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Thursday, April 20 2017

Gold Trading Systems Experience Growing Pains

On the afternoon of April 11, London’s daily gold price benchmark fix took a peculiar turn: It was about $12 under the spot price. The auction appeared to be stuck on a descending escalator from an initial $1,265.75, before fixing at $1,252.90.

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Saturday, April 1 2017

U.S. judge throws out many metals price-fixing claims

A U.S. judge on Tuesday significantly narrowed private litigation accusing several big banks and German chemical giant BASF SE (BASFn.DE) of conspiring to suppress platinum and palladium prices.

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Sunday, February 5 2017

Possible Manipulation of gold and silver prices 1999-2014

Based on documents in the public domain to which we refer below, we consider that there are good grounds to believe that members of six well-known financial services groups combined together to manipulate the outcome of the London Gold Fixing between about 2004 and 2014 and that members of four of those groups combined to manipulate the outcome of the London Silver Fixing between about 1999 and 2014. The effect of this was to create false market prices, in particular by artificially depressing prices after the 3pm (London time) Gold Price Fixing and to increase bid-offer spreads in physical gold, physical silver and their respective derivative instruments. The relevant institutions did this to increase their profits from their own activities in these markets at the expense of other market participants who have therefore suffered loss and damage, probably running into hundreds of millions of pounds in aggregate.

If it can be established that these financial institutions participated in price fixing then we consider that there can be little doubt that they have breached section 2 of the Competition Act 1998 and are liable to pay damages to any other market participant that suffered loss and damage as a result.

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Friday, February 3 2017

JPM Silver Rigging Case Back in Court

US Appeals Court overturns Dismissal in Silver Rigging Case against JPMorgan
The Appeals court rejected Judge Engelmeyer’s claim that the plaintiffs did not prove JPMorgan made “uneconomic bids” in the silver forward’s markets.
New Discovery May Win the Case for against JPMorgan

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Thursday, February 2 2017

U.S. appeals court revives JPMorgan silver futures rigging lawsuits

A U.S. appeals court on Wednesday revived three private antitrust lawsuits accusing JPMorgan Chase & Co of rigging a market for silver futures contracts traded on COMEX.

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Wednesday, January 4 2017

It's War: World's Purest Silver Producer Prepares To Join Class Action Lawsuit Against Bullion Banks For Price Rigging

Now that the cat is out of the bag and Deutsche Bank has agreed to turn over documents implicating other banks in related schemes, major mining companies are preparing lawsuits of their own. Straight-shooting First Majestic Silver CEO Keith Neumeyer, who in 2015 was the first mining company head to issue a public statement on the manipulation of precious metals prices by a small concentration of players, has said that the company’s legal team is closely monitoring the situation

Citing loss of revenue, jobs and shareholder value Neumeyer said in an interview with SGT Report that his company will likely be preparing legal action against the bullion banks involved in the rigging of prices.

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Friday, December 23 2016

Deutsche Bank Settlement: Seasonal Intraday Charts Provide Evidence for Market Manipulation

Deutsche Bank is a defendant in more than 7,000 lawsuits worldwide. In two of them it has recently agreed to settlements and is prepared to pay tens of millions of US dollars in restitution and fines. This includes the settling of lawsuits over gold and silver price manipulation. Associated court proceedings against other financial institutions are still underway.

Apart from Deutsche Bank, several other banks have been sued in New York over manipulation of precious metals prices as well. Due to a lack of direct evidence, the plaintiffs initially presented statistical evidence. Charts that show average intraday price movements have played an important role in this.

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Friday, December 16 2016

They don’t call it the fix for nothing

The Amended Complaint against several major bullion banks wherein it is argued that said banks colluded to manipulate the London Gold Fix was unsealed last week. It is a convincing document, and damning of the Defendants. Most galling is the disclosure of chat transcripts amongst traders, exchanges they surely thought would never see the light of day. Choice examples to follow.

This is a touchy subject amongst gold investors, some of whom believe the price is set in Davos every year, and others who refuse to have anything to do with those who believe the price is set in Davos every year. We are agnostic on the topic, but will say that muscle and its enlistment is a fact of life in all markets. However, one thing we do know, having reviewed the Complaint, is that the organizations the gold mining industry depends upon to market its metal did not have their clients’ best interests in mind. This may still be the case. Perhaps a gold mining company (or two) will read this note and if they do, by the time they are done, they may well think that there may be a better way to get their product into the hands of the people who want it.

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Gold Market Manipulation

It's interesting to note that no one has sent this out as news, Bloomberg, Reuters et al. Yet the documents were released on Dec 6th a day before the silver court documents on Dec 7th.

Also I note that many of the Bloomberg articles referenced in the Gold Manipulation documents have been taken offline.

It appears there is willful collusion to keep the Gold Manipulation Court Case out of the news.

Many thanks to Allan Flynn for bringing these court cases to the public attention.

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Thursday, December 15 2016

Silver Smoking Gun to Stop Dishonest Dealing

Last week ZeroHedge reported on the amended London Silver Fixing Antitrust Litigation which included damaging chat logs provided by Deutsche Bank that reveal collusion between bullion bank traders to “shade”, “blade”, “muscle”, “job”, “spoof” and “snipe” the silver market.

While the amended complaint only provides selected examples from the 350,000 pages of documents and 75 audio tapes that the plaintiffs received as part of the settlement with Deutsche Bank, what has been provided shows cliques of traders who worked together against the interests of their clients.

