Documents Prove Massive Rigging in Silver Market: “Far Surpasses the Conspiracy Alleged Earlier”

by | Dec 8, 2016 | Commodities, Headline News | 41 comments

Do you LOVE America?



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

    Editor’s Comment: Most everyone understands that the prices for hard assets are suppressed, and that the real value price would skyrocket under a fee market. But now traders have been caught in the act conspiring to suppress the price of silver on the market. It is fraudulent, but nothing too evil for banks to engage in.

    If this made the mainstream news, it would look like an unprecedented crime, and evidence that all of Wall Street should be regulated more closely. Since it isn’t making the news, and banks are just quietly settling, it is further indication that the entire industry sector is in on the gold and silver price manipulation. It is a house of cards that could bring them down… if only…

    Deutsche Bank Provides “Smoking Gun” Proof Of Massive Rigging And Fraud In The Silver Market

    by Tyler Durden

    Back in April, when we first reported that Deutsche Bank had agreed to settle allegations it had rigged the silver market in exchange for $38 million, we revealed something stunning: “in a curious twist, the settlement letter revealed that the former members of the manipulation cartel have turned on each other“, and that Deutsche Bank would provide docments implicating other precious metals riggers. 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.”

    Overnight we finally got a glimpse into what this “production” contained, and according to documents filed by the plaintiffs in the class action lawsuit, what Deutsche Bank provided as part of its settlement was nothing short of “smoking gun” proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market. The allegation, as Bloomberg first noted, came in a filing Wednesday in a Manhattan federal court lawsuit filed in 2014 by individuals and entities that bought or sold futures contracts.

    In the document records surrendered by Deutsche Bank and presented below, traders and submitters were captured coordinating trades in advance of a daily phone call, manipulating the spot market for silver, conspiring to fix the spread on silver offered to customers and using illegal strategies to rig prices.

    “Plaintiffs are now able to plead with direct, ‘smoking gun’ evidence,’ including secret electronic chats involving silver traders and submitters across a number of financial institutions, a multi-year, well-coordinated and wide-ranging conspiracy to rig the prices,” the plaintiffs said in their filing.

    The latest evidence is critical because as the plaintiffs add, the new scheme “far surpasses the conspiracy alleged earlier.” As a result, the litigants are seeking permission to file a new complaint with the additional allegations, i.e., demand even more reparations from the defendants who have not yet settled, and perhaps even more evidence of ongoing market rigging. Their proposed complaint broadens the case beyond the four banks initially sued to include claims against units of Barclays Plc, BNP Paribas Fortis SA, Standard Chartered Plc and Bank of America Corp.

    Representatives of UBS, BNP Paribas Fortis, HSBC, Standard Chartered and Scotiabank didn’t immediately respond to e-mails outside regular business hours seeking comment on the allegations. Barclays and Bank of America declined to immediately comment.

    The Deutsche Bank documents show, among other things, how two UBS traders communicated directly with two Deutsche Bank traders and discussed ways to rig the market. The traders shared customer order-flow information, improperly triggered customer stop-loss orders, and engaged in practices such as spoofing, all meant to destabilize the price of silver ahead of the fix and result in forced selling or buying. It is also what has led on so many occasions to the infamous previous metals “slam”, when out of nowhere billions in notional contracts emerge, usually with the intent to sell, to halt any upside moment in the precious metals/

    “UBS was the third-largest market maker in the silver spot market and could directly influence the prices of silver financial instruments based on the sheer volume of silver it traded,” the plaintiffs allege. “Conspiring with other large market makers, like Deutsche Bank and HSBC, only increased UBS’s ability to influence the market.”

    Some examples of the chats quoted are shown below. In the first example a chart between DB and HSBC traders in which one HSBC trader says “really wanna sel sil[ver” to which the other trader says “Let’s go and smash it together.”

    Another chat transcript from May 11, 2011 reveals a Deutsche Bank trader telling a UBS trader that the cartel “WERE THE SILVER MARKET”(sic) based on feedback from outside traders to which UBS replies, referring to the silver market “we smashed it good”, leading to the following lament “fking hell UBS now u make me regret not joining.”

