You are here

London gold fix could use some transparency, Scotia CEO says

Section: Daily Dispatches

Scotiabank CEO Porter Says 'Dated' Gold Fix Needs Review

By Sarah Jacob
Bloomberg News
Thursday, March 6, 2014

NEW YORK -- Bank of Nova Scotia Chief Executive Officer Brian Porter said the process for setting gold prices, known as the London gold fix, is outdated and should be reviewed.

"The fix is dated. It has been around for a long time," Porter said today in an interview on Bloomberg Television. "It should be reviewed and any degree of transparency we could bring to that would be healthy."

Bank of Nova Scotia, based in Toronto, is one of five banks overseeing the London gold fix, the century-old benchmark used throughout the $20 trillion market for the metal.

Kevin Maher, a New Yorker who said he buys and sells gold futures and options, sued the banks, which also include Barclays Plc, Deutsche Bank AG, HSBC Holdings Plc and Societe Generale SA, claiming they colluded to manipulate it.


Jim Sinclair plans seminars in Los Angeles and San Diego

Gold advocate Jim Sinclair's next market analysis seminars will be held in Los Angeles from 11 a.m. to 2 p.m. on Saturday, March 8, and in San Diego from 2 to 6 p.m. the following day, Sunday, March 9. Details, including registration information, are posted at Sinclair's Internet site,, here:

Join GATA here:

Mines and Money Hong Kong
Hong Kong Convention and Exhibition Centre
Monday-Friday, March 24-28, 2014
Hong Kong Special Administrative Region, China

Canadian Investor Conference 2014
Vancouver Convention Centre West
1055 Canada Place, Vancouver, British Columbia
Sunday and Monday, June 1 and 2, 2014

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

Or by purchasing a colorful GATA T-shirt:

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit:


Safe and Private Allocated Bullion Storage In Singapore

Given the increasing risks in financial markets, it is more important than ever to own physical bullion coins and bars and to store them in the safest vaults in the world in the safest jurisdictions in the world. Gold advocates Jim Sinclair and Marc Faber have recommended Singapore.

Now, with GoldCore, you can own coins and bars in fully insured, segregated, and allocated accounts in Singapore with the ability to take delivery. Learn more by downloading GoldCore's Essential Guide To Storing Gold In Singapore:

And for more information call Daniel or Sharon at +44 203 0869200 in the United Kingdom or at +1 302 635 1160 in the United States. Or email them at