Gold price fix: enter the lawyers

First we had a glut of gold. “We Buy Your Gold” on every street corner.

Then the accusations of price rigging (having a “spot fix” with five banks on conference call doesn’t exactly inspire confidence that there won’t be collusion).

Now we have the lawyers touting for business. No doubt there will be others.

If you were a gold investor since 2004, or an investor who suffered losses in the recent decline, you may be eligible to file a legal proceeding to seek recovery of your damages.

Persons who may be eligible:

Investors in gold derivatives that referenced the London Fix
Investors in gold derivatives traded on COMEX, such as futures contracts
Investors in gold ETFs or mutual funds
Are a gold producer
Bought/sold physical gold at a contract price tied to the London Gold Fix

and wish to have your circumstances or investment reviewed or discuss your legal rights, you may, without obligation or cost to you, email […] or call the law firm…

I expect to be getting a lot of robot-phone calls along the lines of: “have you bought or sold any gold since 2004 and made a loss or less profit than you think you should have?….”

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4 replies on “Gold price fix: enter the lawyers”
  1. says: Barney

    This is a message for Antoine Clarke, please.

    I have been trading gold futures since 2002. I am interested to know who are the lawyers in the Kevin Maher class action suit in NY – I would be happy to get a phone call from them. Please advise.



  2. says: Paul Marks

    Lots of people trying to buy physical gold is not a “glut” Antoine.

    That would be lots of people trying to sell gold – and not finding buyers (signs on streets saying “we SELL gold” not “we BUY gold”).

    And those signs “we buy gold” are on the streets of Kettering and every other town I know.

    Lots of people want to buy physical gold.

    As for what the big Western “gold market” people are selling – not interested.

    Whatever they are selling (most likely just bits of paper – or even just numbers numbers on a computer screen) it is not likely to be gold.

    How much physical gold do they actually have? Do they have any?

  3. Barney,
    The Cobden Centre doesn’t have a relationship with tort lawyers in the State of New York.

    There were two gluts. A global (mostly Asian) demand for gold that would take the metal at almost any price. And the glut in shops screaming for people to sell their gold. The latter seems to have peaked. I see gold-buying shops closed down. I still don’t see big signs offering to sell.

    The price drop is odd in this context.

  4. says: Paul Marks

    Antoine – a glut is where there are people trying to sell gold but can not find buyers.

    What happened in Asia is better described as a shortage (the opposite of a glut).

    At the price there were more buyers than sellers of gold – so the price of gold should have RISEN. Instead the official price of gold FELL.

    This is more than “odd” – it is the repeal of the laws of supply and demand (it stinks).

    Max Keiser is a liar (for example the fight on his show today was obviously fake – totally pre planned), but he does not lie all the time about everything.

    And he is not lying when he says the Western gold markets are RIGGED (as are the financial markets generally).

    Of course it suits his Soviet (sorry Russian) paymasters for him to say that – but it is actually the truth.

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