Trader Lanci says there's no 'fat finger' but plenty of market manipulation


3:19p ET Tuesday, July 25, 2017

Dear Friend of GATA and Gold:

Interviewed today by Daniella Cambone of Kitco News, veteran trader Vince Lanci of Echobay Partners in Stamford, Connecticut, says "flash crashes" in gold and silver are caused largely by computer trading algorithms probing for stops in the futures markets. Lanci says he considers this to be market manipulation and notes that manipulation of the gold and silver markets already has been admitted in the pending anti-trust lawsuit against Deutsche Bank and other investment banks.

Cambone asks whether governments might be behind the "flash crashes" but Lanci does not address that detail. Could governments and central banks be operating those pesky algorithms too?

... Dispatch continues below ...


NuLegacy Discovers New Gold Zone

Company Announcement
Tuesday, July 25, 2017

RENO, Nevada -- NuLegacy Gold Corp. reports that it has discovered a material new gold zone in a "wildcat" step-out hole 375 meters (1,200 feet) west of the north zone of the Iceberg gold deposit:

Drill hole IN17-03 encountered 125 meters (405 feet) of strongly brecciated jasperoid hosted in the Devonian Horse Canyon formation (an important host for gold in Carlin-type deposits) starting at a depth of 435 feet and extending to 840 feet. Within this formation:

-- 85.4 meters (280 feet) returned assays of 0.64 grams/tonne of gold.

-- This included 50.5 meters (165 feet) of 1.00 grams/tonne gold.

-- This also included 13.7 meters (45 feet) of 2.27 grams/tonne gold.

"This new discovery is hosted in a long interval of the very favorable Horse Canyon formation located in a northwest striking cross-faulted structure, both of which are classic characteristics of the major gold deposits of the Cortez trend, such as the neighboring Goldrush, Cortez Hills, and Pipeline deposits,” said Derick Unger, chief geologist for NuLegacy Gold. ...

... For the remainder of the announcement:

Surely there are many specific questions that could be put to governments and central banks about surreptitious intervention in markets, questions drawn from documents compiled here:

After all, for example, the director of market operations for the Banque de France says his central bank is surreptitiously trading gold for its own account and the accounts of other central banks "nearly on a daily basis." Is that trading just for fun or does it have some policy purpose, like the longstanding Western central bank policy of driving gold out of the world financial system, a policy documented extensively in government archives, as it is documented here?:

Filings with the U.S. Securities and Exchange Commission by CME Group, operator of the major futures exchanges in the United States, show that the company's clients include governments and central banks and that CME Group offers them volume discounts for their surreptitious trading:

Is this trading just for fun or does it have some policy purpose too?

But if they are to be posed by mainstream financial journalists and fund managers, such questions apparently will have to wait for another day -- or month, year, decade, century, or millennium.

Kitco's interview with Lanci is headlined "There's No 'Fat Finger' But Gold Manipulation Is Happening: Vince Lanci," runs for eight minutes, and can be viewed here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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