World's Purest Silver Producer To Join Class Action Lawsuit Against Bullion Banks For Price Rigging

Tyler Durden's picture

Submitted by Mac Slavo via SHTFPlan.com,

Though Wall Street regulators and the mega-banks they purport to regulate have long said that there exists no manipulation in markets and that anyone making claims to the contrary is nothing short of a conspiracy theorist, recent revelations suggest that even the most well known financial institutions on the planet have been actively involved in rigging asset prices. We need look no further for confirmation of this fact than Deutsche Bank, which last year admitted the precious metals market has been rigged all along and agreed to pay nearly $100 million in settlements resulting from their direct involvement in the manipulation of gold and silver prices.

Now that the cat is out of the bag and Deutsche Bank has agreed to turn over documents implicating other banks in related schemes, major mining companies are preparing lawsuits of their own. Straight-shooting First Majestic Silver CEO Keith Neumeyer, who in 2015 was the first mining company head to issue a public statement on the manipulation of precious metals prices by a small concentration of players, has said that the company’s legal team is closely monitoring the situation.

Citing loss of revenue, jobs and shareholder value Neumeyer said in an interview with SGT Report that his company will likely be preparing legal action against the bullion banks involved in the rigging of prices.

I have an intimate knowledge of what goes on on the trading floors… how front running occurs, how wash trading occurs, how spoofing occurs… I’ve been looking for an opportunity to step in… I’ve been very vocal… I’ve talked to many executives that are running other silver companies… When the Deutsche news came out I sent an email to the law firm that’s responsible for this lawsuit and I had a conference call with two lawyers… we spoke about this case… I can tell you that a couple of the CEO’s of some very prominent silver companies in the States have no interest in pursuing this… Other CEOs have said that they are interested in pursuing this with First Majestic.

 

We’re monitoring this. We’re going to follow it. We’re likely going to, at some point, add our name to the class action lawsuit. 

Watch the full interview detailing Neumeyer’s views on global cash bans, what silver prices may do once the manipulation comes to an end, how precious metals will be affected by the incoming Trump administration, current supply and demand fundamentals and an update on his latest projects including Silver One Resources:

Neumeyer and what appears to be a handful of other CEO’s in the industry are preparing to declare war on the banks that have been responsible for the price suppression schemes many knew to exist but couldn’t prove until now.

The problem was that the fox was left to guard the hen house, which of course led to an inevitable bloodbath:

It’s quite shocking to me… It’s very harmful to the shareholders…

 

…It is manipulation and it’s used frequently. There’s ways that the regulators can monitor it. They can see it happening. The exchanges know when false bids and offers get put into the system… Yet, the exchanges don’t step in because the exchanges are owned by the banks… and the banks are doing that kind of trading… It’s the self policing system, which doesn’t work because no one wants to police themselves because they’re all making too much money.

 

How does Bank of America or JP Morgan not have a losing day year-after-year of trading… it’s actually impossible… traders lose money… it happens all the time… yet they have not had a single losing day for at least a couple of years as far as I know.

As Neumeyer correctly highlights, it’s impossible for a trader or firm to have such a perfect record, unless of course they are working the system, which certainly appears to be the case based on the evidence.

Now that market manipulations have been proven at the highest levels of the bullion banking system, and with the pressure of lawsuits mounting, there is a distinct possibility that precious metals prices will be allowed to trade freely on the open market.

Such a development bodes well for precious metals investors, especially with Donald Trump set to take over the Presidency in a few short weeks. Neumeyer notes that several Trump appointees are gold-friendly, which could add further upside potential:

On a positive note regarding Trump, he’s got a couple of pro-gold individuals that he’s appointed to his inner circle and I’m looking forward to them starting to make some gold favored policies that will help us as a mining company and our investors as well.

Summing up, Neumeyer hints that precious metals could do very well in the years to come:

We’re in very uncertain times… the world is changing.

