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Gold Class Action
Possible Manipulation of gold and silver prices 1999-2014 – Proposed Class Action
About proposed class action
Based on documents in the public domain to which we refer below, we
consider that there are good grounds to believe that members of six
well-known financial services groups combined together to manipulate the
outcome of the London Gold Fixing between about 2004 and 2014 and that
members of four of those groups combined to manipulate the outcome of
the London Silver Fixing between about 1999 and 2014.
The effect of
this was to create false market prices, in particular by artificially
depressing prices after the 3pm (London time) Gold Price Fixing and to
increase bid-offer spreads in physical gold, physical silver and their
respective derivative instruments. The relevant institutions did this
to increase their profits from their own activities in these markets at
the expense of other market participants who have therefore suffered
loss and damage, probably running into hundreds of millions of pounds in
If it can be established that these financial institutions
participated in price fixing then we consider that there can be little
doubt that they have breached section 2 of the Competition Act 1998 and
are liable to pay damages to any other market participant that suffered
loss and damage as a result.