The Writings On The Vaults

[Hervé]

Deutsche Bank Admits It Rigged Gold Prices, Agrees To Expose Other Manipulators (http://www.zerohedge.com/news/2016-04-14/first-silver-now-gold-deutsche-bank-admits-it-also-rigged-gold-prices-legal-settleme)

http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://www.zerohedge.com/users/tyler-durden)Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/14/2016 22:48 -0400


Well, that didn't take long.

Earlier today when we reported (http://www.zerohedge.com/news/2016-04-14/case-closed-deutsche-bank-confirms-silver-market-manipulation-legal-settlement-agree)the stunning news that DB has decided to "turn" against the precious metals manipulation cartel by first settling a long-running silver price fixing lawsuit which in addition to "valuable monetary consideration" said it would expose the other banks' rigging having also "agreed to provide cooperation to plaintiffs, including the production of instant messages, and other electronic communications, as part of the settlement" we said "since this is just one of many lawsuits filed over the past two years in Manhattan federal court in which investors accused banks of conspiring to rig rates or prices in financial and commodities markets, we expect that now that DB has "turned" that much more curious information about precious metals rigging will emerge, and will confirm what the "bugs" had said all along: that the precious metals market has been rigged all along."

This was confirmed moments ago when Reuters reported that Deutsche Bank has also reached a settlement in US litigation alleging the bank conspired to fix gold prices. In other words, hours after admitting it was rigging the silver market, it did the same for gold.

Some more headlines:


Reaches settlement in U.S. litigation alleging it conspired to fix gold prices.
Plaintiffs' lawyers, in filing, say Deutsche Bank has signed a settlement term sheet
Plaintiffs' lawyers say are negotiating formal settlement agreement that would be presented for judge's approval later
Plaintiffs' lawyers say settlement contemplates a monetary payment by Deutsche Bank
Gold settlement follows similar accord involving alleged silver price-fixing that was disclosed on Wednesday

Most importantly, as the actual settlement reveals, Deutsche has agreed that in addition to once again providing "valuable monetary consideration" which will be paid into a settlement fund, that like in the silver settlement it will provide "cooperation in pursuing claims against the remaining Defendants."

And with that the floodgates open.

Here is the full settlement letter:



http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/04/09/DB%20Gold%20settlement_0.jpg (http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/04/09/DB%20Gold%20settlement.jpg)


* * *
As a reminder, this is what we reported just hours ago on an identical settlement involving Deutsche Bank (http://www.zerohedge.com/news/2016-04-14/case-closed-deutsche-bank-confirms-silver-market-manipulation-legal-settlement-agree)admitting to also rigging silver:

Deutsche Bank Confirms Silver Market Manipulation In Legal Settlement, Agrees To Expose Other Banks

Back in July of 2014 (http://www.zerohedge.com/news/2014-07-26/london-fix-gold-rigging-bullion-bank-exposed-class-action-lawsuit-complete-charts), we reported that in an attempt to obtain if not compensation, then at least confirmation of bank manipulation in the precious metals industry, a group of silver bullion banks including Deutsche Bank, Bank of Nova Scotia and HSBC (later UBS was also added to the defendants) were accused of manipulating prices in the multi-billion dollar market.

The lawsuit, which was originally filed in a New York district court by veteran litigator J. Scott Nicholson (http://www.reuters.com/article/us-silver-fix-lawsuit-idUSKBN0FU29920140725), a resident of Washington DC, alleged that the banks, which oversee the century-old silver fix manipulated the physical and COMEX futures market since January 2007. The lawsuit subsequently received class-action status. It was the first case to target the silver fix.

Many expected that this case would never go anywhere and that the defendant banks would stonewall indefinitely: after all their legal budgets were far greater than the plaintiffs.

Which is why we were surprised to read overnight that not only has this lawsuit against precious metals manipulation not been swept away, but that the lead defendant, troulbed German bank Deutsche Bank agreed to settle the litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors, Reuters reported (http://www.reuters.com/article/us-deutschebank-settlement-silver-idUSKCN0XA2RU)citing a court filing by law firm Lowey.

Terms were not disclosed, but the accord will include a monetary payment by the German bank.

It goes without saying, that there would have been neither a settlement nor a payment if the banks had done nothing wrong.

According to Reuters, Deutsche Bank has signed a binding settlement term sheet, and is negotiating a formal settlement agreement to be submitted for approval by U.S. District Judge Valerie Caproni, who oversees the litigation. A Deutsche Bank spokeswoman declined to comment. Lawyers for the investors did not immediately respond to requests for comment.

