Experts Say They Have Proof That the Prices of Gold Are Being Hacked

Gold trade regulators have always alleged that expert gold traders rig the system to cheat customers in the gold market and as well as to manipulate the prices of gold to favor them to the detriment of customers and other stakeholders in the industry – and it now appears that the regulators are right with their assertions according to a report by Gold Seek.

The Gold Anti-Trust Action Committee (GATA) regulates the precious metals industry, and had always pointed out that there are loopholes in the system that were being exploited by thieving gold traders to manipulate gold prices, rig the markets, influence price volatility, and destroy decency in the way the market is being run.

Gold price increase

Other players such as silver and gold miners as well as refiners did little to help the situation, but the truth is now hitting them all in the face and they are getting to see how much damage has been done in the gold trade industry in regard to market rigging and price hacking among other malpractices in the system.

The Deutsche Bank released over 70 voice recordings of gold traders haggling to rig the gold market, alongside over 350,000 sensitive documents that prove traders had been hacking gold prices for so long. These evidences bear record to the fact that gold traders had been systematically undermining the market and causing considerable harm in the industry.

To this extent, investigators have been able to discover series of trading data and chat logs showing that gold traders had been manipulating prices and causing customers to bear the brunt. This discovery justifies the point GATA had been making for close to 20 years, and it shows how really cheating bankers and unscrupulous traders in the metals market had been ripping customers off.

The Commodity Futures Trading Commission (CFTC) is also starting to see the level of short selling, price volatility, and paper trading going on within the metals market and starting to see the need to take proactive action to save the industry. This harm is not only hurting the gold trading system, it is also destroying metals investors – and the CFTC is starting to consider prosecuting rogues to serve as a deterrent to others. Metals investors are also starting to look into the legal possibilities of recovering the losses that unscrupulous traders had caused them.

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