Swiss Competition Body Probes Banks in Precious Metals Trade
By GCRU Gold News on Monday, September 28 2015, 10:30 - Permalink
Competition authorities in Switzerland announced an investigation into some of the world’s biggest banks, including HSBC Holdings Plc, on suspicion that they colluded to manipulate the prices of gold, silver and other precious metals.
UBS Group AG, Deutsche Bank AG, Barclays Plc, Morgan Stanley, Julius Baer Group Ltd. and a unit of Tokyo-based trading company Mitsui & Co. Ltd. are also part of the probe, the Competition Commission, known as Weko, said in a statement on Monday.
Swiss Competition Body Probes Banks in Precious Metals Trade
In August, European Union antitrust regulators disclosed that they are investigating precious-metals trading following a U.S. probe that embroiled some of the same banks. The EU watchdog said it is examining possible anti-competitive behavior in spot trading.
U.S. prosecutors have been examining whether at least 10 banks, including HSBC, Barclays, JPMorgan Chase and Deutsche Bank manipulated prices of precious metals.