London Gold Broker Says Swings in Prices No Sign of Manipulation
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The chief executive officer of Sharps Pixley Ltd., who has traded gold for 30 years, challenged a study that says the market’s price-setting mechanism is susceptible to manipulation, compromising the $19.6 trillion of the precious metal that trades annually.
The price fluctuations for gold when five banks meet daily to determine the so-called fixing in London are a consequence of supply and demand, not a sign of manipulation, said Ross Norman, the chief executive of Sharps Pixley, a broker of physical gold in the city. Norman previously worked at Johnson Matthey Plc, N.M. Rothschild & Sons Ltd. and Credit Suisse Group AG.