maybe Wednesday if the China CPI shows inflation. They report Tuesday night at 9:30 pm. That could really move the metals..
Would love to see some bullish news about fixing the problem..
They said a meeting took place and basically said a statement would be released later about what was said... Probably after the U.S. markets close. Should be very interesting.
the one good thing is gold did not sell off like everyone thought it would of.. Most shorts thought this would go below $1300 after that jobs report but in reality the pros see through the bull and know that we lost a lot of full time jobs and gained a lot of part time jobs. The result of this was full time employees were now working 2 part time jobs instead of 1 full time position. jmho
can't find anything on it..
nope don't need that to happen at all. All's that needs to happen is China to announce how much gold they have and they are backing their currency with gold. It will happen. That is why they are accumulating it..
unless gold is going down or up $20 it means jack #$%$... When gold moves a little it is just people adjusting their positions on very low volume..
2nd half..Critics argue the gold-price fixing process is also open to abuse.
"It lacks transparency, which means prices can be rigged to benefit banks, at the expense of producers, traders, investors, jewellers and other market participants," said Mark O'Byrne, research director at broker GoldCore.
"Prices should be determined by market forces of supply and demand and not due to a bank's determination."
The process is little changed since its creation on September 12, 1919, when the Gold Fixing Company's five founders -- including NM Rothschild & Sons -- agreed one single daily price fix in British pounds.
O'Byrne added: "The gold fix is anachronistic in the modern technological age of electronic trading and a move to electronic trading seems inevitable. At the same time, this will not be a panacea as oversight and transparency remains important."
- Call for transparency -
Caroline Bain, senior commodities economist at research consultancy Capital Economics, said transparency was needed to prevent price rigging.
"It can be manipulated even though it is based on real deals," Bain told AFP.
"Traders working for institutions involved in the 'fix' can make deals that would influence the price in a way that suits their portfolio.
"There is a lack of transparency about how the price is derived. It also contributes to a much wider lack of information on the size of the gold market."
For its part, the WGC has already stated that the gold market needs greater transparency and auditing of the data used to determine the London price fixings.
Between two and four million ounces of physical gold transactions are based on any given day's fix price, according to estimates from commodities research specialist CPM Group.
Back in May, Barclays was fined by the FCA for failing to adequately manage conflicts of interest between the bank and its customers.
The watchdog uncovered systems and controls failings in relation to a fixed London pricing of gold over a nine-year per
London meeting about price fixing and how they are going to change it... Also, India may announce the reduction in the tariffs on their gold imports. I have read that their jewelers are starving from the high tariffs placed on gold and the people are asking for it to be lowered. Gold is also a huge part of their religion and with its dwindling availability due to price increases it is putting more stress on their religious activities and I guess this does not sit well with the people of India. There is great pressure on the new government to go back to the 2% tariffs they used to have.
London's century-old process for fixing gold prices, tainted by a rigging scandal and attacked by critics as old-fashioned, goes under the spotlight this week in key talks aimed at modernising the process (AFP Photo/Paul J. Richards)
London (AFP) - London's century-old process for fixing gold prices, tainted by a rigging scandal and attacked by critics as old-fashioned, goes under the spotlight this week in key talks aimed at modernising the process.
Analysts said that the market price of gold, which is driven by investment and jewellery demand, could climb as a result of an overhaul.
Buyers and sellers of the precious metal will meet in London on Monday to discuss the setting of the global benchmark, which affects the flow of billions of dollars worldwide every day.
The World Gold Council (WGC) will host an eagerly-awaited forum with retail and central banks, exchanges, mining firms, refiners, traders and other industry groups, while Britain's Financial Conduct Authority (FCA) watchdog will attend as an observer.
The benchmark gold price is set by four banks at 10:30 am London time (0930 GMT) and 3:00 pm, via teleconference.
The banks -- Britain's Barclays and HSBC, Canada's Scotiabank and Societe Generale of France -- are all members of the Gold Fixing Company and agree the price twice daily. Germany's Deutsche Bank pulled out of the panel earlier this year.
The process begins with the so-called spot price of gold, which is based on the current market rate of contracts for physical delivery of the metal.
The four banks must then declare whether they are interested in buying or selling at this level. The price can fluctuate depending on the balance of supply and demand, and settles on a so-called "fixing".
The system lurched into crisis this year when Barclays was fined more than Â£26 million ($45 million, 33 million euros) by the FCA after a ex-trader at the troubled bank admitted attempting to manipulate the gold price.
Barclays is among several banks that were fined billions of dollars by regulators foreign exchange rigging, prompting a broad review of how global financial benchmarks are set.
They are going to discuss the global benchmark for gold and most believe this will move gold up considerably.. I wonder.. Just Google it because they won't let me post articles.
I heard it with my own two ears. It's on youtube somewhere. They said they gave the gold to the Treasury dept. Ok then why are we not asking the treasury to see the gold?
Going to cause major tension in that area!
they said it was returned but do you believe that? No!
also, the average price of silver was about $21 an ounce. That has to be almost a $100 figuring in the "real" rate of inflation.
When inflation was at it's worse (1978-1982) the unemployment rate was from 7.0% to 9.6% so I guess that ruins that theory.