CASE CLOSED: The Fact of Bullion Bank Gold and Silver Price Manipulation

Thu, Dec 8, 2016 - 1:31pm

Back in April, the Cartel Shills and Apologists attempted to minimize the news that a settlement had been reached regarding a "nuisance lawsuit" alleging price rigging in gold and silver. As we told you at the time and on many occasions since, this case is instead quite significant and very important. The latest update on the case, released late yesterday, sheds more light upon what we've always known was taking place behind the scenes in the "free and fair precious metals markets".

First, just another reminder of the two key points:

  1. Because of Deutschebank's settlement offer and willingness to turn "state's evidence" in the case, for the very first time a civil lawsuit regarding gold and/or silver price manipulation is being allowed to move forward into the legal discovery phase. This means depositions, affidavits and subpoenas. Never before has a case been allowed into this phase as all previous civil suits were thrown out by Bank-favored judges before discovery could begin.
  2. With Deutschebank now having agreed to nearly $100MM in settlements in the case, there is now the proverbial "blood in the water" for every class action attorney in the world. This current laswuit is just one case and this Deutschebank settlement is just one small part of it. There will now be countless new lawsuits filed, each of them seeking damages from The Bullion Banks for the now-discovered and proven collusion and manipulation of precious metals prices. Potential claimants range from mining companies to shareholders to day traders to investors/stackers.

So, what did we learn today. Here are two from Reuters and the other is a more detailed analysis from ZeroHedge. We strongy urge you to read both.

And here are the amended full filings from the case:

Silver Rigging 1 by zerohedge on Scribd

Silver Rigging 2 by zerohedge on Scribd

From the ZeroHedge article, here are two text exchanges that have been unearthed and submitted only because of the Deutschebank cooperation and legal discovery. There will be many, many more. Of that you can be certain. (click to enlarge)

As an aside, note the date of the exchanges posted above....May and June of 2011. After reviewing this evidence of direct collusion between The Bullion Banks, do you have any remaining doubt as to the origin of the trades in the May Day Massacre of Sunday, May 1, 2011? That sudden $6 drop in silver brought an abrupt end to the Cartel short squeeze that had pushed silver from $38 to $48 in April of that year. What followed were five CME margin hikes in nine days and silver falling to $38 in days and $26 within weeks. Again, after reading the text messages above, you now know precisely how this was accomplished.

Additionally and on a personal level, you now have confirmation of why TFMR exists in the first place. We gained notoriety in 2010 because we were able to offer precise guidance on price due to recoginition that Cartel traders were colluding to move price, run stops and paint charts. Because we could predict in advance where these traders would act, TFMR rapidly grew and ultimately became what it is today. Though we've since shifted our focus to broader topics, rooting out and exposing The Bullion Bank Cartel remains our focus. Bringing about an end to the manipulation and the Bullion Bank Paper Derivative Pricing Scheme will always be our ultimate goal.

But this is far from over. If we know anything about the legal process it's that it takes time and there are always delays, filings, briefs etc. Therefore, do not expect an abrupt end to the Bullion Bank price manipulation in the next few weeks. Instead, recognize these key takeaways:

  1. The potential monetary liabilities alone will now force many smaller players in bullion banking to exit the sector. Even some of the larger Banks, sensing the declining profits and increasing liabilities will close up shop.
  2. The mining companies and their executives, now finally faced with the truth about their alleged allies The Bullion Banks, will soon begin shifting their hedging and financing activities away from The Billion Banks and the LBMA.
  3. Points number 1 and 2 will lead to an ever-decreasing market share and dominance of fraudulent LBMA and Comex system.
  4. As the Paper Derivative Pricing Scheme loses influence and importance, a shift toward true physical price discovery will move to the forefront.

What does this mean to you?

Since you now know with certainty that the "price" derived through the digital exchange of paper derivatives is false and manipulated, you MUST use this knowledge to your advantage. Remember, physical gold and silver are priced as if they are abundant when they are not. What IS abundant is the paper dervivative that is used to set the price. As derivative trading fades away, physical trading and pricing will take over. And the price discovered in a truly physical market will most assuredly NOT be $1200 or $17 per ounce.

Have a great day, confident in knowing that you have been proven correct and that you are winning.


About the Author

turd [at] tfmetalsreport [dot] com ()


Dec 8, 2016 - 1:35pm


second time this week!

Dec 8, 2016 - 1:38pm

Just amazing stuff + first top ten??

