Wow! Things are about to get heated up in the precious metal world, folks!
I was just posting yesterday about how China has been hoarding gold for years in anticipation of the Yuan being backed by the precious metal. Yesterday China announced that they would not allow the fiat US currency to be traded for their new gold-backed Yuan. (See the article here: http://victuruslibertas.com/2016/04/china-gold-backed-yuan/) We knew that would bring the US Dollar to it’s knees and gold would begin to climb… however, we also have known for some time that gold has somehow been manipulated- held down in the market, as has silver. All of the experts have been saying they have both been held down, we just weren’t sure exactly how it was happening. We knew WHY- it was so the banks could buy up as much of the precious metals as possible, at the best prices possible. Well, now we know HOW they were doing it.
According to many reputable sources, The Deutsche Bank has admitted to rigging gold prices to keep it down. They said that capitalism is good and responsible for stimulating progress.
“Deutsche Bank AG has agreed to settle U.S. litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors”, a court filing on Wednesday showed.
The cases are In re: Commodity Exchange Inc Gold Futures and Options Trading Litigation, U.S. District Court, Southern District of New York, No. 14-md-02548; and In re: London Silver Fixing Ltd Antitrust Litigation in the same court, No. 14-md-02573.
Back in July of 2014, it was reported that in an attempt to obtain 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… However, the country was surprised to read overnight that not only has this lawsuit against precious metals manipulation NOT been swept away, but that the lead defendant, Deutsche Bank agreed to settle the litigation, as well as lend its full cooperation to the effort of nailing down other conspirators to the gold and silver price rigging.
Terms were not disclosed, but the the terms do include a monetary payment by the German bank a letter filed in Manhattan federal court by lawyers for the investors said.
According to the lawsuit, the defendants distorted prices on the roughly $30 billion of silver and silver financial instruments traded annually, violating U.S. antitrust law.
See the letter to Judge Valerie E. Caproni here: