``Last week a fascinating new study emerged that suggests that the pricing mechanism may not be so transparent and that some market participants could be profiting from information `leaking' during the fixing process. Published in The Journal of Futures Markets by Andrew Caminschi and Richard Heaney is an analysis of the fixing process for gold bullion3. The authors investigated the impact of the London PM gold fixing (held at 3pm London time) on gold futures, and the SPDR Gold Shares (GLD). They found statistically significant return advantages for informed traders in the four minutes following the start of the fixing.''

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