Good news: Swiss regulators are now investigating five major banks for gold rigging.
These banks include: UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley, and Mitsui.
The bad news? The investigation may take up to 2 years to complete.
Turns out UBS is cooperating with authorities and providing information about the other banks in exchange for “lenience.” This seems like an admission of guilt.
This investigation will be something to watch.
If the banks are found guilty of gold rigging (as they certainly are) — and the regulators put an end to the manipulation — then the price of gold is bound to go higher.
What do you think? Leave a comment below.