Price rigging in the metals futures markets remains a hot topic among gold and silver bugs. They are frustrated by what appears to be a cap on prices despite the overwhelmingly positive fundamentals.
Inflation is at 40-year highs and the geopolitical landscape is fraught with uncertainty, yet gold and silver prices remain stuck in the range where they have traded for most of the past two years.
To many market watchers, it appears cheating continues unabated. The Department of Justice and the federal regulatory bureaucracies tasked with enforcing fair markets have only imposed a small amount of accountability for illicit trading practices.
The Department of Justice indicted several traders for conspiring to spoof the precious metals markets several years ago. Prosecutors secured guilty pleas from a few.
There were hints these traders would provide testimony implicating more senior executives at their financial institutions. However, the DOJ has yet to issue indictments or arrest any of them.
The criminal trials for these bankers remain postponed indefinitely. The federal judge responsible is citing COVID protocols.
JPMorgan Chase admitted to doing wrong and paid nearly a billion dollars in fines in the fall of 2020. The admission and fines were part of an agreement which put an end to the DOJ’s criminal investigation of the bank itself.
Deutsche Bank cut its own deal with the DOJ last year. The bank agreed to pay just $80 million in criminal penalties and another $43 million in civil penalties. Other banks may be in negotiations of their own with federal prosecutors.
One concerning aspect of the Deferred Prosecution agreements being made with banks is the potential limitation on civil liability. The Justice Department is not just settling criminal complaints. It is shielding the banks from injured investors who might otherwise seek relief in civil court.
Many have wondered why more gold and silver investors didn’t pursue class-action suits for damages. A major suit that had already been underway was blocked during the federal prosecution, and DOJ’s resolution appears to hamper private litigants.
No American should expect justice from Washington DC. Regulators work to protect Wall Street banks, not to keep them honest.
Fundamentals Are Unchanged For Gold – The Daily Dive
Today on The Daily Dive we see the return of Rahul Paul, President and CEO of Radisson Mining (TSXV: RDS).
The post Fundamentals Are Unchanged For Gold…
Roo Gold Positioned to Be the Next Dominant Player in New South Wales
Source: Maurice Jackson 05/19/2022
With their newest project of building a commanding land position in New South Wales, Australia, expert…
Nevada Sunrise Receives Final Lithium Analyses from Borehole GEM22-02 – Mineralized Intersection Improves to 1,101 ppm Lithium over 730′
Nevada Sunrise Gold Corp. (“Nevada Sunrise”, or the “Company”) (TSXV: NEV) is pleased to announce…
The Fed Has Crossed The “Hard Landing” Rubicon So How High Will It Hike? One Bank Crunches The Numbers
Japan Probably Needs To Move To The Pro-China Camp
Where to invest if the economy heads for a hard landing
“80% Chance Of Dread”: Every Time This Happened Before, The Fed Bailed Out The Market
Mapped: The 10 Largest Gold Mines in the World, by Production
$18 For A Michelob Ultra: ‘Beer-Flation’ Hits PGA Championship
Apple Stock Is Still a Buy Despite Slipping Share Price
Gold Digger: Gold is doing its job as a safe haven investment
Weekly Small Cap and IPO Wrap: The battery metal in finest fettle goes to…
What Can Stop This Relentless Selling? Some Thoughts From JPMorgan
Base Metals20 hours ago
Meet the 2021 Prospect Awards winners: Part one
Financing News23 hours ago
Chakana Announces Private Placement, Gold Fields to Follow Its Participation Rights
Companies9 hours ago
THE MINISTRY OF MINES AND ENERGY OF NAMIBIA FINALLY FILED ITS DEFENSE ON MAY 17, 2022
Economics21 hours ago
The 7 Best Meme Coins to Buy for the Second Half of 2022
Economics21 hours ago
Is The Global Debt Bubble About To Burst?
Financing News10 hours ago
SUPERIOR GOLD ANNOUNCES THE FILING OF ITS MANAGEMENT INFORMATION CIRCULAR AND NOMINATION OF MICHAEL PESNER TO THE BOARD OF DIRECTORS
Economics22 hours ago
7 Cheap Biotech Stocks to Buy Now
Economics23 hours ago
Africa Faces New Shock as Conflict Raises Food and Fuel Costs