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HSBC Holdings plc Message Board

markedtofuture 25 posts  |  Last Activity: May 27, 2016 8:13 PM Member since: May 25, 2011
  • In 2004, Rick Waugh, then Bank of Nova Scotia’s chief executive, proudly posed with a gold bar for a photo to tout the Canadian bank’s new leadership position among the world’s top bullion dealers. In May that year, Scotiabank became the first non-British bank to chair the London Gold Fixing, a twice-daily setting of a key benchmark price for gold. It felt like a landmark moment for the bank.

    But a little more than a decade later, Waugh’s successor Brian Porter found himself in a less pleasant sort of spotlight, as lawsuits began to roll in against Scotia and the other banks involved in setting benchmark prices for precious metals (known as the “fix”): Deutsche Bank AG, Société Générale SA, Barclays PLC and HSBC PLC.

    The allegations at the heart of the proposed class action lawsuits, filed in New York and Ontario, are unproven, but they are serious.

    The five banks are accused of manipulating the gold market, which is worth trillions of dollars in trading value per year. A smaller subset, including Scotiabank, is accused of manipulating the silver market by rigging the daily Silver Fix. UBS AG, meanwhile, is accused of conspiring to exploit metals prices.

    In a wrinkle that became public this year, one of the defendants — Deutsche Bank — is close to settling and co-operating with the plaintiffs in order to extract itself from the U.S. lawsuit. That puts the remaining defendants in a highly uncomfortable position, even if they have done nothing wrong.

    A statement of claim in one of the Canadian lawsuits, filed in February, alleges the five banks “conspired” to rig precious metals pricing for their own benefit for nearly 10 years.

    “Beginning at least as early as 2004 and continuing through to June 30, 2013, the defendants conspired with each other to fix, raise, decrease, maintain, stabilize, control, or enhance unreasonably prices in the gold market,” the claim states.

    “This was accomplished through daily conspiratorial communications ...con t'd Financial Post

  • markedtofuture by markedtofuture May 27, 2016 4:33 PM Flag

    The Memorial Day weekend marks the unofficial start of summer here in the U.S. This also means that another 3-day weekend is upon us and you know what that means.

    tfmetals

  • ANV mention at 5:20 mark

  • IAG mention at 8:50 mark. youtube

  • markedtofuture markedtofuture Apr 27, 2016 5:13 PM Flag

    Dennis you are more than likely wasting your time. This is another reason why confidence will be lost and they wonder what happened. White collar crime is rampant. There should be some class actions before everything is said and done.

    Allied Nevada lied to investors to begin with. They have no credibility left.

    U.S. Commodity Regulator Was Unaware About Deutsche Bank's Gold-Rigging Until Ten Days Later

    Submitted by Tyler Durden on 04/26/2016 20:53 -0400

    Almost two weeks ago, On April 14, we reported the striking news that DB has decided to "turn" against the precious metals manipulation cartel by first settling long-running silver and gold price fixing lawsuits which in addition to "valuable monetary consideration" would expose the other banks' rigging after DB also "agreed to provide cooperation to plaintiffs, including the production of instant messages, and other electronic communications, as part of the settlement."

    It was then that we also reminded readers that the US commodity "regulator", the CFTC in 2013 closed its five year investigation concerning allegations that the biggest bullion banks manipulate silver markets and prices. It proudly reported in September 2013 that it found no evidence of wrongdoing and dropped the probe. This is what it said...

  • markedtofuture markedtofuture Apr 26, 2016 11:13 PM Flag

    Dennis, Scotiabank still led them down the chapter 11 path. They acted in bad faith. While they were setting terms, they were manipulating them at the same time.

    Deutsche Bank AG has agreed to settle U.S. litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors, a court filing on Wednesday showed.Terms were not disclosed, but the accord will include a monetary payment by the German bank, a letter filed in Manhattan federal court by lawyers for the investors said.

    Deutsche Bank has signed a binding settlement term sheet, and is negotiating a formal settlement agreement to be submitted for approval by U.S. District Judge Valerie Caproni, who oversees the litigation. A Deutsche Bank spokeswoman declined to comment. Lawyers for the investors did not immediately respond to requests for comment. Investors accused Deutsche Bank, HSBC and ScotiaBank of abusing their power as three of the world's largest silver bullion banks to dictate the price of silver through a secret, once-a-day meeting known as the Silver Fix.

    Search for "gold price", "Gross Value of Eligible Gold", "silver price", "Gross Value of Eligible Silver" and "selling tax" in docket 1122.

    However, those words only show up in the "FIRST LIEN TERM LOAN CREDIT AGREEMENT".

    Basically, low gold price or silver price makes the borrowing base smaller, it is possible for the bank to create a default of the borrower by loosening and tightening the borrowing base.

