by Jason Simpkins, Outsider Club:

The London gold fix, the benchmark used by miners, jewelers, and central banks to value the metal, may have been manipulated for a decade by the banks setting it, according to a breaking report.

Indeed, every morning and afternoon in London, bankers from Barclays, Deutsche Bank, HSBC Holdings, the Bank of Nova Scotia, and Société Générale hold a conference call to determine the benchmark price — the fix.

Obviously, this opens the door for manipulation as the banks involved could use information from the daily conference calls to get a jump on the market.

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