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.
Iridium, the rarest of the seven precious metals traded internationally, is showing signs of life as economic growth fuels demand for the commodity used in spark plugs and light-emitting diodes for televisions.
Sharps Pixley Ltd. will start offering gold coins and bars to U.K. investors after a former trader bought the name from Deutsche Bank AG to tap the retail market for bullion following a 10-year price rally.
Gold analysts are bullish for a third consecutive week on speculation that the first U.S. government shutdown in 17 years and a standoff over raising the country’s debt limit will spur demand for the metal as a haven.
The cost of borrowing gold held near a 4 1/2-year high in London as U.S. futures moved into backwardation this month, a signal that near-term supplies are tightening at a time when prices gained on more physical demand.
Sales of gold coins are on track for the best month in a year amid the worst commodities rout since 2008, a sign that bullion’s longest bull market in nine decades has further to run, if history is a guide.