They don’t call it the fix for nothing
By GCRU Gold News on Friday, December 16 2016, 22:35 - Permalink
The Amended Complaint against several major bullion banks wherein it is argued that said banks colluded to manipulate the London Gold Fix was unsealed last week. It is a convincing document, and damning of the Defendants. Most galling is the disclosure of chat transcripts amongst traders, exchanges they surely thought would never see the light of day. Choice examples to follow.
This is a touchy subject amongst gold investors, some of whom believe the price is set in Davos every year, and others who refuse to have anything to do with those who believe the price is set in Davos every year. We are agnostic on the topic, but will say that muscle and its enlistment is a fact of life in all markets. However, one thing we do know, having reviewed the Complaint, is that the organizations the gold mining industry depends upon to market its metal did not have their clients’ best interests in mind. This may still be the case. Perhaps a gold mining company (or two) will read this note and if they do, by the time they are done, they may well think that there may be a better way to get their product into the hands of the people who want it.