collect taxes on income earned by Silver Wheaton’s offshore subsidiaries. The TSX- and NYSE-listed company, which provided financing to miners in exchange for the right to buy a share of their future metal output, reported late on Thursday that it had received notices of reassessment from the CRA, in line with the CRA proposal Silver Wheaton said it had received early in July. According to the notices of reassessment, the CRA was looking to increase Silver Wheaton’s income subject to tax in Canada for the relevant tax years by about C$715-million, which would result in federal and provincial tax of C$201-million. The CRA was also seeking to impose transfer pricing penalties of about C$72-million and interest and other penalties of C$81-million for the period. The total tax, interest and penalties sought by the CRA for the relevant taxation years amounted to C$353-million. Management held that Silver Wheaton had filed its tax returns and paid applicable taxes in compliance with Canadian tax law and the company intended to “vigorously and expeditiously defend its tax filing position”.
more
Fining the BANKS
is a FRAUD ..that simply makes the Government an accomplice in Bank THEFT. They are forced share the LOOT with Government….
Likely to come to nothing
Swiss regulator names seven banks in precious metals probe
ZURICH – Switzerland’s competition regulator identified seven banks that are being investigated as part of a probe into whether companies in Europe, the U.S. and Japan colluded to manipulate the prices of gold, silver and other precious metals.
UBS Group AG, Deutsche Bank AG, HSBC Holdings Plc, Barclays Plc, Morgan Stanley, Julius Baer Group Ltd. and a unit of Tokyo- based trading company Mitsui & Co. Ltd. are part of the probe, which was opened in February, the Competition Commission said in a statement Monday.
European Union antitrust regulators in August disclosed they are investigating precious-metals trading, specifically anti-competitive behavior in spot trading, following a U.S. probe that embroiled some of the same banks. UBS was ordered to give up 134 million Swiss francs ($137 million) in profit by the Swiss financial regulator last November after it found “serious misconduct” by the bank’s employees in foreign exchange and precious metals trading.
U.S. prosecutors have been examining whether at least 10 banks, including HSBC, Barclays, JPMorgan Chase and Deutsche Bank manipulated prices of precious metals. The scrutiny follows international probes into the rigging of financial benchmarks for rates and currencies, which have yielded billions of dollars in fines.
more http://www.mineweb.com/news/silver/swiss-competition-body-probes-banks-in-precious-metals-trade/
The beans were spilled under oath in the Blanchard vs Barrick case many years ago:
http://www.gata.org/files/BarrickConfessionMotionToDismiss.pdf
The judge foundoutrageous the concept that the complicity of the government would override the law. In retrospect: how quaint–she didn’t understand the brave new world.