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German regulators look into suspected gold and silver manipulation at Deutsche Bank

Back at the end of November we wrote about the UK financial regulator waking from a very deep slumber and starting an investigation into gold and silver price manipulation:

One theory has been that the Western central banks along with the large bullion houses have be coordinating smashes in the paper market – something that will get you labeled as a ‘crazy-conspiracy-theorists’ if you should utter such a notion.

Well it looks like that those ‘crazy-conspiracy-theorists’ might just be onto something after all, as the UK financial regulator is taking a look at the rather opaque and dated way the gold market sets their prices:

The U.K. Financial Conduct Authority is scrutinizing how prices are set in the $20 trillion gold market, according to a person with knowledge of the review who asked not to be identified because the matter isn’t public. The London fix, the benchmark rate used by mining companies, jewelers and central banks to buy, sell and value the metal, is published twice daily after a telephone call involving Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc and Societe Generale SA.

With the process for setting gold looking very much like the Libor scandal all over again:

The process, during which gold is bought and sold, can take from a few minutes to more than an hour. The participants also can trade the metal and its derivatives on the spot market and exchanges during the calls. Just after the fixing begins, trading erupts in gold derivatives, according to research published in September. Four traders interviewed by Bloomberg News said that’s because dealers and their clients are using information from the talks to bet on the outcome.

Traders involved in this price-determining process have knowledge which, even for a short time, is superior to other people’s knowledge,” said Thorsten Polleit, chief economist at Frankfurt-based precious-metals broker Degussa Goldhandel GmbH and a former economist at Barclays. “That is the great flaw of the London gold-fixing.”

However, as yet, it doesn’t look like the regulators are suspecting foul play – but they would say that wouldn’t they? And didn’t they say the same thing at the start of the Libor scandal?

In private meetings this year, the U.S. Commodity Futures Trading Commission, which regulates derivatives, discussed reviewing how gold prices are set, according to a person with knowledge of the talks. The FCA review is preliminary and not a formal investigation, another person said. The people wouldn’t say what’s being looked at or if regulators suspect wrongdoing.

We wouldn’t be surprised in the slightest if the UK financial regulator really does take a look under this rock to find yet more evidence of a financial system completely rotten to its core with criminal manipulation.

We won’t be holding our breath though.

Now it seems the German financial regulators are starting to take a peak at what’s been going on in the precious metals market for years:

(Reuters) – German banking regulator Bafin has demanded documents from Deutsche Bank as part of a probe into suspected manipulation of benchmark gold and silver prices by banks, the Financial Times reported, citing sources.

Finally, it just might be that this blatant manipulation that we’ve been witnessing all year is starting to be taken seriously by regulators – with the German regulator actually going into Deutsche Bank’s offices:

Bafin has interrogated the bank’s staff during several on-site inspections over the past few months, the newspaper said on its website, citing people familiar with the matter.(http://link.reuters.com/xem45v)

It looks like LIBOR all over again, with the core of the manipulation centered around the ‘gold fix’ – it’s called a ‘fix’ for a very good reason, and when you understand what is actually going on to ‘fix’ the price, it’s hard to believe that it has taken this long for someone to start questioning whether this is the best way to discover the price – because it sure makes it easy for traders to trade on insider information:

Currently, gold fixing happens twice a day by teleconference with five banks: Deutsche Bank, Bank of Nova Scotia-ScotiaMocatta , Barclays Bank Plc , HSBC Bank USA, NA and Société Générale . The fixings are used to determine prices globally.

Deutsche Bank is also one of three banks that take part in the equivalent process for silver.

In the wake of the recent Libor interbank lending scandal, questions have been raised about how benchmark rates are set, prompting authorities and banking industry bodies worldwide to overhaul rate-setting processes.

Which now all means that there are three countries investigating this manipulation:

When the probe was first reported in November, similar investigations in the United States and Britain were also reported to be under way.

