• About
  • Contact
  • Submit News
Saturday, May 28, 2022
No Result
View All Result
NEWSLETTER
  • Home
  • World
    • Business
    • Economy
    • Politics
    • Geo-Engineering
    • Environment
    • Police State
    • Foreign Policy
  • U.S.
    • Federal Reserve
  • Globalist Agenda
    • Secret Societies
    • World Order
    • The Globalists
  • Health
    • Big Pharma
    • Fluoride
    • Food
    • Gmo’s
    • Vaccines
  • Sci/Tech
    • Space
    • Trans-Humanism
  • Media
    • Documentaries
    • Interviews
    • Talks/Lectures
  • More+
    • Ancient Civilizations
    • Astrology
    • Astrotheology
    • Awareness
    • DIY
    • Esoteric
    • Free Energy
    • Hidden History
    • Infographics
    • Knowledge
    • Religion
    • Spirituality
  • Home
  • World
    • Business
    • Economy
    • Politics
    • Geo-Engineering
    • Environment
    • Police State
    • Foreign Policy
  • U.S.
    • Federal Reserve
  • Globalist Agenda
    • Secret Societies
    • World Order
    • The Globalists
  • Health
    • Big Pharma
    • Fluoride
    • Food
    • Gmo’s
    • Vaccines
  • Sci/Tech
    • Space
    • Trans-Humanism
  • Media
    • Documentaries
    • Interviews
    • Talks/Lectures
  • More+
    • Ancient Civilizations
    • Astrology
    • Astrotheology
    • Awareness
    • DIY
    • Esoteric
    • Free Energy
    • Hidden History
    • Infographics
    • Knowledge
    • Religion
    • Spirituality
No Result
View All Result
The Global Elite
No Result
View All Result

Barclays and Deutsche Bank Named in London Gold Fix Lawsuit

by Global Elite News
7 March, 2014
in Economics
0
Barclays and Deutsche Bank Named in London Gold Fix Lawsuit
FacebookTwitter

Five banks including Barclays, Deutsche Bank and HSBC have been accused in a US lawsuit of manipulating the London gold fix, an age-old pricing of gold twice daily.

According to a Bloomberg report, Kevin Maher, a New York resident who said he bought and sold gold and gold futures and options alleges that the banks overseeing the gold benchmark – Societe Generale and Bank of Nova Scotia were also named – colluded to manipulate it.

Maher is seeking to represent a class of all investors who held or traded gold and gold derivatives that were priced based on the London gold fix from 2004 to the present, or who held or traded COMEX gold futures or options.

Maher is seeking unspecified damages on behalf of the class. Damages may be tripled under US antitrust law.

Maher’s complaint cited press reports, including a Bloomberg report about a draft research paper that highlighted alleged unusual trading patterns connected to the London gold fix.

The research paper looking into possible manipulation of the benchmark was authored by New York University’s Stern School of Business Professor Rosa Abrantes-Metz and Albert Metz, a managing director at Moody’s Investors Service.

London-based Barclays and HSBC refused to comment on the lawsuit.

Spokesmen for Paris-based Societe Generale and Toronto-based Bank of Nova Scotia did not immediately respond to requests seeking comment.

“We believe this suit is without merit and will vigorously defend against it,” Renee Calabro, a spokeswoman for Frankfurt-based Deutsche Bank told the news agency.

A file photograph of Britain's Queen Elizabeth touring a gold vault during a visit to the Bank of England. Reuters
A file photograph of Britain’s Queen Elizabeth touring a gold vault during a visit to the Bank of England. Reuters

“The academic paper cited in media reports is not a Moody’s research report. The co-author of the paper was writing independent of his position at Moody’s and was representing his own research findings and viewpoint,” a Moody’s spokesperson told IBTimes UK in an email last week.

FCA and Bafin Probes

The UK’s Financial Conduct Authority is examining how prices are calculated. The regulator published a report last week detailing its remit for regulating commodities including gold, saying that while it is responsible for commodities derivatives, it does not regulate physical commodities.

Meanwhile, South Africa’s Standard Bank could replace Deutsche Bank’s in the global gold price-setting process, Reuters reported in February.

Deutsche Bank, Germany’s biggest lender, said in January that it would withdraw from the panels determining the gold and silver fixings. German financial markets regulator Bafin interviewed the Frankfurt-based bank’s staff as part of a probe into the probable manipulation of gold and silver prices.

The London-fix is used to determine the prices of gold the world over. The fix is calculated twice a day on telephone conferences at 10:30 hrs and 15:00 hrs London time. The calls usually last 10 minutes but can last for more than an hour.

Prices are adjusted up and down until demand and supply are matched, at which point the gold price is declared “fixed”.

Featured Image: Reuters

(Via ibtimes)

0 0 votes
Article Rating

15.5k
SHARES
FacebookTwitterSubscribe
PinterestTumblrLinkedin Reddit DiggStumbleupon PocketVkDeliciousBufferWeiboWhatsappXingFlattrMailPrint

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Tags: bank crimesBanking CartelBarclaysDeutschegoldGold fixHSBC
Previous Post

Which Corporations Control the World? (Infographic)

Next Post

Ex-CIA Pilot Gives Sworn Testimony That No Planes Hit The Twin Towers

Global Elite News

Your Source for Alternative News and Information. Deep Independent Journalism About Who Really Controls The World.

