by Turd Ferguson
TF Metals Report
For the first time, we have a successful settlement of charges related to silver price manipulation. Also for the first time, the Bank involved is named with other Banks as co-conspirators! From Reuters: “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.”
It is difficult to understate the potential significance of this settlement. Of course, we’ll have to see where this takes us and what impact, if any, this news will have on paper prices and the overall paper derivative pricing scheme. However, this is huge news! For the first time, a Bullion Bank has admitted to price manipulation and, just as significantly, it has named names. Specifically listed as co-conspirators with DeutscheBank are: