by Chris Powell
Dear Friend of GATA and Gold:
Deutsche Bank’s agreement to pay $38 million to settle class-action antitrust lawsuits charging the bank with being part of a cabal that was rigging the silver market —
— seems important for at least three reasons:
1) It is a confession of sorts and confirms the rigging of the silver market by investment banks. The settlement will make it harder for apologists for the world financial system to dismiss complaints of rigging in the monetary metals markets.
2) While the cash award in the settlement with Deutsche Bank is relatively small, $38 million, it will have been worth so much more if, as the plaintiffs’ lawyers believe, it makes other investment banks that have been heavily involved in silver trading more vulnerable and more inclined to settle the complaints against them.