If history is any guide, global changes of this magnitude mean that the entrenched systems run by central banks and Deep State politics are set to be destabilized on a level we may have not witnessed in our lifetimes, which means assets like bitcoin, gold, and silver could become the safe havens of choice for investors.

 

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SHEEPFUKKER's picture

I applaud Keith for standing up, but there is no rule of law in the US of A so this will more than likely go nowhere. Where is Bart Chilton when you need him? //

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) SHEEPFUKKER Jan 3, 2017 7:48 PM

You can hear the disappointment in Sean's voice as he is forced to admit that Bitcoin has massively outperformed Silver in this interview.

Pladizow's picture

Nothing will come of this!

Manthong's picture

Can they get Bart Chilton added to the list of defendants / conspirators?

Dame Ednas Possum's picture

Prince Charming is too busy... brushing his lovely golden locks. 

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) Dame Ednas Possum Jan 4, 2017 1:55 AM

For some extremely amusing, delusional comedy... see the comments below. Instead of just admitting they were wrong (like a normal person would) these "stackers", who shit on the idea of Bitcoin from the get-go (without bothering to read anything) have now isolated themselves and constructed an alternate universe where "that didn't happen". You can see them busily working their prayer beads, reciting mantras in the desperate attempt to reinforce the communal delusion.

Yawn.... prepare for yet another year of having your ass kicked all over the place by the mighty Bitcoiners you losers!

Condition 1SQ's picture

"losers"

 

Lol, says the guy who spends his entire day trolling ZH. I'll bet your net worth is a fucking joke.

bobbbny's picture

Any market that can be manipulated will be manipulated.

Silver is one of the thinnest markets & has been tossed around like a blow up fuck doll.

Regulators have been so blatent in thier acquiesence that it is disgusting to a thinking person.

Finally a producer who dares to say "excuse me" after getting ass fucked for decades.

No doubt the "law" in the USSA will once again say, "Sorry, nothing to see here "folks"". JP Morgan wins again.

Some fucking "free market".

 

auricle's picture

All commodities have been hammered by ultra low interest rates which allows banks to flood shorts into the futures markets with zero cost loans. Precious metals get it the worst as they are the safe haven asset that has seen exploding demand yet billions stolen by the banking cartel. Rising interest rates will be the end to the manipulation as it will raise the cost of borrowing. Of course banks win either way as they are the largest holders of physical PM's.  

bobbbny's picture

PM's have always been the canary in the coal mine for fiat.

As such, they are manipulated & crushed by the banksters with the smiling approval of the global Central Banks.

The amount of money made by the minion banks, & kicked back up in "fines" is nothing compared to the power of the fiat printing press.

The only way to true price discovery in the PM markets is the complete collapse of fiat and I'm not quite sure that anyone really wants to go there.

PM therefore is apocalypse insurance.

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) bobbbny Jan 3, 2017 9:40 PM

Yeah well "always" died a while back and today Bitcoin is the most awesome canary we have ever seen and it's telling us that this thing is going to blow.

SILVERGEDDON's picture

That - is no canary.

It's a parrot.

And, the parrot is fucking dead, not " just resting ".

Go back to your sock on the couch. 

Food Loaf Junkie's picture

You've nailed his feet to the perch! That parrot should be pushin up the daisies!

Nobodys Home's picture

Hey Meng. Want to buy my seester? - JPM 2016

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) Nobodys Home Jan 3, 2017 9:39 PM

Does she have a mustache? I'll give you 5 satsoshi for her...

SILVERGEDDON's picture

His sister is Justin Trudeau, hockey puck. 

auricle's picture

Wait till China declares war on Bitcoin exchanges. Those dollars will flow to their rightful place, precious metals. Banks get pure loss from bitcoin, but precious metals appreciation, they are winners as they are the largest holders. 

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) auricle Jan 3, 2017 9:24 PM

It doesn't matter if China "declares war on Bitcoin exchanges". There is nothing China, or any government, or any country can do about Bitcoin.

SILVERGEDDON's picture

Dragbin - the JP Morgan of short Bitcoin contracts.

