Gold was relatively quiet in overnight trade, consolidating around the USD $1270 range, and hasn't done much this morning in light of Bernanke's same old...

Jordan Eliseo

Gold was relatively quiet in overnight trade, consolidating around the USD $1270 range, and hasn't done much this morning in light of Bernanke's same old comments re the economy and policy support (god he must get bored saying the same thing over and over again). Making headlines was a report in Bloomberg that gold benchmarks were to be reviewed by the UK Financial Conduct Authority. Whilst not a formal investigation, and whilst no one can confirm which benchmarks in question, there is rumour it could refer to the London Gold Fix, struck twice daily (AM and PM), by the five market making banks that contribute to it. To be honest, this is likely 'much ado about nothing', and i can't see the announcement of this review being price sensitive for bullion in any major way. More detail available here (VIEW LINK)


About this contributor

Jordan Eliseo

Jordan Eliseo

, ABC Bullion

ABC Bullion Chief Economist. Gold bull since early 2000s, have spent +20yrs working in investment analytics, research & portfolio construction. Author of two books on investing in gold and causes of the GFC. Lover of markets, competition & technology

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