{"id":4080,"date":"2014-03-05T20:28:51","date_gmt":"2014-03-05T20:28:51","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=4080"},"modified":"2014-03-05T20:28:51","modified_gmt":"2014-03-05T20:28:51","slug":"gold-fix-study-shows-bank-manipulation","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=4080","title":{"rendered":"Gold fix study shows bank manipulation"},"content":{"rendered":"<p><strong>By Liam Vaughan<\/strong><br \/>\n<em>Bloomberg Personal Finance<\/em><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-full wp-image-4083\" alt=\"aubars160\" src=\"http:\/\/juniorminingnews.com\/wp-content\/uploads\/2014\/03\/aubars160.jpg\" width=\"160\" height=\"197\" data-id=\"4083\" \/>The London gold fix, the benchmark used by miners, jewelers and central banks to value the metal, may have been manipulated for a decade by the banks setting it, researchers say.<\/p>\n<p>Unusual trading patterns around 3 p.m. in London, when the so-called afternoon fix is set on a private conference call between five of the biggest gold dealers, are a sign of collusive behavior and should be investigated, New York University\u2019s Stern School of Business Professor Rosa Abrantes-Metz and Albert Metz, a managing director at Moody\u2019s Investors Service, wrote in a draft research paper.<\/p>\n<p>\u201cThe structure of the benchmark is certainly conducive to collusion and manipulation, and the empirical data are consistent with price artificiality,\u201d they say in the report, which hasn\u2019t yet been submitted for publication. \u201cIt is likely that co-operation between participants may be occurring.\u201d<\/p>\n<p><a href=\"http:\/\/www.bloomberg.com\/news\/2014-02-28\/gold-fix-study-shows-signs-of-decade-of-bank-manipulation.html\" target=\"_blank\"><strong>Continue reading . . .<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The London gold fix, the benchmark used by miners, jewelers and central banks to value the metal, may have been manipulated for a decade by the banks setting it, researchers say.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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