FCA: 'No evidence' of gold price rigging
By GCRU Gold News on Thursday, July 3 2014, 11:22 - Permalink
The City regulator has “no clear evidence” that banks are rigging the price of gold, although the process to set it is open to abuse, an official at the watchdog has said.
David Bailey, the head of market infrastructure and policy at the Financial Conduct Authority, told MPs on Wednesday that participants in the 95-year-old gold fix could potentially manipulate it.
“It is possible, but I have no clear evidence that that has actually happened,” Mr Bailey told the House of Commons Treasury select committee.