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Ronan Manly: Like the old one, London's new gold fix is manipulated and secretive
4:14p ET Wednesday, September 16, 2015
Dear Friend of GATA and Gold:
Gold researcher and GATA consultant Ronan Manly reports today that the London Bullion Market Association's new daily gold price auction is manipulated, secretive, and sleazy, just like the old one.
Manly writes that the auction's operator, the Inter-Continental Exchange (ICE) Benchmark Administration, has reported to the United Kingdom's Financial Conduct Authority that there have been suspicious price spikes in Comex gold futures just prior to the afternoon fixing in London, that these suspicious price spikes have influenced the London afternoon fixing, and that as a result the ICE Benchmark Administration is "de-emphasizing" use of Comex futures to establish a starting price for the London fixings.
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Further, Manly reports, when he asked the ICE Benchmark Administration to make available to him the "publicly available procedures" that ICE had proclaimed would be used in determining the starting price of the new gold fixing, ICE instantly removed from its Internet site the assertion that the procedures would be "publicly available." ICE even thanked Manly for pointing out that it had promised to disclose what it now doesn't want known.
Manly also reports that ICE refuses to identify the rotating chairmen of the auctions used in the new fixing. As far as anyone is allowed to know, the rotating chairmen of the gold auctions could include the chairman of the Federal Reserve.
So much for the integrity and transparency that were promised when the London gold fixing system was changed six months ago.
Manly's sensational report is headlined "Six Months on ICE -- The LBMA Gold Price" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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