The Phaserl


Academic study admits possibility of gold market rigging but can’t confirm it

by Chris Powell, GATA:

Dear Friend of GATA and Gold:

What may be the first academic study of the question of gold market manipulation was published this month by Dirk G. Baur, associate professor of finance at the University of Technology in Sydney, Australia (…). While he writes that he was unable to validate any statistical evidence of manipulation, such as has been presented by GATA’s late board member Adrian Douglas, GATA consultant Dimitri Speck, and market analyst Chris Martenson, among others, Baur acknowledges that central banks have a powerful interest in controlling the gold price, that suspicion is raised by the secrecy around central bank gold leasing, that bullion banks involved in both the daily gold price fixing in London and the gold carry trade would have a conflict of interest, and that these issues “may be the basis for future research.”

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