Monday, December 23, 2013

How to Keep Banks From Rigging Gold Prices

In his book “The Gold Cartel,” commodity analyst Dimitri Speck combines minute-by-minute data from most of 1993 through 2012 to show how gold prices move on an average day (see attached charts). He finds that the spot price of gold tends to drop sharply around the London evening fixing (10 a.m. New York time). A similar, if less pronounced, drop in price occurs around the London morning fixing. The same daily declines can be seen in silver prices from 1998 through 2012.

http://www.bloomberg.com/news/2013-12-19/how-to-keep-banks-from-rigging-gold-prices.html

No comments: