Investors accused banks HSBC and JP Morgan Chase in a conspiracy whose purpose was to artificially reduce the price of silver, according to Bloomberg. Laskaris, Peter and Brian Beatty gave in a New York court of claims on banks, which indicates that the spring of 2008 they agreed on a joint submission from trading applications that have not been fulfilled, but significantly affected the price of silver.
In addition, banks are accused of agreement on the “short” sales, ie the implementation of contracts aimed at lowering prices.
Due to the actions of banks Laskaris and Beatty, to invest in futures for silver have lost a substantial amount. Now they demand compensation which amounts to hundreds of millions of dollars.
It is worth noting that the U.S. Government Futures Trading Commission opened a case about manipulation in the silver market in March 2010. The head of the commission Bart Chilton said that the agency has evidence that market participants take action to control prices. According to him, such efforts should be prosecuted.
According to the investors after the government investigation, banks have stopped the action at reduced prices. Since then, prices have increased resource and a half times.
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