Is the gold market rigged?

Barclays has been fined £26m after one of its traders manipulated the gold fix. Is it time to overhaul the price-fix system and what are the alternatives? Simon Wilson investigates.

What’s happened?

Barclays has been fined £26m after one of its traders manipulated the 'gold fix' – the twice-daily process whereby a panel of London bankers sets an agreed benchmark gold price – to avoid paying out $3.9m to one of its customers on a complicated options deal that was tied to the benchmark price.

Daniel Plunkett, 38, a former director on Barclays’ precious metals [...]

MoneyWeek magazine

Latest issue:

Magazine cover
A new dawn for energy

Our experts pick the stocks to buy

The UK's best-selling financial magazine. Take a FREE trial today.
Claim 4 FREE Issues
Shale gas 'fracking' promises to transform Britain's energy market. Find out what it is, what it means, and how to invest.

More from MoneyWeek

FREE REPORT:
What you should really do with your money (2014 Edition)


How to buy and sell penny shares

A beginner's guide to investing in gold

How to invest in British fracking