so bullish?

We need to hold $1300 first.

Good to pause...can't go up in a straight line.

For those who are investing in Gold, you have to understand WHO you are up aganist.
That because the USA is corrupted as any country and anything can be settled by money as well.

http://www.nytimes.com/2015/05/14/business...pered.html?_r=1



5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered


For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote.

But when five of the world’s biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup.

The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed on the matter who spoke on the condition of anonymity. Most if not all of the pleas are expected to come from the banks’ holding companies, the people said — a first for Wall Street giants that until now have had only subsidiaries or their biggest banking units plead guilty.

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Deutsche Bank set aside an additional 1.5 billion euros, or about $1.6 billion, to cover the cost of the penalty it is paying to the United States and British authorities, but it said it would still be profitable in the most recent quarter.Deutsche Bank to Pay $2.5 Billion Fine to Settle Rate-Rigging CaseAPRIL 23, 2015
Attorney General Eric Holder, who will soon step down, has been faulted for a lack of cases against Wall Street executives.Justice Department Is Seeking Felony Pleas by Big Banks in Foreign Currency InquiryFEB. 9, 2015
Members of the Financial Conduct Authority at a news conference in London on Wednesday, when some of the world’s biggest banks were fined.Big Banks Are Fined $4.25 Billion in Inquiry Into Currency-RiggingNOV. 12, 2014
U.S. Investigates Currency Trades by Major BanksNOV. 14, 2013
The Justice Department is also preparing to resolve accusations of foreign currency misconduct at UBS. As part of that deal, prosecutors are taking the rare step of tearing up a 2012 nonprosecution agreement with the bank over the manipulation of benchmark interest rates, the people said, citing the bank’s foreign currency misconduct as a violation of the earlier agreement. UBS A.G., the banking unit that signed the 2012 nonprosecution agreement, is expected to plead guilty to the earlier charges and pay a fine that could be as high as $500 million rather than go to trial, the people said.

The guilty pleas, scarlet letters affixed to banks of this size and significance, represent another prosecutorial milestone in a broader effort to crack down on financial misdeeds. Yet as much as prosecutors want to punish banks for misdeeds, they are also mindful that too harsh a penalty could imperil banks that are at the heart of the global economy, a balancing act that could produce pleas that are more symbolic than sweeping.

Holding companies, while appearing to be the most important entities at the banks, are in less jeopardy of suffering the consequences of guilty pleas. Some banks worried that a guilty plea by their biggest banking units, which hold licenses that enable them to operate branches and make loans, would be riskier, two of the people briefed on the matter said. The fear, they said, centered on whether state or federal regulators might revoke those licenses in response to the pleas.

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Behind the scenes in Washington, the banks’ lawyers are also seeking assurances from federal regulators — including the Securities and Exchange Commission and the Labor Department — that the banks will not be barred from certain business practices after the guilty pleas, the people said. While the S.E.C.’s five commissioners have not yet voted on the requests for waivers, which would allow the banks to conduct business as usual despite being felons, the people briefed on the matter expected a majority of commissioners to grant them.

In reality, those accommodations render the plea deals, at least in part, an exercise in stagecraft. And while banks might prefer a deferred-prosecution agreement that suspends charges in exchange for fines and other concessions — or a nonprosecution deal like the one that UBS is on the verge of losing — the reputational blow of being a felon does not spell disaster.

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“For any company there’s a huge reputational difference between a deferred-prosecution agreement and a guilty plea,” said David A. O’Neil, a partner at Debevoise & Plimpton and former senior Justice Department official who helped secure a guilty plea to a financial crime last year from the French bank BNP Paribas. “But the government needs to be careful that it doesn’t turn a guilty plea into a D.P.A. with just another name.”

The foreign exchange investigation, which centers on accusations that traders colluded to fix the price of major currencies, will test the Justice Department’s strategy for securing guilty pleas on Wall Street.

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Timeline: Tracking Criminal Inquiries of Wall St. Giants
In the case of UBS, the bank will lose its nonprosecution agreement over interest rate manipulation, the people briefed on the matter said, a consequence of its misconduct in the foreign exchange case. It is unclear why that penalty will fall on UBS, but not on other banks suspected of manipulating both interest rates and currency prices.

The action against UBS underscores the threats that Justice Department officials issued in recent months about voiding past deals in the event of new misdeeds, a central tactic in a plan to address the cycle of corporate recidivism. Leslie Caldwell, the head of the Justice Department’s criminal division, recently remarked that she “will not hesitate to tear up a D.P.A. or N.P.A. and file criminal charges where such action is appropriate.”

Still, the bank is expected to avoid pleading guilty in the foreign exchange case, the people said, though it will probably pay a fine. While UBS was unlikely to plead guilty to antitrust violations because it was the first to cooperate in the foreign exchange investigation, the bank was facing the possibility of pleading guilty to fraud charges related to the currency manipulation. The exact punishment is not yet final, the people added.

The Justice Department negotiations coincide with the banks’ separate efforts to persuade the S.E.C. to issue waivers from automatic bans that occur when a company pleads guilty. If the waivers are not granted, a decision that the Justice Department does not control, the banks could face significant consequences.

