Gold price set for biggest weekly jump in 20 months on haven demand
The precious metal has surged around 30% so far this year, supported by healthy central bank buying.
BaFin, Germany’s financial supervisory authority, has begun an investigation into suspected price-fixing of benchmark gold and silver prices, WSJ Deutschland reported Tuesday.
“Apart from Libor and Euribor, BaFin is also looking into other benchmark setting procedures at individual banks such as for gold and silver prices,” a BaFin spokesman said.
The move comes less than a day after the U.K. Financial Conduct Authority (FCA) officially launched a probe on the matter.
The WSJ report also claimed that similar probes were under way in the UK and US, though no sources were mentioned.
Regulators around the world have begun to wrestle back oversight authority over the financial sector since the 2008 financial crisis and after a long period dominated by “light-touch” regulatory philosophy.
3 Comments
Esteban Caballo
This should be interesting…wonder if they will find out why it is taking them so long to get their gold back from NY…….the good thing about this is that it will be difficult for one country’s regulators to claim that there is no problem if other countries are involved…..unlikely that they will all ignore what seems to be ongoing market manipulation………
allritejack
What’s the problem with the ‘fixing’. I enjoy the opportunity to keep buying cheap. In the end gold and silver will break out to their natural high and we can all smile again.
JH
Don’t worry. The US Federal Reserve and the US Treasury will send the message ..”Back-off boys”. China and other central banks won’t say a thing, price being low and them being buyers.
Frankly I think Central Banks are worrying about the wrong thing. By killing gold they’ve created BitCoin by default. Now they have two problems. And if its not BitCoin or gold, definitely something else will appear…the genie is out the bottle about CB control, political influence, global politics and destructive nature of fiat currencies for middle class and benefit for elites.
The jig is up, The dinosaour’s brain hasn’t figured out that its being eaten by the tail.