Let’s hope one if these investigation actually does a thorough audit of what is going on, because we’re quite sure if that happens we can expect a near carbon-copy of the entire LIBOR scandal to come out in time.

Oh, and maybe, just maybe, we might start to enjoy a gold price that isn’t manipulated/fixed on an almost daily basis.

 

Link to this article: : http://www.goldmadesimplenews.com/gold/german-regulators-look-into-suspected-gold-and-silver-manipulation-at-deutsche-bank-12283/

Posted by on Dec 13 2013. Filed under Gold News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.
  • astrogeezer

    Don’t hold your breath for positive results of the regulators findings. If the CFTC’s long drawn out deliberations and findings are anything to go by, pressure from those on high will ensure the regulators will toe the line. No, the only sure way to get a true and realistic gold fix is for the Chinese to start to call the shots. While the price is being manipulated lower, the PBoC are content to accumulate as much of the yellow stuff as they can get their hands on, particularly while they see their US Treasuries diminishing in value by the day. Only when they’re good and ready will they force the manipulators and their cronies out of the game. Of course, the gold price would sky rocket sooner, depending on when Israel decides to take the Iranians to task. Either way, early 2014 should do it!

  • jack loach

    Update
    — March. 2014.

    Pictet
    & Cie Bank —- List of Crimes.

    1996 —–
    F.S.A— Breach in London.

    2003 —– F.S.A.
    — States rogues operating in Pictet’s London office. Ivan Pictet

    states
    that documents were forgeries but were later proved to be genuine in

    the
    British Courts. He had documents destroyed in their London office —

    hoping
    to hide the crimes.

    2007
    .- – – The Securities and Exchange Surveillance issued a
    recommendation

    that
    the Prime Minister and The Commissioner of the FSA to take
    disciplinary action against Pictet Asset Management – Japan Ltd.

    2008
    .– Dec. – Pictet Bank state – ” We have never chosen
    any funds linked to Madoff.

    2011 – – – Madoff
    Trustees sue Pictet & Cie. Bank for $156 ,000,000.

    2011- – – Pictet &
    Cie abetted a Bribery Scheme – Oil company sues Pictet for
    $350,000,000.

    2012 – – – April
    – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 — – June.
    — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank in order to
    collect large fees. ( Like MADOFF)

    Even after the SEC
    in the USA uncovered the fraud Pictet continued to charge fees and
    drain whatever was left in these accounts. Estimated that $90,000,000
    million lost in this Pictet Ponzi scheme.

    2012 – – – July.
    — De – Spiegel. — states – Pictet Bank uses a letterbox
    company in

    Panama
    and a tax loophole involving investments in London to gain

    German
    millionaires as clients.

    2012
    – – – August —- German Opposition Leader accuses Swiss Banks of
    “organised crime.”

    2013
    — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of
    ” criminal origins”

    held
    in Swiss banks – $18,000,000. million held in 5 accounts at Pictet
    & Cie. Bank. Bahamas.

    Ironically
    the Pictet & Cie.Bank partners are bigger criminals than the
    criminals who have accounts in the their bank.

    The
    bank is now seeking to re-structure — to cut the partners liability
    – hoping to off load their decades of criminal responsibilty –
    and protect their personal ill gotten wealth.. The Germans are right
    — the bankers should go to prison if found guilty of financial
    crimes..

    SWISS BANK PARTNERS IN
    CRIMES.

    Pictet
    & Cie Bank.

    Ivan
    Pictet.

    Charles
    Pictet.

    Nicolas
    Pictet.

    Jacques
    de Saussure.

    Jean
    – Francois Demole.

    Renaud
    de Planta.

    Philippe
    Bertherat..

    Pictet
    & Cie.-
    claim they are the “Rolls Royce”of Swiss banks.

    Swiss
    Banks or more correctly Swizz banks.

    Swizz.
    —- “ a great
    disappointment.” or a “ fraud.”

    Fraud.
    —“ an
    intentional deception or dishonesty.”— “a crime.”

    Crime.
    —“ an act
    committed or omitted in violation of a law.”

