Is the Financial Industry Rigging Silver Prices? ...and Why?
Is "Buy Silver!" the New "Buy Gold!"...?
So apparently, the financial industry has, yet again, been caught with a metaphorical hand in the silver jar. I would say 'allegedly' since no one has actually been convicted of a crime. But as we know, when it comes to wall street, that has very little bearing on actual guilt.
Basically...
What happened was:
- Investors hired legal representation to sue Deutsche Bank, and USB.
- DB settled to the tune of $38 million.
- Claims against USB were dismissed.
- After the settlement, DB (possibly because they wanted to take their co-conspirators down with them, or conceivably as a condition of the settlement) provided a proverbial pile of evidence showing how they, in concert with a host of other institutions colluded to rig the price of silver.
- The court is allowing the suit against USB to be revised, as well as allowing the addition of five new defendants, including Barclays and Bank of America.
...the investors claim Deutsche Bank, HSBC Holdings Plc (HSBA.L), Bank of Nova Scotia (BNS.TO) and others rigged prices of silver and silver financial instruments through a secret daily meeting called the Silver Fix.
The plaintiffs, who are seeking court permission to file the revised complaint, said more than 350,000 pages of documents and 75 audio tapes that Deutsche Bank produced, including electronic chats involving silver traders, backed up their claims.
The Interesting Part
(the price of silver over the past year)
If the silver market HAS been subject to manipulation over the past who-knows-how-long, that leads us to two interesting questions.
#1 - If this ^ ^ ^ is what the market looks like with manipulation, what would it look like without?
#2 - It seems the financial industry would only seek to control silver for two reasons:
-There is great profit to be made from silver in the near future.
-They are afraid of the impact silver could have on the dollar and want to control it.
A Final Note...
I don't know much (read: anything) about finance or trading. I don't really know about the values of currency or that market. But I know people. And this story is interesting as all hell, to me. I would greatly appreciate any one with any insight to share your thoughts below. Thanks for reading, travelers!Source
http://www.reuters.com/article/us-silver-lawsuit-idUSKBN13X1QZhttp://www.kitco.com/charts/livesilver.html
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All the markets are rigged my friend. Gold, Silver, Equities, Bonds. We no longer have free markets and no true price discovery as a result. With bank collusion, disregard for honesty in trading (unregulated & naked short selling in gold + silver) and central banks buying up stocks and bonds, private investors don't matter. The central banks have your back, for now, until they don't (which is where the real fun begins).
Well said. Interesting to consider what wait beyond the bend. Thanks for this valuable perspective!
[followed]
Control of the money supply gives the ruling class a huge tool to use in manifesting their goals.
Things like btc or gold/silver dont give them the same level of control on a national economy which is why the minion class of banks are trying to control price and distribution of sound money.
I tend to think this manipulation being revealed to the public is a leading edge sign of something huge about to change in the world monetary sphere. Uncertainity and volatility are in the economic forecast.
"I tend to think this manipulation being revealed to the public is a leading edge sign of something huge about to change in the world monetary sphere."
Super interesting and likely observation. I'm ready to see where this puppy goes.
Thanks for the insight! [followed]
Pretty sure J.P. Morgan has acquired a huge physical silver hoard knowing the prices were suppressed (with their help) and I'm thinking they are about ready to let the prices fly to where they should be.....MUCH higher than current prices
So like, "Buy Silver!"?
Ohhh yeah, that's the plan