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Deutsche Bank has reached a settlement for manipulating the Silver price, writes Reuters. The bank also admits that the Gold price for years by a small group of banks Manipulated including Deutsche Bank. With this, silver investors are finally getting their way, after years of being kept on a leash by the American regulator. Also noteworthy is that Deutsche Bank is going to help the plaintiffs, by sharing more information about other banks that have been indicted for manipulating the precious metals.
In 2014, a group of silver traders filed a lawsuit against Deutsche Bank, Bank of Nova Scotia, and HSBC. According to the traders, these banks abused their dominant position in the silver market by taking positions during the fixing of the silver price. The banks knew in advance what the silver price was going to do and were able to make unfair profits at the expense of investors based on that insider information.
Deutsche Bank is the first bank willing to settle with duped investors, effectively declaring itself guilty of manipulating the price of silver. HSBC and Nova Scotia have not yet done so and declined to comment to the press. Nevertheless, it looks like these banks will also reach a settlement. Deutsche Bank has indicated that it will help the prosecutors by releasing incriminating evidence.
Shortly after the first reports came out about this settlement by Deutsche Bank, news also came out about the gold price manipulation. Deutsche Bank now wants to reach a settlement with the aggrieved investors as well.
It is striking that Deutsche Bank suddenly makes a U-turn and admits that the gold and silver prices have been manipulated for years. It is also a victory for GATA, the organization that has been collecting evidence for years to expose the manipulation of gold and silver.
In 2014, Deutsche Bank already withdrew from the gold price fixing and a year later the bank also said goodbye to the gold price fixing. over the counter gold trading in London. Several regulators were already scrutinizing the gold market at the time, because there was a suspicion that the market was being manipulated.
With this settlement, the U.S. financial regulator, the Commodities and Futures Trading Commission (CFTC) is also embarrassed. They Stated In September 2013, after five years of investigation, there was no evidence of manipulation in the silver market. Now the opposite appears to be true.
