Take Off Your Tin Foil Hat – Deutsche Bank Admit To Gold Rigging

[think]

Take Off Your Tin Foil Hat – Deutsche Bank Admit To Gold Rigging

By Guest Post on April 20, 2016 4:12 pm

Take Off Your Tin Foil Hat – Deutsche Bank Admit To Gold Rigging by Nathan McDonald, Sprott Money

Precious metal bugs around the world, rejoice! You can take your tin foil hat off and set it on your night table. The banking elite is beginning to fracture in their unity and one key player has admitted to something that we never thought they would: rigging the precious metals markets.

You read that correctly; Deutsche Bank, which suddenly turned somewhat gold positive earlier this year, has just reached a settlement in US litigation, which accused the banking institution of manipulating the gold markets on an ongoing basis.

This settlement is an admission that they have been involved in corruption in the metals markets in the past, and it is an admission that we “tin foil” hat and “conspiracy theorists” have been correct all along. GATA and many other key names in the precious metals community have been shouting this from the rooftops for years and are now vindicated.

Yet this admission, which could be the beginning of the end for the banksters, is not the most shocking aspect of all. No, there is much more to this story that needs to be delved into and analyzed. Deutsche Bank is not stopping with their admission of manipulation; they have agreed to go even further and uncover additional key members who have been involved in one of the greatest financial scandals in our modern era....

Read more:
http://www.valuewalk.com/2016/04/take-off-your-tin-foil-hat-deutsche-bank-admit-to-gold-rigging/

[ronnie624]

1. The author is a libertarian

and a "true believer in precious metals and all that they stand for".

[FBaggins]

2. The OP is evidence that the hat is firmly in place.

What DB admitted to its not even close to what the gold bugs have alleged.

[think]

5. Here's Bloombergs article if that suits you better:

Deutsche Bank Settles Silver, Gold Price-Manipulation Suits

By Christie Smythe - April 13, 2016 — 5:12 PM CDT Updated on April 14, 2016 — 2:11 PM CDT

Deutsche Bank AG has reached settlements in lawsuits over allegations it manipulated gold and silver prices, lawyers for traders of the commodities said in court filings.

Attorneys for futures contract traders in two private lawsuits said in letters filed Wednesday and Thursday in Manhattan federal court that the bank has executed term sheets and is negotiating final details for the accords.

The German financial firm also agreed to help the plaintiffs pursue similar claims against other banks as part of the settlements, according to the letters. Vincent Briganti and Robert Eisler, attorneys for traders in the silver-fixing lawsuit, said Deutsche Bank will turn over instant messages and other communications to help further their case. Financial terms of the settlements weren’t disclosed.

~Snip~

Silver and gold futures traders sued groups of banks in 2014 alleging they rigged prices for the precious metals and their derivatives. Silver traders brought claims against Deutsche Bank, HSBC Holdings Plc, Bank of Nova Scotia and UBS AG. Gold traders additionally sued Barclays Plc and Societe Generale SA.

The traders alleged the banks abused their positions of controlling daily silver and gold fixes to reap illegitimate profits from trading and hurting other investors in those markets who use the benchmark in billions of dollars of transactions, according to versions of the complaints filed in 2015. Of those banks, only Deutsche Bank has reached a settlement.

Read more:
http://www.bloomberg.com/news/articles/2016-04-13/deutsche-bank-settles-silver-price-fixing-claims-lawyers-say

[ronnie624]

7. Actually, it's as bad as it sounds,

but that does NOT mean that libertarians know shit from shinola about economics.

[FBaggins]

9. Sure, but it doesn't sound that bad

I don't see any evidence that gold is a single dollar lower today than it otherwise would have been.

I see evidence that it could have been a few dollars higher or lower on any given day - which is more than enough to earn them billions in illicit profits, but no evidence that good should be multiples highest if only it wasn't being manipulated.

[ronnie624]

11. The investigations extend to all precious metals,

a $5 trillion per day market. The impact could be huge.

It's all just one more indicator of the fraudulence of capitalism.

[FBaggins]

13. Certainly it is a substantial sum

But that isn't the point that the OP is trying to make. It isn't tinfoil hattery to say that some game the system for profit. Their fundamental claim is that the correct price of gold is multiples higher. That it has only collapsed over recent years because powerful forces want to hide the insane inflationary impact of their fiat currency manipulations.

The real story is an example of illegal price manipulations, but it doesn't approach the fantasy of the gold bugs. We don't even know that they made more money on the downside than propping prices up.

[rdking647]

3. i used to trade gold on the floor of the comex

even back in the 80's people claimed the price was rigged because it didnt go up... sorry but it doesnt work that way. the gold market isnt rigged. the only reason gold isnt 5k an ounce is because other than some industrial and jewlery uses its pretty much useless.

you cant take some gold and go out and buy food. you cant eat it. if you own it,it just sits there,it doesnt pay dividends or earn money or grow.

the only reason to ever invest in gold is if your worried about the shit hitting the fan and in that case your better off stockpiling canned food and weapons...

[cleanhippie]

4. I've always wondered what the gold hoarders would do with their gold if the economy collapsed.

So paper money is now worthless, and they need supplies. The person with the supplies has a need for gold and will trade their supplies to get it? Gold instantly becomes the new money? Because why, exactly?

Sounds insane to me.

[think]

6. Deutsche bank settled and agreed to provide evidence of other banks being involved.

Why would they do that if they weren't manipulating prices?

[FBaggins]

8. It's the good bugs' understanding of "manipulating" that is the problem here

All markets get manipulated at one point or another (I'm not saying is OK... just that it happens). But the movements that were taking about are tiny (and occur in both directions)

The manipulation that the bugs imagine is on the order of hundreds/thousands of dollars per ounce.

[hunter]

10. Dumb ass gold fetishists.

Gold makes pretty jewelry and other artwork, and it's very useful but not absolutely essential in electronics.

Sitting in a vault gold is useless. Mining gold does tremendous damage to the natural environment.

People losing money trading gold deserve about as much sympathy as those who lose money at the horse races. The winners have first-hand knowledge, or at least an intuitive understanding, of how the game is rigged.

[ronnie624]

12. +1. n/t