Experience Stern | News & Events

Excerpt from BNN -- "Gold fixing was set through, up to a couple of years ago, by 5 banks who private discussed the prices of gold through an auction without any independent oversight by anybody. Not disclosing it to the public they were competitors. And so, this is a setting that is normally not allowed, this type of private information among competitors and they were trading at the same time. So they had the opportunity to know market movement ahead of time. And they also had the opportunity to set the prices themselves."

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