News out of Reuters on Wednesday has caused quite a stir in the precious metals investment world as a manipulative silver-fixing scheme headed by large multinational banks was revealed. Consequently, many are wondering what the long-term ramifications of the story will be. To bring readers up to speed, we quote briefly below:
“Deutsche Bank to Settle US Silver Price-Fixing Litigation
Deutsche Bank AG has agreed to settle U.S. litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors, a court filing on Wednesday showed.
Terms were not disclosed, but the accord will include a monetary payment by the German bank, a letter filed in Manhattan federal court by lawyers for the investors said.