The FTfm article published on 24 February 2014 referred to the research conducted by Fideres into the alleged gold fix manipulation. The article contained the following extract from Fideres’ original research:

“[This] is indicative of panel banks pushing the gold price upwards on the basis of a strategy that was likely predetermined before the start of the call in order to benefit their existing positions or pending orders”.

Fideres would like to clarify that such comment was referring to a specific example of anomalous behaviour on one specific day which was contained in our research and is not representative of our overall findings. Taken out of context it could be misconstrued.