Fort Worth, TX (PRWEB) April 24, 2014
Following the recent publication of a Bloomberg News article about gold price fixing on behalf of the five banks that set the London PM fix the vice president of marketing for a Texas-based precious metals dealer has stated is belief that gold price manipulation may be a more widespread problem than previously thought. GoldSilver.org exec John Young said forcing the price of gold down could be beneficial for the member banks because those banks are allowed to make trades during the price fixing session each afternoon, but Young sees gold being unable to be contained in the long run.
“What they’ve found is that since 2004 there have been unexplained gold spot price drops at the same time the London PM gold price is being set,” Young said. “Even if these allegations of illegally pushing the gold price down are true gold has still managed to increase over 300% since that time. If recent history is any indication of what we can expect in the future, inflation could drive gold through the roof if this supposed price manipulation ceased.”
The London PM fix has been set by Barclays, Deutsche Bank, the Bank of Nova Scotia, HSBC Holdings and Societe Generale since 1919 and is widely viewed as one of the most unregulated investment industries. Spokespersons for the accused banks have declined to comment on the ongoing investigation.
GoldSilver.org is a North American market leader for gold and silver investments for home delivery or within retirement accounts. They buy and sell all sorts of investment-grade gold, silver and platinum. For more information or a free gold and silver investment guide, visit http://www.goldsilver.org or call 1-800-394-3337 today.