Keith Neumeyer: Damage Inflicted by Precious Metals Manipulation Is in the “Multi Billions”
Monday, January 16, 2017 at 10:25PM
Silver Prices

Mike Gleason (Money Metals Exchange): It is my privilege now to bring in Keith Neumeyer, founder and CEO of First Majestic Silver Corp, one of the top silver mining companies in the world. Keith has an extensive background in the resource and finance sectors and has also been an outspoken voice about the manipulation that has been occurring in the futures market pricing of silver.

It's a real privilege to have him on with us again today. Keith, thanks so much for joining us and welcome back.

Keith Neumeyer (First Majestic Silver Corp): Thanks, Mike. I think we have got lots of juicy things to talk about.

Mike Gleason: Yeah, we certainly do. To start off here Keith – and before we get into the subject of manipulation, which I definitely want to cover with you today – next week Donald Trump will be sworn in as the next president here in the United States and it will mark a new era in American politics. It will also mark the first time in nearly a decade that we don't have a democrat in the white house. It's a new environment here for metals investors. We know many are wondering what a Trump presidency is likely to mean for metals and commodities as a whole. What are your thoughts on the subject? Will Trump and his policies ultimately be good or bad for precious metals?

Keith Neumeyer: I'm not even sure who in the office as the presidency really matters. We've gone through decades of presidents. Donald Trump, he talks a good story and I know there's lots of optimism around him taking on the presidency. It's interesting that during the election campaign everyone is saying doom and gloom if Trump gets in. Now everyone's saying it's going to be great for the world that he's coming in. He's going to industrialize the United States, it's going to be great for metals and copper, uranium's moving, everything seems to be moving. The Dow's setting new highs or close to new highs. S&P's doing the same thing.

So, there's a ton of euphoria surrounding all of this. I think we're just going to go back to the normal thing that we've been noticing or witnessing for the last decade where the Federal Reserve continually does what it does and manipulates markets and prints money. And I think all that will be very supportive for precious metals.

Mike Gleason: Keith, you have been an outspoken advocate for more honest metals markets and price discovery for years now. The people at GATA, the Gold Anti-Trust Action group, yourself, and many others have been making the case for manipulation. And it was certainly well supported with plenty of evidence but it wasn't until recently that we got “smoking gun” evidence turned over by Deutsche Bank as part of their settlement in a civil class action suit. There are chat logs and voice recordings of metals traders at major bullion banks planning and executing schemes to cheat their own customers and other players in the market. So, I'm sure none of this was surprising you Keith, but what went through your mind when you saw the transcripts and read up on this information which was recently released?

Keith Neumeyer: I think vindication would be the simplest way of describing it. I think that people sometimes put me in a bit of a quack category even though I don't look at myself that way at all. Being an ex-trader myself and knowing how the financial markets work and seeing a lot of things that are happening on a daily basis with my own eyes. I know that this stuff happens and has been shocking to me that there's been so many people that are saying, "No, no, it's not possible. There's no manipulation."

We see the LIBOR scandal;

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