    Serious
    Crimes .

    Conspiring
    to pervert the Course of Justice.

    Perverting
    the Course of Justice.

    Contempt
    of Court.

    Pictet
    & Cie Bank –Partners –(1996—2014)—guilty

    Peters
    &Peters – Partners.— (1999—2014)— guilty.

    The
    bank and it’s officials/lawyers deliberately withheld crucial
    documents requested under a High Court order. The bank and it’s
    officials/lawyers deliberately withheld evidence from the Police, and
    one of it’s account managers Susan
    Broadhead gave a false witness
    statement to the Police.

    Another one of it’s
    managers Nicholas Campiche
    ( Now Head of Pictet – Alternative Investments.) concocted a letter
    pretending to be a client and closed his account. The senior partner
    (Ivan Pictet.) sought
    to have numerous documents destroyed,along with those copies held in
    their London office’s of Pictet
    Asset Management. Initially
    stating that they were forgeries then their lawyers Peters
    & Peters – Monty Raphael Q.C.–and
    the barrister Charles Flint.Q.C.
    later had to admit in Court that
    the documents were genuine.

    British
    Parliament. Hansard .29th
    March 2007.

    Barry Sheerman
    .M.P.—quote.

    ———“
    Constituents of mine have lost
    £2 million through fraud. The fraudster used Pictet & Cie – – a
    French Bank – – and Pictet Asset Management to back the fraud being
    perpetrated.””

    (1) It is a criminal
    offence for a bank to knowingly act for an undischarged criminal
    bankrupt in so far as it seeks to assist that criminal bankrupt in
    the fraudulent movement of monies. ( Money Laundering.)

    (2) It is a criminal
    offence for a bank to lie to the police and the bankrupts trustee in
    bankruptcy in so far as any knowledge of, or dealings with the bank
    was refuted .

    (3) A bank can be guilty
    of Contempt of Court if it fails to comply fully with the Courts
    order for discovery .

    (4) The banks
    contempt is further compounded if it fails to address its error after
    it is specifically drawn to the to its solicitors attention. ( Monty
    Raphael Q.C.).

    (5) It is a criminal
    offence under the Financial Services Act to seek to destroy evidence
    that might be relevant to an investigation .

    (6) It is a criminal
    offence not to relinquish control of funds to the Trustee immediately
    the fact of the bankruptcy is drawn to the banks attention.

    (7) It is a criminal
    offence to lie or otherwise obfuscate the lawful and proper enquiries
    of the F.S.A.

    In the F.S.A.
    cover up , they concluded that there had been “ Rogue”
    elements in Pictet & Cie’s , London operations . They had been
    moved from their London Office so who was there left to prosecute. “
    Unbelievable.”

    ***
    We thank –David
    Cameron. M.P. ( Canary Wharf Speech.)

    PRIME MINISTER.

    (1) Bankers who
    behave irresponsibly should face professional
    consequences.

    (2) If anyone is found to
    have behaved criminally they must be prosecuted.

    (3) The
    F.S.A and the Serious
    Fraud Office should be following
    up every lead,

    investigating every
    suspect transaction .

    (4) We need to make it
    100% clear –those who break the law should face

    prosecution.

    (5) That we make sure we
    root out any wrongdoing that may have happened, whoever

    is involved,
    however high or well connected they may be.

    Both Ivan Pictet
    and Monty Raphael.Q.C. conspired to withhold crucial documents
    requested by the High Court – the FSA — and the Police Fraud
    Squad.

    Written
    Parliamentary Questions received by the table office ..

    (1) To ask the
    secretary of state what steps he is taking to ensure that Swiss Banks
    such as Pictet & Cie do not evade criminal prosecution under EU
    law even when the illegal act is committed by a London based
    subsidiary.

    (2)To ask the
    secretary of state what steps he is taking to protect the rights of
    UK citizens who seek redress following criminal activities by Swiss
    banks with subsidiary offices located in London.

