from Gold Core:
The CFTC’s very unusual announcement through “people familiar with the matter” that it is examining various aspects of gold and silver price fixings in London, including whether they are sufficiently transparent, continues to be digested.
The London gold fixing is conducted twice a day by five banks: Barclays Plc, Bank of Nova Scotia (BNS), Deutsche Bank AG, HSBC Holdings Plc and Societe Generale SA. The pricing started in 1919 and was conducted in a meeting held at N.M. Rothschild & Sons Ltd.’s offices. It began taking place by telephone in 2004.
Deutsche Bank, Scotiabank and HSBC conduct the silver fixing by phone once a day at midday. The first settlement was in 1897.
The price fixing story has been picked up by the non specialist financial media internationally including by many publications and media groups who very rarely cover the gold market and nearly never cover the silver market.