Hoo boy, here we go:
Reuters - Banks face scrutiny over pricing of precious metals. I'm sure we'll see reams of electrons bleeped out of existence with this one:
The U.S. Department of Justice (DoJ) and the Commodity Futures Trading Commission are investigating at least 10 major banks for possible rigging of precious-metals markets, the Wall Street Journal reported, citing people close to the inquiries.
DoJ prosecutors are scrutinizing the price-setting process for gold, silver, platinum and palladium in London, while the CFTC has opened a civil investigation, the newspaper said.
The banks are HSBC Holdings Plc, Bank of Nova Scotia, Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, JPMorgan Chase & Co, Societe Generale, Standard Bank Group Ltd and UBS Group AG, the Journal said.
Standard Bank spokesman Erik Larsen declined to comment on the report. The other banks, the DoJ and CFTC did not immediately respond to requests for comment.
The CFTC issued a subpoena to HSBC Bank USA in January seeking documents related to the bank's precious metals trading operations, HSBC said on Monday.
The DoJ also issued a request to HSBC Holdings in November seeking documents related to a criminal antitrust investigation it is conducting in relation to precious metals, HSBC said.
So I want to get out ahead of the rest of the goldbug crowd and predict that gold will hit $10,000 by the summer. There. Beat that, King World News.
Switzerland's financial watchdog said in November it had found a "clear attempt" to manipulate precious metals price benchmarks.
An investigation by German regulator Bafin found no signs of attempted benchmark price manipulation in precious metals, newspaper Handelsblatt reported last month.
Wow. Which country is supposed to be a lapdog of the banks and international Jewry?