    And lower price means lower tax (tax evasion)?

    In "FIRST LIEN TERM LOAN CREDIT AGREEMENT",

    ALLIED NEVADA GOLD CORP. as Borrower,
    and THE BANK OF NOVA SCOTIA, as Administrative Agent and Collateral Agent

    “Gold Price” means, as of any date of determination, the lesser of (a) the 60 day
    trailing average afternoon London Bullion Market Association price for gold as of
    the last day of the month most recently ended prior to such date and (b) the London
    Bullion...

  • Some of Randy Buffington's previous public statements were labled as Sarbanes Oxley violations.

    Considering Allied Nevada did no hedging at $1300 gold to save themselves. You would think they would qualify Goldman's bearish call on gold. Same song, different advisor and wording.

  • markedtofuture by markedtofuture Apr 19, 2016 8:54 PM Flag

    Apr 19, 2016

    Stewart Thomson

    1. Gold continues to astound most analysts, as it moves relentlessly higher Please click here now. Double-click to enlarge this daily gold chart.

    10. The breakout this morning is likely SGE-related, and there’s an outside possibility that Scotiabank is winding down some short silver trades, to do in-house window dressing for the lawsuit.

  • For the time being, probably just a lot more litigation.

    10:14p ET Sunday, April 17, 2016

    Dear Friend of GATA and Gold:

    What do Deutsche Bank's confession to gold and silver market rigging and its pledge to incriminate other bullion banks mean?

    Almost certainly they mean more litigation on top of the federal class-action lawsuit in New York that prompted the confession and pledge. Beyond that it's anyone's guess.

    Of course gold traders, investors, and gold and silver mining companies and their investors are wondering what's in it for them. That's hard to say.

    Ordinarily in a successful class-action lawsuit the court devises remediation that is available to everyone affected by the misconduct at issue in the suit -- available not just to the plaintiffs named in the suit but to everyone similarly situated, everyone damaged by the misconduct. Once the court settles on such remediation, its availability is publicized to potential members of the class and they are invited to register with the court so they may be paid. So no one has to become a plaintiff in the suit to receive damages.

    For example, shareholders who were wiped out by the bankruptcy of Allied Nevada Gold Corp. a year ago have to be wondering whether the gold and silver market manipulation to which Deutsche Bank has admitted and in which the bank's associates also may have been involved harmed their investment and entitles them to damages. Indeed, shareholders of any gold or silver mining company must wonder whether Deutsche Bank and the other banks should be liable to them for damages as well.

    continued...GATA node 16389

  • It is time for warrant holders to contact the company and demand they file suit against Scotiabank. You may quote the docket & page numbers.

    Scotiabank Capital Inc. has been retained as financial advisor by Allied Nevada Gold Corp with respect to Hycroft Mill Expansion Dec 2014. see docket 1018 page 279 of 299

    Scotiabank assigned a $0.05 share price target on Allied Nevada shares. Dec. 2014. (see doc 1018 page 118 of 299) ... Scotiabank was looking for a partner for financing of the Hycroft Mill Expansion, while putting a target on Allied's back?

    Scotiabank was the counterparty to the triggering event for the chapter 11 filing. So the company defaults to the bank that was manipulating the gold and silver price. GO FIGURE!

    It is time that Hycroft Mining starts connecting the dots to make the 30,000+ shareholders whole again. The BOD had hundreds of years of experience between them, moving from one miner to the next. Comapany debt financing was brokered through company directors.

    It's sad that 30,000 shareholders were sold out because they were in the way of Gold and Silver Rigging Criminal Enterprise. They threw shareholders some crumbs called warrants. This story is far from over.

  • markedtofuture markedtofuture Apr 16, 2016 11:27 PM Flag

    It may be time for warrant holders to contact the company and ask them if they intend to file suit against Scotiabank. You may quote the docket & page numbers. Tell them even a cave man can see it.

    Scotiabank Capital Inc. has been retained as financial advisor by Allied Nevada Gold Corp with respect to Hycroft Mill Expansion Dec 2014. see docket 1018 page 279 of 299

    Scotiabank assigned a $0.05 share price target on Allied Nevada shares. Dec. 2014. (see doc 1018 page 118 of 299) ... Scotiabank was looking for a partner for financing of the Hycroft Mill Expansion, while putting a target on Allied's back?

    Scotiabank was the counterparty to the triggering event for the chapter 11 filing. So the company defaults to the bank that was manipulating the gold and silver price. GO FIGURE!

    Do you think it is time that Hycroft Mining starts connecting the dots or were they familiar with the status quo? These folks had hundreds of years of experience moving from one miner to the next. Great debt financing, brokered through company directors.