    Finally, for all those traders who wonder what happened to their stops as a result of dramatic moves in the price, here is the answer: a June 2011 chat between a UBS and a DB trader comes down to the following: “if you have stops… who ya gonna call… STOP BUSTERS”

    If the plaintiff request for an expanded lawsuit is granted, we expect many more fireworks as other banks rush to settle on their own and provide even more documentary proof of unprecedented precious metal market manipulation, until there is just one bank left standing, ostensibly the one slammed with the biggest fine of all, perhaps even leading to prison time for some of the market riggers.

    The full filings from the case (London Silver Fixing Ltd. Antitrust Litigation, 1:14-md-02573 U.S. District Court, Southern District of New York (Manhattan) are provided below:


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


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      1. What an eye opener, who wudda thunk it?

        Same shit, new day.


        • Gmafb:

          2nd that.

          • Platinum is beautiful
            Gold is grand
            But silver is the money of the common man.

            • Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants and debt is the money of slaves.

              • So how many Bankers went to Jail over this? NADA. Zero, Zilch, and why they can investigate all day long and go to court 2 years later, and the manipulation is still ongoing today. They need to void out these Banks SEC Licenses to trade on the commodities board. Put some frigging teeth in the punishment. A measly $60 Mil fine that manipulated Trillion dollar markets. They laugh, get their hands slapped and they are all off again, onto their next manipulative scheme. The penalty fine money is just taken away from shareholders. They need to take away the CEO’s multiple houses, cars and yachts and put in prison. Set an example, when you commit the crime you DO the TIME.

                There is still NO accountability with this Fraud. Lets see how Trump’s Atty General Prosecutes these financial crimes against the public.

            • Gold is for the mistress, silver for the maid,
              Copper for the craftsman, cunning at his trade.
              “Good” said the Baron, sitting in his hall,
              “But iron – cold iron – is master of them all.”

        • Yeah, WWTI – Look WTF Obama just did.

          ht tps://

          Published on Dec 8, 2016
          Sub for more: ht tp:// | Ryan Pickrell for the Daily Caller reports, The Obama administration gave the defense industry the go-ahead on plans to build classic American fighter jets in India. With the support of the current administration, both Lockheed Martin and Boeing have been in talks with the Indian government to build the F-16 Fighting Falcon and the F/A-18 Super Hornet for the Indian Air Force in India, according to the Washington Post.

          See what happens, when Trump hears about this.
          Obama needs to be tried for TREASON.

          • Oh so you like GOLD MINING STOCKS??? Here is what can make stock prices change overnight.

            Navajo Sues Government For $160 Million Over Last Year’s Mining Waste Spill

            Last year, the EPA spilled massive amounts of gold mining waste into the Animas river near the Navajo Nation reservation, turning the entire river yellow. Now, the Navajo is suing the government for on-going damages to their health and the environment.

            Before Dakota Access, many Americans were unaware of the excessive damage and exploitation that Native Americans have endured and continue to suffer from massive corporations. However, last year, one of the worst environmental catastrophes was not caused by a corporation, but by the government itself. More specifically, the disaster was caused by the Environmental Protection Agency (EPA), the very part of the federal government tasked with protecting the environment from such events. In August of 2015, a group of contractors hired by the EPA spilled massive amounts of waste from an abandoned gold mine into the Animas river and its tributaries. Gold mining, one of the dirtiest types of mining, produces extremely toxic waste and thus the river was pumped full of arsenic, lead, mercury, and other extremely potent toxins, killing off fish and wildlife and ruining water supplies for entire communities. In total, the EPA caused over 300 million gallons of toxic waste to pass into the river, an amount so great that it turned the entire river yellow.

            Normally, if a corporation were responsible for such a mess, the EPA would fine them for significant amounts of money. However, because the spill was caused by the EPA itself, no fines were given out and the EPA offered only hollow apologies and failed to offer a concrete plan for the clean-up. The EPA told local tribes whose lands border the river, such as the Navajo Nation, that their people would have “to live in a state of uncertainty” as it could take “decades” to fully clean-up the spill.

            Read More: ht tp://

            This will bring tears to your eyes, look at the photos.







