I am pleased to pass on some promising news regarding possible redress of losses on your gold coin or bullion investments specifically since 2004.
A class action launched this year against five banks for gold market manipulation reaches an important milestone on December 15th, when litigants will lodge their revised complaint. GATA the Gold Anti-trust Action Committee has published an invitation to anyone who has suffered a loss trading gold or gold futures or options since 2004 to join the class action and advise the legal representatives for the class action by email as soon as possible. Here is the link to the invitation with the relevant email address:
http://www.gata.org/node/14674 (http://www.gata.org/node/14674)
As a possible indication of the strength of these allegations, in May this year Barlcay's were fined over failings in the London gold fixing:
https://fca.org.uk/news/barclays-fined- ... old-fixing (https://fca.org.uk/news/barclays-fined-%20...%20old-fixing)
And in a separate case, this week Swiss Bank UBS has settled with regulators on the allegations of gold market manipulation. Reinforcing the seriousness of the allegations, yesterday the Swiss regulator revealed they had found "clear attempts" that UBS tried to manipulate precious metals benchmarks:
http://www.reuters.com/article/2014/11/ ... Z420141112 (http://www.reuters.com/article/2014/11/%20...%20Z420141112)
For those affected, the email address for inquiry's at law firm Berger & Montague about joining the class action is: goldfix@bm.net (http://goldfix@bm.net)
I have sent an inquiry about eligibility of private trading of gold coins and bullion, and will keep you all posted.
Kind Regards,
Chuckey
Sounds interesting as I have lost several thousands of dollars in the past couple of years buying gold bullion.
Keep up the good work Chuckey.
Quote from: 'Goldseeker' pid='62290' dateline='1415858693'Sounds interesting as I have lost several thousands of dollars in the past couple of years buying gold bullion.
Keep up the good work Chuckey.
Hi Goldy,
Many have lost since the gold price peaked in September 2011. If not a realised loss then at least a paper loss. As soon as we get a response from the law firm, I will update the thread.
Cheers,
Chuckey
From what I have read regarding all the different the claims of PM manipulation is that for this to occur it would have had to of had the sanction of the US Government.
Best of luck suing the US Senate :angel:
Yeah It is rather well known that the Governments have been manipulating Precious Metal prices for a very long time particularly in the US to boost financial derivatives and especially during the GFC. So the courts may not be willing to open up this precedent as then the governments would be wearing massive targets in terms of law suits amounting to many times what a private business would have to pay.
Sorry I didn't make it clear that this law suite is against the five banks running the London gold fix. There is no claim in this suite that governments have been manipulating the London gold fix.
Quote from: 'Chuckey' pid='62375' dateline='1415957816'Sorry I didn't make it clear that this law suite is against the five banks running the London gold fix. There is no claim in this suite that governments have been manipulating the London gold fix.
And this means WHAT to the average speculator?
Don't think for a mini second that the Brit Government had "No Idea" what was going on here.
With the PM market you put your money down and gamble that it will give you a positive result, IF it doesn't then it is simply a case of "Tough Titties".
Pretty much like putting a bet on the Melbourne Cup.
Sounds like Whinging Punters to me :dodgy:
Given the speed at which regulators are moving against these banksters, I believe the London gold fix case has an excellent chance of getting to discovery. From there its a slam dunk they will find emails and chat room evidence such as revealed in the following story;
Two days ago this is how the FCA revealed the banksters were caught rigging the currency markets;
http://www.ft.com/intl/cms/s/2/47c32ec4-6a34-11e4-8fca-00144feabdc0.html#slide0
Quote from: 'Chuckey' pid='62375' dateline='1415957816'Sorry I didn't make it clear that this law suite is against the five banks running the London gold fix. There is no claim in this suite that governments have been manipulating the London gold fix.
I understand that however if the courts find against these banks people can then sue the government for manipulating PM as it would set a precedent of being able to sue entities which manipulate Precious Metals.
