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« Nothing Else Works But A Gold Standard: Steve Forbes | Main | Ed Steer: No Evidence of Gold Manipulation by the FCA »
Monday
Jul072014

CME/Thomson Reuters to run the silver fix— reports

A new system is supposed to go from being an obscure process conducted via conference call between a handful of banks to a "robust transaction-based electronic system" to set the daily spot price.

The race to replace the London silver price fix seems to be finally over as members of the London Bullion Market Association (LBMA) are said to have chosen the joint Chicago Mercantile Exchange/Thomson Reuters bid to replace the current price process, which formally ends on August 14.

According to FastMarkets.com, the LBMA made its decision Friday in a closed meeting at the Royal Exchange, and it is expected to make an official announcement later today or Tuesday.

The LBMA had been working to find a new silver fixing process since May 14, when the London Silver Market Fixing Limited surprised the market and announced that it would stop administering the 117-year old London silver fixing by mid-August.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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