The conspiracy theorists may have been right...
Deutsche Bank just agreed to settle two lawsuits that alleged the German bank illegally conspired to manipulate gold and silver prices at the expense of investors.
The plaintiffs accused Deutsche Bank of conspiring with Bank of Nova Scotia, Barclays, HSBC, and Societe Generale to manipulate prices of gold, gold futures and options, and gold derivatives.
They also accused Deutsche Bank, HSBC, and Scotiabank of a similar conspiracy of manipulating roughly $30 billion of silver and silver financial instruments annually.
The terms of the settlement were not disclosed. But it will include a monetary payment to the plaintiff.
Of course, settlement is not definitive proof that Deutsche Bank did, in fact, conspire to manipulate gold and silver prices. However, I think we can assume that if the German bank had nothing to hide, there would have been no settlement.
And as I mentioned to you the other day, it does make sense for a bank like Deutsche to want to manipulate gold and silver prices.
That's because — in addition to directly profiting from short-term trading — gold and silver are in direct competition with these banks' products: fiat-currencies and other related instruments.
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