As noted above, investors had accused Deutsche Bank, HSBC and ScotiaBank of abusing their power as three of the world's largest silver bullion banks to dictate the price of silver through a secret, once-a-day meeting known as the Silver Fix.

None of this will come as a big surprise to readers, most of whom have been aware that this took place for years.

But wait there's more.

In a curious twist, the settlement letter reveals a stunning development, namely that the former members of the manipulation cartel have turned on each other. To wit:

“In addition to valuable monetary consideration, Deutsche Bank has also agreed to provide cooperation to plaintiffs, including the production of instant messages, and other electronic communications, as part of the settlement. In Plaintiff’s estimation, the cooperation to be provided by Deutsche Bank will substantially assist Plaintiffs in the prosecution of their claims against the non-settling defendants.” The full shocking letter can be read here:


http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/04/09/silver%20settlement%20letter_0.jpg (http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/04/09/silver%20settlement%20letter.jpg)


Since this is just one of many lawsuits filed over the past two years in Manhattan federal court in which investors accused banks of conspiring to rig rates or prices in financial and commodities markets, we expect that now that DB has "turned" that much more curious information about precious metals rigging will emerge, and will confirm what the "bugs" had said all along: that the precious metals market has been rigged all along.

Finally, we'll just remind readers that the US commodity "regulator", the CFTC in 2013 closed its five year investigation concerning allegations that the biggest bullion banks manipulate silver markets and prices. It proudly reported in September 2013 that it found no evidence of wrongdoing and dropped the probe. This is what it said (http://www.cftc.gov/PressRoom/PressReleases/pr6709-13):

The Commodity Futures Trading Commission (CFTC or Commission) Division of Enforcement has closed the investigation that was publicly confirmed in September 2008 concerning silver markets. The Division of Enforcement is not recommending charges to the Commission in that investigation. For law enforcement and confidentiality reasons, the CFTC only rarely comments publicly on whether it has opened or closed any particular investigation. Nonetheless, given that this particular investigation was confirmed in September 2008, the CFTC deemed it appropriate to inform the public that the investigation is no longer ongoing. Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets. In light of this confirmation that the CFTC's probe was "lacking" perhaps it is time for the so-called regulators who at the time was headed by ex-Goldmanite Gary Gensler (and assisted by "revolving door" expert and HFT lobby sellout Bart Chilton (http://www.zerohedge.com/news/2014-10-27/caption-contest-bart-chilton-salutes-you)) to reopen its investigation?

[Hervé]

Here is Joseph Farrell's Nefarium news on this and other relevant dots (thanks to a watchful member spotting it on Gio's thread):


Streamed live 16 hours ago
... What're those bankster meetings about? Well there's a news flash today, courtesy of our friends at Zero Hedge: the giant German Deutsche Bank has settled a lawsuit, and wait until you hear the terms:

"Deutsche Bank Confirms Silver Market Manipulation In Legal Settlement, Agrees To Expose Other Banks (http://www.zerohedge.com/news/2016-04-14/case-closed-deutsche-bank-confirms-silver-market-manipulation-legal-settlement-agree)"

"Deutsche Bank Admits It Also Rigged Gold Prices, Agrees To Expose Other Manipulators (http://www.zerohedge.com/news/2016-04-14/first-silver-now-gold-deutsche-bank-admits-it-also-rigged-gold-prices-legal-settleme)" [reposted above as OP]


my2UyqS7x7w

[Hervé]

Quick! Shut down that fan! Incoming s***!

Rob Kirby: World financial reset is imminent (http://usawatchdog.com/tsunami-of-dollars-coming-back-to-america-soon-rob-kirby/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsaWatchdog+%28Greg+Hunter%E2%80%99s+USAWatchdog%29)

Greg Hunter USAWatchdog (http://usawatchdog.com/tsunami-of-dollars-coming-back-to-america-soon-rob-kirby/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsaWatchdog+%28Greg+Hunter%E2%80%99s+USAWatchdog%29) Thu, 14 Apr 2016 00:00 UTC



http://www.sott.net/image/s10/217896/pod/4th.jpg (http://www.sott.net/image/s10/217896/full/4th.jpg)


Emergency Fed meetings at the White House, the launching of new gold trading market at the Shanghai Gold Exchange, revelations Deutsche Bank admitting it manipulated gold and silver prices, China starting its own global payment system. These may all seem unrelated, but according to macroeconomic researcher Rob Kirby, they are all connected. Kirby explains,

