In the wake of the Deutsche Bank revelations that the bullion banks had been colluding to rig the gold and silver markets for at least the past decade, a group of metal producers, particularly those in the silver industry, are preparing to join a massive class action lawsuit against these banks for earnings and profits lost due to the manipulation of the metal's price.
Keith Neumeyer, who is the CEO of the world's largest silver producer, spoke in an interview on Jan. 3 where he stated that he is currently talking with the heads of several mining companies that may ban together at some point in the future to jump in on an ongoing class action lawsuit that is expected to incur damages well into the tens of billions of dollars.
Now that the cat is out of the bag and Deutsche Bank has agreed to turn over documents implicating other banks in related schemes, major mining companies are preparing lawsuits of their own. Straight-shooting First Majestic Silver CEO Keith Neumeyer, who in 2015 was the first mining company head to issue a public statement on the manipulation of precious metals prices by a small concentration of players, has said that the company’s legal team is closely monitoring the situationIn addition to this, and on a separate note of interest, many precious metal analysts have been citing the greater potential for silver to rise in value much faster than gold in the future, especially as governments begin to crack down on gold ownership in the wake of collapsing currencies and monetary policies. And with the expectation of silver being the catalyst for new technologies expected to arrive over the next five to ten years, once silver completely breaks away from its manipulation, the rebound back to a historic 15:1 or 10:1 ratio to gold will make it potentially one of the best investments of all time.
Citing loss of revenue, jobs and shareholder value Neumeyer said in an interview with SGT Report that his company will likely be preparing legal action against the bullion banks involved in the rigging of prices. - SHTF Plan