    It's sad that 30,000 shareholders were sold out because they were in the way of criminal enterprise. They threw them some crumbs cxalled warrants. This story is far from over.

  • Craig Hemke: Silver & Gold - DB Turns States Evidence, The Flood Gates Are Now Open!

    Saturday, April 16, 2016 at 9:55 pm

    Rory called late Friday and asked for an interview. We were happy to oblige. The audio here is straightforward and presicent and I strongly encourage you to listen.

    The tinfoil hatters have once again prevailed. What has been called theory turns to fact, once again. It seems the people, citizen journalist, market analyst and financial advisors, that actually do the necessary research and present an alternative view are being vindicated on an almost daily basis. All of the naysayers will now have to put down the kool-aid and take another look at what is being reported on the internet. While there are equal amounts of garbage to offset the truly great information, isn’t it the same with mainstream media? Is there any difference in what we see on TeeVee or hear on the radio – equal parts garbage balanced with great information?

    With the revelation of Deutsche Bank (DB) admitting, in a court of law, their bank has been manipulating both silver and gold markets for several years. This is one of the biggest stories of our life time and the mainstream media is completely mute on this subject. It goes right to the heart of the opening paragraph. Why would the mainstream media be completely silent on this topic?

    to read post and listen to podcast... search title

  • The class action alleges that the defendants, including The Bank of Nova Scotia, conspired to manipulate prices in the silver market under the guise of the benchmark fixing process, known as the London Silver Fixing, for a 15-year period.

    It is further alleged that the defendants manipulated the bid-ask spreads of silver market instruments throughout the trading day to enhance their profits at the expense of the class. This alleged conduct affected not only those investors who bought and sold physical silver, but also those who bought and sold silver-related financial instruments.

    Law enforcement and regulatory authorities in the United States, Switzerland, and the United Kingdom have active investigations into the defendants' conduct in the precious metals market.

    The case is on behalf of all persons in Canada who, between January 1, 1999, and August 14, 2014, transacted in a silver market instrument either directly or indirectly, including investors who participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that transacted in a silver market instrument.

    Potential class members can register on the website to obtain more information as the case progresses.

    GATA node 16384 search post title

  • Well, that didn't take long.

    Earlier today when we reported the stunning news that DB has decided to "turn" against the precious metals manipulation cartel by first settling a long-running silver price fixing lawsuit which in addition to "valuable monetary consideration" said it would expose the other banks' rigging having also "agreed to provide cooperation to plaintiffs, including the production of instant messages, and other electronic communications, as part of the settlement" we said "since this is just one of many lawsuits filed over the past two years in Manhattan federal court in which investors accused banks of conspiring to rig rates or prices in financial and commodities markets, we expect that now that DB has "turned" that much more curious information about precious metals rigging will emerge, and will confirm what the "bugs" had said all along: that the precious metals market has been rigged all along."

    This was confirmed moments ago when Reuters reported that Deutsche Bank has also reached a settlement in US litigation alleging the bank conspired to fix gold prices. In other words, hours after admitting it was rigging the silver market, it did the same for gold.

    Some more headlines:

    Zero Hedge

  • Deutsche Bank AG has agreed to settle U.S. litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors, a court filing on Wednesday showed.

    DEUTSCHE BANK SETTLES SILVER LAWSUIT see... TF metals report.

    Scotiabank Capital Inc. has been retained as financial advisor by Allied Nevada Gold Corp with respect to Hycroft Mill Expansion Dec 2014. see docket 1018 page 279 of 299

    Scotiabank assigned a $0.05 share price target on Allied Nevada shares. Dec. 2014. (see doc 1018 page 118 of 299) ... Scotiabank was looking for a partner for financing of the Hycroft Mill Expansion, while putting a target on Allied's back.

    Scotiabank was the counterparty to the triggering event for the chapter 11 filing.

  • markedtofuture by markedtofuture Apr 13, 2016 10:04 PM Flag

    For the first time, we have a successful settlement of charges related to silver price manipulation. Also for the first time, the Bank involved is named with other Banks as co-conspirators! From Reuters: "Deutsche Bank AG has agreed to settle U.S. litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors, a court filing on Wednesday showed."

    It is difficult to understate the potential significance of this settlement. Of course, we'll have to see where this takes us and what impact, if any, this news will have on paper prices and the overall paper derivative pricing scheme. However, this is huge news! For the first time, a Bullion Bank has admitted to price manipulation and, just as significantly, it has named names. Specifically listed as co-conspirators with DeutscheBank are:

    UBS
    ScotiaBank
    HSBC
    The full link from Reuters is here:

    TF Metals Report

  • markedtofuture markedtofuture Apr 13, 2016 5:33 PM Flag

    Pro: retailers exposed the Sarbane's Oxley violations, misleading SEC filings and statements to shareholders and the public.There were all kinds of red flags that went unchallenged. The Stalking Horse bidder was Waterton, using one of their numerous shell corps, Clover Nevada as the purchaser. Waterton went to the extent of changing the verbage on their website to quash some referrences to Barrick gold. The list is too long to document all the questionable things done in this post.