"With China and their upstart CIPS, which is the China Interbank Payment System, China appears to be on the verge of merging their interbank payment system with SWIFT. My gut is telling me that this will very much marginalize America as the main processor of global payments. This, in my view, will embody very possibly a global reset in terms which currency is going to be the world's reserve currency. I have a very sneaking suspicion that when China merges with the SWIFT system, I believe there is a very strong possibility that China will back their currency with gold. I do believe this is why China has aggressively been buying physical gold for the past 10 or 15 years. They have been doing it with a view to dislodging the dollar or greatly diminishing the dollar as the world's reserve currency. That's what I think is at play right now. I think U.S. bankers and regulators have caught wind of this and are aware it is coming. I also believe this is the reason for all the secret meetings they have been having. The Federal Reserve Board met in secret behind closed doors (Monday morning), and they gave us some frivolous reason why they were meeting. The Fed Chairman, that Monday afternoon, walked over to the White House and met with, not just the President, but also the Vice President. The notion that the President and Vice President would be in the same room at the same time tells you this is national security related. If you don't think the preservation of the dollar as the world's reserve currency isn't a national security issue, you better think again." Could there be a dramatic and overnight reduction in the value of the dollar? Kirby contends, "I think this is coming in very short order now. The trail of bread crumbs is indicating this is what is afoot right now."

Does that mean dollar devaluation and a bank "holiday" coming soon? Kirby says,

"How quickly this happens is open for conjecture, but that is clearly the direction we are heading. We are unmistakably headed in that direction. The only real question is how long these criminal central bankers can MacGyver the system together and keep it together with elastic bands, paperclips and bungie cords. This is going down. This is going to happen. I think it's going down in the next two or three weeks. . . .We've all speculated that this would eventually happen. Now we are here, and the clock is about to strike midnight." [...]

Full article: http://usawatchdog.com/tsunami-of-dollars-coming-back-to-america-soon-rob-kirby/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsaWatchdog+%28Greg+Hunter%E2%80%99s+USAWatchdog%29

[Bill Ryan]

.
An excellent and maybe very useful half-hour interview with Rob Kirby, posted yesterday:


http://www.youtube.com/watch?v=9FI01zevYxM

YouTube text:





Could there be a dramatic and overnight reduction in the value of the dollar? Kirby contends, “I think this is coming in very short order now. The trail of bread crumbs is indicating this is what is afoot right now.”

Does that mean dollar devaluation and a bank “holiday” coming soon? Kirby says, “How quickly this happens is open for conjecture, but that is clearly the direction we are heading. We are unmistakably headed in that direction. The only real question is how long these criminal central bankers can MacGyver the system together and keep it together with elastic bands, paperclips and bungie cords. This is going down. This is going to happen. I think it’s going down in the next two or three weeks. . . .We’ve all speculated that this would eventually happen. Now we are here, and the clock is about to strike midnight.”

What have the President and the VP been told by the Fed Chairman in these emergency meetings this week? Kirby says, “My guess is they are probably explaining to them just how deep the pooh is that they are about to be thrown into. It’s deep, and it’s going to be over their heads. . . . Historically, when banks have nothing else they can do, they take us to war.”

If they don’t take us to war? Kirby says, “Everything is on the table. . . . My thinking is there are an awful lot of U.S. dollars out there right now that are going to be coming home to America. . . . The adjustment in global reserve accounts could create a tsunami of dollars coming back to America in a very, very short period of time. That could trigger something approaching a hyperinflationary event or, at least, stagflation and super inflationary pressure. That’s the minimum occurring very, very soon.”

About the recent revelation of Deutsche Bank suppressing the price of physical gold and silver? Kirby points out, “The price rigging ultimately comes back to and will be shown that it really is an operation of the U.S. Treasury and the U.S. Federal Reserve. . . . The short interests, or the paper sales of precious metals, have been used on purpose to suppress the growing demand for precious metals, or to make it appear that people are still happy with dollars and don’t prefer precious metals to dollars. . . . Whether the U.S. central bank declares that gold or silver are not money in some hubris filled silliness doesn’t diminish the fact that gold and silver are money, and your U.S. Constitution says gold and silver are money.”

[cursichella1]

(Not surprising but...) Interesting, this coinciding with the last day to file Income Tax in the U.S.

[shaberon]

Better than nothing, and a little accomplice-confessing helps too.

Still a settlement, which undercuts what the full civil suit would have done, and isn't a criminal charge.

Which is usually the way it goes, but on the rare element of fraud...as leveled against one of the Rothschilds recently...that guy's still out cruising around isn't he?