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Wednesday, April 26 2017

London Metal Exchange to delay launch of precious metal contracts

The launch of the London Metal Exchange's new precious metals contracts will be delayed until July 10, more than a month later than previously announced, it said on Monday.

The new gold and silver contracts, a mix of daily and monthly contracts designed to enable industrial users to hedge specific dates, were due to go live in early June.

But the LME decided to delay the start "in the interests of maximizing market readiness and participation", it said in a statement on Monday, adding that some prospective participants had indicated that they would not be ready to participate fully in the contracts until the July date.

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Friday, April 14 2017

Death Spiral for the LBMA Gold and Silver auctions?

In a bizarre series of events that have had limited coverage but which are sure to have far-reaching consequences for benchmark pricing in the precious metals markets, the LBMA Gold Price and LBMA Silver Price auctions both experienced embarrassing trading glitches over consecutive trading days on Monday 10 April and Tuesday 11 April. At the outset, its worth remembering that both of these London-based benchmarks are Regulated Benchmarks, regulated by the UK’s Financial Conduct Authority (FCA).

In both cases, the trading glitches had real impact on the benchmark prices being derived in the respective auctions, with the auction prices deviating noticeably from the respective spot prices during the auctions. It’s also worth remembering that the LBMA Gold Price and LBMA Silver Price reference prices that are ‘discovered’ each day in the daily auctions are used to value everything from gold-backed and silver-backed Exchange Traded Funds (ETFs) to precious metals interest rate swaps, and are also used widely as reference prices by thousands of precious metals market participants, such as wholesalers, refineries, and bullion retailers, to value their own bi-lateral transactions.

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Tuesday, April 11 2017

London gold benchmark fixes $12/oz off spot price

London's gold price benchmark fixed some $12 below the spot price on Tuesday afternoon as the auction appeared to become locked in a downward spiral.

From an initial $1,265.75, close to the spot price at the time, the auction price ratcheted steadily lower before fixing at $1,252.90 in the ninth round. From the fifth round to the eighth the bid and offer volumes remained frozen, unable to match.

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Monday, April 10 2017

Hong Kong to help Myanmar set up a gold exchange

The operator of Hong Kong’s gold exchange is in talks to help the government of Myanmar establish a bourse in the country for trading the precious metal, according to Haywood Cheung Tak-hay, president of the Chinese Gold & Silver Exchange Society.

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Thursday, March 30 2017

CME Gold Margins

CME lowers gold margins by 12.5%

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Tuesday, March 21 2017

ICE delays launch of clearing for London gold benchmark

Intercontinental Exchange has delayed the launch of clearing for London's benchmark gold price because not all participants in the auction will be ready, two sources involved in the process said on Tuesday.

The delay could weaken its bid to become the dominant exchange in London's $5 trillion-a-year bullion market, sources say.

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Thursday, March 16 2017

London gold rush - ICE to launch clearing before banks are ready

Intercontinental Exchange (ICE) is set to launch clearing for London's benchmark gold price auction before participants are ready as it races to prevent rivals muscling in on the city's $5 trillion-a-year bullion market, market and banking sources said.

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Thursday, March 2 2017

CME lowers gold & silver margins

CME lowers gold & silver margins approx 11%

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Saturday, February 18 2017

Banks to Test London Gold-Trading Platform in Transparency Push

Some banks will start testing a new bullion-trading platform next week as part of the London Bullion Market Association’s push to make the city’s over-the-counter market more modern and transparent.

Several banks will be asked to input mock trades into the platform built by Autilla Inc. which will then feed into a new trade data repository developed by Boat Services Ltd., Autilla Chief Executive Officer Mike Greenacre said. Testing may take up to four weeks and the platform may start around late March.

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Thursday, January 12 2017

Metals Margins - CME Group

CME drops gold margins

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Wednesday, December 14 2016

Finance Titans Face Off Over $5 Trillion London Gold Market

Some of the biggest names in finance are fighting for control of the London gold market -- a $5 trillion, three-century-old trading hub that is being forced to adapt to a digital age.

As the London Bullion Market Association revamps over-the-counter trades that are the market’s major pricing benchmark, new ways of buying and selling precious metals are set to start next year from CME Group Inc., Intercontinental Exchange Inc. and the London Metal Exchange. Some big banks have stakes in the outcome, including Goldman Sachs Group Inc., HSBC Holdings Plc and JPMorgan Chase and Co.

“There are four weddings, and we have to dance at all of them, because we don’t know which marriage will last,” said Adrien Biondi, the global head of precious metals at Commerzbank AG in Luxembourg. “Only one will win.”

