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CFTC Looking at London Gold, Silver Fix

sebrownsebrown Posts: 424 ✭
in Precious Metals
I'm sure nothing will come out of this CNBC Article as usual, but there is a part I'm confused by:



<< <i>Gold prices are set twice daily by five banks via teleconference, while three banks set silver prices. Those fixings are used to determine spot prices for the billions of dollars of the two precious metals traded each day. >>



Someone wish to elaborate on this?



"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation [...] Gold stands in the way of this insidious process. It stands as a protector of property rights." - Alan Greenspan

Comments

  • derrybderryb Posts: 36,825 ✭✭✭✭✭
    physical metal has been and continues to move from the west to the east. The east will be setting prices once they have greatly reduced western inventories at western prices. Continue stacking, especially at western prices.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • razzlerazzle Posts: 987 ✭✭✭


    << <i>Someone wish to elaborate on this? >>


    That's the right question. A transparent elaboration of these "fixes" and the subsequent "shorts" are what we all need.
    Markets (governments) can remain irrational longer than an investor can remain solvent.
  • razzlerazzle Posts: 987 ✭✭✭
    Related article.
    Fix
    Markets (governments) can remain irrational longer than an investor can remain solvent.
  • razzlerazzle Posts: 987 ✭✭✭
    'nother one.
    How it was supposed to work
    Markets (governments) can remain irrational longer than an investor can remain solvent.
  • CaptHenwayCaptHenway Posts: 32,157 ✭✭✭✭✭
    I agree that the paper game is rigged.
    What can we do about it?
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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