The U.S. housing market continues to stumble as the U.S. Commerce Department reports new home sales fell 11.4 percent in March. New home sales in the Northeast and South dropped 15.8 percent.
Deutsche Bank, one of the ex-gold rigging banks was fined 2.5 billion by U.S. and British regulators for rate rigging after a seven year investigation. Britain’s Financial Conduct Authority said around 29 bank employees including managers. traders and submitters are believed to be involved in the fraudulent activity.
In March 2014, Deutsche Bank and three other banks were accused in a lawsuit of rigging precious metals prices in the London Gold Fix. For unknown reasons, Deutsche Bank, Germany’s largest lender decided afterward to withdraw from the panel setting gold and silver prices.
Previously the bank was fined 2.175 billion by U.S. regulators for its role in manipulating the London Interbank Offered Rate (LIBOR) and its Euribor cousin – both global benchmarks for hundreds of trillions of dollars of financial products and loans worldwide.
Deutsche Bank has a lengthy track record of creating profits by manipulating markets no differently than our own JP Morgan Chase, Goldman Sachs, Morgan Stanley, Citigroup, Bank of America and Wells Fargo (Big Six). Fines may be levied by regulators but to date, not a single high ranking member has been convicted and sentenced to prison for misconduct.
In November 2014, the Big Six were accused of working together to manipulate the foreign exchange market and ordered to pay fines totaling around 4.25 billion. JP Morgan Chase and Citigroup paid the largest fines of about 1 billion each.
Free markets are a thing of the past as big banks are more than happy to pay “slap on the wrist” fines as long as they are allowed to continue scamming markets and investors around the world.
The question is, should investors continue playing the dealer at his game or move into proven assets like gold and silver as a hedge against financial loss. How long both metals will be available below production costs we don’t know, but we understand mining companies will only suffer net losses for so long.
We are offering special pricing on the 1 oz. Silver Canadian Maple Leaf coin while supplies last.
There’s never been a better time to invest in precious metals. 1-800-577-3195
Gold Goliath is not your typical gold dealer.