News Analysis: Since there is a Lack of Transparency in the setting of Prices for Gold and Silver various countries demand a review of this ‘Ancient Methodology’. As the London Inter-Bank Official Rate (LIBOR) was subjected to collusion by Banks, others want to be sure this has not happened (and is not happening now nor will not happen) with this Metals Fix.
The twice a day ‘Fix’ for Gold at 10:30 and 15:00 and 12:00 for Silver is set by 5 Banks Communicating with each other: Bank of Nova Scotia, Barclays Plc, Deutsche Bank AG, HSBC Holdings Plc, and Societe General SA.
These large Banks, which have been involved in the Daily Prices Settings, surely understand that their Reputations must not be tarnished by improprieties in their Gold/Silver Activities, many people say. As such, to date, they have NOT been accused of any irregularities. However, such a “Primitive” and Non-Transparent Methodology give some cautious observers concern about the future.
“Where Much Money May Be Made, Mighty Miscreants Mingle” some say.
Reality.
Reference: http://rt.com/business/london-gold-fixing-reform-016/