How Precious Metals Spot Prices are Derived I found the following link(s) to be an interesting educational / opinion piece, from a couple years ago, on how precious metals spot prices are derived, and the potential for manipulation. Wins, I thought of you several times -- some statements echo some of your posts. Maybe you've already read it?
It's written about gold and silver, but given that Pd and Pt are thinner markets with less futures volume, it would seem to me that the PMG spot prices would be even more ripe for abuse. It provides food for thought on days when we wonder if / why the deficit market in Pd might not have been fully reflected in the spot pricing.
30 March 2010 -- "What is the 'Spot Price' of Gold and Silver And How Is It Set? " (Original Piece)
https://jessescrossroadscafe.blogspot.com/2010/03/what-is-spot-price-of-gold-and-silver.html
26 February 2012 -- "What Is the 'Spot Price' of Gold and Silver?" (Reprise of same, with slight changes)
https://jessescrossroadscafe.blogspot.com/2012/02/what-is-spot-price-of-gold-and-silver.html