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Banks manipulated the precious metals market

A Switzerland office began an investigation in the case of seven banks (UBS, Julius Baer, HSB, Deutsche Bank, Barclays, Morgan Stanley and Mitsui), which are suspected of manipulating prices of silver, gold, pallad and platinum.

The office claims that there is evidence that the banks used to start inner agreement about pushing prices into the agreed direction. WSJ informs that the investigation is possible to end just in 2017.

It is another chapter of governments fighting bad practice on financial markets. Last November govts of US, UK and Switzerland fined banks for manipulating the FX market with more than $3B.

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