Another Bank “Fined” for Rigging The Gold and Silver Markets
Another Bank “Fined” for Rigging The Gold and Silver Markets by Rory – The Daily Coin
The evidence continues to mount proving the work that GATA has performed for the past two decades is, not only 100% accurate, but shows how much a part of our world gold actually plays. Don’t think for a minute that gold is not part of our monetary system. If it weren’t these price rigging schemes would not happen – especially on a global basis.
We reported on Deutsche Bank two years ago – click here – click here – click here – when their precious metals market rigging schemes were exposed and the bank was “fined” for rigging the gold market. During the investigation it was also discovered Deutsche Bank was rigging the silver market. A series of internal instant messages confirmed the rigging mechanism and the fact the price rigging was actually happening.
This situation with Deutsche Bank reached a point of two different class action lawsuits being filed for damages caused by the banks market rigging scheme. As Craig Hemke, TFMetals Report, explained at the time of this leg of the crime spree:
This post is intended to remind you that this case is not about the present and it’s not about the $38MM dollars. Instead, the true significance of this lawsuit will be on display over the coming months and years as innumerable new class action lawsuits are filed against The Bullion Banks for their collective role in rigging and manipulating the precious metals markets.
Now we learn the Canadian based Bank of Nova Scotia has now been caught with their hand in the cookie jar and charged with “spoofing” the gold and silver markets.
The Commission finds the following:
On certain dates during the period from at least June 2013 through June 2016 (the “Relevant Period”), BNS, by and through traders on its precious metals trading desk (“Traders”), engaged in the disruptive trading practice of “spoofing” (bidding or offering with the intent to cancel the bid or offer before execution) in gold and silver futures products traded on the Chicago Mercantile Exchange (“CME”). BNS’s disruptive trading violated Section 4c(a)(5)(C) ofthe Act, 7 U.S.C. § 6c(a)(5)(C) (2012).
In accepting the Offer, the Commission recognizes BNS’s self-reporting and cooperation during the Division of Enforcement’s (“Division”) investigation of this matter, explained in more detail below. The Commission notes that self-reporting, cooperation, and remediation by BNS are being recognized in the form of a substantially reduced civil monetary penalty.
The Commodity Futures Trading Commission (CFTC) “fined” Bank of Nova Scotia a poultry $800,000 for their part in this leg of the market rigging scheme. I say “this leg” as this is now the second bank to have been found guilty of rigging these particular markets. How many more banks, and what techniques will be discovered next.