Zero Hedge nails it again today in commentary headlined "12 Largest Banks Sued by Public Retirement Funds for 'Conspiring to Rig Global FX Markets'":
"Of course, the rigging of FX markets, disclosed hot on the heels that Libor too was massively manipulated (to the delight of 'conspiracy theorists' everywhere) is by now well known. But the punch line is not that FX is rigged and as a result virtually all carbon-based traders are now gone, leaving the FX market at the mercy of Virtu and GETCO algos (those USD/JPY momentum ignitions at specific, recurring times of the day are just that), but that as Goldman has shown by relocating [Guy] Saidenberg, the commodity market is the only one where manipulation, rigging, and fraud are not only possible but smiled upon by regulators -- because one of the key commodities in said market is gold.
"And as everyone knows, alongside getting the Russell 2,000 to all-time highs, the other core mandate of central bankers everywhere is to push gold to zero.
"The worst news: We are rapidly running out of 'conspiracy theories' that haven't become conspiracy facts yet."
Zero Hedge's commentary is here:
http://www.zerohedge.com/news/2014-04-01/12-l...ed-public-re...
