We examine the impact of the pricing regime on price variability with reference to the non-ferrous metals industry. Theory fails to give unambiguous predictions. Slade (1991) claimed that metals price volatility increased in the nineeen eighties relative to the seventies, and that this was associated with a move from administered producer pricing to exchange pricing. The former claim is not robust to exclusion of silver from Slade’s sample, and this suggests that her argument may have been unduly in‡uenced by the Hunt silver manipulation. Extension of Slade’s sample to the present indicates that any early di¤erences between the variability of producer and exchange prices have now vanished.