London Gold Fix under scrutiny
Gold bars are seen at the Czech Central Bank in Prague.
Since 1919, bankers have come together every day to determine the price of gold around the world. But now the process -- the London Gold Fix – is under scrutiny by British regulators. Bloomberg reporter Liam Vaughan worked on a piece examining the system.
“[It’s] looking at whether it’s entirely fair for this certainly price sensitive -- if not confidential -- information to be in the hands of these banks before everyone else when these banks are also allowed to trade,” Vaughan says.
Click on the audio player above to hear more about the U.K. Financial Conduct Authority’s investigation into price setting in the $20 trillion gold market.