Peter Cooper: Don't dismiss the EU investigation into alleged gold and silver price fixing

Section:

By Peter Cooper
Arabian Money, Dubai, United Arab Emirates
Thursday, September 3, 2015

Gold bugs are bemused by reports that the European Union competition watchdog is investigating alleged "anti-competitive behavior" by participants in the precious metals market.

But anybody who remembers how the EU broke up the cement cartel a couple of decades ago will know that this is a watchdog that has very powerful teeth. Its fines can bankrupt even very large companies or banks.

True the gold bugs have watched and waited in the past when various investigations into alleged precious metal price fixing have been launched in the US, UK and Germany. These investigations have quietly concluded that nothing was wrong, despite some very convincing evidence from market watchers and industry experts.

The general view in the gold community is that the central banks themselves manipulate the gold price to help dampen inflation expectations. And the central banks are above the law in such matters.

However, they may have met their match in the EU competition watchdog. According to the Treaty of Rome and its later additions, EU law is the supreme authority, and even central banks are subservient to its law. ...

... For the remainder of the commentary:

http://www.arabianmoney.net/gold-silver/2015/09/03/dont-dismiss-the-eu-i...



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