Therefore, yet again, with the LBMA acting as gatekeeper on who is allowed to be a direct participant in the LBMA Silver Price auction, ICE has its hands tied on meeting IOSCO’s requirement that the should be a reliable representation of interest, and there is zero chance that this silver auction will ever see the many 100s of silver trading entities taking part and zero chance that the auction will ever reflect the silver price discovery that these 100s of silver trading entities would bring to the table.