TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Precious metals prices advanced across the board on Tuesday with the Gold price up 0.62 percent to $1,260.30 an ounce and Silver higher by 0.63 percent to $19.20 an ounce while Palladium hit a near 3-1/2 year high at $854.30 an ounce and Platinum rose 1.88 percent to hit $1481.20 an ounce.
“Gold is getting a modest boost [via] inflationary news coming from Europe and China overnight along with a slightly weaker U.S. equity market,” said Jeffrey Wright, of H.C. Wainwright. “Economic news is rather light this week in the U.S.; jobless claims on Thursday being the primary data point,” he added.
Meanwhile, the head of the London Metal Exchange (LME), Garry Jones, said on Tuesday that the global price setting benchmark for Gold, commonly known as the "Gold Fix," can be manipulated. LME is currently competing to offer a replacement to the Silver Fix which is scheduled to be disbanded in August after Deutsche Bank was unable to find a buyer for its Gold and Silver fixing seats. "When people sit around a table and lift a flag in the Gold market and say this is where the price is, obviously it is open to manipulation if it's done in this opaque way," said Jones at a conference in London, without giving any further details.
Jones is touting the LME system of open-outcry ring trading as a better example of transparent price setting. The LME, owned by Hong Kong Exchanges and Clearing Ltd, together with the Chicago Mercantile Exchange (CME) said in May that they were working alongside the London Bullion Market Association (LBMA) and the precious metals industry to come up with an electronic based solution for the silver fix after it is disbanded this summer.
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