If by 'governments' manipulating gold you mean central banks, then the charges could not be brought as unfortunately its perfectly legal for central banks on the most part to buy or sell gold without limit. The only case therefore which may be brought against central banks is by expose, and
'm working on that!
Actually it is illegal for them to manipulate gold if it causes harm under the Bank of England Act 1694 (UK) s26 and is subject to s27 as they have manipulated the wider gold market as well as stating that the bank can sue and be sued. Central banks and Governments have both been known to manipulate it when I referenced Government I also took to include the Central Bank under it as they are generally controlled by Government for the most part in terms of financing, final say, policy etc.
Interesting but don't think this effects
members here who just collect coins and notes
Quote from: 'runway' pid='62432' dateline='1416058415'Interesting but don't think this effects
members here who just collect coins and notes
The PM spot prices directly affect the values of Most sovereigns and some Silver coins, Low spot price = a better chance of affording the coins you want :)
jim , I think runway is speaking for 85% of the members on here about coins only , a lot of the members are just interested in collecting coins of any condition just to make up a set like the 2001 state series for example , or to get the coin that they don't have regardless of the condition , and any they can noodle , like NCLT coins , it is the thrill of finding the coin that makes most members happy , there are a lot of members who do not worry about buying or trading in gold or silver coins or bullion , simple reason is we don't have a lot of spare cash , so most of us just play around with coins as we just love the hobby , and I think if you asked every body on the forum , ( do you own a sovereign ) the answer from most would be NO , simply because we don't have enough money to buy one and just let it sit around . so MY thoughts on gold and silver and the mint and what they do about it , don't mean a lot to most of our members on the forum .. thanks for reading , this is not meant to up set anybody and not aimed at any body personally .. ,, KEL ,,
YES I know this is "Off Topic" But I had to reply to this :ok:
I don't speculate with PM's whatsoever I simply collect coins.
I have very few Gold coins and the ones I have are totally collectable and the spot price has absolutely NO effect on their values, The value is tied up with rarity and desirability NOT the spot price.
As for being able to afford these types of coins is all down to how I manage my money.
I am now 60, I still have good health and I work Bloody hard for what I get, Google "Mill Relining" and you will see how hard I work :ok:
I haven't had a holiday in more that 10 years and I don't spend money frivolously.
My last gold coin took me 5 weeks to pay off.
All this talk about "Big guns" and deep pocket collectors doesn't apply to me, I still live from pay cheque to pay cheque But its what I do with my pay Cheque that make a difference to me.
The reason I have a halfway decent collection is simply because I am prepared to sacrifice some of life's little luxuries to be able to indulge in my passion for coins, NOT because I was born with a silver spoon in my mouth or I am picking up mega bucks in wages.
I WISH, but that is most certainly NOT the case.
Jim , I don't think you were singled out , it is just general conversation we are talking about , and if you look at the topics mentioned , then you can see a lot of other post about other things have dropped well off to what used to be , it is just that new members don't talk to much because they are scared of embarrassing them self's , thinking that they would feel like fools for asking such a silly questions ,. because most of the post now are about high class coins , I for one went through it when I became a member and I think a lot of the other members felt the same way , like going to a new job , first day start of a new job people are very shy , same on here first post , hard to do it , this is all about getting new members to speak up and writing out a post with , and not thinking that it is only a forum for the rich and famous , like the movies .. ,, kel ,,
It's all good trout and keldaw ....we all love your contributions and without opinions this would be a very boring site
Take it easy :)
The news is I have been advised that unfortunately this class action is only for trading which occurred on US soil.
Rather strange considering the alleged manipulation took place in the UK. but here is the explanation from Berger Montague;
"The London gold fix is not a market. It is merely a benchmark price. The United States Supreme Court has held that we are limited to suing over injuries that occurred in United States. This is based on the fact that if injury occurred outside of the United States then it is best left to courts outside the United States to deal with. Of course there are exceptions to that general rule, but here we are limited to suing over injury to United States investments caused by the London gold fix benchmark being manipulated. If your injuries were to investments based in Australia then you are left to seek redress in Australia's courts."