Gold mining companies that haven't already committed themselves to die quietly, and any of their shareholders who aren't completely demoralized and useless, might note what Bloomberg News was told by a market analyst in Geneva in regard to the huge fines announced today against the investment banks that were caught manipulating the LIBOR interest rate.
"'Many will see this as drawing a line under this sad episode,' said Tim Dawson, an analyst at Helvea SA in Geneva who covers financial firms. 'We are less optimistic,' he said. The banks are 'likely to face a heavy burden of potential litigation in coming years.'"
(See: http://www.bloomberg.com/news/2014-11-12/bank...llion-in-fx-....)
Since Switzerland's market regulatory agency announced today that it had caught Swiss banking giant UBS trying to manipulate the daily London gold fix --
http://www.gata.org/node/14707
-- and since Barclays Bank already has admitted and been fined for an incident of gold market rigging --
http://www.bloomberg.com/news/2014-05-23/b...illion-for-l...
-- why shouldn't such litigation now become an avalanche against the bullion banks involved in the London fix and against the investment banks that have gotten anywhere near it?
A class-action lawsuit is already under way against the London gold fix banks and its plaintiffs are looking for people to join their complaint. All people have to do is send an exploratory e-mail:
http://www.gata.org/node/14674
Good weapons are at hand. Do you want to die on your feet or on your knees -- or would you even prefer to win?
