this post was submitted on 16 Apr 2024
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Banks do manipulate precious metals prices through fake supply numbers. It's virtual, though, so hard to imagine corrosion there. Just corruption.
Don't they have audits?
If they do then they're not very effective: https://www.businessinsider.com/jpmorgans-nickel-bags-turned-out-to-filled-with-stones-2023-3
Numbers can always be played with and manipulation can take many forms, not just in supply but also just with trading: https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us