Market Update GoldCore
Banks Rig $4.7 Trillion A Day Currency Markets To Profit Off Clients
Today’s AM fix was USD 1,377.25, EUR 1,036.77 and GBP 878.40 per ounce.
Yesterday’s AM fix was USD 1,369.50, EUR 1,031.10 and GBP 880.93 per ounce.
Gold fell $6.70 or 0.48% yesterday to $1,378.70/oz and silver slid to $21.49 and finished down 1.19%.
Gold prices are mixed today and while flat in US dollars are lower in Aussie dollars and higher in Japanese yen which
has taken another pummelling on foreign exchange markets.
Click for big version.
The world’s biggest banks have been manipulating benchmark foreign-exchange rates used to set the value of trillions of
dollars of investments, according to a Bloomberg investigation.
Employees have been front-running client orders and rigging WM/Reuters rates by pushing through trades before and during
the 60-second windows when the benchmarks are set, said five current and former traders, who requested anonymity because
the practice is controversial.
Dealers colluded with counterparts to boost chances of moving the rates, said two of the people, who worked in the
industry for a total of more than 20 years.
The behavior occurred daily in the spot foreign-exchange market and has been going on for at least a decade, affecting
the value of funds and derivatives and all investments.
Click for big version.
Gold In British Pounds, 3 Year – (Bloomberg)
The Financial Conduct Authority, Britain’s markets supervisor, is considering opening a probe into potential
manipulation of the rates, according to a person briefed on the matter.
Informed observers have long warned that the global $4.7-trillion-a-day foreign exchange market, the biggest in the
financial system has all the hallmarks of a casino.
The inherent conflict banks face between executing client orders and profiting from their own trades is exacerbated
because most currency trading takes place away from exchanges.
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