by Mark O’Byrne, Goldcore:
Gold Bullion Price Suppression To End? Bullion Bank Traders Arrested For Manipulating Market
– CFTC fines UBS, HSBC and Deutsche Bank millions of dollars each for gold price manipulation
– Deutsche Bank ‘engaged in a scheme to manipulate the price of precious metals futures contracts’
– UBS ‘attempted to manipulate the price of precious metals futures contracts’
– HSBC engaged ‘in numerous acts of spoofing with respect to certain futures products in gold and other precious metals’
– Gold ‘experts’ continue to deny legal rulings, evidence amassed by GATA, admissions by banks and central banks including Greenspan and monetary history
– Counter intuitively, gold bullion price suppression is good news for those prudent few who look at the situation ‘holistically’, take a long term view and buy gold and silver bullion as insurance
A multi-agency CFTC-led investigation that also involved the Department of Justice and the FBI has resulted in ‘criminal and civil enforcement actions against three banks and six individuals involved in commodities fraud and spoofing schemes.’
Deutsche Bank, UBS and HSBC had all been accused of engaging in manipulating the gold price and the bullion banks have now admitted they are guilty of the charges and have paid fines.
All those named in the investigation have been found to be manipulating the gold and other precious metals markets.
The banks face fines, although they can hardly be described as hefty given the size of their balance sheets and impact of their actions. Deutsche Bank and UBS have agreed to pay $30 million and $15 million respectively, while HSBC will pay $1.6 million.
The fines have been reduced as each of the banks assisted the CFTC in investigations which go back to activities as far back as 2008 and admitted the charges.
For years the idea that precious metals markets are subject to more than just free market forces has been dismissed by the mainstream media and some market commentators Many have referred to gold and silver manipulation and gold bullion price suppression as topic fodder for the conspiracy and deep web forums. This is despite many years and reams of much evidence to the contrary.
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