Deutsche Bank Admits Manipulation: Settles Silver Litigation

April 20, 2016 at 12:47


Last week Deutsche Bank settled two cases involving the manipulation of precious metals prices. On Wednesday, Deutsche Bank settled a silver price manipulation case. On Thursday, it was announced that Deutsche Bank had settled a gold price manipulation case. In both cases Deutsche Bank agreed to pay undisclosed fines AND to cooperate fully in providing evidence against their co-conspirators who have not settled the cases. Here are the details of what Deutsche Bank agreed: Deutsche Bank was sued along with the Bank of Nova Scotia, HSBC Holdings plc and UBS AG for conspiring to fix the price of silver. The case In re: London Silver Fixing Ltd., Antitrust Litigation is...

Silver up more than gold in 2016

April 20, 2016 at 09:16


Lately, silver has been on a hot streak -- up 22% so far this year -- making it one of the best investments of 2016. The rally has outshone gold's 18% gain so far this year. On Tuesday, silver shot up 4.5% to its highest level in 11 months. The price of silver has always been just a fraction of gold's, but precious metal experts have pointed out for weeks -- if not months -- that silver has been trading a real bargain. "The silver price looked very cheap," says Dan Denbow, who manages the USAA Precious Metals and Minerals Fund. Investors watch the price differential between gold and silver closely. Typically, gold trades at a 60 to 1 ratio above silver. Recent...

China launches renminbi-denominated gold benchmark

April 20, 2016 at 09:12


China has launched a gold price benchmark to compete with London’s almost century-old process as the country seeks to have a greater influence over pricing of the precious metal. The world’s largest gold consumer began a twice-daily auction on the Shanghai Gold Exchange on Tuesday. The renminbi-denominated Shanghai Gold Benchmark Price involved 18 banks, including international banks Standard Chartered Bank and Australia and New Zealand Banking Group. The launch could eventually reduce the influence of the London gold price, which started in 1919 when bankers at NM Rothschild & Sons in London sat down to calculate a fair price for gold. That became the global gold b...

Gold haunts the monetary system

April 18, 2016 at 12:38


For a century, elites have worked to eliminate monetary gold, both physically and ideologically. This began in 1914, with the UK’s entry into the First World War. The Bank of England wanted to suspend convertibility of bank notes into gold. Keynes counselled wisely that the bank should not do so. Gold was finite, but credit elastic. By staying on gold, the UK could maintain its credit, and finance the war effort. This transpired. The House of Morgan organised massive credits for the UK, and none for Germany. This finance was crucial, and sustained the UK until the US abandoned neutrality and tipped the military balance against Germany. Despite formal convertibil...

How Apple recovers millions in gold from recycling old iPhones

April 18, 2016 at 12:34


Apple has revealed how it recovered almost a ton of gold [metric] from recycling products such as iPhones and iPads last year. The Cupertino-based company saved an estimated £28 million worth of gold, figures in its Environmental Responsibility Report suggests. Apple also recovered 6,612lbs of silver, 2,953,360lbs of copper and 101,000lbs of steel, through the take-back initiatives. The Tech giant processed an estimated 90 million pounds of unwanted electronics through its recycling programme, which lets customers trade in their old products for money off future Apple devices. Apple also introduced its Liam robots, which are “designed to disassemble 1.2 millio...

Silver confirms Gold breakout

April 13, 2016 at 14:19


Precious metals have registered a blistering start to the year. After more than four years of defeat, gold bulls once again have something to be excited about. The gold price is up 19% year to date and the mining stock ETF, the Market Vectors Gold Miners ETF (NYSEARCA:GDX), is up over 60% since the start of the year. Not bad for a barbarous relic! But one thing that generated some caution for precious metals investors has been silver's underperformance. You see, silver typically leads gold higher and outperforms during major advances in the sector. But the silver price advance had been trailing that of gold for much of the year by a wide margin. In fact, during late Fe...

Silver on the march

April 13, 2016 at 14:15


Silver futures extended their gains Tuesday, as a tumbling US dollar and mixed global cues supported another rally in precious metals. Silver for May delivery climbed 18 cents or 1.1% to $16.13 a troy ounce, putting it on pace for the highest close of the year on the Comex division of the New York Mercantile Exchange. The grey metal experienced initial weakness before turning higher just prior to the North American session. Relative strength is above 60 and rising rapidly, while the MACD is showing sharp upward momentum. Price action in silver futures is strengthening, with the 50-day moving average on a continuing upward trajectory. Tuesday marked the grey metal...