How London’s gold and silver prices are ’fixed’

London’s gold and silver markets face the possibility of a probe alongside other benchmarks into price setting, putting a century-old practice under the spotlight after the Libor rigging scandal that exposed widespread interest rate manipulation by banks.

The US Commodity Futures Trading Commission has engaged in “a couple” of conversations about whether the daily setting of gold and silver prices in London is open to manipulation, Commissioner Scott O’Malia said, although he said the situation is “fairly immature in its development.”

via Business feed http://www.scmp.com/business/banking-finance/article/1191387/how-londons-gold-and-silver-prices-are-fixed