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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