Source: Euro Pacific Precious Metals – The Gold Price Is Fixed. So What?
We can’t ignore it anymore – the markets are rigged. The LIBOR scandal broke almost two years ago, and the banks found responsible for manipulating that key index are still dealing with lawsuits. Meanwhile, allegations of gold market manipulation have been simmering for over a decade and grew into an inferno after the spot price dropped dramatically last spring.
Source: Bloomberg – Japan Wages Pressured by Fastest Inflation Since 2008
Notable excerpts:
Japan’s inflation accelerated to the fastest pace since 2008 last month, bringing the rate closer to policy makers’ target while threatening to erode household spending power unless employers boost wages.
Source: BBC News – Barclays suspends currency traders
Notable excerpts:
UK bank Barclays has suspended six traders as part of a probe into suggestions that currency markets could have been rigged, the BBC has learnt.
Source: Bloomberg – Goldman’s Currie Says Gold Is ‘Slam Dunk’ Sell After Shutdown
Notable excerpts:
Gold, set for its first annual loss in 13 years, is a “slam dunk” sell for next year because the U.S. economy will extend its recovery after lawmakers resolve stalemates over the nation’s budget and debt ceiling, Goldman Sachs Group Inc.’s Jeffrey Currie said.
Source: The Australian – Miners flailing as 10-year gold rush grinds to a halt
Notable excerpts:
IT has been a quarter from hell for Australia’s gold industry, and the wallets of the nation’s goldmining executives are lighter as a result.
The sector has been reeling in recent weeks, with a wave of redundancies, salary cuts and writedowns illustrating how painful life became as the 10-year bull run in gold prices ground to a swift halt.
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