-- Published: Monday, 18 April 2016 | Print | Disqus
Dear Friend of GATA and Gold:
While the New York Post yesterday took note of Deutsche Bank's confession to gold and silver market manipulation and its pledge to incriminate other banks -- see the report appended -- as far as your secretary/treasurer can determine, only Reuters and Bloomberg News, among mainstream financial news organizations, have yet reported the story, not counting the predictably snarky and beside-the-point commentary Friday in the Financial Times by its columnist John Dizard:
GATA has alerted most major Western financial news organizations to the Deutsche Bank story, though they were almost certainly fully aware of it already.
While Deutsche Bank's confession makes gold and silver market rigging impossible to deny, financial news organizations remain willing to suppress the story as they have been doing for years, lest they aggravate their advertisers and governments. So while the struggle is slowly breaking our way, it very much continues, with financial news organizations and gold and silver mining companies bearing much responsibility for the injustice they won't acknowledge.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Investors Get the Gold off of Banks' Precious Metals Manipulation
By Michael Gray
New York Post
Saturday, April 16, 2016
For many years, precious metal commodity investors have screamed over certain price movements.
Then came the convictions and penalties for the banks involved in the Libor rigging scandal, which gave the gold and silver traders some ammo for their own challenge.
In 2014 these precious metal future traders sued a group of banks including Deutsche Bank, HSBC, Scotiabank, and UBS, alleging in a number of civil suits that they unlawfully manipulated the price of gold and silver and their derivatives.
Investors accused the banks of abusing their power as three of the world’s largest silver and gold bullion banks by dictating the price of the precious metals through a secret, once-a-day meeting known as the Silver Fix and Gold Fix.
No one involved thought the case had much of a chance -- despite getting class-action status last year.
Yet last week Deutsche Bank agreed to settle US litigation over the allegations that it illegally conspired with others to fix precious metal prices at the expense of investors, according to a court filing.
Although terms were not disclosed, Deutsche will include a monetary payment to the plaintiffs, a letter filed in Manhattan federal court by lawyers for the investors said.
Deutsche has signed a binding settlement term sheet and is negotiating a formal settlement agreement to be submitted for approval by Manhattan federal Judge Valerie Caproni, who oversees the litigation.
A Deutsche spokeswoman declined to comment. Lawyers for the investors did not respond to requests for comment.
According to the lawsuit, the defendants distorted prices on the roughly $30 billion of silver and silver financial instruments traded annually, violating US antitrust law. Deutsche is also cooperating with the investor group to release further information regarding correspondences with other banks on the fix.
Spokesmen for HSBC and Scotiabank declined to comment, saying they could not discuss pending litigation. A spokeswoman for UBS did not respond to requests for comment.
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-- Published: Monday, 18 April 2016 | E-Mail | Print | Source: GoldSeek.com