This is a short update regarding manipulation of LIBOR and what it means for gold and gold mining shares from Jim Sinclair always worth a read, in our humble opinion. Don't forget that you can also visit his website and sign-up for his free newsletter as you read as widely as you possibly can.
My Dear Extended Family,
The justice department has been quoted by MSM concerning their desire for jail sentences for those that are directly involved in LIBOR Manipulation.
Barclays has said there are 17 in the US banks.
This is a major change, and would mean a great deal to the unquestioned manipulation of the gold/gold shares and silver/silver shares market.
The CEO’s of those gold and silver companies suffering from unabashed manipulation could very well have new legal precedent to recover lost capital value for their shareholders.
It is the responsibility of every gold and silver share company CEO to seek justice for their shareholders. It will take courage but that is what they are paid for.
The Justice Department is building criminal cases against several banks and their employees, including Barclays (BCS), for their role in manipulating Libor rates, the NYT reports. Bloomberg writes that Barclays traders involved in the scandal could be hit with U.S. charges by September. Meanwhile, New York and Connecticut have been conducting their own inquiry for six months.
"Nothing will unnerve the paper gold shorts more quickly and do more to undercut their confidence than to strip them of the real metal and force them to come up with more hard gold bullion to make good on deliveries. "Stand and Deliver or Go Home" should be the rallying cry of the gold longs to the paper gold shorts." --Trader Dan Norcini
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