The Justice Department’s investigation of manipulation in the precious-metals markets at JPMorgan Chase & Co. spurred prosecutors to ask a judge to delay a civil lawsuit focusing on similar misconduct.

Former trader John Edmonds pleaded guilty last month to federal charges that he placed hundreds of orders in the futures market he never intended to execute, in a six-year spoofing scheme. On Monday, the Justice Department asked the judge overseeing an antitrust lawsuit against JPMorgan to delay the case for six months to “protect the integrity” of its ongoing criminal probe.

Canada’s Bank of Nova Scotia (Scotiabank) will pay $800,000 to settle charges filed by the U.S. Commodity Futures Trading Commission that it engaged in spoofing in gold and silver futures contracts, the CFTC said on Monday.

One of the more interesting developments in the gold mining sector at the moment is the impending launch of an investor alliance called the Shareholders Gold Council (SGC) whose objectives focus on reversing the poor shareholder returns and underperformance that has been dogging the sector’s leading gold mining stocks for some time now.

The Shareholders Gold Council, which on paper will have immense research resources and firepower and influence, will not it seems devote any time or resources to questioning anything to do with the gold price and will just take it a a given. This to me is a completely lost opportunity given that there is ample material for analysis in this area, some of which would surprise institutional and hedge fund investors in the gold space if they bothered to look. Much of this material has been documented on this website and elsewhere, such as by GATA.

In his latest book, "The New Case for Gold," fund manager, geopolitical analyst, and financial letter writer James G. Rickards may have summarized the international gold price suppression scheme better than anyone, including GATA itself.

In a strange twist of events, the judge presiding over a criminal trial involving allegations of spoofing in US gold and silver futures against a Swiss trader commencing in Connecticut this week, has charged the Government with “manipulation”, and thrown out a Department of Justice request to have indictments broadened against the trader to include specifically, manipulation.

Please be aware the following article has been partially retracted: "US gold and silver futures markets "easy" target."

This article has been retracted to correct relevant details regarding Andre Flotron who will appear next week in a criminal trial in CT, USA.

Central banks have a long and colorful history of manipulating the gold price. This manipulation has taken many shapes and forms over the years. It also shouldn't be surprising that central banks intervene in the gold market given that they also intervene in all other financial markets. It would be naive to think that the gold market should be any different.

Deutsche Bank and UBS have agreed to pay $30 million and $15 million respectively to settle the civil charges in the case, while HSBC will pay $1.6 million, the CFTC said.

All three banks received reduced penalties from the CFTC for providing significant assistance in the investigations, which relate to activity that dates back as far as 2008. UBS self-reported the alleged misconduct by its traders to the regulator, the CFTC said.

The alleged activity saw manipulation of a range of precious metals contracts, including in gold, silver, platinum or palladium futures, as well as in S&P E-mini futures.

German philosopher Arthur Schopenhauer said that “All truth passes through three stages: First it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident.”

The manipulation of the gold price has moved close to the third stage, as recent class action lawsuits for over $1 billion have been filed in New York and Toronto against six major bullion banks and have been approved to proceed. Another class action lawsuit is being formed in London.

These lawsuits will have a major impact on gold as the paper price diverges from the physical price.

Andre Flotron, formerly a senior precious metals trader with UBS, was arrested in New Jersey last week by the US Department of Justice (DoJ). The DoJ has charged Flotron with spoofing gold futures on the CME (COMEX) from July 2008 until November 2013.

A junior trader, who agreed to cooperate with the US government in return for avoiding criminal prosecution, told the DoJ that Flotron demonstrated how to spoof gold futures in July 2008 as preparation for the witness moving to the UBS precious metals desk in Singapore.