Barclays fined for price manipulation

I mustn’t gloat, but I have to say it feels good to be proved ‘Right’ when you have been critical in the face of lets face it…. Ignorance of the Gold & Silver price manipulation.

Today, the financial conduct authority (FCA) fined Barclay’s Bank PLC £26’000’000 (£26 Million) for its part in ‘turning a blind eye’ to lackluster control systems in place designed to prevent such fraudulent activity.

Former Barclay’s trader and Precious Metals Director, Daniel Plunkett was found guilty of exploiting these inefficiencies in the company systems; and artificially reduced the price of Gold on the 28^th June 2012.

Although the manipulation was only for a few $Cents, it resulted in one Gold customer losing £2’300’000 (£2.3 Million) in gains.  Daniel Plunkett received a £95’000 fine and a lifetime ban from trading in the precious metals market.  What is most important here people, is this is the FIRST of many other claims held against NUMEROUS banks for the same activity.  Expect more fines and penalties, and lets not forget that this comes off the back of a £290’000’000 (£290 Million) fine for Barclays for its part in the international LIBOR rigging scandal.

For regular readers of this blog, you have now seen evidence and understand what to do next, your money is not safe in savings accounts, remember what Northern Rock did?... no rememeber what the Greek government did….took money direct from peoples bank accounts.  You have been warned; it is time for you to take control of your own financial future and convert your ‘useless’ cash into PHYSICAL Gold & Silver.  Of course I will keep you well informed on this blog of breaking market news to enable you to act accordingly.

Until next week.


Keep away from people who try to belittle your ambitions.  Small people always do that, but the really great make you feel that you, too, can become great.

Mark Twain