There
has been a big hullabaloo about alleged contriving of pricing of
world-wide interest rates in the case of the Libor rate. I have
discussed this fully in the past.
But the Libor interest rates are relatively hard to manipulate because of the way they are composed from many sources and are averaged with extremes omitted.
There are other important pricings, such as gold and precious metals, which must be arbitrarily set; that appears to be perfectly acceptable to the financial community.
The so-called London Gold Fix is set up by five members of the London Gold Pool twice a day. It’s a relatively thinner market where the heavy movers can be big countries such as China and India who deal heavily in gold.
Other precious metals markets are even thinner.(See the Earl J. Weinreb NewsHole® comments.)
But the Libor interest rates are relatively hard to manipulate because of the way they are composed from many sources and are averaged with extremes omitted.
There are other important pricings, such as gold and precious metals, which must be arbitrarily set; that appears to be perfectly acceptable to the financial community.
The so-called London Gold Fix is set up by five members of the London Gold Pool twice a day. It’s a relatively thinner market where the heavy movers can be big countries such as China and India who deal heavily in gold.
Other precious metals markets are even thinner.(See the Earl J. Weinreb NewsHole® comments.)
It's never easy to manipulate those prices especially since many people very mush involve with cash for gold. They are more aware of the prices than before.
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