Lawsuit Filed Against Silver Fix Banks; HSBC, Deutsche Bank, Nova Scotia

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Silver

Silver bullion banks Deutsche Bank, Bank of Nova Scotia and HSBC have been accused of manipulating prices in the multibillion dollar market in a lawsuit filed on Friday.

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Reuters reported the lawsuit was filed in a New York district court by J. Scott Nicholson, a resident of Washington DC and alleges that the banks, which oversee the century-old silver fix, manipulated the physical and COMEX futures market since January 2007.

Nicholson is seeking class-action status for the lawsuit, which was registered in the Southern District of New York.

Closing at INR 44,736 ($744.54) per kilogram on Friday, July 25, Indian silver saw the biggest change at a 1.9 percent. Chinese silver finished the day down 0.9 percent to CNY 4,290 ($692.53) per kilogram. Japanese silver held its value last Friday at JPY 679.00 ($6.67) per 10 grams. The price of US silver remained steady at $20.91 per ounce.

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Indian gold bullion ended the day at INR 27,770 ($462.18) per 10 grams, after the 0.5 percent drop last Friday. At CNY 257.73 ($41.61) per gram, Chinese gold bullion fell 0.4 percent last Friday. After a couple of days of decreasing prices, the price of US gold bullion held steady at $1,304. Following two days of downward movement, the price of Japanese gold bullion held steady at JPY 4,258 ($41.84) per gram.

Chinese platinum bar prices saw a 0.3 percent decline to CNY 311.00 ($50.20) per gram. The price of US platinum bar flattened at $1,477 per ounce after two days of downward movement. The price of Japanese platinum bar remained essentially flat at JPY 4,848 ($47.64) per gram.

For the fifth consecutive day, the price of Japanese palladium bar held flat at JPY 2,875 ($28.25) per gram. The price of US palladium bar flattened at $869.00 following two-days of declines. Chinese palladium bar saw little change in its price last Friday at CNY 192.00 ($30.99) per gram.

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