Deutsche bank also rigged the gold price
Duncan Richardson, News Editor
15 Apr 2016, 9:50 a.m.
As well as rigging the silver price Deutsche bank have also admitted to manipulating the gold price. Yesterday, Europe’s largest bank confirmed they had reached a settlement in a U.S. court over accusations they manipulated both the silver and gold price. Deutsche bank also agreed they would help the other plaintiff’s pursue similar claims against other financial institutions.
Lawyers representing the investors in the silver fixing suit confirmed Deutsche bank will hand over emails and instant messages to help future investigations.
This is not the first time banks have been successfully sued for precious metal manipulation. In 2014 a group of traders brought claims against HSBC, Deutsche Bank, UBS and the Bank of Nova Scotia. The banks abused their position of the daily gold and silver fix to extract profits from their clients.
Many commentators in the precious metals industry believe the manipulation goes beyond just rigging the fix. They believe banks and financial institutions dump massive amounts of paper contracts onto the market to drive the price.