gata.org / CHRIS POWELL / October 5, 2016
Dear Friend of GATA and Gold:
Regarding disclosure today that the class-action anti-trust lawsuit against the London gold price-fixing banks, brought in U.S. District Court in Manhattan, has been allowed to proceed:
1) This is only a finding that there is enough evidence to continue the lawsuit, not a finding of market manipulation.
Still, it may be very damaging to the bullion bank defendants because it clears the way for discovery and deposition — that is, clears the way for compelling the bullion banks to produce documentation and give testimony prior to trial. I have always suspected that if any market-manipulation lawsuit got past summary judgment dismissal, as this lawsuit apparently has done, the defendants would offer a lot of money to settle the lawsuit privately rather than give the world a look at their business practices. Such a look might risk incriminating many other institutions and government agencies and risk revealing more offenses.
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