Today in gold news, Deutsche Bank AG and Deutsche Bank Securities were hit with a $30M (USD) fine by the CFTC for traders’ illegal actions in precious metals markets. The CFTC found the evidence credible that traders for these firms placed futures orders with the intent to cancel them before they executed, in violation of Commodity Exchange Act and Commission Regulations.
There is always talk about whether this or that market is manipulated; in January it was the HSBC case in England, now this case with DB AG. This latest news further illustrates the answer should always be “yes, and just how it happening?” Hopefully this latest judgement will at least get manipulators to think twice; it’s hard to see how manipulation could be eliminated altogether. But one step at a time, right?
You can read more about the CFTC’s decision in today’s featured article.