Precious Metal Markets - Hansard
By GCRU Gold News on Thursday, July 11 2019, 07:52 - Permalink
I wish to ask the Minister a number of questions.
First, have the Treasury, the Financial Conduct Authority or the Bank of England made an assessment of the result of the recent J.P. Morgan case involving the rigging of precious metals markets and its potential impact on the UK? After all, we are talking about financial institutions with a global reach. Secondly, do the UK authorities believe that any similar activity could take place, or has already taken place, in the UK, or by a bank domiciled here? Thirdly, if there is evidence that the manipulation of bullion markets by banks over a period has resulted in lower prices than would otherwise have been the case—that is clearly something to be proven—what recourse do producers and retail investors have against banks for that manipulation?