by Peter Cooper, Arabian Money:
Today the World Gold Council has convened a meeting of industry participants and experts to discuss a replacement of the 100-year old gold fix that is being investigated City regulators who have already fined Barclays Bank 26 million pounds for abusing the system.
The fix has understandably become unpopular with the fixers. Deutsche Bank resigned in April leaving Barclays, Bank of Nova Scotia, HSBC and Societe Generale running the show.
Libor scandal In the wake of the Libor scandal almost anything seems possible though in the case of gold the finger is usually pointed at the central banks who manipulate the price to dampen inflation expectations. The evidence gathered to support these claims is overwhelming but ignored as you might expect when the authorities themselves are doing the manipulation.
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