It seems silver market manipulation is being noticed by, at least, one member of the House of Lords, Jeremy Lefroy.
Mark Anthony Taylor, The Abstraction, who has been working behind the scenes and in public forums, has made some real progress and earlier today shared the following letter:
John Glen MP,
Economic Secretary to the Treasury,
1 Horse Guards Road,
LONDON SW1A 2HQ
1st June 2018
Our Ref: JL
Silver and Gold Bullion Prices
On 10th May, at Leader’s Questions, I raised the matter of the manipulation of silver and gold bullion markets.
Several international banks have been fined substantial amounts in the United States as a result of such misdemeanours. However, a constituent of mine – who has suffered substantial losses on holdings of bullion within Europe – tells me that there has been no equivalent investigation or action in the UK or Europe, despite UK and European banks having been fined in the USA. This is despite places such as London and Frankfurt seeing very large volumes of trading in bullion and places where prices are set.
The manipulation of prices of commodities, which play a vital role both as intrinsic stores of value and as commodities used extensively in critical industrial applications (for instance, silver as an antibacterial), would be of the utmost concern. I would be grateful if you could advise what investigation HM Treasury has undertaken or proposes into such manipulation.
I would also like my constituent to meet one of your officials to explain his experiences with the silver bullion market.
This was followed up with an email to Mark Anthony Taylor
Dear Mr Taylor,
In May, I raised the matter of bullion price manipulation with the Leader of the House in the House of Commons as follows:
A constituent of mine has raised the issue of price manipulation of gold and silver bullion. There have been several cases in the United States which have resulted in considerable fines on banks. May we have a debate on this very important issue, because gold and silver are not merely a store of value, but have extremely important uses in manufacturing and, in the case of silver, as a kind of antibiotic?
My hon. Friend raises a very important point. I absolutely sympathise with the fact that it is vital that we do not allow the manipulation of any particular markets. I encourage him to take this issue up directly, perhaps at Treasury questions on 22 May.
I have also written to the Treasury – please see attached.
Very best wishes,
Member of Parliament for Stafford constituency
House of Commons, Westminster, London, SW1A 0AA
t +44 (0) 20 7219 7154 e email@example.com w jeremylefroy.org.uk
The only remaining question at this point is wether anything will come from this or not. My pessimism says, currently, nothing will change. However, with all the uprising in both the U.K. and the U.S. I am hopeful that change will be realized in our lifetime and these criminal shenanigans will come to an end. Time will tell.