This shows 'how easy' it is to manipulate the gold market - trader's chat logs

This shows 'how easy' it is to manipulate the gold market - trader's chat logs

News Bites This shows 'how easy' it is to manipulate the gold market - trader's chat logs Gold trader's chat logs were introduced as evidence during a Chicago spoofing trial of two former precious metals traders for Bank of America Corp's Merrill Lynch, revealing comments on "how easy" it is to manipulate the precious metals market. The chat logs are related to an event that happened on January 28, 2009. The messages show the precious metals trader Edward Bases, who at the time was working for Deutsche Bank AG, boasting of how easy it is to manipulate the gold market. On January 28, 2009, Bases put bids out to purchase 2,740 gold futures contracts valued at $244 million over four-and-a-half minutes, Bloomberg reported, citing Analysis Group vice president Maria Garibotti, who analyzed the trading data for prosecutors on the case. More than 98% of that order was canceled without being filled, Garibotti noted. And as gold prices rose, another Deutsche Bank trader, who Bases was working with, sold 170 contracts valued at $15,172,500 at the same time, Garibotti testified on …
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