Curse of the London Gold Fix strikes again as SocGen abandons ship
By GCRU Gold News on Tuesday, May 7 2019, 00:54 - Permalink
News last week from the LBMA that French bank Societe Generale (SocGen) has resigned as a market maker for gold and silver continues an exodus from the London bullion markets that has included such former heavyweight bullion banks as Barclays, Deutsche Bank, Mitsui and Credit Suisse.
The bigger question for gold and silver markets globally and for those interested in price discovery, and a question avoided by mainstream financial media and industry bodies alike, is why in the year 2019 after many precious metals trading scandals, a cartel of 12 investment banks in London (five US controlled, two Canadian, one Swiss, one French, and three Anglo-Asian) still gets the privilege of setting international gold and silver prices in their shadowy and opaque marketplace?
Curse of the London Gold Fix strikes again as SocGen abandons ship