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Is Deutsche Bank’s Gold Manipulation The Main Scam Or Just A Side-Show?

For years now, the easiest way to finesse a debate over whether precious metals markets are manipulated has been to say, “well, if they’re not manipulated they’re the only market that isn’t.”

That was unsatisfying, though, because as the big banks got caught scamming their customers on interest rates, mortgage bonds, forex and commodities trades, those markets (presumably) began to operate more-or-less honestly. Gold and silver, meanwhile, kept right on acting strangely, for instance plunging in the middle of the night on no news but massive futures volume, to the detriment of honest investors and traders who naively bet their capital on fundamentals. The (already huge) amount of money thus stolen from gold bugs kept rising.

So it is with relief that fans of honest markets have greeted the news that at least one kind of precious metals manipulation has been exposed:

Deutsche Bank Settles Silver, Gold Price-Manipulation Suits

(Bl0omgerg) – Deutsche Bank AG has reached settlements in lawsuits over allegations it manipulated gold and silver prices, lawyers for traders of the commodities said in court filings.

Attorneys for futures contract traders in two private lawsuits said in letters filed Wednesday and Thursday in Manhattan federal court that the bank has executed term sheets and is negotiating final details for the accords.

The German financial firm also agreed to help the plaintiffs pursue similar claims against other banks as part of the settlements, according to the letters. Vincent Briganti and Robert Eisler, attorneys for traders in the silver-fixing lawsuit, said Deutsche Bank will turn over instant messages and other communications to help further their case. Financial terms of the settlements weren’t disclosed.

“In addition to valuable monetary consideration to be paid into a settlement fund, the term sheet also provides for other valuable consideration such as provisions requiring Deutsche Bank’s cooperation in pursuing claims against the remaining defendants,” attorneys Daniel Brockett and Merrill Davidoff said in their letter Thursday in the gold-fixing lawsuit.

Silver and gold futures traders sued groups of banks in 2014 alleging they rigged prices for the precious metals and their derivatives. Silver traders brought claims against Deutsche Bank, HSBC Holdings Plc, Bank of Nova Scotia and UBS AG. Gold traders additionally sued Barclays Plc and Societe Generale SA.

The traders alleged the banks abused their positions of controlling daily silver and gold fixes to reap illegitimate profits from trading and hurting other investors in those markets who use the benchmark in billions of dollars of transactions, according to versions of the complaints filed in 2015. Of those banks, only Deutsche Bank has reached a settlement.

Amanda Williams, a spokeswoman for Deutsche Bank, declined to comment on either accord. Rick Roth, a spokesman for Scotiabank, the operating name for the Bank of Nova Scotia, and HSBC spokesman Robert Sherman also declined to comment. Representatives from UBS, Barclays and Societe Generale didn’t immediately respond to requests for comment.

The silver case is In re: London Silver Fixing Ltd. Antitrust Litigation, 1:14-md-02573. The gold case is In re: Commodity Exchange, Inc. Gold Futures and Options Trading Litigation, 14-md-2548, U.S. District Court, Southern District of New York (Manhattan).

Deutsche Bank’s plea is of course just the beginning of the story. It will apparently name its co-conspirators, while providing details on how the scam was run. This will be interesting and amusing (those instant messages promise to be classic), especially at a time when those same banks are also in the news for falling earnings, rising layoffs and exploding loan loss reserves.

But is this gaming of the London precious metals fix the same thing as — or even tangentially related to — the main manipulation of the gold price, which is the practice of central banks “lending” their gold to big commercial banks, which then sell that gold on the open market to depress the price? These seem to be two different frauds, and if only the first comes to light while the second continues unimpeded, there’s no reason to expect precious metals to start trading rationally — which is to say in line with fundamentals like soaring global debt, ever-increasing money creation and general geopolitical and economic instability. At least not until Western central banks run out of gold.

27 thoughts on "Is Deutsche Bank’s Gold Manipulation The Main Scam Or Just A Side-Show?"

  1. “These seem to be two different frauds, and if only the first comes to
    light while the second continues unimpeded, there’s no reason to expect
    precious metals to start trading rationally…”
    –Can you say, “limited hangout”? I knew you could.

