Sprott Money Contact Form
 

Thank you for contacting Sprott Money.  We will respond to you within 1 business day.

 

Sincerely,


The Sprott Money Team


Sprott Money Ltd.
111 Queen St. East
Suite 501
Toronto, Ontario M5C 1S2
Canada

[t] 1.888.861.0775
[f] 416.861.9855
sales@sprottmoney.com
www.sprottmoney.com

Administrative office only - no walk-in sales.

 

Please Try Again After Some Time...
Please enter valid captcha
Name*
Email*
Comments*
Loading Image

Toll Free: 1-888-861-0775; Local: 416-861-0775

Swipe to the left

Another Bank “Fined” for Rigging The Gold and Silver Markets- Rory Hall (02/10/2018)

Another Bank “Fined” for Rigging The Gold and Silver Markets- Rory Hall (02/10/2018)
By Rory Hall 2 months ago 2029 Views No comments

02 Oct, 2018

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 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 hereclick hereclick 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:
A. SUMMARY
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.



Rory Hall, Editor-in-Chief of The Daily Coin, has written over 700 articles and produced more than 200 videos about the precious metals market, economic and monetary policies as well as geopolitical events since 1987. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver and Silver Doctors, SGTReport, just to name a few. Rory has contributed daily to SGTReport since 2012. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Visit The Daily Coin website and The Daily Coin YouTube channels to enjoy original and some of the best economic, precious metals, geopolitical and preparedness news from around the world.


The author is not affiliated with, endorsed or sponsored by Sprott Money Ltd. The views and opinions expressed in this material are those of the author or guest speaker, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.

BitcoinCash

Back to top