    Quote.
    ( America’s Top Lawyer .)

    You can be
    the richest man in the world with the best lawyers that money can buy
    but you cannot win against a man who has got nothing left to lose and
    is telling the truth.

    *** We
    note that there has been a sharp increase in Peters & Peters
    partners leaving to go to other practices. Moving does not alleviate
    them of any responsibility from any illegalities that may have
    occurred at Peters & Peters during their partnership tenure. From
    1999 onwards.

    The consensus of
    opinion is the Pictet & Cie should be prosecuted , and that their
    U.K. banking licence should be taken away.

    Their Solicitors at
    Peters & Peters .London “ struck off and prosecuted..”

    *** Started
    campaign — June 6th.2008.

    5years —- approx
    10 .5 million e-mails – – – but still no writs, injunctions or
    threats of litigation – – – WHY – – – because it is all true.

    *** . The bigger
    they are — the harder they fall.!!!

    In
    America —- they would have all been in prison for the last seven
    years.

    Feb 2013,—
    Pictet & Cie Bank Partners remove their unlimited liability.

    They realise that
    all their personal wealth is at risk , the people they have conned
    might want their money back.

    Full
    Story.

    ” Google ”
    .or “Yahoo”

    Insert– ( Charles
    Pictet. Banker.

    Insert– ( Ivan
    Pictet.Banker.

    Insert– ( Jacques
    de Saussure.Banker.

    Insert– ( Nicolas
    Pictet. Banker.

    Insert– (
    Jean-Francois Demole.Banker.

    Insert — (
    Philippe Bertherat. Banker.

    Insert– ( Renaud
    de Planta. Banker.

  • jack loach

    Sods —–
    Law.

    April
    —- 2014.

    For almost two
    decades we have strived to get justice for the injustice we have
    suffered at the hands of a world renowned bank— PICTET & CIE.
    BANK.

    Two yorkshiremen
    both running their own small family businesses trying to resolve the
    problem by taking all the correct legal procedures to recover their
    monies.

    The matter was
    raised in Parliament – twice– the FSA investigated the matter
    concluding that PICTET had rogues operating in their London Bank —
    but the rogues had left —saying no one left to prosecute.??? —–
    so there.

    We then
    approached the Financial Ombudsman Service. (FOS) — our case was
    dealt with by seven different people —- then our numerous E-Mails
    were ignored — nobody would speak to us ——-so there.

    We then asked the
    SFO ( Serious Fraud Office.) to investigate our case —- the
    criteria of our case ticked all their boxes. — we were instructed
    not to send them any documents/evidence.—— in fact they wrote to
    us advising us to go to the Citizen’s Advice Bureau.(CAB.)

    Richard Alderman
    the SFO boss —- who responded to our letter was the same man who
    would not investigate the “ Madoff” scandal or the “Libor”
    fiasco.

    The MP’s
    committee —- said he was sloppy— and the SFO was run like “
    Fred Karno’s Circus” —– it was an office of fraud.—– so
    there.

    Our M.P.
    approached our local Chief Constable to investigate—– he was
    called—- Sir Norman Bettison— Chief Constable of West Yorkshire
    Police —- a force that made “ Dad’s Army” look like the S.A.S.
    They were inept – corrupt —malicious — from top to bottom. We
    were criminally dealt with by the Forces Solicitor—- the Head of
    the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then
    advised to pass our complaint against West Yorkshire Police to the
    I.P.C.C. – which we did — they advised us to make our complaint
    to —- the West Yorkshire Police — we did with reluctance — all
    we got was abuse and obfuscation. —– so there.

    Sir Norman
    Bettison —- The Forces solicitor— and the Head of the Economic
    Crime —- have all been removed from their posts and facing criminal
    allegations.

    —— so there.

    We even sought
    justice through the Courts — culminating in a visit to the Court of
    Appeal-London.— On leaving the Courts of Appeal that day our
    barrister a “rising star” informed us — that if that was
    Justice then you can keep it. He quit the law and moved to Canada
    —– so there.

