- A draft research paper from Stern Professor Rosa Abrantes-Metz and Moody's Albert Metz finds from 2004 on, frequent spikes (usually down) in spot gold prices around the time of the 3 PM London time call to set the afternoon fix. These price movements weren't observed during the morning gold fix call, nor were they apparent prior to 2004.
- “The structure of the benchmark is certainly conducive to collusion and manipulation, and the empirical data are consistent with price artificiality,” they say in the still-unpublished study (Bloomberg's Liam Vaughan reports).
- At the moment, they say there's no clear reason why the patterns didn't begin until 2004, or why they're more prevalent in afternoon action, or why the moves tended to be downward.
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