CFTC looks at possible gold and silver manipulationSubmitted by Ed Thinking on Thu, 03/14/2013 - 08:21
THE top US derivatives regulator has started internal discussions on whether the daily setting of gold and silver prices in London is open to manipulation.
The Commodity Futures Trading Commission (CFTC) has not launched a formal investigation into the matter, but it is examining various aspects of price fixings, including whether they are sufficiently transparent, according to the Wall Street Journal.
CFTC looks at possible gold and silver manipulation. Moving on from Libor, the Commodity Futures Trading Commission is reportedly having an informal look at whether gold and silver prices in London are open to manipulation. Gold is set twice daily by five banks via teleconference and silver by three institutions, with the fixings then used worldwide as benchmarks for any number of transactions. The banks involved include Barclays (BCS), Deutsche Bank (DB) and HSBC (HBC).
The CFTC did not immediately respond to requests for comment.
Also on the WSJ but you need to have subscription to read it: http://online.wsj.com/article/SB1000142412788732407770457835...