Deutsche bank admits to silver price manipulation
Duncan Richardson, News Editor
14 Apr 2016, 10:13 a.m.
Deutsche Bank has reached a settlement in a lawsuit which accuses the bank of conspiring with Bank of Nova Scotia and HSBC to manipulate the silver price.
Traders accused the bank of abusing their position on the daily silver fix at the expense of clients and industry participates. The lawsuit claims the banks manipulated the silver market which is worth $30 billion daily.
The lawsuit is one of many being heard in New York, which accuses a number of the world’s largest banks of manipulating the precious metals and commodity markets.
Deutsche Bank quit its seat on both the gold and silver fix in 2014 following an investigation by German financial regulator in possible price manipulation.