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How can London Gold Fixing become more reliable?

How can London Gold Fixing become more reliable?

In order to guarantee the reliability of the gold prices fixed, the correspondent authorities decided to take measures. London Bullion Market Association (LBMA) announced recently that an electronic platform managed by ICE Benchmark Administration (IBA) will be the means through which the gold benchmark will be set. This action will start on March 20.

The new LBMA will set the price of gold twice a day – at 1030 GMT and 1500 GMT, in three different currencies, namely dollars, euros and sterlings. In the words of Adrian Ash, head of research at BullionVault, “As regular customers of the fix, we think it’s vital the market gets this kind of clarity on how this key price-point is changing.”

Clearly, the previous system in which the price of gold was set by private telephone conference between four important banks: Bank of Nova Scotia-Scotia Mocatta, Barclays Bank PLC, HSBC Bank EE.UU and Société Générale SA, was outdated and did not inspire confidence anymore. As well, in this new system it is not clear yet whether these banks will participate in the setting of gold prices.

Nonetheless, the system is not a novelty as silver price was started to be set in August 2014 in this electronic platform; and platinum and palladium followed it on December. As additional data, the price setting is carried out on three different platforms.

The highlight among precious metals could not remain outside this system. Gold is the largest precious metals market, therefore gold mining companies; stock companies; individuals, etc. depend on it to settle purchase and sale contracts.


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Category: Gold news      Publication date: 2015-03-06 08:32

Gold Fixing  |  Price History