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Mark O'Byrne: New gold fix to be run by Western and Chinese banks, still not transparent
9:15p ET Tuesday, February 3, 2015
Dear Friend of GATA and Gold:
Don't get excited about the possibility that the inclusion of Chinese banks in the new mechanism for developing an international gold price benchmark in London will diminish manipulation of the gold market. That's the advice from GoldCore's Mark O'Byrne, who writes today:
"The vast bulk of decision making will still be made by banks, which generally view gold with antipathy, and apparently only members of the London Bullion Market Association will have a role in fixing the price. This lack of transparency will likely undermine the new system. It will likely be viewed as more or less an extension of the current system with which many market participants are currently dissatisfied."
O'Byrne's analysis is headlined "New Gold Fix to Be Run By Western and Chinese Banks -- Still Not Transparent" and it's posted at GoldCore here:
http://www.goldcore.com/us/gold-blog/new-gold-fix-run-western-chinese-ba...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Anglo Far-East: Think Outside the Bank
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