Potential Precious Metals Price Manipulation- Investors Fight Back!!

Potential Precious Metals Price Manipulation- Investors Fight Back!!

November 25, 2016

It has been an interesting year for precious metals (Gold and Silver) investors, with heightened volatility and class action announcements in the US and Canada hitting the headlines. The legal action in both countries pertains to claims that certain banks abused their positions by controlling daily Silver and Gold fixes in London so as to reap profits at the expense of investors. This potentially relates to billions of dollars worth of transactions and covers the period from 1999 until August 2014.

Bloomberg Media in a recent article summarised the extent to which potential manipulation occurred and named the banks that could be involved.

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. (Bloomberg, 2016)

It is very encouraging for investors that Deutsche Bank recently entered into a $38 million settlement in relation to the Silver market and has also announced a $60 million settlement in the Gold market. It is considered that there are grounds for pursuing claims in both in the Silver and Gold markets arising out of London price fixing and in particular grounds for a potential claim under section 2 of the Competition Act 1998 (England). Such activities would sustain a claim for damages by global investors who bring court proceedings in the UK.


Your opportunity to join the fight back!! – Request More Information

Please complete the form below to get more information on the Pending Global Class Action. This relates to anyone WHETHER AN INDIVIDUAL INVESTOR OR INVESTMENT ORGANISATION, WORLDWIDE who has invested in either gold/silver related investment instruments during the time period above, which include, without limitation: the following products Gold/Silver bullion, Gold/Silver bullion coins, Gold/Silver futures,  Shares of Gold/Silver-focused ETFs, Units of Gold/Silver-focused mutual funds, Gold/Silver certificates, Gold/Silver leases, Over-the-counter Gold/Silver spot or forward transactions, and Options on any of the foregoing (“Gold/Silver Market Instruments”).