Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199


Search Gold Prices
Gold Price
[Most Recent Quotes from]
Our RSS Feed

Gold Updates by Mail

Enter your email address:

Follow Us on Twitter
« Putin Is About To Unleash Terror On The West: John Embry | Main | Richard Russell - The Dollar Will Crash In A Matter Of Months »

Whiff of gold price rigging

London, April 27: A light will be shone on the secretive world of setting gold prices in a review launched by the UK Financial Conduct Authority (FCA), which is studying whether gold market benchmarks are operating properly in the wake of the Libor scandal.

The regulator has started to gather information from market participants about the London gold fix, the benchmark price used worldwide to price the precious metal. The FCA is visiting all five banks that hold seats helping to “fix” the price of gold twice a day, once in the morning and again in the afternoon. It may analyse documents and policies, interview traders and examine IT systems.

The banks, none of which are suspected of wrongdoing, talk on conference calls each morning and afternoon to agree their best guess of what the gold price should be, then release the estimate as a benchmark price, a process that has existed since its establishment by NM Rothschild in 1919.

Rothschild is no longer a member of the panel. For the present members — Deutsche Bank, HSBC, Scotiabank, Barclays and Societe Generale — having a seat could become a headache rather than a coveted line into the precious metals markets.

To read this article in full please click here

The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

If you would like to know which stocks we are buying and selling please join us atStock Trader our premium investment service.

Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199

If you are new to investment in the precious metals sector then you can subscribe of our FREE newsletters regarding gold stockssilver stocks and uranium stocks, just click on the links and enter your email address and we will email you our articles along with other interesting posts.

Please remember to check your spam folder once you have subscribed to ensure that our verification email has not gone astray and you are getting our emails.

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>