Potential class action lawsuit by holders of physical. (Originally scheduled as a Weekend Special”)
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How do you feel about being part of a class action law suite against alleged gold and silver price manipulators?
177,000 ounces if I recall correctly. It’s quite a monster pile of metal.
Very interesting comments, Silverdollar. Thank you.
Since mr. J. Sinclair is at this moment considering a lawsuit, and since J.P.Morgan and Golman are not yet implicated, thinking class action might be premature.
Pretty good point Professor!
Count me in. I have sued Uncle Sam, Commonwealth of Virginia, and the private sector. Wrote all 3 cases myself winning 2 out of 3. I did higher a lawyer for the Uncle Sam case. I lost against Virginia, but it was not a shutout. Also been a part of a class action against Uncle Sam and Remington.
Al, in your own words, what is this “manipulation” that DB “confessed” to??
Chris, the important thing is that it is admitted and not the degree.
What was admitted?
Deutsche Bank admitted they were front running the fix. It was manipulation both up and down and existed for minutes. It was not price suppression. Think of it as the same as HFT. People buying or selling based on the fix were clipped for cents per ounce. But all financial markets are manipulated in much the same way. For anyone not doing business during those few minutes before and after the fix, it was perfectly meaningless.
Thanks, Bob – that’s what I was trying to get out of Al. You’re right, off course. This was the same as what traders have done w/ LIBOR and other markets.
Exactly. It’s HFT for commodities.
I would become part of that. I think there should also be a lawsuit centered on owners of gold and silver miners, as they have been hurt even more.
So…no one is going to jail?
I don’t think I was hurt. I sold gold at the high. I did ok.
It would seem to me that the real players should be the miners, who regularly sell their product at the paper prices set through the futures market I believe. If this has any chance of succeeding, why haven’t any of them jumped on the bandwagon? I admire James for what he is thinking about and wish him much luck. He is most likely a much larger holder of physical than I am.