The Phaserl


Will the end of the London silver price fix on August 14th also be important for the gold market?

by Peter Cooper, Arabian Money:

The alleged widespread manipulation of silver and gold prices should become more difficult after the ending of the silver price fix on August 14th with a survey of 440 London Bullion Market Association Members last week preferring an electronic, auction-based process that’s tradeable with more participants.

Deutsche Bank’s decision to exit the silver price fix left only two banks in the process, and so a new benchmark must be found. The new silver price discovery mechanism may also set a precedent for the gold market whose four-bank price fix is now under investigation by the UK’s Financial Conduct Authority.

Barclays fined $44m: The FCA announced on May 23rd that it had already fined one of the four banks, Barclays $44 million because one of its traders sought to influence the price setting process in 2012. It’s hard to believe this was an isolated incident.

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1 comment to Will the end of the London silver price fix on August 14th also be important for the gold market?

  • mac

    Thailand freezes prices of goods for 6 months

    “Thailand’s Commerce Ministry said on Friday that prices of many consumer goods would be capped for six months to November. The measure is aimed at holding down living costs and boost the economy and confidence. “Producers of 205 categories of necessary consumer goods are happy to freeze prices for six months,” Reuters quoted the ministry’s permanent secretary, Srirat Rastapana, as saying. Rastapana is acting minister under a military government that seized power on May 22. The move was announced after a meeting with companies and trade associations.”

    Deflation is MSM mope and spin….

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