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The Financial Times is reporting that UBS has agreed to settle charges against it by the UK’s Financial Conduct Authority that it engaged in the manipulation of the gold and silver markets. While it may come as a surprise to chart wranglers like Trader Dan or interminably hot air windbags like Dennis Gartman and Martin Armstrong that gold and silver are manipulated by the big bullion banks, UBS has de facto admitted to such illegal activity.
Can mining stocks go higher?
That said, as Grant Williams points out, despite their promising start to the year, it is far from certain that mining stocks will continue to rise, and that the sector has turned the corner. For one, many investors were burned badly during the bear market of the past six years and it will take time for memories to fade. “Even if mining stock momentum has shifted, these transitions usually come with considerable volatility,” says Williams. “They are thus unlikely to go up in a straight line.”