Deutsche Bank Settles Gold Price Manipulation Case

Deutsche Bank Gold Manipulation.

German Bank Settles Gold Price Manipulation Case – Will Cooperate Against Four Other Banks Named in Suit.

Settlement comes one day after Deutsche Bank settles silver price manipulation case.

London Gold Fixing Case Settled as Yuan Based Gold Fix Set To Commence.

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deutsche bank gold manipulation case settled

Deutsche Bank has agreed to settle a case that they conspired to manipulate the gold market with four other bullion banks.

Update October 5, 2016: Banks must face U.S. gold rigging lawsuit; UBS is dismissed

Deutsche Bank (DB) has agreed to settle a case filed in December 2014: In re: Commodity Exchange Inc Gold Futures and Options Trading Litigation that alleged that DB conspired with The Bank of Nova Scotia, Barclays Bank plc, HSBC Bank plc, Société Générale SA and The London Gold Market Fixing Limited to manipulate the price of gold.

The Bank of Nova Scotia and HSBC Holdings plc were also named as co-defendants along with DB in the silver price manipulation case that DB has agreed to settle.

The lawsuit focuses on gold price manipulation involving the The London Gold Fixing Company that was established in 1919 by NM Rothschild & Sons, Mocatta & Goldsmid, Samuel Montagu & Co., Pixley & Abell and Sharps & Wilkins.

The London Gold Fixing Company follows an archaic practice whereby five banks set the price of gold twice daily following a private conference call by representatives of Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc and Société Générale SA, all of which were named in the lawsuit.

The private party lawsuit also notes that “Various other entities and individuals unknown to Plaintiffs at this time – including other major bullion banks (emphasis added) – participated as co-conspirators in the acts complained of,and performed acts and made statements that aided and abetted and were in furtherance of the unlawful conduct alleged herein.”

The executed letter for the attorneys of the plaintiffs and DB refers to a settlement term sheet that provides “in addition to valuable monetary consideration to be paid into a settlement fund, the term sheet also provides for other valuable consideration such as provisions requiring Deutsche Bank’s cooperation in pursuing claims against the remaining Defendants”. (emphasis added)

For years allegations that the precious metals markets were manipulated were met with disdainful comments dismissing the allegations as tin foil hat conspiracy theories. In 2014, conspiracy theory became conspiracy fact when UBS settled allegations that it had rigged the precious metals markets.

Also in 2014 on the day after Barclay’s, was fined for manipulating LIBOR, one of its traders fixed the price of gold. Barclay’s trader, Daniel Plunkett apparently took advantage of the inside information gained through his bank’s participation in the London Gold Fix. Daniel Plunkett settled with the U.K.’s Financial Conduct Authority for a £95,600 fine and an industry ban.

The case of Daniel Plunkett involved a “rogue trader”. The In re: Commodity Exchange Inc Gold Futures and Options Trading Litigation directly implicates Barclays itself.

Indeed, the history of precious metals has been one of incessant government and market manipulations.

Click here for an overview of admitted and proven manipulations of the gold and silver markets throughout the years.

The DB settlement should bring to light the scope of the gold manipulation and involvement of the other major banks as DB spills the beans on its co-manipulators.

On April 19th, China will commence to operate its own gold price fixing organization a Yuan based gold price fix. The Yuan gold fix will be conducted by the largest Chinese banks and to date none of the London Gold fix bullion banks have signed on to participate.

History of In re:Commodity Exchange Inc Gold Futures and Options Trading Litigation


January 2014 – Following an announcement by Germany’s regulator Bafin that precious metals price manipulation was worse than LIBOR, Deutsche Bank announced its decision to leave the gold and silver price fixing bodies.

December 2014 – In re: Commodity Exchange Inc Gold Futures and Options Trading Litigation is filed in United States District Court alleging gold price manipulation.


May 2015 – Barclays Bank PLC, HSBC Bank PLC, Deutsche Bank AG and UBS AG, along with the London Gold Market Fixing Ltd., file motions to dismiss the litigation accusing them of manipulating the price of gold, aruging that there is no direct evidence of manipulation or conspiracy. UBS argued that the suit against it should be dismissed because they were a member of the London Gold Fixing Company.

July 2015 – UBS asks again to be removed from the law suit arguing it has never been part of the London Gold Fixing Company


April 2016 – DB agrees to settle litigation that it conspired to fix the price of gold with co-defendants, Nova Scotia, HSBC Holdings plc and UBS AG. DB agrees to pay an undisclosed fine and to cooperate in pursuing claims against their co-conspirators.

Deutsche Bank also agreed to settle silver price manipulation allegations in a separate lawsuit.

It’s not all over yet. The other defendants may fight the case and somehow win…. and in this way since DB is probably going down any way, it would be a nice send off -they turn rat, go bankrupt and the rest get off scot free….

What better way of discrediting the gold and silver markets are manipulated crowd?

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Further Reading

Gold and Silver Price Manipulation Alleged

Gold and Silver Manupulation – Actual Examples

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