US probes banks for silver, gold price manipulation

The US Department of Justice is investigating possible price manipulation of gold, silver and other precious metals, certain crude oil benchmarks and US government bonds following similar cases against Wall Street’s biggest financial institutions reports Bloomberg’s Keri Geiger.

Firms including the likes of JPMorgan Chase, Citigroup, Royal Bank of Scotland, Barclays, Deutsche Bank and Switzerland's UBS Group have recently pleaded guilty and paid fines worth billions of dollars over manipulation of foreign currencies, interest rates and other lines of business:

"At this point, whatever the facts are regarding this, the government is in a strong position thinking that where there’s smoke, there’s fire,” said Jill Fisch, a professor at University of Pennsylvania Law School. “It’s not just one investigation after another, it’s one scandal after another.”