Deutsche Bank admits silver price manipulation
Apr 14, 2016
In settling out of court, Deutsche Bank is admitting that they “conspired… to fix silver prices at the expense of investors.” Hence, no longer is this a “conspiracy theory.” The bank is admitting it and wants to settle the case with the court. Two other banks, HSBC and ScotiaBank, are being charged as well, but so far they have not admitted guilt, nor have they reached a settlement.
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….
Investors accused Deutsche Bank, HSBC and ScotiaBank of abusing their power as three of the world's largest silver bullion banks to dictate the price of silver through a secret, once-a-day meeting known as the Silver Fix.
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….
The case is In re: London Silver Fixing Ltd Antitrust Litigation, U.S. District Court, Southern District of New York, No. 14-md-02573.
In addition, Deutsche Bank has agreed to provide the court with incriminating evidence against the other banks, according to their letter to the Judge. This letter is reproduced by zerohedge.
“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.”
So, for all those who have converted FRN’s to silver over the years, your decision may soon pay off. It remains to be seen how this court case will actually affect the price of silver, but it is certainly a major step in the right direction. Silver has been grossly undervalued over the past decades, due to this price manipulation. The high demand for silver should have sent the prices through the roof a long time ago, were it not for the price manipulations of these banks.
Keep in mind my discernment years ago that one of the signs of the overthrow of the “head of gold” (Babylon) was that the “arms of silver” (Medo-Persia) would surpass $50/oz. The price nearly hit that in 2011 but only reached $49.84/oz before the price manipulators slammed it back down to the $13-14 range. It is now just above $16, having gone up $2 this past week. So an increase to $50 would essentially triple the price of silver from here.