    A few years later
    we learned that one of the judges in our case at the Court of Appeal
    was related to a senior executive of the Pictet Bank —–so there.

    Pictet & Cie
    .Bank — voted private bank of the year 2013.

    Ivan Pictet —-
    Voted banker of the year 2012. —- the senior partner — lied on
    numerous occasions and had documents destroyed — also said genuine
    documents were forgeries. —– so there.

    Ivan Pictet in
    Oct. 2013 —- Given the Legion of Honour — but saying that —-
    honours were given to Hitler — Eichmann — Mussolini —Franco
    — he’s in fitting company. —-so there.

    MONTY
    RAPHAEL.Q.C. — Peters & Peters.London. They were the banks
    lawyers.

    Monty
    Raphael.Q.C. along with Ivan Pictet withheld crucial documents
    requested by the High Court —- the FSA —- and the police Fraud
    Squad. —-so there.

    Monty
    Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.

    Monty
    Raphael.Q.C. became a Master of the Bench in Nov.2012.

    An expert in
    Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot
    about Banks — the consensus of opinion is that they are highly paid
    “crooks” —- no wonder they voted Ivan Pictet banker of the
    year.

    It appears that
    crimes in the “establishment.” are honoured by their peers.

    “HONOURS
    AMONG THIEVES.”

    Full Story.—-
    “google or Yahoo”

    Insert.

    Ivan
    Pictet.Banker.

    Monty
    Raphael.Q.C.

    Ivan Pictet/Monty
    Raphael.

    Update
    — March. 2014.

    Pictet
    & Cie Bank —- List of Crimes.

    1996 —–
    F.S.A— Breach in London.

    2003 —– F.S.A.
    — States rogues operating in Pictet’s London office. Ivan Pictet
    states that documents
    were forgeries but were later proved to be genuine in the British
    Courts. He had documents destroyed in their London office –hoping to
    hide the crimes.

    2007
    .- – – The Securities and Exchange Surveillance issued a
    recommendation that the Prime Minister and The Commissioner of
    the FSA to take disciplinary action against Pictet Asset Management –
    Japan Ltd.

    2008
    .– Dec. – Pictet Bank state – ” We have never chosen
    any funds linked to Madoff.

    2011 – – – Madoff
    Trustees sue Pictet & Cie. Bank for $156 Million.

    2011- – – Pictet &
    Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for
    $350Million

    2012 – – – April
    – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 — – June.
    — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank in order to
    collect large fees. ( Like MADOFF)

    Even after the SEC
    in the USA uncovered the fraud Pictet continued to charge fees and
    drain whatever was left in these accounts. Estimated that $90 million
    lost in this Pictet Ponzi scheme.

    2012 – – – July.
    — De – Spiegel. — states – Pictet Bank uses a letterbox
    company in Panama and
    a tax loophole involving investments in London to gain German
    millionaires as clients.

    2012
    – – – August —- German Opposition Leader accuses Swiss Banks of
    “organised crime.”

    2013
    — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of
    ” criminal origins”

    held
    in Swiss banks – $18 million held in 5 accounts at Pictet &
    Cie. Bank. Bahamas.

    Ironically
    the Pictet & Cie.Bank partners are bigger criminals than the
    criminals who have accounts in the their bank.

    The
    bank is now seeking to re-structure — to cut the partners liability
    – hoping to off load their decades of criminal responsibilty –
    and move onwards to carry out new crimes. The Germans are right —
    the bankers should go to prison if found guilty of financial crimes..

    Both Ivan Pictet
    and Monty Raphael.Q.C. conspired to withhold crucial documents
    requested by the High Court – the FSA — and the Police Fraud
    Squad.

    Written
    Parliamentary Questions received by the table office ..

    (1) To ask the
    secretary of state what steps he is taking to ensure that Swiss Banks
    such as Pictet & Cie do not evade criminal prosecution under EU
    law even when the illegal act is committed by a London based
    subsidiary.

