On February 28, Bloomberg reported on a study co-authored by New York University Stern School of Business Professor Rosa Abrantes-Metz and Albert Metz, a managing director at the rating agency Moody’s Investors Service. In their not yet published draft research paper, the two authors claim that “The structure of the benchmark is certainly conducive to collusion and manipulation, and the empirical data are consistent with price artificiality” and that “It is likely that co-operation between participants may be occurring”. We have come to the conclusion that their findings could be explained and are not a valid proof of manipulation of the pm London gold fixing.
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