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truthingold.com / Dave in Denver / July 7, 2014 at 08:32
Does the system of fixing the daily price of gold in London really need fixing, or should it be allowed to fade into the annals of history?
Traders and market participants will gather today in London to debate the question which has hung over the City’s precious metals market ever since it emerged earlier this year that major abuses of the 100-year-old process known as the “London gold fix” had taken place.
Although the event organised by the World Gold Council is unlikely to deliver an immediate solution to the problem of reforming the London fix, it is a starting point for the market to respond to concerns about endemic cheating.
“It is the first chance for users to have their say on the issue,” said Natalie Dempster, managing director for central banks and public policy at the World Gold Council. “We will have a full and frank debate about what is right and what is wrong.”
As the historic home of the gold fix, London plays a central role in the world’s trade in precious metals. Around £220bn of gold changes hands in the City daily, according to estimates.