Shine fades on Scotiabank’s gold business as banks land in court over alleged price manipulation
By GCRU Gold News on Saturday, May 28 2016, 03:08 - Permalink
The five banks are accused of manipulating the gold market, which is worth trillions of dollars in trading value per year. A smaller subset, including Scotiabank, is accused of manipulating the silver market by rigging the daily Silver Fix. UBS AG, meanwhile, is accused of conspiring to exploit metals prices.
In a wrinkle that became public this year, one of the defendants — Deutsche Bank — is close to settling and co-operating with the plaintiffs in order to extract itself from the U.S. lawsuit. That puts the remaining defendants in a highly uncomfortable position, even if they have done nothing wrong.