          WHERE DOES IT STOP????

      2. BIG MONEY PLANS TO SHUT DOWN 200 SITES… (see Paul Craig Roberts for entire article– this is just a snippet)!

        Obviously, those behind PropOrNot are either so ashamed of their perfidy or they are such public names that they want to stay hidden so that the American public cannot know who is determined to replace truth with lie.

        And public names it is. The Martens find PropOrNot background ties to the billionaire Koch brothers, to the Lynde and Harry Bradley Foundation, to the Sarah Scaife Foundation (the Mellon fortune), ExxonMobil, US Senators Chris Murphy and Rob Portman, who tie into Citigroup and Goldman Sachs, “two Wall Street behemoths that would very much like to pivot the national debate to anything other than Wall Street power and corruption.”

        Read the Martens’ report: This is an important report. It shows how money operates against the vast bulk of the American people.

        You can see the kind of power that intends to close down truth in America and throughout the entirety of the Western world. How am I going to stand up to this kind of power? I cannot even afford a lawyer to file a defamation suit against the Washington Post, as Naked Capitalism has done. Somehow CounterPunch got off the list. Probably CP has pro bono attorneys. If any of my readers are fighting attorneys, I will split with you any damages you can obtain in a lawsuit against Bezos’ trophy newspaper.

        • Easy, apply 4G WF to these assholes who are in charge of this attack on our 1st A, it works for allllll sortsa evil

          • You Guys like Numbers? Check this site out, shows many things besides the Nat debt clock. Will make your head spin. ht tp://

        • You can represent yourself for free if no one steps up to help you. Some activists in the past became specialists of a sort. Anyone can use a library. Someone sympathetic might do it for free. Then there are students coming out of Law School who have zero bad habits. No experience but enthusiasm. This was suggested to me by an attorney. I don’t know if it would work. The biggest problem is loyalty. Will your lawyer really do all he can for you. That’s why sometimes, you can’t win for losing.

          Sorry about what’s happening to you. Start calling around. Maybe you’ll get lucky. I would call Trump’s office in New York. Maybe his office could get you a lawyer. After all, Trump isn’t too happy with the media either.


      3. Love the documenting evidence. Hopefully, some of the corrupt Learjet leftist banksters could be taken away in silver handcuffs? Sadly, we are no longer a nation, or nations across the West, of laws, but rather of utter crony corruption.

        Ken Lay, were he alive, should have been released and made head of the Democrat Party, Hilary’s staff, or maybe the IMF or BIS.

      4. What isn’t rigged? I have come to the conclusion that if evidence of corruption hasn’t surfaced in an economic area, its not because it doesn’t exist, but rather that they haven’t yet been caught. Interestingly actions that at one time were legally forbidden because it was considered manipulation, like stock buybacks and banks buying stocks, are now legal. Law at one time was closely affiliated with the with maintaining of ethics. Ethics, divorced from law is now is just an annoyance, something to be given lip service. When de-facto thievery is legitimized the system is close to failure.


          Blaming Donald Trump for the Inevitable Economic Collapse
          Published on Oct 11, 2016

          At one level, many globalists actually want Donald Trump to be elected President so they can BLAME HIM for the economic collapse they’ve barely held back for eight years.

          This mini documentary reveals the hidden agenda to crash the global debt pyramid if Trump wins the White House. After all, the political elite can never blame themselves for all the problems they’ve created.

          So they’ll use a Trump victory to turn him into a scapegoat for the massive, catastrophic collapse that’s imminent.

        • Kevin2 speaks of the true part of truth. It takes integrity to be ethical and I haven’t seen either of them for decades. Corruption and greed are monuments to mans endeavors and with these heralded there can never be justice. Perhaps you have noticed a problem there too. No one will do time for this manipulation. And therein lies the rub.

      5. PMs have no value to me other than industrial uses.
        You want to gamble in a market that is manipulated
        knock yourself out.
        I’m getting a few dozen chickens this week,
        they are valuable, the stupid silver coins
        I have stuffed away aren’t worth near as much
        when TSHTF!

        • Besides, if you need gold after a 45 and a channel lock pliers and you can collect tons of gold teeth from the philipinos in hilo

          • I manong!!!!

