JP Morgan, Goldman Sachs among banks probed by the DOJ.
Bullion.Directory precious metals analysis 23 February, 2015
By Christopher Lemieux
Senior Analyst at Bullion.Directory; Senior FX and Commodities Analyst at FX Analytics
Financial warfare expert Jim Rickards has said that the manipulation in the gold market has become so obvious that the manipulators should be embarrassed. Perhaps, someone has finally taken heed. The US Department of Justice (DOJ) is to probe approximately 10 bullion banks for gold manipulation.
The Wall Street Journal reports that the DOJ will investigate whether or not the world’s largest banks have manipulated the price of precious metals.
The US Commodity Futures Trading Commission (CFTC) currently has a separate civil investigation.
In disclosures by HSBC Holdings, the bank’s annual report already points to several lawsuits against the firm in the US District Court, alleging manipulation of precious metals and their derivatives, while at UBS Swiss regulators found that traders at their Stamford, CT trading floor were benefiting from advanced knowledge on silver orders.
Along with HSBC, other banks under investigation that are also part of the “London gold fix” are; Bank of Nova Scotia, Barclays, Societe Generale and Deutsche Bank.
That does bring a whole new meaning to gold fix.
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