Three international banks were accused in a U.S. lawsuit of manipulating the daily benchmark price for silver.
A complaint filed in federal court by a
Banks are currently under more scrutiny after some were found to manipulate, in 2012, the daily London Interbank Offered Rate, or Libor, which fixes the cost of borrowing. Earlier this year, the British bank
The current system of setting the price of precious metals is over 100 years old and done in secret.
Critics have argued the system is antiquated, and prices should be determined more by forces of supply and demand.
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