New Silver Benchmark Seen Heralding Gold Fix Revamp
By GCRU Gold News on Friday, June 20 2014, 13:50 - Permalink
Proposals to replace the 117-year-old system of fixing prices for the $5 trillion silver market are poised to add more transparency for the London benchmark used in the $18 trillion gold industry as well.
A new benchmark won’t be developed in the style of the present fix, Brian Lucey, a finance professor at Trinity College Dublin who has been an economist for the Central Bank of Ireland, said by phone June 17.
“When the gold and silver fixes were first set, they were pretty much the only game in town,” Lucey said. “Now we have the data which allows us to get a really good handle on the market. A mechanism that gives more information about more of the market is better for all.”