Opinion and reporting by Mathew Carr
Jan. 30, 2026 — Commodities regulators globally need to focus on this and hold people to account. Big investigation needed.
Reports say that the price action over the past few days matches that at the end of December (see below). Is this volatile manipulation deliberately designed to shake more sellers into the market for those who are “short”?
If silver continues to skyrocket, it could add $1,000 to the value of an electric vehicle. Are trading houses, big banks trying to protect their fossil-fuel revenues by slowing the climate transition?
Late-month volatility
I have not checked Martenson’s comments; beware; search “silver” on carrzee.org. Not investment advice.
ChatGPT unchecked (beware). [I’m not alleging any of those listed below have done anything wrong recently. I just don’t know]:
Here’s what the record shows about banks that have been successfully prosecuted or otherwise held legally accountable for silver market manipulation
— focused only on actions with convictions, admissions of wrongdoing, fines, or sentences tied to manipulation of precious metals (including silver), based on publicly available enforcement history:
✅ Banks and Related Convictions/Settlements
1. JPMorgan Chase & Co.
Convictions of individual traders: Two former JPMorgan precious metals traders, Gregg Smith and Michael Nowak, were convicted of wire fraud, attempted price manipulation, spoofing, and commodities fraud related to trading precious metals (which included silver and gold futures). They were sentenced to prison terms (Smith: ~2 years; Nowak: ~1 year). Bank settlement and admission of wrongdoing: JPMorgan itself agreed in 2020 to a $920 million settlement with U.S. regulators (CFTC/DOJ/SEC) for manipulative and deceptive conduct — including spoofing — in precious metals futures markets that encompassed silver trading. The bank admitted wrongdoing as part of the resolution.
Summary:
JPMorgan is the most prominent institution actually held to account, with both:
Individual trader convictions tied directly to manipulation conduct, and A major penalty & admission by the bank itself.
❗ Other Banks – Allegations and Settlements (but not criminal prosecution for silver manipulation)
2. Deutsche Bank
Deutsche Bank settled civil litigation related to alleged silver price manipulation with a $38 million agreement in the U.S. in 2016. This was a civil class-action settlement, not a criminal conviction.
3. HSBC Holdings Plc
Named in civil lawsuits over the London Silver Fix and alleged manipulation, but these cases did not result in criminal convictions or direct admissions of guilt for silver manipulation specifically. Some related suits have been dismissed.
4. The Bank of Nova Scotia (Scotiabank)
Also named along with HSBC and Deutsche Bank in civil silver manipulation litigation, but such actions were dismissed or resolved without criminal prosecutions.
5. UBS and Other Institutions
UBS, Bank of America/Merrill Lynch, and others have been named in civil suits or paid settlements in broader precious metals and commodities cases involving alleged manipulation tactics such as spoofing, but there is no clear public record of criminal prosecution for silver price manipulation alone.
❌ What hasn’t happened
No major global bank besides JPMorgan has been criminally prosecuted and convicted solely for silver manipulation itself (i.e., as the core offence). Much of the regulatory activity in precious metals involved civil penalties, class-action settlements, or broader market-abuse enforcement that touched on silver but did not culminate in convictions specifically for silver price manipulation.
Short Summary List
Bank
Legal Outcome (Silver/Precious Metals)
JPMorgan Chase & Co.
Traders convicted; bank admitted wrongdoing & paid $920m (precious metals including silver)
Deutsche Bank
Civil settlement over silver price manipulation allegations (not criminal)
HSBC
Named in civil suits; no criminal prosecution reported
Bank of Nova Scotia
Suits dismissed; no criminal prosecution
UBS, Bank of America/Merrill Lynch, others
Civil suits/settlements in broader cases; no silver-specific convictions publicly documented
Key Clarification
The only clear criminal convictions linked directly to manipulation tactics affecting silver markets involve individual traders at JPMorgan, not the corporate entity of other banks (outside the JPMorgan settlement that admitted wrongdoing).
Other bank involvements have been part of civil legal action rather than successful criminal prosecutions specifically for silver manipulation.
——-
Here’s an answer on (ChatGPT):
Which commodities and financial market regulators have investigated the global silver markets over roughly the past decade (2013–2025):
— including official inquiries into pricing, trading practices, and benchmark integrity:
1. U.S. Commodity Futures Trading Commission (CFTC)
The U.S. CFTC has been the most prominent regulator to investigate silver markets. It conducted a long-running investigation into alleged misconduct in the U.S. futures market — notably looking at whether COMEX silver futures pricing was manipulated, beginning with complaints initially confirmed in 2008 and running through to its closure in 2013 (with no enforcement action taken at that time).
Beyond that formal investigation, the CFTC continues market surveillance and periodically scrutinises silver futures and related derivatives as part of its regulatory mandate over U.S. futures markets.
2. U.S. Department of Justice (DOJ)
While not a commodities regulator per se, the DOJ’s Antitrust Division has joined forces with the CFTC in broader precious-metals price-fixing probes that have encompassed silver alongside gold and other metals.
These investigations have involved subpoenas to major banks concerning precious metals pricing.
3. UK Financial Conduct Authority (FCA)
The UK’s FCA has scrutinised the London silver benchmark (LBMA Silver Price) and more broadly the governance and representativeness of precious metals pricing.
After changes to the benchmark methodology in 2014-15, the FCA began regulating it directly and has published research and oversight activity aimed at ensuring benchmark integrity.
4. Swiss Competition and Financial Market Regulators
Swiss authorities — including the Federal Competition Commission (WEKO) and Swiss Financial Market Supervisory Authority (FINMA) — have investigated possible collusion and manipulation in precious metals markets, which includes silver, especially in connection with banks’ conduct and benchmark setting processes.
5. German Federal Financial Supervisory Authority (BaFin) (limited public outcomes)
BaFin in Germany investigated aspects of precious metals price setting — including silver — as part of broader inquiries into benchmark pricing, though publicly it stated it found no definitive evidence in certain probes.
Other Contextual Notes
Benchmarks and Market Mechanisms: Investigations into silver often intersect with broader precious metals benchmarks (like the London Silver Fix) and how prices are set globally — which has involved regulators and exchanges cooperating on oversight and reform.
Civil and Private Lawsuits:
While not regulatory bodies, various class actions and private suits (e.g., U.S. lawsuits against banks over benchmark conduct) have spurred or overlapped with regulatory scrutiny of silver pricing. These have fed back into regulators’ awareness and monitoring programs.
Summary of Main Regulators Involved
Regulator / Agency
Jurisdiction
Role in Silver Market Scrutiny
U.S. Commodity Futures Trading Commission (CFTC)
United States
Investigated alleged silver futures misconduct; ongoing surveillance
U.S. Department of Justice (DOJ)
United States
Antitrust enforcement overlapping precious metals markets
UK Financial Conduct Authority (FCA)
United Kingdom
Oversight and regulation of LBMA Silver Price; research into price benchmarks
Swiss WEKO / FINMA
Switzerland
Investigated collusion and benchmark manipulation in precious metals trading
German BaFin
Germany
Part of inquiries into precious metals price setting (limited public findings)
(More to come)