For example, some banks may be seeking waivers to a ban on overseeing mutual funds, one of the people said. They are also requesting waivers to ensure they do not lose their special status as “well-known seasoned issuers,” which allows them to fast-track securities offerings. For some of the banks, there is also a concern that they will lose their “safe harbor” status for making forward-looking statements in securities documents.

In turn, the S.E.C. asked the Justice Department to hold off on announcing the currency cases until the banks’ requests had been reviewed, one of the people said. As of Wednesday, it seemed probable that a majority of the S.E.C.’s commissioners would approve most of the waivers, which can be granted for a cause like the public good. Still, the agency’s two Democratic commissioners — Kara M. Stein and Luis A. Aguilar, who have denounced the S.E.C.’s use of waivers — might be more likely to balk.

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Document: Settlements in Foreign Exchange Investigations
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Corporate prosecutions are a delicate matter, peppered with political and legal land mines. Senator Elizabeth Warren, Democrat of Massachusetts, and other liberal politicians have criticized prosecutors for treating Wall Street with kid gloves. Banks and their lawyers, however, complain about huge penalties and guilty pleas.

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RECENT COMMENTS

Kathryn Tominey 3 hours ago
Dismantle them, pull their licenses for types of transactions where they broke laws and/or violated regulations. Require that every penny...
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And lingering in the background is the case of Arthur Andersen, an accounting giant that imploded after being convicted in 2002 of criminal charges related to its work for Enron. After the firm’s collapse, and the later reversal of its conviction, prosecutors began to shift from indictments and guilty pleas to deferred-prosecution agreements. And in 2008, the Justice Department updated guidelines for prosecuting corporations, which have long included a requirement that prosecutors weigh collateral consequences like harm to shareholders and innocent employees.

“The collateral consequences consideration is designed to address the risk that a particular criminal charge might inflict disproportionate harm to shareholders, pension holders and employees who are not even alleged to be culpable or to have profited potentially from wrongdoing,” said Mark Filip, the Justice Department official who wrote the 2008 memo. “Arthur Andersen was ultimately never convicted of anything, but the mere act of indicting it destroyed one of the cornerstones of the Midwest’s economy.”

After years of deferred-prosecution agreements, the pendulum swung back in favor of guilty pleas in 2012. It began modestly with a Japanese subsidiary of UBS pleading guilty to manipulating interest rates. UBS A.G., the main banking unit, reached the nonprosecution agreement.

In pursuing cases last year against Credit Suisse and BNP Paribas, prosecutors confronted the popular belief that banks had grown so important to the economy that they could not be charged. BNP, which was accused of doing business with Iran and other countries blacklisted by the United States, paid a record $8.9 billion fine.

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Yet after prosecutors announced the deals, the banks’ chief executives promptly assured investors that the effect would be minimal.

“Apart from the impact of the fine, BNP Paribas will once again post solid results this quarter,” BNP’s chief, Jean-Laurent Bonnafé, said.

Brady Dougan, Credit Suisse’s chief at the time, said the deal would not cause “any material impact on our operational or business capabilities.”

would think the ETFs had more to do with that.

While miners have NO access to billions of printed finance like these bankers. DOnchathink?

Does not detract from what the article indicated.

A slap on the wrist for them bankster manipulators.

This post has been edited by prophetjul: May 17 2015, 04:19 PM

So predictable you must be a multi billionaire by now

so obvious that you find it suffering to make a few bucks.

If ye was a HARDCORE gold bug, ye would have bought in 2002 and before.

This post has been edited by prophetjul: Jul 21 2015, 09:14 AM

Again you talking nonsense.

the gold bull started in 2002 when gold was $230, going up to $1900 in 2011. Now its $1100. Lost $$$$$$$?????

Hello
Does not matter when i bought.

You make mention of the last gold bull run. The last bull technically started from 2002 when gold was $230 and went up to 1900 in 2011.
Is it even over. Technically it is not.

You dont need gold funds to invest in gold

Think you were sleeping then Do you understand a technical BUll?

Here you go.



Call yourself a GOLD BUG and didnt invest in 2002 onwards?

Good points. But you never know what the bull will do.

Right now, ALL commodities are deflating. And gold is behaving as one. Paper gold is being driven down to promote USD.

http://www.zerohedge.com/news/2015-07-20/l...funniest-explan

http://www.zerohedge.com/news/2015-07-20/g...back-below-1100

Paper is what they playing with.

i think production cost is higher than $900. Gold breaking below $1100 will cause many miners to close down and be taken over.

No wonder you were misinformed about BUGS and BULLS!

Begs the question: What are you doing in a gold investment thread tutoring people?

Oil a bit different in that its a pure commodity. Its dependent on supply and demand cycles as well. Plus the oil resource is millions of times more than gold.

Why so angry? You one of the BUgs whom icemanfx described? That invested at $1,200?

Since you are no dumbfark, why so angry? Why get so angry in a gold forum which i presume you arent really inetrested in?

Jewelry is NOT investment.

i had 40% at one time........... that was when gold hit $1900.............

i Kg only 160k?