Related Posts

HSBC Caught Up In Huge Money Laundering Scam
Corruption

HSBC Caught Up In Huge Money Laundering Scam

by TGE News
22 March, 2017
364
Deutsche Bank Admits It Rigged Gold Prices, Agrees to Expose Other Manipulators
Economics

Deutsche Bank Admits It Rigged Gold Prices, Agrees to Expose Other Manipulators

by TGE News
15 April, 2016
193
HSBC Fined $470 Million for 2008 Financial Crisis, No One Jailed
Corruption

HSBC Fined $470 Million for 2008 Financial Crisis, No One Jailed

by TGE News
7 February, 2016
99
Is the Audit the Fed Movement Losing Momentum?
Economics

Is the Audit the Fed Movement Losing Momentum?

by TGE News
15 October, 2015
65
Is Gold a Stupid “Pet Rock” or a Bedrock Asset?
Economics

Is Gold a Stupid “Pet Rock” or a Bedrock Asset?

by TGE News
23 July, 2015
61
Who’s REALLY at the top of the pyramid?
Awareness

Who’s REALLY at the top of the pyramid?

by TGE News
10 July, 2015
509
Five Major Banks to Plead Guilty to Rigging Currency Markets
Business

Five Major Banks to Plead Guilty to Rigging Currency Markets

by TGE News
16 May, 2015
59
The Secrets of the Banking System
Federal Reserve

The Secrets of the Banking System

by TGE News
15 January, 2015
693
Load More
Next Post
Ex-CIA Pilot Gives Sworn Testimony That No Planes Hit The Twin Towers

Ex-CIA Pilot Gives Sworn Testimony That No Planes Hit The Twin Towers

The Deliberate Dumbing Down of America

The Deliberate Dumbing Down of America

Subscribe
Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest
A List of Banks Owned by the Rothschild Dynasty

A List of Banks Owned by the Rothschild Dynasty

19 February, 2013

The History of the ‘House of Rothschild’ (Complete)

24 January, 2013
Wikileaks Is A Rothschild Operation

Wikileaks Is A Rothschild Operation

22 December, 2012
Secrets Of The Elite: Why Forbes’s Rich List Doesn’t Include The Wealthiest Families On The Planet

Secrets Of The Elite: Why Forbes’s Rich List Doesn’t Include The Wealthiest Families On The Planet

19 September, 2015
The Act Of 1871 – America Incorporated

The Act Of 1871 – America Incorporated

22
Wikileaks Is A Rothschild Operation

Wikileaks Is A Rothschild Operation

6
The Rothschilds Purchased Jerusalem in 1829

The Rothschilds Purchased Jerusalem in 1829

5
Who Controls the Money Supply Controls the World

Who Controls the Money Supply Controls the World

4
The Man Who Knew Too Much (Documentary)

The Man Who Knew Too Much (Documentary)

14 November, 2021
The Puppet Masters Portfolios

The Puppet Masters Portfolios

5 August, 2021
Michael Tellinger: Hidden Origins of Humanity

Michael Tellinger: Hidden Origins of Humanity

29 July, 2021
All Financial Markets Are Rigged

All Financial Markets Are Rigged

14 May, 2021

Connect With Us

Most Read

  • A List of Banks Owned by the Rothschild Dynasty

    A List of Banks Owned by the Rothschild Dynasty

    7 shares
    Share 0 Tweet 0
  • The History of the ‘House of Rothschild’ (Complete)

    100 shares
    Share 0 Tweet 0
  • Wikileaks Is A Rothschild Operation

    4 shares
    Share 0 Tweet 0
  • Secrets Of The Elite: Why Forbes’s Rich List Doesn’t Include The Wealthiest Families On The Planet

    11 shares
    Share 0 Tweet 0
  • George Soros Exposed as a Rothschild Agent in the 1990’s

    2 shares
    Share 0 Tweet 0

Categories

Newsletter

Enter your email address to subscribe to our newsletter and receive notifications of new posts by email.

Join 12,349 other subscribers

Latest Posts

  • The Man Who Knew Too Much (Documentary)
  • The Puppet Masters Portfolios
  • Michael Tellinger: Hidden Origins of Humanity
  • All Financial Markets Are Rigged

Site Links

  • Donate
  • Resources
  • Sitemap
  • The Globalists

About Us

TGE news is here to bring you true documented facts on what’s really happening in the world that you will not see in the government controlled mainstream corporate media.

  • About
  • Contact
  • Privacy & Terms
  • Submit News

(OA) 2012-2022 TGE News

No Result
View All Result
  • Home
  • World
    • Business
    • Economy
    • Politics
    • Geo-Engineering
    • Environment
    • Police State
    • Foreign Policy
  • U.S.
    • Federal Reserve
  • Globalist Agenda
    • Secret Societies
    • World Order
    • The Globalists
  • Health
    • Big Pharma
    • Fluoride
    • Food
    • Gmo’s
    • Vaccines
  • Sci/Tech
    • Space
    • Trans-Humanism
  • Media
    • Documentaries
    • Interviews
    • Talks/Lectures
  • More+
    • Ancient Civilizations
    • Astrology
    • Astrotheology
    • Awareness
    • DIY
    • Esoteric
    • Free Energy
    • Hidden History
    • Infographics
    • Knowledge
    • Religion
    • Spirituality

(OA) 2012-2022 TGE News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

0
0
Would love your thoughts, please comment.x
()
x
| Reply
 

Loading Comments...