Below is a network map of these cliques, which shows every trader mentioned in the complaint with the lines indicating who chatted with whom (view the map online here).

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Wednesday, December 14 2016

When Gold Goes Above 1430 we Whack it

As it goes in silver, so it goes in gold. In London at least.

In a bid to have UBS reinstated as a defendant in a London Gold Fix consolidated antitrust lawsuit, plaintiffs documents submitted to a New York Court last week include explosive chat room transcripts of UBS and traders from different banks encouraging each other to “push,” “smack,” and “whack” gold prices.

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Tuesday, December 13 2016

Silver Investing Manipulation: The Truth On A Timeline

For years, Mike Maloney has talked about how precious metals markets were being manipulated and today we have the proof. Deutsche Bank recently settled a lawsuit accusing it of the rigging silver markets. And as part of the settlement, the bank released 350,000 pages of documents and 75 audio tapes.

These documents show there was a silver market “mafia” of big banks including Deutsche, UBS, and HSBC all working together to artificially suppress the price of silver and fleece the general public in the process.

In this video, Mike walks you through the historical silver charts and pinpoints the exact moments bank traders colluded together to rig the markets. The evidence leaves little to doubt. But as you’ll learn, there’s an upside for silver investors who accumulate physical metals.

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Monday, December 12 2016

3, 2, 1, Boom - Silver-Fixing Allegations in a Dozen Chats

A cache of documents from Deutsche Bank AG include what a group of silver investors claim is a “smoking gun”: private electronic chats showing traders from numerous banks conspiring to rig prices from 2007 to 2013, according to a court filing in New York last week.

The bank provided the documents to the investors after settling a lawsuit accusing it of rigging markets in precious-metals. As part of the accord in April, the bank paid $38 million and turned over more than 350,000 pages of documents and 75 audio tapes. The investors now want to use the chats to win permission from a judge to file a new complaint against other banks.

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In Chats, Silver Mafia Traders Flexed Muscle, Drew Blades

The new evidence is derived from 350,000 pages of bank documents and 75 audio tapes handed over by Deutsche Bank as part of the accord. The traders aren’t identified by name in the filings.

The recorded chats sprinkled with “dude,” “bro,’’ and assorted obscenities are a “smoking gun” bolstering claims that traders rigged silver prices, impacting jewelry prices, silver investments and the earnings of mining companies that sell raw materials to refiners, the plaintiffs say. The traders acted against their own clients’ interest, triggering stop-loss orders and front-running customers trades, according to the documents.

They also gave code names to certain techniques, according to the documents, which explain that “blade” meant placing a series of small orders close to each other in price, and “muscle” referred to placing large orders -- usually when they knew the market was illiquid.

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Friday, December 9 2016

Bombshell Dropped in Federal Court: Proof of a Silver Market "Mafia" Among Big Banks

The traders terminology is most revealing as to the extent of their manipulation - how commonplace it was, widespread & frequently used.
The collusion between different banks to lend size/force behind the trades is quite startling.

They are more than relaxed about using their own street lingo to show their contempt & solidarity in doing what they did.

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Thursday, December 8 2016

Bombshell Dropped in Federal Court: Proof of a Silver Market “Mafia” Among Big Banks

Lawyers representing traders who allege they were ripped off by a group of colluding global banks filed eye-popping evidence in a Manhattan Federal Court yesterday showing that even as global banks were being criminally probed for rigging currency markets, they continued to engage in rigging the silver market, with a UBS trader referring to the group as the “mafia.”

Numerous trader conversations confirming the sharing of insider information among traders at global banks were provided to the court yesterday, including the following between traders at Barclays and Deutsche Bank on April 6, 2011 — where one trader suggests the collusion amounts to “one team one dream.”

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Deutsche Bank Provides "Smoking Gun" Proof Of Massive Rigging And Fraud In The Silver Market

In the document records surrendered by Deutsche Bank and presented below, traders and submitters were captured coordinating trades in advance of a daily phone call, manipulating the spot market for silver, conspiring to fix the spread on silver offered to customers and using illegal strategies to rig prices.

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Deutsche Bank Records Said to Show Silver Rigging at Other Banks

Eight months after Deutsche Bank AG settled a lawsuit claiming it manipulated gold and silver prices, documents it disclosed as part of the accord provide “smoking gun” proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market, plaintiffs claim.

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How to Trigger a Silver Avalanche by a Pebble: "Smash(ed) it Good"

Manipulation of the Silver Fix price to benefit their silver trading positions in derivatives by UBS is claimed in the following exchanges:
Deutsche Bank Trader B: “u guys short some funky options” “well you told me to no one u just said you sold on fix” UBS Trader A: “we smashed it good.”
Deutsche Bank Silver Fix Trader-Submitter A: “UBS boring the market again”...”just like them to bid it up before the fix then go in as a seller...they sell to try and push it back.”
It’s further alleged by plaintiffs that UBS implemented an “11 oclock rule” where both UBS and Deutsche Bank would short silver at 11A.M.

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Saturday, December 3 2016

Deutsche Bank to pay $60 million to settle U.S. gold price-fixing case

Deutsche Bank AG has agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense.

Deutsche Bank denied wrongdoing. The bank in October agreed to pay $38 million to settle similar litigation over alleged silver price manipulation.

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