by Valentin Mandrasescu, GATA:
Dear Friend of GATA and Gold:
German financial regulator BaFin has started an official investigation of suspected manipulation of benchmark gold and silver prices set by a number of international banks.
The information regarding the investigation was reported by the Wall Street Journal Deutschland. WSJ journalists got an official confirmation from a BaFin spokesman: “Apart from Libor and Euribor, BaFin is also looking into other benchmark setting procedures at individual banks such as for gold and silver prices.”
During the last year, the biggest global banks have been found guilty of rigging benchmark lending rates and manipulating the world’s interest rates derivatives market, which involves trading in contracts that have a total notional value of tens of trillions of dollars.
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