by Chris Powell
GATA.org
GATA Secretary Chris Powell has invited me to reply to his October 15 commentary —
http://www.gata.org/node/16839
— 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:
http://news.sharpspixley.com/article/london-fixings-the-case-is-laid-bar…
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.