FCStone Is Betting on Tech Transforming Physical Gold Market
By GCRU Gold News on Monday, February 27 2017, 23:38 - Permalink
INTL FCStone Inc. is betting the $170 billion physical gold market will follow the rest of the bullion world in catching up with technology.
The brokerage has started a platform that brings everyone from refiners to jewelers together to trade metal around the world, said Barry Canham, who heads the company’s precious metals division. At the moment, the bulk of deals, which include finding and shipping metal, are conducted by phone.
INTL FCStone’s PMXecute+ platform, which had its first trades last week, allows sellers to anonymously list bullion of different weights and purity in as many as 100 locations around the world. Wholesalers and wealth management firms can also use the service. The company plans to also list quotes for additional services, such as transport, so that trading costs can be calculated in full.