At close of trading yesterday, Mylan (NASDAQ:MYL) was down 6.9 percent, Teva (NYSE:TEVA) had lost 9.5 percent and Endo International (TSX:ENL) dropped close to twenty percent.
China launched its yuan-denominated gold price fix this Tuesday as part of a bid to build up its influence in the global bullion market. Here’s a quick overview of what gold investors need to know.
“They’re more heavily oversold than gold and have some very powerful upward moves when they’re coming off the bottom,” he said in a conference call Friday. “You have to be very nimble right now to take advantage of those moves because they seem to be very short, but I think
Prosecutors from the Department of Justice’s antitrust division are looking at the London price-setting processes for gold, silver, platinum and palladium, while the CFTC has opened a civil investigation.
BASF Metals, Goldman Sachs, HSBC Bank USA and Standard Bank are accused of rigging platinum and palladium prices for their own benefit. The complaint suggests that the firms were able to profit substantially by colluding during daily platinum and palladium price fixings.
News regarding a price-fixing lawsuit in the silver industry has led to a decline in price for the precious metal.
Reuters reported that this past Friday, Duncan Galvanizing Corp., one of the oldest galvanizers in the United States, accused Goldman Sachs Group Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), the London Metal Exchange and metal warehouse operators of working together to manipulate the US zinc price. Duncan alleges that they
Gold is on track for a second week of losses; meanwhile, copper posted a slight gain at week’s end.
A United States appeals court today upheld a March 2013 ruling that an antitrust lawsuit accusing JPMorgan Chase & Co. of silver price fixing should be dismissed.
A draft research paper states that unusual trading patterns around 3:00 p.m. in London show that the London gold fix may have been manipulated for the past decade.
International Business Times reported that as part of its investigation into the potential manipulation of benchmark silver and gold prices, Germany’s Federal Financial Supervisory Authority (BaFin) has demanded that Deutsche Bank AG (NYSE:DB) hand over unspecified documents.
The high cost of lithium batteries has become the subject of a series of lawsuits targeting high-profile Japanese and Korean battery manufacturers.
Reuters Africa reported that the competition regulator in South Africa wants ArcelorMittal South Africa (OTC Pink:ARCXF) and Evraz Highveld Steel and Vanadium Ltd. (OTC Pink:HGVLY) to be fined for price fixing.
Recently, record-setting earnings have been the norm for fertilizer producers, however, late last month the markets were roiled by a quarterly earnings report by Mosaic, the world’s largest phosphate producer, which showed that profits missed analyst’s earnings per share (EPS) expectations.
A class action suit alleging price fixing by the world’s top potash producers: Potash Corporation of Saskatchewan, Mosaic and Agrium Silvinit (now merged with Uralkali) , IPC, and Belaruskali has been tossed out by a federal appeals court.