            • Aisos

          • Yup.

            • Them chickens will be worth more

              • Really? Wait till you need something someone has that doesn’t need anything you have lol….

                • Im good at doing witho

                • Without

              • Really? Wait till you need something someone has that doesn’t need anything you have lol….

                • Plus over here,,, ill bet those chickens are still worth more

      6. A lawsuit is just an allegation, not smoking gun proof…..until the jury decided it is.

        Silver is low, but I think it will dip to $15 an ounce.

        Once the FEDS raise interest rates there will be a rush for the exits on the stock market causing a dollar dip and silver will rise.

        • If they raise interest rates, I agree the stock market will bottom out and silver will rise but once the markets hit bottom, I think there will be a buying frenzy and silver will level off. I think any value silver will gain is in the industrial sector. When companies are again allowed to create and expand, there will be a bigger demand for it and the value will increase. That’s if it’s really in limited supply like a lot of these miner stock owners are saying.

      7. This manipulation of currencies, commodities and markets is well known. It s also completely illegal.

        What will President Trump do when faces with the decision keep manipulating, or have it all go poof?

        Wait until we see how much Obama spent rigging US markets so he could claim the economy is recovering?

        I suspect that after Obama is out of office and a full accounting is done, the national debt will jump another one or two trillion.

      8. Keep manipulating, we’ll keep accumulating.

        The bet is: What is more real? Manipulation and cronyism, or market forces?

        Place your bets, gentlemen. I know I have placed mine.

      9. How about kick the fossil fuel bastard ripoff warmongers into oblivion. Silver to completely convert to solar power, damn the consequences of those negatively effected. Their destruction of our home planet is criminal and the biggest culprits have been identified. Medical, chemical and fossil fuels destroyers F you.

        • Agree buccfan, Mot all of these Mid-East Wars, Syria and Ukraine are over building oil pipelines across some other countries land. And when the people revolt trying to protect their homeland, they are deemed terrorists by the US Government and the MSM. The Madness needs to stop. End Big Oil and the US tax payers funding this war mongering fascism. Make the Oil Co’s pay for their own security.

          Imagine, how much oil we could have just purchased for $2 Trillion on the open market, instead of Invading Iraq and what did we get besides 5000 US soldiers dead, $2 trillion poof gone, and more hatred towards America in the world. The Madness needs to end.

      10. People been crying about silver rigging for years. How many of you remember the daily jp morgan “silver shorts” and once they sell the market will sky rocket. Well they sold and nothing happen.

      11. Off topic:

        I just watched a video on YouTube.

        Newton and Copernicus were Masons. The earth is flat. The satelites, moon landing, and space station are Hollywood productions. Antarctica is wrapped around the exterior of a round flat earth as depicted by the logo of the UN.

        How is that for a Conspiracy. If true, it would mean at least a 500 year hoax. Globalism is a hoax. The sun is 4,100 miles away, not 93 million. The moon glows. It does not reflect sunlight.

        Anything is possible. But such deception and mind manipulation is overwhelming. Except I’m not. It is possible. Need more proof either way.


        • @ B From CA:
          Bravo young man. Bravo! Your eyes are wide open. Keep digging on that path to truth.

        • BfromCA, Have you ever been in a plane? You can see the curvature of the earth.If the earth was flat you could see 1000 miles away from the top of a hill. If the moon glowed it would be seen in full every night. These truths are self evident… If the sun was 4100 miles away this planet would be a cinder.

      12. None of the “evidence” even looks real.
        I call Scheiß, on this “report”.
        Besides it doesn’t take a genius to realize the demand for precious metals is rising…
        The sellers are causing the demand…
        All I hear is lots of money spent on advertisement
        saying: “buy silver, buy gold, the world is ending!
        You need precious metals to survive”
        Maybe you guys at could get some of your own writers, edit the work and verify the research…
        You know,responsible journalism…just a thought.

      13. The federal government won’t prosecute anybody for suppressing silver prices because doing so keeps the dollar alive. Once silver prices take off and the big banks can no longer suppress the price it will mean the death of the dollar.

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