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Arthur Stein, a Certified Financial PlannerĀ® with 21 years of experience, specializes in financial planning, investments and insurance. He published 22 articles and frequently speaks to professional and consumer groups. Arthur is an Adjunct Professor at Montgomery College, where he teaches... More
My company:
Arthur Stein Financial, LLC
My blog:
Art of Financial Security
  • Investing In Gold: Is The London Gold Fix Price Manipulated? 0 comments
    Mar 28, 2013 2:19 PM | about stocks: IAU

    I'm surprised that there are no Seeking Alpha articles about the March 15 report that the CFTC is investigating the London Gold Fix. According to the report, CFTC has evidence that banks colluded to "manipulate" the price of gold in a similar fashion to LIBOR.

    I have no idea if this is true and wonder what the Seeking Alpha community thinks. Some questions:
     

    • Is it possible? Wouldn't arbitragers force price to whatever the market price is in other countries?
    • Do you think it was fixed?
    • If fixed, was the price set artificially high or low?
    • How could major buyers not have known? Should GLD and IAU have known and said something?
    • How is New York price set?
    • If Fix is manipulated, should gold be sold before other investors sell in disgust?


    A Forbes contributor doesn't think it is important. Who does?

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: Precious metals, gold, ETF Stocks: IAU
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