This report is just a treasure trove. I remember those days well. Being glued to my screens, seeing the manipulation and telling people around me who would look at me as if I was crazy:) Luckily I quit in 2011 and went back to university, but kept my mining shares that would become almost worthless in the years that followed. Sometimes I think its more fun to tell people I used to be a millionaire then to actually be one:) Just amazing to get an insight into the workings at 'the other side'. Gives me a good feeling that we were actually right!!!! I've always seen myself as an activist investor, silver being the holy grail to obtain our financial sovereignty. We might have been clobbered, but we didn't sell our soul like these guys...

April 1, 2011

UBS [Trader A]: trying to coordinate moves together here

UBS [Trader A]: ok we both bid at 60 * * *

UBS [Trader A]: we gotta do it the same time next time . . .

UBS [Trader A]: if we are correct and do it together, we screw other people harder


August 5, 2011

UBS [Trader A]: bro lets make a slight adjustment to our plan today

Deutsche Bank [Trader B]: k

UBS [Trader A]: depending on where the mark is we go short around 11-11:30am i makesure to let u know if i do something

Deutsche Bank [Trader B]: ok im definitely going short lol

UBS [Trader A]: lol revenge huh? That’s whats driving u . . .

Deutsche Bank [Trader B]: it is but i dun care

UBS [Trader A]: u love the 11 oclock rule don’t ya

July 26, 2011

UBS [Trader A]: short 50k silver thinking bring short 50k don’t hurt

Deutsche Bank [Trader B]: ur level my average is 42 not the best

UBS [Trader A]: silver 40.10

Deutsche Bank [Trader B]: agreed on both silver like u said much easier to short

UBS [Trader A]: and intraday wise we killed a lot of people

Deutsche Bank [Trader B]: volume is very poor

UBS [Trader A]: just jobbing them between me and u theres 100k pnl taken out of the market


Dec 8, 2016 - 1:41pm

Thanks again for a great

Thanks again for a great post!

Dec 8, 2016 - 1:46pm

This was a good read!

We surely have to thank BAFIN for forcing DB to confess and settle.

Dec 8, 2016 - 1:46pm

February 9, 2011 : Deutsche

February 9, 2011

: Deutsche Bank [Trader B]: dude

Deutsche Bank [Trader B]: do you know hsbc and barx

Deutsche Bank [Trader B]: i might as well add u into this chat

Deutsche Bank [Trader B]: if u keen

UBS [Trader A]: who from hsbc and barx?

Deutsche Bank [Trader B]: [HSBC Trader B] and [Barclays Trader A] * * *

Deutsche Bank [Trader B]: i added u . . . UBS [Trader A]: wow this is going to be the mother of all chats

Once inside, a trader had access to a wealth of non-public information that otherwise would not be available outside the cartel. For example, FINMA uncovered evidence that Defendant UBS’s precious metals traders, who transacted in both physical silver and silver financial instruments, shared information with third-parties including (a) the trigger prices of client stop-loss orders; (b) “flow information” about incoming and pending client orders; and (c) other positional information from Defendant UBS’s order book.



Dec 8, 2016 - 1:46pm

Thanks Tommy

Appreciate you pulling out the nuggets. God damn this makes me madder than hell!!!

Dec 8, 2016 - 1:48pm


what surprises me is that I don't see any mention of JPM? I am sure it will come, the plaintiffs should also demand an immediate ban for these banks to participate any longer in the market, otherwise they will just put some dough aside for fines and will simply increase their margins. Further the key is to demand if they acted on behalf of or simply for the house account and were they acting just because they could or was there an other motivation?

Dec 8, 2016 - 1:49pm


Ahhh, to score the Top Five (without jeopardizing Marchas' coveted fourth!) . . .

Keep Stacking

Dec 8, 2016 - 1:51pm

This is just ONE lawsuit

And, as this focuses upon the Fixes in London, JPM wasn't included in this particular lawsuit.

Ummm...let's just say that it's highly likely they'll be included in future lawsuits as they're filed.

Dec 8, 2016 - 1:52pm

I called First Majestic Investor relations and....


I called First Majestic Investor relations to ask what they may do about the manipulation. I also asked if they are going to sell Silver in China since the HUGE premium there.

The reply was really discouraging!!!

They told me their lawyers are looking into the manipulation case but when I went into the details of the manipulation AND the SGE premium I discovered they know NOTHING!!!!

Oh BTW selling in China is too difficult, they are not in the business of shipping silver so they just sell at the London (much lower) spot price, fantastic....

It is embarrassing, I am just an engineer and thanks to tfmetals, zerohedge, Ted Butler, Koos etc. I know MUCH more about the manipulation and the SGE details (the guy did not even know about the kilobar standard!!!) than professionals in the mining industry!!!!!


Anyway the guy said that he thinks class actions make only the lawyers rich (so I added lets just keep BB happily manipulating the market forever). Fantastic reply isn't it!?!?!

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