  2. Buying and selling gold isn’t what we should be concentrating on here. It adds nothing to the economy unless that’s all you do. Or that’s all there is left for people to make a living on and that in itself is quite alarming. You are only talking to very small minority of people in the economic system. That’s the problem here and in the world. This and other small segments of people are the only one’s getting any kind of voice if they can sue. That’s why Bernie and Trump are so popular. A revolution starts at the bottom and a cue starts from the top and that’s what’s been going on the last 40 years. The bankers and the donor class have revolted using their accumulated wealth against the the working class and the government that once was representative of them.

  3. We are living in a world of greed and lies. When there is no accountability there will be lawlessness. This is just the begining of the end, it will not end well.

  4. Well, I think that we’re going to find out.

    The thing to remember is that this scam has cheapened the price of gold and silver. I consider this to have been a gift to me and the missus. I’m looking forward to the end of this ‘gift’, but until then… stock up.

    The ‘Sale’ on gold is going to end soon.

    Buy now, while supplies last.

    John Little
    omegashock dot com

  5. What? The big banks are crooked? Say it isn’t so! I want to see these clowns behind bars, and not in some “country club” prison, either… I mean Sing Sing or Ryker’s Island.

  6. Pingback: Today,s Thought
  7. Granted that in the age of internet transparency scams and manipulations of the markets and money policies will become somewhat more visible, this we can hope. But sadly ( and cynically ) the nature of man ( of course not all ) is biologically selfish and evil and to that end the corruption and it’s perpetrators will just slither deeper into the shadows.

  8. I can’t see the western banks running out as long as a war can be started with someone who has more to take. Might explain the sudden interest in Saudi history.

  9. I’m suprised silver didn’t rocket to the $20’s and gold to $14-1500. This will not stop til people go to jail, get fined, lose their job, for comiting financial felony. The Bank will pay a fine from stock holders profits, the perps will go free and keep their bonuses from the profit of their misdeeds

  10. The trend of movement is towards greater transparency accountability an good governance. This is what the internet and technology are. It is a double edge Sword. The days of any form of misconduct ia now over . One had to just see what exposure the Panama papers had done . There are other incidents too .n The 29 pages of classified documents would soon have to be declassified and even before this is officially declassified information had already been leaked that that it was not the Taliban’s who were responsible and have implied that it was Saudi Arabia and Israels Intelligence that were involved and this had in itself caused ripples in geo political relations involving the US geo political relations with Saudi Arabia – The Global Financial System is still controlled by the same set of people and they are they are fighting a battle for survival but still have not instituted any real reforms with the Changing trends – It is thus possible that Deutsche Bank (DB ) had possibly correctly interpreted the changing trends of events as to the need to be transparent accountable and to have good governance and to change and to remain relevant it had decided to cooperate with plaintiffs who want to bring action against those in the banking system who had misconducted –I do not this believe that DB is putting a side show as this could mean further damaging effects would be exposed against DB — Cheers and God Bless

  11. To get to the ‘heart’ of the scam, someone is going to have to ‘roll on the CB’s one day’. Perhaps some fired trader will do a Panamanian style data dump.

    In the meantime the new fully backed gold platform in China should draw serious money (as in those who seriously want to know they own gold) away from the Crimex and London casinos. If enough leave — game over.

  12. One irony may turn out to be – albeit in retrospect – that one aspect of “the fundamentals” are that markets (PMs in particular) are manipulated BECAUSE of the fundamentals.

    P.S. I like the new format too.

    1. The new format is growing on me. At first I was all “What? Change! No!” But now I’m starting to like it.

      1. Whatever, I can deal with it either way. The old format showed more on the screen. Now one has to scroll around more. The articles have to be accessed via “Breaking News” and it’s not as condensed.

  13. I find it amazing that the whole global financial scam is dependent on lies and propaganda. The sorcerous effect is so powerful that even the wise, ruler and mighty merchant buys into it.

  14. Very nice Web site renew! Fresh, clean and spacious. I feel like I have room to write long, long comments! Haha! Just kidding!

    The Fed and their partners in crime(literally) will smash gold until the end. Until the world comes to realize its all a huge Ponzi. Remember, Madoff did not turn himself in until he feared his investors were coming to get him. I do believe, like many others these days, that the end is near. It is hard to imagine Central Banks pulling yet another financial rabbit out of the hat AND get away with it. But the truth is I wouldn’t bet on it. I don’t bet on anything anymore.

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