    Goldman shareholders have to cough up 5 $billion to cover the lies they committed. That is a small price to pay for doing God's work.

    Con: GETTING A FAIR HEARING. The appeal court seems EAGER TO DISMISS the appeal over filing fees (TWICE) SEE DOCKETS 1349 & 1412. THE APPEAL CLEARLY SPELLS OUT THE SARBANE'S OXLEY VIOLATIONS AND VARIOUS MISDEEDS, A CAVE MAN COULD UNDERSTAND.

    The chapter 11 judge is mentioned in another chapter 11 case at the bankruptcy misconduct websiite. Select the people tab on the main page and watch The Night Before Christmas video. There are also character appearances by Corzine & Romney in that one.

  • markedtofuture markedtofuture Apr 10, 2016 3:49 PM Flag

    The company’s reorganization plan
    The company will maintain its normal operations with a debtor-in-possession financing agreement. Law 360 reported that as it enters the bankruptcy period, Atna Resources plans to fund its reorganization through a $4 million lending agreement with its creditors, and use $3 million in collateral.

    Atna Resources stated in its court papers that if the court does not approve of the agreement, it will seek to liquidate all of its remaining assets. With the funding, however, the company plans to sell off a portion of its core and non-essential assets to streamline its operations and reduce costs at its mines in Nevada and California.

    According to court documents, Atna Resources plans to maximize the value of its remaining mines and emerge from the bankruptcy process as a viable business.

  • ANV Stalking horse bidder shell corp Atna Resources - Clover Nevada - Waterton Global

    One sub corp misses payments to the other shell corp and there has to be a restructuring. See doc 773:

    Motion to Reconsider the Overruling of Objection to the Sale of Debtors' Exploration Properties and Related Assets (related document(s)133, 223, 249, 554, 606) Filed by Brian Tuttle. The case judge is Mary F. Walrath.

    It's amazing how these things work...snippets from article....

    Atna Resources Ltd files for Chapter 11 Bankruptcy Protection Feb 1, 2016 by Joel Glucksman

    Atna Resources Ltd files for Chapter 11
    Recently, former top gold mining company Atna Resources Ltd. announced that it had filed for Chapter 11 bankruptcy protection. According to the Wall Street Journal, the company sought bankruptcy protection after defaulting on its $22 million prepetition loan. As a result, Atna Resources intends to hold an asset sale to restructure its debts and streamline operations.

    In its bankruptcy petition, Atna Resources stated that it owed $19 million on the $22 million loan to a subsidiary of Waterton Global Resource Management of Toronto, according to Law 360. The company listed assets ranging from $10 million and $50 million, with debts between $50 million and $100 million. Its debt load has increased since 2014, when it listed $23.8 million in total debt and $33.7 million in liabilities. Atna Resources also owed $7.2 million to 20 top-ranking unsecured creditors.

    Following the announcement that the company had filed for Chapter 11 bankruptcy protection, Atna Resources’ parent company also sought bankruptcy protection in Canada. According to a Market Watch report, the company’s troubles did not stop there as its common shares were suspended by the Toronto Stock Exchange on Nov. 19. Then as a result of its bankruptcy petition, the TSX announced that Atna Resources’ common stock would be delisted from the index on Dec. 29.

  • TORONTO, March 21, 2016 /PRNewswire/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") today announced that during the first quarter of 2016 it issued flow-through shares to fund the development of its Westwood mine and sold its investment holding of gold bullion.

    The sale of 135,148 ounces of gold bullion took place during the period starting February 16, 2016 through March 17, 2016 at an average price of $1,260 per ounce for proceeds of $170.3M ($170.1M after-tax), which compares favourably to the market value at December 31, 2015 of $143.3M ($1,060 per ounce) and the book value of $97.4M ($721 per ounce), representing an after-tax gain of $72.7M.

    In recent years, the Company has issued flow-through shares to fund exploration and development projects in Canada which qualify for this type of investment. The flow-through offering passes unused tax deductions to the purchasers of the shares, for which they are willing to pay a premium over current market prices. In the first quarter of 2016, IAMGOLD issued 12.0 million flow- through shares at a weighted average price of C$3.41 to raise C$41M. IAMGOLD now has 405.4 million shares outstanding.

HSBC
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