Wells Fargo's CEO is Being Advised to Resign in Disgrace Over the Bank's Recent Indiscretion

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September 21, 2016 -- Markets were relatively quiet yesterday in advance of today’s FOMC meeting. Gold and silver ended almost unchanged and stock prices were also flat.

Federal Reserve bankers aren’t the only ones gathering this week. Officials from the Bank of Japan met overnight in Asia. Despite prior efforts to weaken the Yen and generate price inflation, the Japanese currency has been strengthening relative to the U.S. dollar. This dynamic has also lent support to gold and silver priced in dollars so far this year.

Wells Fargo CEO John Stumpf appeared before the US Senate’s Banking Committee and answered some tough questions. The firm recently admitted to firing more than 5300 employees for establishing bank and credit card accounts for customers without their knowledge and charging them fees.

The bank has been fined $185 million for the indiscretion, and Senator Elizabeth Warren suggested yesterday the CEO should resign in disgrace.

Live prices at MoneyMetals.com show gold currently trading at $1,325.70 per ounce on the global market, and silver is coming in at $19.67.

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