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Shock! Deutsche Bank Admits in Court “Precious Metals Market Has Been Rigged All Along”

Tyler Durden
April 15th, 2016
Zero Hedge
Comments (17) Read by 4,440 people

gold_dollar1

This article was written by Tyler Durden and originally published at Zero Hedge.

Editor’s Comment: So, everyone paying any attention already knew that the commodities markets – and especially gold and silver – have been heavily manipulated. If their true value was reflected in the spot price, all the phony and puffed up stuff on the stock market would be seen for the worthless garbage it is.

But for a major bank to officially admit it is a major revelation. Perhaps it could set a precedent and lead to a new investigations, scandals and perhaps vindication for advocates of sound money and a sound economy.

Deutsche Bank Admits It Rigged Gold Prices, Agrees To Expose Other Manipulators

by Tyler Durden

Well, that didn’t take long.

Earlier today when we reported the stunning news that DB has decided to “turn” against the precious metals manipulation cartel by first settling a long-running silver price fixing lawsuit which in addition to “valuable monetary consideration” said it would expose the other banks’ rigging having also “agreed to provide cooperation to plaintiffs, including the production of instant messages, and other electronic communications, as part of the settlement” we said “since this is just one of many lawsuits filed over the past two years in Manhattan federal court in which investors accused banks of conspiring to rig rates or prices in financial and commodities markets, we expect that now that DB has “turned” that much more curious information about precious metals rigging will emerge, and will confirm what the “bugs” had said all along: that the precious metals market has been rigged all along.”

This was confirmed moments ago when Reuters reported that Deutsche Bank has also reached a settlement in US litigation alleging the bank conspired to fix gold prices. In other words, hours after admitting it was rigging the silver market, it did the same for gold.

Some more headlines:

  • Reaches settlement in U.S. litigation alleging it conspired to fix gold prices.
  • Plaintiffs’ lawyers, in filing, say Deutsche Bank has signed a settlement term sheet
  • Plaintiffs’ lawyers say are negotiating formal settlement agreement that would be presented for judge’s approval later
  • Plaintiffs’ lawyers say settlement contemplates a monetary payment by Deutsche Bank
  • Gold settlement follows similar accord involving alleged silver price-fixing that was disclosed on Wednesday

Most importantly, as the actual settlement reveals, Deutsche has agreed that in addition to once again providing “valuable monetary consideration” which will be paid into a settlement fund, that like in the silver settlement it will provide “cooperation in pursuing claims against the remaining Defendants.

And with that the floodgates open.

Here is the full settlement letter:

* * *

As a reminder, this is what we reported just hours ago on an identical settlement involving Deutsche Bank admitting to also rigging silver:

Deutsche Bank Confirms Silver Market Manipulation In Legal Settlement, Agrees To Expose Other Banks

Back in July of 2014, we reported that in an attempt to obtain if not compensation, then at least confirmation of bank manipulation in the precious metals industry, a group of silver bullion banks including Deutsche Bank, Bank of Nova Scotia and HSBC (later UBS was also added to the defendants) were accused of manipulating prices in the multi-billion dollar market.

The lawsuit, which was originally filed in a New York district court by veteran litigator J. Scott Nicholson, a resident of Washington DC, alleged that the banks, which oversee the century-old silver fix manipulated the physical and COMEX futures market since January 2007. The lawsuit subsequently received class-action status. It was the first case to target the silver fix.

Many expected that this case would never go anywhere and that the defendant banks would stonewall indefinitely: after all their legal budgets were far greater than the plaintiffs.

Which is why we were surprised to read overnight that not only has this lawsuit against precious metals manipulation not been swept away, but that the lead defendant, troulbed German bank Deutsche Bank agreed to settle the litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors, Reuters reported citing a court filing by law firm Lowey.

Terms were not disclosed, but the accord will include a monetary payment by the German bank.

It goes without saying, that there would have been neither a settlement nor a payment if the banks had done nothing wrong.

According to Reuters, Deutsche Bank has signed a binding settlement term sheet, and is negotiating a formal settlement agreement to be submitted for approval by U.S. District Judge Valerie Caproni, who oversees the litigation. A Deutsche Bank spokeswoman declined to comment. Lawyers for the investors did not immediately respond to requests for comment.

As noted above, investors had accused Deutsche Bank, HSBC and ScotiaBank of abusing their power as three of the world’s largest silver bullion banks to dictate the price of silver through a secret, once-a-day meeting known as the Silver Fix.

None of this will come as a big surprise to readers, most of whom have been aware that this took place for years.

But wait there’s more.

In a curious twist, the settlement letter reveals a stunning development, namely that the former members of the manipulation cartel have turned on each other. To wit:

“In addition to valuable monetary consideration, Deutsche Bank has also agreed to provide cooperation to plaintiffs, including the production of instant messages, and other electronic communications, as part of the settlement. In Plaintiff’s estimation, the cooperation to be provided by Deutsche Bank will substantially assist Plaintiffs in the prosecution of their claims against the non-settling defendants.”

The full shocking letter can be read here:

Since this is just one of many lawsuits filed over the past two years in Manhattan federal court in which investors accused banks of conspiring to rig rates or prices in financial and commodities markets, we expect that now that DB has “turned” that much more curious information about precious metals rigging will emerge, and will confirm what the “bugs” had said all along: that the precious metals market has been rigged all along.

