Swiss Regulator: ‘Clear Attempt To Manipulate Precious Metals ‘ … ‘Particularly Silver’

Jon Economy, Gold, Market Commentary, Precious Metals, Silver

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.

Bloomberg report
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.

This post was published at Gold Core on 12 November 2014.