Wed, Apr 13, 2016 - 9:11pm

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:

  • UBS
  • ScotiaBank
  • HSBC

The full link from Reuters is here:

Here is the entire text of the story:

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.

Terms were not disclosed, but the accord will include a monetary payment by the German bank, a letter filed in Manhattan federal court by lawyers for the investors said.

Deutsche Bank has signed a binding settlement term sheet, and is negotiating a formal settlement agreement to be submitted for approval by U.S. District Judge Valerie Caproni, who oversees the litigation.

A Deutsche Bank spokeswoman declined to comment. Lawyers for the investors did not immediately respond to requests for comment.

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.

UBS AG was also named as a defendant. Investors accused the Swiss bank of conspiring to exploit the Silver Fix, though it did not help set the benchmark.

Spokesmen for HSBC and ScotiaBank declined to comment, saying they could not discuss pending litigation. A spokeswoman for UBS did not immediately respond to requests for comment.

The lawsuit is among several in Manhattan federal court in which investors accused banks of conspiring to rig rates or prices in financial and commodities markets.

The case is In re: London Silver Fixing Ltd Antitrust Litigation, U.S. District Court, Southern District of New York, No. 14-md-02573.

(Reporting by Jonathan Stempel in New York; editing by Grant McCool and Diane Craft)

This could very well be the first, concrete step in finally ending the tyrannic reign of The Bullion Banks and their paper derivative pricing scheme. Time will tell. For now, however, be hopeful and rejoice for at last some measure of justice has been served.



As you can see on the document below (click to enlarge), the settlement now regards DeutscheBank's manipulation of "Gold Futures and Options Trading" as well. This story will continue to evolve over the next few days and weeks. We'll keep you posted.

About the Author

tfmetalsreport [at] gmail [dot] com ()


Apr 15, 2016 - 5:56pm

Beautiful Artist Spawns 9/11 filmed by German Television 1984

9/11 Prophetic WTC Rooftop Painting by Joanna Gilman Hyde
Apr 15, 2016 - 7:26am

So much going on...

In the financial markets, it seems like everyone is showing all of their dirty laundry... Maybe it's because they know that a bigger distraction is on the way, that being, that the washing machine has broken.

Apr 15, 2016 - 6:05am

@DB Submitted by lakedweller2

'How many fines could Lehman or Bear Stearns pay after they tanked'? But it is not the fines we should care about - it is the consequences...

Apr 15, 2016 - 2:38am

I've been following TFMR for

I've been following TFMR for years (only became active in the past year or so) but I have to say when I first figured out that Trader Dick was in fact, Trader Dan... I knew this community was the right place for me - I simply can't think of a better way to describe him :) :) Every time Turd calls him that I have a massive smile on my face because it's so fitting :) :)

He was soooo sure there was no manipulation in the PM markets, and well, that's Trader DICK for ya hahahaha

Apr 15, 2016 - 1:47am

Could It Be?

We are here? It is about time. Lord help us all. Thank you Craig and Rob and all of Turdville. It is time to focus.

Apr 15, 2016 - 1:33am

2 Weeks

Kirby thinks we have maybe two weeks. Huh. Shit, Barfly's subscription probably won't even expire by then.

- H.

Apr 14, 2016 - 11:45pm

Rob Kirby-Dollar Devaluation

Rob Kirby-Dollar Devaluation Clock About to Strike Midnight

Rob Kirby-Dollar Devaluation Clock About to Strike Midnight
Angry Chef
Apr 14, 2016 - 11:11pm

tyberious...I disagree

"They believe they can manipulate the future and make it better. Not just for themselves… but also for everyone else "....

I disagree. They're frauds and charlatans. Carnival barkers for rent. They no longer believed in logic and trying to make lives better than Mike Obama believes the O'Golfer and Chief is a manly man.....

This is about rape and pillaging and looting you and the planet. And building a Police and Military force to protect THEM.

It's never been about you and me and the Bill of Rights and The Constitution...for them yes. For

Gotta take it back my friends. Gotta take it back....

One stack at a time. It's a War of Attrition. We shall never surrender...

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Danforth Coxwell
Apr 14, 2016 - 10:58pm


If you were to be in contact with Rob Kirby, a question that you might ask him is "Was the 1.1 million dollar fine and no publication of the name of the bank involved, leveled against the Bank of Nova Scotia".

Apr 14, 2016 - 9:51pm

This Will Be Largest

This Will Be Largest Evaporation of Wealth in Modern History

from Wolf Street:

Only a handful of countries have a higher savings rate than the Chinese do. For a still relatively poor emerging country with GDP per capita about a fifth of that in the U.S., the Chinese get an A+ in this area.

But if diversification and asset allocation are the key to preserving wealth, then the Chinese get an F!

The reason: 75% of their wealth is in real estate. They’ve overinvested in one illiquid and bubbly asset that they wrongly believe can only go higher. Relative to income, China has seven of the 10 most expensive cities in the world.

In other words, it has the greatest real estate bubble in modern history!

"But it’s also the family and friends network that helps younger people buy such massively expensive homes – typically without a mortgage. Only 18% of homes have a mortgage, compared to half of all homes in the U.S., and the minimum down payment on first homes is 30%. For second homes, it’s 60%."

Read More

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