The Conspiracy Theorists Were Right: Mega Bank Admits to Rigging Global Gold and Silver Markets

precious metals gold and silverBy Justin Gardner

While everyone was focused on the “too big to fail” banks that brought the economy crashing down in 2008, other big banks were busy scheming investors in a different way.

In a stunning victory for “conspiracy theorists” within the precious metals space, overnight Deutsche Bank not only agreed to settle a lawsuit accusing it of manipulating the silver fix, but also agreed to help the plaintiffs pursue similar claims against other banks as part of the settlement by providing instant messages and other communications, reports ZeroHedge. And so the former cartel members are turning on each other.

Within the span of 24 hours, it was reported that Deutsche Bank, along with other banks, has been rigging both the silver and gold futures markets since 2007. The German-based bank reached a settlement in two separate lawsuits brought by bullion investors.

According to Reuters:

The plantiffs accused Deutsche Bank of conspiring with Bank of Nova Scotia (BNS.TO), Barclays Plc (BARC.L), HSBC Holdings Plc (HSBA.L) and Societe General (SOGN.PA) to manipulate prices of gold, gold futures and options, and gold derivatives through twice-a-day meetings to set the so-called London Gold Fixing.

While they were illegally fixing prices in the gold market, Bloomberg reports they had an equally unscrupulous hand in the silver market too.

Silver future traders in 2014 sued a group of banks including Deutsche Bank, HSBC Holdings Plc and Bank of Nova Scotia alleging they unlawfully manipulated the price of the metal and its derivatives, echoing similar claims brought previously against financial firms over alleged manipulation of gold prices. Later, UBS AG was also named as a defendant in the silver-fixing case.

Traders alleged the banks abused their position of controlling the daily silver fix to reap illegitimate profit from trading, hurting other investors in the silver market who use the benchmark in billions of dollars of transactions, according to a version of the complaint filed in April 2015. Of those four banks, only Deutsche Bank has reached a settlement.

Details of the settlements are forthcoming and will involve a monetary payment by Deutsche Bank. Interestingly, Deutsche Bank will also be cooperating with the plaintiffs in prosecuting the other banks. A letter to Judge Valerie Caproni states:

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.

It’s a shocking turnaround from the years of collusion between the banks in daily secret meetings to rip off investors.

The lawsuits that have now revealed price-rigging in silver and gold futures markets were brought by private investors. It is worth noting that the Commodity Futures Trading Commission (CFTC), the government agency that is supposed to regulate these banks, initiated its own investigation in 2008 and found no wrongdoing.

ZeroHedge reports that the CFTC, then headed by ex-Goldman Sachs bankster, Gary Gensler, dropped their five-year probe into the silver markets.

The news of market manipulation by Deutsche Bank comes only days after Wells Fargo and Goldman Sachs admitted to defrauding the United States government for nearly an entire decade, which subsequently led to the housing market collapse.

In all of these criminal banking incidents, not one person was held responsible. Instead, the banks merely reached in between the proverbial couch cushions, pull out a few billion and pay off their accusers. It then goes back to business as usual.

Once again, we see that big banks and big government are the same beast, and we are the prey.

Justin Gardner writes for TheFreeThoughtProject.com, where this article first appeared.

  • gawain

    Where do I sign up – I own silver.
    End the fed (and all zentral banks)
    Taxation is theft.
    Usury is theft.

    • ReggiesSteamyTaint

      Then you don’t have the price you would get had they not been suppressing it since 2007. They have wasted a lot of your time and money.

  • tj

    “Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs.” –Thomas Jefferson to Thomas Cooper, 1814. ME 14:61

    “It is said that our paper is as good as silver, because we may have silver for it at the bank where it issues. This is not true. One, two, or three persons might have it; but a general application would soon exhaust their vaults, and leave a ruinous proportion of their paper in its intrinsic worthless form.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:426

    “Specie is the most perfect medium because it will preserve its own level; because, having intrinsic and universal value, it can never die in our hands, and it is the surest resource of reliance in time of war.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:430

    “Paper is poverty,… it is only the ghost of money, and not money itself.” –Thomas Jefferson to Edward Carrington, 1788. ME 7:36

