A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from November 19, 2013
London Bullion Manipulation Association (London Bullion Market Association or LBMA nickname)

The London Bullion Market Association (LBMA)s a wholesale over-the-counter market for the trading of gold and silver. In the 2010s, it was widely believed that members of the LBMA manipulated the prices of gold and silver.

The LBMA nickname of “London Bullion Manipulation Association” has been cited in print in October 2010 and in November 2013.


Wikipedia: London bullion market
The London bullion market is a wholesale over-the-counter market for the trading of gold and silver. Trading is conducted amongst members of the London Bullion Market Association (LBMA), loosely overseen by the Bank of England. Most of the members are major international banks or bullion dealers and refiners.

Gold trading
Internationally, gold is traded primarily via over-the-counter (OTC) transactions with limited amounts trading on the New York Mercantile Exchange (NYMEX) and Tokyo Commodity Exchange (TOCOM). These forward contracts are known as gold futures contracts. Spot gold is traded for settlement two business days following the trade date, with a business day defined as a day when both the New York and London markets are open for business. Unlike many commodity markets, the forward market for gold is driven by spot prices and interest rate differentials, similar to foreign exchange markets, rather than underlying supply and demand dynamics. This is because gold, like currencies, is borrowed and lent by central banks and in the interbank market. Interest rates for gold tend to be lower than US domestic interest rates. This encourages gold borrowings so that central banks can earn interest on their large gold holdings. Except in special circumstances the gold market tends to be in positive contango, i.e. the forward price of gold is higher than the spot price. Historically this has made it an attractive market for forward sales by gold producers and contributed to an active and relatively liquid derivatives market.

Citywire—money
Silver price manipulation: ‘public deserves answers’
An official investigation into silver price manipulation has been going on for two years. The man who made sure the investigation went ahead has told Citywire that it’s time the public heard the results.

by Rob Mackinlay on Oct 08, 2010 at 00:01
(...)
COMMENTS
Everyday People
Oct 08, 2010 at 22:46
Dear Mr Chilton:
Please allow the illegal manipulation of silver prices on the CRIMEX to continue for at least another year or two. While you’re sitting there twiddling your thumbs and turning a blind eye to this ongoing criminal activity, please tell your counterpart who gets paid to watch over the London Bullion Manipulation Association (LBMA) to do the same.

Zero Hedge
Gold Manipulation Probed By U.K. Regulator
Submitted by Tyler Durden on 11/19/2013 14:15 -0500
(...)
SilverIsKing
Tue, 11/19/2013 - 14:40
LBMA = London Bullion Manipulation Association.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Tuesday, November 19, 2013 • Permalink