Analysis by market analyst and GATA consultant Dimitri Speck shows that the platinum market is manipulated just as the gold and silver markets are, largely through futures contract sales keyed to the morning and afternoon platinum price fixings.
Speck writes: "There have long been hints that systematic manipulation of gold and silver prices via the futures markets is taking place -- also during the fixing. Due to the many similarities, it seems likely that the futures market also plays a decisive role with respect to manipulation of the platinum fixing.
"The one-sided direction of the fixing manipulations over many years is conspicuous. Conventional manipulations can be excluded as a possible reason. These could, for instance, have the goal of creating profits for option writers or other holders of securities tied to a benchmark. However, in such manipulations, one would expect that prices would be manipulated to the upside just as often as to the downside. This is, however, not the case with platinum, and neither is it the case with gold and silver.
"Thus, the manipulation of the platinum fixing, similar to that in gold and silver, amounts to systematic price suppression."
Speck's analysis is headlined "Platinum Fixing Under the Microscope" and is published at The Hedge Fund Journal here:
http://www.thehedgefundjournal.com/node/9607
