Deutsche Bank Settles Silver Manipulation Case.
Stock Market Hit All Time Highs.
Gold falls after Italian Constitutional Referendum Fails.
Dollar at 14 year Highs as Fed Mulls Rate Hike.
Deutsche Bank Silver Manipulation Case
- DB settles Private Litigation
- Civil Suit- No Jail, No Fines, but damages
- Separate DOJ/CFTC Investigation Underway
- Plaintiffs: COMEX silver traders
- Defendants: DB provides evidence vs HSBC, Scotia Bank et al
- 350,000 pages of documents, 75 audio tapes
- period covering January 1, 2007 – December 31, 2013
- Damages Sought: treble damages, disgorgement of profits, restitution
- Basis of Complaint: Price fixing, bid rigging, restraint of trade under the Sherman Act, false reporting and fraud, manipulation, aiding and abetting under the Commodity Exchange Act; and unjust enrichment under New York Law
- DB “smoking gun evidence shows traders discussing on many occasions “smashing silver” and agreeing on direction and timing of silver trades; As a result of defendant traders’ concerted efforts the price of silver during the period of the suit was “inconsistent with supply demand or other macroeconomic factors“; Defendants executed coordinated trades, especially large transactions when the silver market was illiquid. The 11 o’clock rule- short silver at same time 3-2-1 BOOM; refer to each other as ‘mafia’. Charts showing consistency of manipulation (but now with documentary back up of intent)
- expect to receive more information from DOJ, CFTC investigation through discovery
- request damages, rulling of a violation of Sherman Act (3x damages), restraining order from future violations and a jury trial on issues so triable.
Plaintiffs allege traders engaged in manipulation for gain, not as part of a general scheme to manipulate on behalf of any other entity.
“The information in this report is taken from sources believed to be reliable; however,
the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness.
This report is produced for information purposes only.”
CME doesn’t audit third party vaults each day and can’t necessarily vouch for its accuracy.
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Top story of week: Hillary Clinton calls fake news an epidemic that the government must do something about immediately.
Top economic stories of the week: Stock markets march higher in Obama’s last month, Italian constitutional referendum fails and Deutsche Bank (DB) settles silver manipuatlion case. Plaintiffs reveal information obtained from DB
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Gold and silver
Gold closed last week at $1177.10 an ounce and closed this week at $1159.60 (-1.4% )
Silver closed last week at $16.72 an ounce and closed this week at $16.82 +0.5%
The gold and silver ratio ended the week at 68.98:1
Chart of the week
Shanghai Gold Exchange Premiums Jump
You Tube Notes to this report
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Here are the stories we wrote, followed or commented on.
Italians vote against constitutional reform.
Italian instability is not start of euro zone crisis: Eurogroup head
EURO up, dollar, gold silver down.
December 5, 2016
PERTH MINT SILVER SALES DIP IN NOVEMBER
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Not sure? Check out the Smaulgld Silver Coin Buying Guides to see more information and mintages on each coin.
Gold
Will my gold holdings be taxed or confiscated?
Kanpur ‘gold man’ won’t yield to govt order on limited holding of yellow metal
Gold COMEX positions down 14% on week to new 9-month low: CFTC
Gold Imports To Dictate Size of Indian Account Deficit in Second Half of 2017
Restrictions on gold post demonetisation see women go pale in the face
India to step up measures to control gold physical demand
US Economic Data
ISM Non-Mfg 57.2, Exp. 55.5, Last 54.8
Markit non-mfg PMI Nov final 54.6, Flash 54.7
Fed Chatter
Dudley FAVOR GRADUALLY HIGHER RATES IF GROWTH KEEPS UP
DUDLEY: ECONOMY ‘NOT FAR’ FROM FULL EMPL, INFL TARGET
Evans NEED LABOR FORCE GROWTH, PRODUCTIVITY JUMP FOR 3% GROWTH FUNDAMENTALS GOOD, TRUMP POLICIES WOULD SUPPORT THAT
U.S. Mint Sales Update
U.S. Mint reported selling 140,000 American Silver Eagles and 23,000 American Gold Eagles today.
MTD American Silver Eagles sold 140,000 American Gold Eagles sold 23,000
YTD American Silver Eagles Sold 37,601,500 /American Gold Eagles sold 817,500
Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
The U.S. Mint reported selling 0 one ounce American Platinum Eagle coins.
YTD 20,000 American Platinum Eagle coins sold.
The U.S. Mint reported selling 5,500American Gold Buffalo coins.
MTD 5,500 sold
YTD 212,500 sold
The U.S. Mint Reported selling 0 Theodore Roosevelt National Park five ounce silver America The Beautiful Coins and 0 Fort Moultrie (Fort Sumter National Monument)
YTD Sales of Theodore Roosevelt National Park 40,000. Fort Moultrie (Fort Sumter National Monument) 27,800.
December 6, 2016
From Smaulgld.com
KAZAKHSTAN ADDS 101,000 OUNCES OF GOLD TO RESERVES IN OCTOBER
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Gold
Fed Chatter
NY Fed President Dudley Trump win creates ‘considerable’ uncertainty
US Economic Data
Factory Orders 2.7%, Exp. 2.6%
US Trade deficit -$42.68BN, Exp. -$42BN, Last -$36.4BN
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December 7, 2016
From Smaulgld
PEOPLE’S BANK OF CHINA HALTS GOLD ACQUISITION IN NOVEMBER
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Silver and gold donations warm RC Salvation Army’s heart
U.S. Mint Sales Update
U.S. Mint reported selling 100,000 American Silver Eagles and 0 American Gold Eagles today.
MTD American Silver Eagles sold 240,000 American Gold Eagles sold 23,000
YTD American Silver Eagles Sold 37,701,500 /American Gold Eagles sold 817,500
You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
The U.S. Mint reported selling 0 one ounce American Platinum Eagle coins.
YTD 20,000 American Platinum Eagle coins sold.
The U.S. Mint reported selling 0 American Gold Buffalo coins.
MTD 5,500 sold
YTD 212,500 sold
The U.S. Mint Reported selling 0 Theodore Roosevelt National Park five ounce silver America The Beautiful Coins and 0 Fort Moultrie (Fort Sumter National Monument)
YTD Sales of Theodore Roosevelt National Park 40,000. Fort Moultrie (Fort Sumter National Monument) 27,800.
December 8, 2016
Gold
Fifteen tons of gold sold in two days immediately following rupee demonetization
Demonetisation one month: Jewelers feel the heat of cash crunch as gold sales slump nearly 90%
US Economic Data
Initial Claims 258K, Exp. 255K
UMich 98, Exp. 94.5
Wholesale Inventories 1.4%, Exp. 0.5%, Last 0.4%
Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
December 9 2016
From Smaulgld.com
INDIAN GOLD IMPORTS SOAR ON THE EVE OF DEMONETIZATION
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Gold
Prince Charles Tours Bank of England Gold Vault
Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
American Silver Eagle Coins” border=”0″ />
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