    (2)To ask the
    secretary of state what steps he is taking to protect the rights of
    UK citizens who seek redress following criminal activities by Swiss
    banks with subsidiary offices located in London.

    Quote.
    ( America’s Top Lawyer .)

    You can be
    the richest man in the world with the best lawyers that money can buy
    but you cannot win against a man who has got nothing left to lose and
    is telling the truth.

    *** We
    note that there has been a sharp increase in Peters & Peters
    partners leaving to go to other practices. Moving does not alleviate
    them of any responsibility from any illegalities that may have
    occurred at Peters & Peters during their partnership tenure. From
    1999 onwards.

    The consensus of
    opinion is the Pictet & Cie should be prosecuted , and that their
    U.K. banking licence should be taken away.

    Their Solicitors at
    Peters & Peters .London “ struck off and prosecuted..”

    *** Started
    campaign — June 6th.2008.

    5years —- approx
    10 .5 million e-mails – – – but still no writs, injunctions or
    threats of litigation – – – WHY – – – because it is all true.

    *** . The
    bigger they are — the harder they fall.!!!
    In America —- they would have
    all been in prison for the last seven years.

    Feb 2013,—
    Pictet & Cie Bank Partners remove their unlimited liability.They
    realise that all their personal wealth is at risk , the people they
    have conned might want their money back.

    Full Story.***

    . ” Google ”
    or ” Yahoo” .

    Insert– ( Charles
    Pictet. Banker.

    Insert– ( Ivan
    Pictet.Banker.

    Insert– ( Jacques
    de Saussure.Banker.

    Insert– ( Nicolas
    Pictet. Banker.

    Insert– (
    Jean-Francois Demole.Banker.

    Insert — (
    Philippe Bertherat. Banker.

    Insert– ( Renaud
    de Planta. Banker.

    Update.
    March. 2014.

    Over
    the last three years we posted the following on hundreds of sites .

    ***
    Were currently waiting for the West Yorkshire Police ;-

    Chief
    Constable . Sir Norman Bettison

    Forces
    Solicitor. Mike Percival.

    Head
    of Economic Crime Unit. Det Chief Inspector. Steven Taylor.

    -to
    see if they continue to cover up this case like the FSA. – “
    watch this space.”

    ****
    We can now state that all the above have been removed from their
    posts. All three facing criminal allegations.

    ****
    These three senior police officials assisted in covering up the
    crimes carried out by Pictet & Cie Bank and it’s lawyers.

    Swiss Bank
    Accounts. 2014.

    Is your monies safe
    in these accounts —- definitely NOT.

    Would you get your
    money back if every body decided to withdraw all their accounts –
    NO WAY.

    Economic Experts
    say that there would only enough money to repay 50% of their clients.

    Are you going to be
    in the 50% — that loose your money.– Get it out NOW.

    2012 — – June.
    — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank.Switzerland. in
    order to collect large fees. ( Like MADOFF) —Even after the SEC in
    the USA uncovered the fraud Pictet continued to charge fees and drain
    whatever was left in these accounts. Estimated that $90,000,000
    million lost in this Pictet Ponzi scheme.

    2012 – – – July.
    — De – Spiegel. — states – Pictet Bank uses a letterbox
    company in

    Panama
    and a tax loophole involving investments in London to gain

    German
    millionaires as clients.

    2012
    – – – August —- German Opposition Leader accuses Swiss Banks of
    “organised crime.”

    All
    the fines that crooked Swiss banks have incurred in the last few
    years exceeds £75.Billion.

    It
    is also calculated that the secrecy ” agreements” with
    regards to tax evation by their clients will cost the banks another
    £450 Billion.( paid out of your monies.)

    The
    banks are panicking — the are quickly restructuring their banks
    —- from partnerships —

    to
    ” LIMITED COMPANIES.” —– this will probably mean that
    in the future — they could

    pay
    you only 10% of your monies ” if you are one of the lucky ones”
    —- and it be legal.

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