    “Experience has proved to us that a dollar of silver disappears for every dollar of paper emitted.” –Thomas Jefferson to James Monroe, 1791. ME 8:208

    “The evils of this deluge of paper money are not to be removed until our citizens are generally and radically instructed in their cause and consequences, and silence by their authority the interested clamors and sophistry of speculating, shaving, and banking institutions. Till then, we must be content to return quoad hoc to the savage state, to recur to barter in the exchange of our property for want of a stable common measure of value, that now in use being less fixed than the beads and wampum of the Indian, and to deliver up our citizens, their property and their labor, passive victims to the swindling tricks of bankers and mountebankers.” –Thomas Jefferson to John Adams, 1819. ME 15:185

    “If the debt which the banking companies owe be a blessing to anybody, it is to themselves alone, who are realizing a solid interest of eight or ten per cent on it. As to the public, these companies have banished all our gold and silver medium, which, before their institution, we had without interest, which never could have perished in our hands, and would have been our salvation now in the hour of war; instead of which they have given us two hundred million of froth and bubble, on which we are to pay them heavy interest, until it shall vanish into air… We are warranted, then, in affirming that this parody on the principle of ‘a public debt being a public blessing,’ and its mutation into the blessing of private instead of public debts, is as ridiculous as the original principle itself. In both cases, the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:423

  • ReggiesSteamyTaint

    CNBC is erasing my post and blocking me for mentioning their failure to report serious financial news. European banks including Deutsche Bank have admitted to RIGGING THE PRICE OF GOLD AND SILVER ON THE FUTURES MARKET SINCE 2007.

    The Banks in question are paying heavy fines but no jail times talked about for rigging Gold and Silver price on the futures market for nearly a decade. Yet CNBC has this Gold article?
    We are being deceived as most the major news outlets are in cahoots to suppress the story. Only MSM outler to report this was Reuters yesterday. The rest all alt media.

  • LudVanB

    In the words of the LA Gov and felon Edwin Edwards: “Of course I took the money. Wouldn’t you?” Let’s expand the death penalty.

  • PARIS_GIRL

    WE ARE JUST SICK OF THESE BANKSTERS!! LOCK THEM UP!! TAKE BACK OUR MONEY!!

  • The wack job, nut case conspiracy theorists just happen to be right about everything. Zio-Terrorism is the root.

  • colinjames71

    Ba dum tssss….:-)

    Good one!

  • yEshUA ImmAnUEl

    “Realise that the world around is, in many respects, false, sordid, and extremely calculating, and hateful of those who seem by research and labour to cast any, even the slightest, reflection on its hollow pretences and feeble life.”

  • yEshUA ImmAnUEl

    “The Human Soul possesses, from the fact of its being of the same essence as all creation, a marvellous power. One who possesses the secret is enabled to rise as high as his imagination will carry him; but he does that only on the condition of becoming closely united to this universal force.”

  • gweneth

    I recommend a caballywood movie – the Big Short. They go to some length to spell it out and exactly what A – AA -AAA – B – BB – BBB bonds are and CDO (credit Debt Obligation).
    It’s all manipulated by the same chickenshits that buy presidents and politicians the world over.
    and I agree Gawain.
    End the Fed.
    Taxation is theft.
    Usury is theft.

  • Jaybird

    All the phyiscal gold is gone…bye bye. It is NEVER spoken about when people talk about 9/11. What happened to tower 7…and ALL the money that went missing…and ALL the gold that is no longer there??? The elite around the world has stolen the gold and there is NO WAY that they will give it up. Anyone who wants to own physical gold…will have to anwer to the government because once you actually have over a set amount (determined by the government) you must register it. And guess what happens when the government wants their…I mean, your gold? It is a sad state of affairs that we are faced with…we can not win. Do you really think that the elite will allow for the demise of the FED? We are screwed…and not in a good way 🙁

  • xoooo

    I really dont know about this hacking thing..But i just came across a
    good hacker who helped me hack my boyfriends text messages and watts’
    messages remotely..You dnt have to touch his phone while you have access
    to his conversations..Contact xoogre@gmail.com tell him #Janice
    referred you then thank me later…….

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