Precious Metals

Three Banking Giants Charged For Manipulating The Gold Market

On Monday morning we reported that a number of traders – currently or formerly employed by UBS, HSBC and Deutsche Bank (as usual, no JPMorgan US banks were touched) – would be perp-walked and charged in an unprecedented cross-agency crackdown between the CFTC, DOJ and FBI seeking to punish spoofers of futures.

This was confirmed moments ago by a CFTC press release which announced criminal and civil enforcement actions against three banks and six individuals involved in commodities fraud and spoofing schemes.

Here is what got far less publicity: it wasn’t just any futures that were spoofed – all the banks and traders busted were charged for spoofing the precious metals market, i.e. gold and silver. We bring this up because there are still the occasional idiots out there who say gold and silver were never manipulated.

The banks in question, and their penalties:

Deutsche Bank will pay a $30 million civil monetary penalty and undertake remedial relief. The…
Source: GoldBroker.com