The lawsuit was filed on Wednesday in the U.S. District Court in Manhattan by plaintiffs that decided to “opt out” of similar nationwide litigation that has resulted in $2.31 billion (£1.76 billion) of settlements with 15 of the banks. Those settlements followed worldwide regulatory probes that have led to more than $10 billion of fines for several banks, and the convictions or indictmen... read more

An ex-J.P. Morgan Chase trader has admitted to manipulating the U.S. markets of an array of precious metals for about seven years -- and he has implicated his supervisors at the bank. John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count each of conspiracy to commit wire fraud, price manipulation and spoofing, according to a Tuesday release from the U.S. Departmen... read more

In many ways, Daniel Strong is happy with his life. He owns a three-bedroom ranch-style house in Charlottesville, Virginia, where he lives with his wife and 3-year-old son, Benjamin. He recently made the last payment on his silver, Toyota Tacoma. He likes his job. But there's one problem that won't go away. Strong and his wife owe more than $350,000 for their bachelor's and master's degrees... read more

WASHINGTON (Reuters) - The U.S. trade deficit rose to a seven-month high in September as imports surged to a record high amid strong domestic demand, offsetting a rebound in exports. The Commerce Department said on Friday the trade gap increased 1.3 percent to $54.0 billion, widening for a fourth straight month. Data for August was revised to show the trade deficit rising to $53.3 billion ins... read more

BOSTON (Reuters) - The price of gold is expected to rise to $1,532 an ounce by October next year, delegates to the London Bullion Market Association’s annual gathering predicted on Tuesday. A poll of delegates at the LBMA conference in Boston also predicted higher prices in a year’s time for silver, platinum and palladium. Spot gold XAU= has had a difficult few months, falling from a... read more

President Donald J. Trump has taken on the Federal Reserve (Fed), saying that Fed chairman Jerome H. Powell is threatening US economic growth by further raising interest rates. Mainstream economists, the financial press and even some politicians react with indignation: the president’s comments undermine the Fed’s political independence, potentially endangering the confidence in the US dolla... read more

The gold market has suffered under the weight of rising U.S. interest rates and a stronger U.S. dollar, but one bank sees a shift coming as equity markets have seen increased selling pressure this this past month. Analysts at Bank of America Merrill Lynch (BAML) said that in this current environment they see gold prices pushing to $1,400 an ounce by the end of 2019. Along with their long-ter... read more

China will "compel" Saudi Arabia to trade oil in yuan and, when this happens, the rest of the oil market will follow suit and abandon the U.S. dollar as the world's reserve currency, a leading economist told CNBC on Monday. Carl Weinberg, chief economist and managing director at High Frequency Economics, said Beijing stands to become the most dominant global player in oil demand since China... read more

Italian financial tremors are again rumbling dangerously. Yields on the country’s 10-year government bonds, which briefly topped 3% when President Sergio Mattarella temporarily stopped the 5 Star Movement and the League from forming a government, appear primed to rise even higher, potentially plunging Italy and the eurozone in an unmanageable crisis. Italy is not just a deeply troubled co... read more

The U.S. economy has a greater than 50-50 chance of tipping into a recession in the next two years, according to a model tracked by JPMorgan Chase & Co. The probability of a U.S. recession within one year is almost 28 percent, and rises to more than 60 percent over the next two years, researchers wrote in a note this week. Over the next three years, the odds are higher than 80 percent, acc... read more