Swiss Regulator: “Clear Attempt To Manipulate Precious Metals ” … “Particularly Silver”
GoldCore
GoldSeek.com
Wednesday, 12 November 2014
Further proof of manipulation of gold and silver prices – if any were needed – came overnight as Switzerland’s financial regulator (FINMA) found “serious misconduct” and a “clear attempt to manipulate precious metals benchmarks” by UBS employees in precious metals trading, particularly with silver.
Switzerland’s regulator found “serious misconduct” by UBS AG (UBSN) employees in precious metals trading, particularly with silver, as part of its review of the bank’s foreign-exchange business.
Electronic chats played a “key” role in the improper conduct in foreign exchange and precious metals trading, the Swiss Financial Market Supervisory Authority, or Finma, said in a statement today. It found front running, when traders profit from advance knowledge about a transaction expected to influence prices, over client orders for silver.
It is believed that traders manipulated the gold and silver bullion fixes. The benchmarks known as the gold and silver “fix” were used to ascertain gold prices twice daily and silver prices once a day for the precious metals industry and market participants including investors.
Along with other precious metal benchmarks, it has come under increased regulatory scrutiny since the Libor manipulation revelations in the foreign exchange market in 2012.
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