The system is rigged – banking cartel admits price fixing

While everyone was focused on the “too big to fail” banks that brought the economy crashing down in 2008, other big banks were busy scheming investors in a different way.

In a stunning victory for “conspiracy theorists” within the precious metals space, overnight Deutsche Bank not only agreed to settle a lawsuit accusing it of manipulating the silver fix, but also agreed to help the plaintiffs pursue similar claims against other banks as part of the settlement by providing instant messages and other communications, reports ZeroHedge. And so the former cartel members are turning on each other.

Within the span of 24 hours, it was reported that Deutsche Bank, along with other banks, has been rigging both the silver and gold futures markets since 2007. The German-based bank reached a settlement in two separate lawsuits brought by bullion investors.

According to Reuters:

“The plantiffs accused Deutsche Bank of conspiring with Bank of Nova Scotia (BNS.TO), Barclays Plc (BARC.L), HSBC Holdings Plc (HSBA.L) and Societe General (SOGN.PA) to manipulate prices of gold, gold futures and options, and gold derivatives through twice-a-day meetings to set the so-called London Gold Fixing.

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