Gold and silver metal buyers - you are not alone.
RogerB
Posts: 8,852 ✭✭✭✭✭
This is not the first time these banks have manipulated precious metal markets.
"Deutsche Bank, UBS and HSBC will collectively pay nearly $47 million to settle civil regulatory charges that some of their traders engaged in spoofing in precious metals."
https://cnbc.com/2018/01/29/ubs-deutsche-bank-and-hsbc-to-pay-millions-in-spoofing-settlement.html
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Posted on the coin forum for general information. A discussion copy is available in the precious metals forum.
Thanks Roger.... There are many, many threads talking about market manipulation... and always naysayers. Well... there is this and several other cases that show it really does happen. Cheers, RickO
This type of behavior has been happening in the PM commodities market since day 1. I've been to mines across the US where they have heaps of tailings waiting to be run through the mill when the price of silver or gold hit a certain level. The central banks of Peru, Chile, and Mexico also play the market, albeit at the level of many many pounds of metal.
This is the third time in recent years that at least of of the three banks mentioned has been involved in precious metals market manipulation. if an individual did that, they'd be in jail ad have forfeited all profits.