Don't worry, there is a fucking Bitcoin Douchebank player out there, ready to rat you out for manipulation sooner or later, crypto pimp.  

sessinpo's picture

I will have to admit that bitcoin is going to be rising substantually. After years of bashing fonestar myself, if you are trading bitcoin, it will be good for you. The majority of the reason for bitcoin's rise will be because of China and their capital controls.

This is becoming such a problem for China, that after they have unsuccessfully tried to contain bitcoin, they will reverse course and move toward acceptance which will be huge.

Do I own bitcoin, no. But at this point I am considering adding it while maintaining my heavy PM weighting. We shall see substantial gains in PMs and bitcoin this year.

Nobodys Home's picture

I agree. Play China's need for outflows and you can profit. I just don't like btc and the IRS is onto it anyway. So...It's a trade that you will have to pay gains on, but can still be profitable....If you like volatile trades in a medium not yet proven reliable, at a time WHEN RUSSIANS ARE HACKING THE ELECTRIC GRID /s. At my small time situation I don't have enough liquidity to take that gamble.

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) sessinpo Jan 3, 2017 9:32 PM

So why the fuck would you bash fonestar when fonestar has been 100% correct? One of teh things that has angered fonestar greatly (in between incarnations in ban-land purgatory) is the "but fonestar said" comments. When fonestar actually never said any of these things!

* fonestar always said Bitcoin will go to teh moon
* fonestar never said Bitcoin would go straight up
* fonestar always said that Bitcoin *WOULD BE* banned
* fonestar wants Bitcoin to be banned (for his amusement)
* fonestar never entered Bitcoin for a quick trade

Dame Ednas Possum's picture

Q: 'So why the fuck would you bash fonestar '? 

A: for starters because you're both a cock-head.  

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) Dame Ednas Possum Jan 3, 2017 9:52 PM

So what, as long as I am technically giving teh correct answers I am okay.

SILVERGEDDON's picture

Hey, Bunghole - 

This is not Fonestar, who died during an unfortunate auto erotic event, strangled by his own blockchain. 

This is - Dragbin Defecation The Turd, a pale Gollum like shadow of a man compared to the brilliant intellect that was Fonestar, the First Disciple Of Satoshi, The Golden One.

Fonestar was Einstein. A fucking genius. A tard genius, but, a fucking genius.

" Drag ", as he is affectionately known for his lack of personality, is Jethro from the Beverly Hillbillies after a few years of cooking meth, and sticking his dick in light sockets for shits and giggles. 

Sarc tag for the dim of wit.  

RawPawg's picture

i quit listening to STG Report when Sean started "dead horse beating" Pizzagate

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) The central planners Jan 4, 2017 1:44 AM

Has Bitcoin outperformed Silver?

Tell me the truth moron, it will feel good... trust me...

Bunghole's picture

Bart's getting a spray tan, his hair colored and a vag wax

chumbawamba's picture

Bart Chilton? The feckless goatfucker that sat on his hands and did absolutely fuckall?

I am Chumbawamba.

Nobodys Home's picture

Didn't he start an automobile repair manual empire?

Food Loaf Junkie's picture

That was the intelligent branch of the family.

Silver Savior's picture

Good, sue the crap out of those fucking bastards!

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) Jan 3, 2017 7:46 PM

I'm glad to see these "stackers" so butthurt. They knew when they entered this game that the price of gold & silver were not going to be allowed to rise.

beemasters's picture

Nothing stays up (or down) forever. You would be wrong to think anyone can/want to suppress/inflate the price of anything indefinitely.

Hope to see more producers joining future class action suits. Just to see the criminals feeling the pains is enough a reward.

Lizardking's picture

Agreed, sooner or later the price will reflect what the open market dictates without price fixing but you better believe precious metals will put in a new 10 year low before that happens. if Trump economy heats up gold will not be a core holding. Dangerous to be long gold at these levels.

