• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Precious Metals Market
    Precious Metals News
    Precious Metals Stocks
    • Precious Metals Market
    • Precious Metals News
    • Precious Metals Stocks
    silver investing

    The Silver Fix: New Evidence Exposes Other Banks

    Priscila Barrera
    Dec. 12, 2016 10:25PM PST
    Precious Metals
    Silver Investing

    Evidence provided by Deutsche Bank AG (NYSE:DB) showed ‘smoking gun’ proof that other banks rigged the silver market.

    Evidence provided by Deutsche Bank AG (NYSE:DB), shows ‘smoking gun’ proof that UBS Group AG (NYSE:UBS), HSBC Holding Plc (NYSE:HSBC), Bank of Nova Scotia (NYSE:BNS) and other firms rigged the silver market from 2007 to 2013.
    The allegation came in a Manhattan federal court lawsuit filed in 2014 by individuals and entities that bought or sold futures contracts.
    The documents were disclosed after the German bank reached a $38-million settlement agreement regarding this case in October 2016.
    Bloomberg reported that plaintiffs have stated in their filing, “Plaintiffs are now able to plead with direct, ‘smoking gun’ evidence,’ including secret electronic chats involving silver traders and submitters across a number of financial institutions, a multi-year, well-coordinated and wide-ranging conspiracy to rig the prices.”


    The new scheme “far surpasses the conspiracy alleged earlier” and they are now requesting permission to file a new complaint with the additional allegations against Barclays Plc (NYSE:BCS), BNP Paribas Fortis SA (EPA:BNP), Standard Chartered Plc (NSE:DRSTAN) and Bank of America Corp (NYSE:BAC).
    Analyst David Morgan said:“This could open up a bigger investigation that what we have seen in the past. Whether or not there is something different this time remains to be determined, but again maybe, just maybe, this time more will be revealed about the silver market.”
    “This could have a lot of repercussion on how the market moves forward in 2017.”

    Silver-Fixing Allegations in Chats

    The plaintiffs claim that the latest evidence is critical as it provides more than 350,000 pages of documents and 75 audio tapes, along with electronic chats that show the new defendants’ involvement in collusive price manipulation.
    Plaintiffs said that the Deutsche Bank documents show two UBS traders communicated directly with two Deutsche Bank traders and discussed ways to manipulate the market.
    Among other things, the traders shared customer order-flow information, improperly triggered customer stop-loss orders, and engaged in practices such as spoofing, submitting bids or offers with the intention of canceling them before they are executed as a way to drive prices.


    Many of the chats involve a UBS trader known as “The Hammer,” who on April 1, 2011, wrote a message urging coordination in trading: “We gotta do it the same next time…if we are correct and do it together, we screw other people harder.”
    Records show that a few months later, on June 8, “The Hammer” suggested to a Deutsche Bank trader that they recruit new members to join the alleged conspiracy. “We need to grow our mafia a lil get a third position involved,” the UBS trader wrote. The Deutsche Bank trader responded, “Ok calling barx”–a reference to Barclays, according to the documents.
    Until 2014, when Deutsche Bank withdrew, the global reference price for silver and other precious metals was set each day in a phone call or at a meeting with traders at a handful of banks, a century-old ritual known as the London Fix.
    In October, US District Judge Valerie Caproni dismissed UBS from the case, saying there was nothing showing it manipulated prices, even if it benefited from distortions. But she allowed the investors to file a revised lawsuit against UBS.
    Plaintiffs allege, “UBS was the third-largest market maker in the silver spot market and could directly influence the prices of silver financial instruments based on the sheer volume of silver it traded.”
    Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
    silver investingsilver manipulationsilver fix
    The Conversation (0)

    Go Deeper

    AI Powered
    wooden lettered blocks transitioning from "fake" to "fact"

    Silver Price Manipulation: Fact or Fantasy?

    Deutsche Bank Decreases Prime Lending Rate to 7.25%

    Latest News

    Corcel Exploration Reports Historical Drill Results Ahead of Planned Phase I Drill Program

    Angkor Resources Completes First Onshore Seismic Program in Cambodia; Vanderbilt Report Publishes Coverage

    Canada One Acquires 4,836 ha Copper-Gold Property Adjacent to Copper Mountain Mine

    Heliostar Metals to Present at the Metals & Mining Virtual Investor Conference October 9, 2025

    Prince Silver Corp. to Present at the Metals & Mining Virtual Investor Conference October 9th

    More News

    Outlook Reports world

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Precious Metals Stocks

    Locksley Resources

    LKY:AU

    Cobre Limited

    CBE:AU

    Prismo Metals

    PRIZ:CNX

    Anteros Metals

    ANT:CC

    Locksley Resources

    LKY:AU

    Silver47 Exploration

    AGA:CC
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES