The Phaserl


Canadian lawsuit accuses former London gold fix banks of market manipulation

by Chris Powell, GATA:

Dear Friend of GATA and Gold:

A class-action lawsuit brought in Canada this week accuses the bullion banks that participated in the former daily London gold fix of conspiring to manipulate the gold market in violation of Canada’s Competition Act and the anti-trust laws of other nations.

Though the bullion banks are almost certainly agents and intimate customers of central banks, the lawsuit makes no accusations against central banks, probably because gold market rigging by Western central banks is specifically authorized by law

— in the United States by the Gold Reserve Act of 1934, as amended — and possibly because rigging of the gold market by central banks is an officially prohibited subject among Western financial news organizations and thus any mention of central banks in the lawsuit would have disqualified the suit from any publicity at all.

The lawsuit seems to aim entirely at the secret communications between the banks participating in the former daily gold price fixing system in London.
The National Post’s report today about the lawsuit is appended.

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1 comment to Canadian lawsuit accuses former London gold fix banks of market manipulation

  • CalSailX

    After reading that Notice of Action I’m just grinning just thinking of the mad scramble in some legal departments about now. What a well deserved Christmas present, and here I thought Santa was just going to throw another lump of coal at those bad boys.

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