Is UBS about to blow the lid on gold manipulation?
Adam Pike, News Editor
29 Sep 2015, 12:16 p.m.
After years of speculation is the world about to learn some of the world’s largest financial institutions have been rigging the gold and silver price? Ever since Duetsche Bank was raided by Germany’s financial regulator, Bafin, and Barclays Banks was fined £26 million for manipulating the London Gold Fix, many are speculating the world’s most powerful banks have been manipulating the price of both gold and silver.
Yesterday the situation go a lot worse when Swiss regulator WEKO launched their own investigation into potential price rigging. As well as regulatory investigations a number of lawsuits have been filed in the U.S. alleging financial institutions used their position to manipulate prices.
UBS has been granted conditional leniency in the Swiss investigation after they cooperated with regulatory authorities. For UBS to take this position there must be a case to answer. This is not the first time UBS has blown the whistle to minimise fines and escape potential criminal charges. Although the Swiss investigation will not report its findings until 2016, are we now on the final countdown for revealing the biggest gold manipulation scandal in history?