Nobodys Home's picture

I'm waiting for $14 silver. I think we'll see it for a short while. I think gold will go to $1000-$1050...and maybe a real deflation for a very small time with both even lower, before it rockets....(I hope) P.S. I didn't vote for Obama!
I'm running out of money but it's still time to buy!

Holy hand grenade of Antioch's picture
Holy hand grenade of Antioch (not verified) Draybin Deffercon III Jan 3, 2017 8:02 PM

"I'm glad to see these "stackers" so butthurt."

 

...says the guy who bragged, here on ZH, that he sold BITCOINS, in April 2012, to 'buy the dip' in silver when it crashed below $30

 

& whereby, those 'exchanged' bitcoins, purchased at a lower price, represented a capital gain... & whereby those were admittedly unreported as such to Canadian authorities...

 

Which makes him a tax evader (because 50% of capital gains proceeds, under Canadian law, are subject to taxation)...

Bay of Pigs's picture

A lot of the Fonestar Brigade left the last time it crashed. I wonder how many of them lost their ass buying at the top? That said, everyone here knows that gold and silver have been massively suppressed and manipulated. It is documented fact. Therefore, how can they be compared to the fucking BTC bubble now underway?

kliguy38's picture

right on brother pig!!  Bitcoin is NOT "safe"....they'll kill it....its not secure

Holy hand grenade of Antioch's picture
Holy hand grenade of Antioch (not verified) kliguy38 Jan 3, 2017 8:46 PM

According to Mark T. Williams, as of 2014, bitcoin has volatility seven times greater than gold, eight times greater than the S&P 500, and eighteen times greater than the U.S. dollar.[164]

Attempting to explain the high volatility, a group of Japanese scholars stated that there is no stabilization mechanism.[165] The Bitcoin Foundation contends that high volatility is due to insufficient liquidity,[166] while a Forbes journalist claims that it is related to the uncertainty of its long-term value,[167] and the high volatility of a startup currency makes sense, "because people are still experimenting with the currency to figure out how useful it is."[168]

There are uses where volatility does not matter, such as online gambling, tipping, and international remittances

SILVERGEDDON's picture

Bitcoin October, 1928, or, January 2017, Stawks at 20k - almost.  

What the fuck could go wrong ? 

Right ?

Right ? 

Nobodys Home's picture

Not too long ago when btc was a bit under 600 and moving to 600 I was looking at China and thinking...Those Chinese need an out and they like this stuff. Although I've never trusted btc i thought, maybe I should dump 6k into btc. Even though I could have just taken a bit over 4k profit, turned that into metal and gotten my initial 6k investment back, I'm not butthurt that I didn't. I probably would have done it through CoinBase and had the IRS on my ass. Thus negating all the wonders of btc being out of the system. It isn't what hardcore aficionados think. The gov is into it already!

Holy hand grenade of Antioch's picture
Holy hand grenade of Antioch (not verified) Nobodys Home Jan 3, 2017 9:27 PM

aka ~ Low Hanging Fruit

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) Nobodys Home Jan 3, 2017 9:37 PM

No they are not "on to it". They are onto geezers like you that sign up for exchanges located inside the US with their real names. For the rest of us, this really isn't a problem.

SILVERGEDDON's picture

Man, no matter how many times you get told to tuck your dick back into your pants before hauling on the zipper, you still keep giving yourself zipperhead. 

Nobodys Home's picture

I know. I also know I set myself up for this response from you. I knew you would say something like this, insult me, and show what an asshole you truly are.

THE PROBLEM, is that we shouldn't have to go outside like this and should be fighting the regs and assholes that make us do this.
I'd bet that you will be one of the people that would abandon the country at the first sign of real trouble. Happy to take your bitcoin and try and find a place that wouldn't devolve into chaos as the rest of your family dies. I hope you are right. I hope you can hide from the coming fuck. I doubt you will. You will end up living an empty cowards life alone...you valiant insulting prick!

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) Nobodys Home Jan 3, 2017 10:22 PM

Yeah well fuck them too. They can all die in a fire, as long as I have my Bitcoins I am happy.