Finally, we’ll just remind readers that the US commodity “regulator”, the CFTC in 2013 closed its five year investigation concerning allegations that the biggest bullion banks manipulate silver markets and prices.  It proudly reported in September 2013 that it found no evidence of wrongdoing and dropped the probe. This is what it said:

The Commodity Futures Trading Commission (CFTC or Commission) Division of Enforcement has closed the investigation that was publicly confirmed in September 2008 concerning silver markets. The Division of Enforcement is not recommending charges to the Commission in that investigation. For law enforcement and confidentiality reasons, the CFTC only rarely comments publicly on whether it has opened or closed any particular investigation. Nonetheless, given that this particular investigation was confirmed in September 2008, the CFTC deemed it appropriate to inform the public that the investigation is no longer ongoing. Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets.

In light of this confirmation that the CFTC’s probe was “lacking” perhaps it is time for the so-called regulators who at the time was headed by ex-Goldmanite Gary Gensler (and assisted by “revolving door” expert and HFT lobby sellout Bart Chilton) to reopen its investigation?

This article was written by Tyler Durden and originally published at Zero Hedge.

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Author: Tyler Durden
Views: Read by 4,440 people
Date: April 15th, 2016
Website: http://www.zerohedge.com/news/2016-04-14/first-silver-now-gold-deutsche-bank-admits-it-also-rigged-gold-prices-legal-settleme

Copyright Information: This content has been contributed to SHTFplan by a third-party or has been republished with permission from the author. Please contact the author directly for republishing information.

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17 Comments...

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  1. Stephen KY says:

    And 99% of people will do absolutely nothing about it.

    • Genius says:

      ON A MORE IMPORTANT NOTE…
      HAPPY MAC’S DAY! Thanks again Mac for this site and all the crap you put up with! By far the best forum I have found. Please thank your wife for all she contributes here also. May you and your site have many, many more years to come! If you email me an address I will send you some homemade goodies (wine) 🙂 Cheers my man!

      • Genius says:

        For those who don’t remember or weren’t here last year eppe, buttcrackofdoom, babycatcher and me decided to make April 15th and Sept. 11th Mac’s day. Instead of celebrating bullshit holidays we decided to make our own 🙂

    • WhoWTFKnows... says:

      Smart people saw this manipulation and bought on the dips, dumb people are still wondering what happened. Or say stupid stuff like you can’t eat silver. Well you can ingest Silver Colloid Solution, and it will kill bacteria within your digestive system. A great prep, and I put some on every open cut or scratch I get out here at the BOL. It heals fast.

      ~WWTI…

  2. Billy Hill says:

    Perhaps it could set a precedent and lead to a new investigations, scandals and perhaps vindication for advocates of sound money and a sound economy.

    ROFLMAO!! You actually said that with a straight face and everything! Good one! 🙂

    • Perhaps it could set a precedent and lead to a new investigations, scandals and perhaps vindication for advocates of sound money and a sound economy.

      Indeed – this is a funny quote for sure.
      That would only work in a System that was Honest.

      Perhaps this quote would have a better appeal on the cover of a fictional book that goes by a name called FANTASY-LAND.

  3. Shock! Deutsche Bank Admits in Court “Precious Metals Market Has Been Rigged All Along”</b.

    Shocked? … um … No
    Like practically everything else in this world – what isn't Rigged or Manipulated?

    The System is beyond corrupted!

  4. aljamo says:

    Funny watching the youtube videos of people showing off their vast silver stashed away, thousands of ounces spread out on tables to impress I guess themselves. I got more than you do wah wah wah.

  5. anon says:

    Why are they doing it now?

    Holder was not prosecuted.
    Hillary will not be prosecuted.
    Do you think these bankers will be prosecuted.

    I am not going to commit murder but I am sure going to make them wish they were dead. It is horrific how much evil goes unpunished.

  6. This is more market manipulation.

    The banks own the Courts. Hold on to your precious metals. They will watch the frightened investors dump what they have, then they come in and buy on the cheap before the surge upward. Chances are soon they will recall 100 dollar bills, or maybe the penny. It’s coming. You know it. But they know more than we do. They are the ones playing with our emotions. They are playing with our lives, and they don’t care about us. As George Carlin said, “they don’t care about you, not at all!”.!!!

  7. PO'd Patriot says:

    Well this goes to show you that they really don’t give a rats ass who knows now. Which means that hey, maybe we’re getting real close for when tanks roll into the streets.

  8. Steven says:

    NO, Please say it isn’t so.

  9. aljamo says:

    Yeah but it stands out like a sore thumb that they care less and less about the people with each passing day. Georgia Guidestone dictates on steroids. The masses of downtrodden citizens have to go by whatever means necessary. How to turn the tables somehow, how? There really is no answer that hasn’t been planned for from the top.

  10. TEST says:

    I’ll give up my barbarous relics when humanity stops acting so barbarously.

  11. 2isone says:

    Let’s see. Um… why O why would Deutsche Bank admit to their wrongdoings now, and promise to fink out their pals???? Looks upward and taps index finger on chin.

    Could it have something to do with the fact that China is about to launch their own yuan gold fix on the 19th, and the mechanics of that will expose their little backsides anyway? So much better to be the first to rat out their compadres.

    Maybe it has something to do with the tea and crumpets meeting Obama, Biden and Janet Yellen had a couple days ago. Wang Doodle…. if they aren’t girding up their loins right now getting ready for a big shaking!

  12. Game theory. First one to rat gets the best deal.