The United States Justice Department granted UBS immunity after fining it a total of about $545 million dollars and getting a promise of co-operation. Other banks also agreed to settle for FOREX manipulation but UBS apparently agreed to "to help investigators examine whether there was “manipulation of, or fraud in” precious metals markets."
In this interview, Bill Murphy of GATA, who has been a long time vocal protestor of market manipulation of gold and silver, provides his take on what this means and how this situation could impact the gold and silver market (and its prices).
No real surprises in terms of where he stands on the true value of gold and silver. He thinks they will blow up once real price discovery starts to happen. When that happens and the price manipulation has to end, no one knows. Murphy also points out what Ray Dalio recently said when speaking at the Council of Foreign Relations (CFR).
"If you dont own gold, there is no sensible reason other than you dont know history or you dont know the economics of it."