By Nigam Arora
Kitco News / The Arora Report
There is no shortage of conspiracy theories related to gold and silver. However, I have never found much credible substance in such theories. For the first time in recent years, there is a report that is worth monitoring.
German regulators are investigating Deutsche Bank regarding gold and silver price manipulation. This is important because Deutsche Bank is one of only three banks involved in London silver fixing, and one of the five banks involved in London gold fixing. HSBC and Bank of Nova Scotia are the other two banks that fix silver prices. In addition to the foregoing names, Barclays and Societe Generale take part in gold fixing.
The London gold fixing has been a major determinate of gold prices since the end of the First World War.
London is also the center of Libor interest rate fixing. After regulators determined that the banks were illegally fixing interest rates, many major banks have paid hefty fines.