by Chris Powell
GATA Secretary Chris Powell has invited me to reply to his October 15 commentary —
— in which he replied to my article of the 14th, wherein I rebutted an academic study that concluded that the London gold price fix was manipulated:
If you look at my article (and indeed previous ones) you will see that my aim is to defend the integrity of the London gold fix as a method to derive a fair benchmark price. My aim is not to defend the integrity of the institutions operating the fix.
The reason for this is that I simply do not have the visibility over all fixing members and their every trade that I would need to say that these guys are 100-percent honest. No one does.