Both traders were convicted after a jury trial of manipulating market prices of precious metals up or down by placing large “spoof” orders in the COMEX and NYMEX they never intended to fill. The convictions prove that they intentionally manipulated prices for their own gain and increase profits for the banks.
Gold has been an instrumental component of the economy since before the American Revolution. Our founding fathers had the forethought to include gold and silver coins in the Constitution. A metallic standard was a central foundation for the economy in the United States based on gold and silver coins. The US Mint was established on … Read moreBRICS: A New Global Gold Standard
COMEX is a commodities futures exchange where the supply of future raw materials and other goods is traded for delivery in the future. KEY HIGHLIGHTS COMEX is an electronic trading platform that allows investors and brokers to trade futures contracts on a variety of consumable resources, both man-made and natural. Oil, pork bellies, orange juice … Read moreWhat Is COMEX?
An explanation of silver premiums Spot price is the paper trading price for a COMEX futures contract of 5,000 troy ounces of silver. One way to think about it is like barrels of oil. A barrel of crude oil contains 42 US gallons and is trading at around $65 per barrel, or roughly $1.57 per … Read moreWhy does silver sell above spot price?