Revival of Silver Manipulation Case Brings 'Vindication' - CEO

Lawyers for investors accusing several major banks of conspiring to rig silver prices are seeking to revive the case. One key player in the precious metals sphere said the case brings, ‘vindication.’ ‘This is going to cleanse this marketplace,’ said Frank Holmes, chief executive officer of U.S. Global Investors, on Thursday. The newly cited evidence was handed in by Deutsche Bank after it reached a $38 million settlement in the case earlier this year. Other banks involved include: UBS, Barclays, Standard Chartered and Bank of America, among other financial institutions. Holmes added that his confidence in the system is not shaken but finds the news disturbing, ‘I have always said that gold is the fourth most liquid asset class in the world, and it is money. And naturally, if central banks are involved in manipulating interest rates, then gold is part of that process.’ Holmes said the case is ‘positive’ and views it as ‘good news’ for the industry. The news comes following last week’s headline that Deutsche Bank paid $60 million to settle a U.S. gold price fixing case. (show less)

Lawyers for investors accusing several major banks of conspiring to rig silver prices are seeking to revive the case. One key player in the precious metals sphere said the case brings, ‘vindication.’ ‘This is going to cleanse this marketplace,’ said Frank Holmes, chief executive officer of U.S. Global Investors, on Thursday. The newly cited evidence was handed in by Deutsche Bank after it reached a $38 million settlement in the case earlier this year. Other banks ... (read more)

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