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Wednesday, December 7 2016

Gold In London & Hong Kong Is Used To Settle COMEX Futures

Physical gold located in Hong Kong and London is used to settle COMEX gold futures contracts through “Exchange For Physical” trading in the over-the-counter market.

This post is a sequel to Understanding GOFO And The Gold Wholesale Market and COMEX Gold Futures Can Be Settled Directly With Eligible Inventory – in which Exchange For Physical (EFP) trading is explained and how it can increase or decrease open interest at the COMEX. If you’re new to this subject it’s advised to first read my previous posts.

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Thursday, November 17 2016

UBS closes precious metal special switches overnight

The UBS confirmed this morning at the request of The special switches were closed at the three locations immediately. It was a business policy decision. For customers, two things change. The current product range will be streamlined, and the "most common bars and coins for sale and purchase" would be ready, UBS writes in an intranet message. The range would also be reduced at all other branches.

As a second change, customers have to sell their bars and coins when selling at the normal counter, and then wait two to three working days until the bank carries out the appropriate credit, subject to a quality check.

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Tuesday, October 18 2016

INTL FCStone Announces Unique Online Physical Gold Trading Platform

INTL FCStone's precious metals division today announced that it is launching PMXecute+, an online trading platform connecting consumers and suppliers of physical gold globally. This unique platform provides seamless real-time access to the global bullion market routing customized bids and offers to the most relevant platform participants, based on inventory availability and preferences, and couples this with fully automated transaction processing.

"PMXecute+ will revolutionize gold trading by delivering entirely new levels of market access, efficiency and convenience to our bullion customers," says Barry Canham , Global Head of Precious Metals. "This unique ‘one to all' model leverages INTL FCStone's leading market position, broad customer base and supplier network and cutting-edge technology to deliver unprecedented global market access - 24 hours a day, seven days a week."

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Saturday, October 15 2016

Tiny Startups Revamp Gold Market After Besting Big Exchanges

The job of reshaping the world’s most-important gold market has fallen to a pair of little-known startups chosen over industry titans including CME Group Inc., the London Metal Exchange and Intercontinental Exchange Inc.

Boat Services Ltd. and Autilla Inc. are tasked with increasing transparency and modernizing the way $5 trillion of bullion is traded annually in the London gold market. That’s no small feat. Until recently, the system for buying and selling was virtually unchanged for more than a century, with private transactions taking place among a loosely regulated group of banks and dealers.

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Friday, August 12 2016

Goldman up against JPMorgan in gold battle

Some of the world’s largest banks are battling over plans to make London’s $5tn-a-year gold market more transparent in the biggest shake-up of global bullion trading for decades.

A consortium that includes Goldman Sachs, arguably the most influential bank in commodity markets, and ICBC, the big Chinese lender, are backing plans to bring the trading of precious metals on to an exchange early next year in a shift that reflects that of oil in the 1970s.

Such a move is intended to bring more transparency to the trading of gold, silver and other precious metals — a centuries-old process conducted privately through banks that has been criticised for being opaque.

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Thursday, August 11 2016

Will LME consolidate or fragment London's bullion market?

Back in 1980 Robert Guy, director of N.M. Rothschild, one of the five bullion houses that dominated the city's gold trading, announced the formation of a joint venture with the LME to trade gold.

"We know that the London Metal Exchange (...) will have a very positive contribution to make" to what would become the London Gold Futures Market, he said. ("Gold - A World Survey", Rae Weston).

Alas, those great expectations came to nothing. The venture was laid to rest five years later due to a lack of liquidity.

Two attempts at silver trading, one in the 1980s and one in the 1990s, fared no better.

So will it be second, or in the case of silver, third time lucky for an exchange which still dominates the global base metals trading space?

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Sunday, April 24 2016

Shanghai Gold Benchmark Price - New Kid on the Block

Exactly 19 months to the day after the International Board of the Shanghai Gold Exchange (SGE) held its first full trading session on 19 September 2014, the Shanghai Gold Exchange launched the Shanghai Gold Benchmark Price auction on 19 April 2016. In China, the number 19 is very auspicious since it consists of lucky number 1, which means origin or beginning, and lucky number 9 meaning everlasting, eternity, or longevity.

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Wednesday, April 20 2016

China Starts Gold Fixing in Bid to Expand Global Market Sway

China, the world’s biggest producer and consumer of gold, started a twice-daily price fixing on Tuesday in an attempt to establish a regional benchmark and bolster its influence in the global market.

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Thursday, April 14 2016

Dubai commodities exchange ties up with Chinese banks

The Dubai Gold & Commodities Exchange (DGCX) said it had agreed to collaborate more closely with two of China's biggest banks in a move that could pave the way for transactions to be cleared in the yuan and attract more interest from Chinese investors.

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