Tag - Gold Exchange

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Wednesday, January 8 2020

Performance Bond Requirements: Metals Margins

CME raises gold margins by 11% & silver margins by 6%

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Tuesday, January 7 2020

LBMA Precious Metals Conference: What to Expect for the 2020s

Last October, I participated in the London Bullion Market Association’s (LBMA) annual Precious Metals Conference, which was hosted this year in Shenzhen, China. Participants ranged from investment bank precious metals traders to logistics firm representatives, equipment manufacturers, refineries, and miners to even some central bankers who came from all over the world.

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Saturday, January 4 2020

LBMA claims record amount of gold in London’s vaults

But with only 1173 tonnes of real physical gold held in the LBMA commercial vaults that is unconnected to ETFs out of a total of 3076 tonnes, this means that only 38% of the gold in the LBMA commercial vaults is available to support the London gold market. However, in reality, out of the ‘record’ 8228 tonnes of gold which the LBMA claims is held in London, only 14% of this total (1173 tonnes) is available to ‘underpin’ the giant gold trading and clearing casino that is the London gold market on any normal trading day.

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Monday, November 18 2019

Did the Comex Just Create More 'Paper Gold' For Price Suppression?

Ultimately, the use of “London gold” and Comex warehouse warrants expands the fractional-reserve gold banking system and further weaponizes “paper gold” in support of the longstanding bullion bank and central bank campaign to suppress the gold price.

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Friday, October 25 2019

Wag the Dog – The new COMEX and SGE Gold Contracts

Last week, in a move which went largely unnoticed, the US and Chinese gold markets moved one step closer to lockstep, when the CME group, home of the COMEX gold derivatives market and the Shanghai Gold Exchange (SGE), the world’s largest physical gold exchange, simultaneously and jointly launched a series of gold futures products in what they pitched as cross-market cooperation.

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Thursday, October 17 2019

Moscow Exchange Launches Gold Futures in Derivatives Market

The Moscow Exchange will begin trading of deliverable gold futures on its Derivatives Market.

The new contract will link Moscow Exchange’s Precious Metals and Derivatives markets as gold will be delivered via the Precious Metals Market spot section.

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UAE to establish federal platform for gold trading

The UAE will establish a federal platform for gold trading and the tracking of gold sources, the government has announced.

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Wednesday, October 9 2019

LBMA needs reform to serve the physical precious metals market

The LBMA is an association so dominated by bullion banks that it might be more correctly called the London Bullion Bank Market Association. These banks position themselves as intermediaries in the flow of everything in the precious metal markets from trading to clearing, and from securitizing to lending and borrowing, all within a fractional reserve system which creates derivative paper gold and paper silver out of thin air using a leveraged system of unallocated precious metal accounts unconnected to the physical delivery of real gold or real silver.

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Monday, September 16 2019

Rothschild emerges from the shadows for the Centenary of the London Gold Fixing

As the great and the good of the London Gold Market raise a toast to the centenary of the Gold Fixing this September, while lauding the ‘new’ LBMA Gold Price, it would be well to keep in mind the old phrase ‘you can put lipstick on a pig, but its still a pig’.

The LBMA recently

that “it took 89 years for the gold price to break through the $1,000 barrier, reaching a new all-time high of $1,023.50 on 17 March 2008“, to which we have the question what would the gold price be now in the absence of the London Gold Fixings and the LBMA Gold Price?

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Wednesday, September 4 2019

LME's gold, silver contracts in doubt as Societe Generale pulls out

SocGen, one of five lenders that partnered with the LME to launch the contracts in 2017, is expected to resign shortly as a market maker, taking the number of banks committed to offering tradeable prices to two — Goldman Sachs and Morgan Stanley, the sources said.

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Wednesday, August 14 2019

Performance Bond Requirements: Metals Margins - CME Group

CME raises Gold Margins from $4k to $4.5k or 12.5%

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Saturday, May 18 2019

Pay-to-Play: LBMA shows contempt for the wider Gold and Silver markets

Exactly six months ago, the London Bullion Market Association (LBMA) began weekly publication of rolled up trade volume data for the London and Zurich gold and silver markets in an exercise that was spun by the LBMA as increasing transparency in the global over-the-counter precious metals markets.

Despite all of the above, despite now charging US$ 18,000 per year to access what is still only snapshot high level rolled up data that is not trade reporting, the LBMA still has the courage to claim on its website that its “Committed to Transparency”. To which it should add “As long as you ‘Pay-to-Play'”.

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Thursday, May 2 2019

April was second month this year where delivery notices exceeded registered gold at COMEX

April was second month this year where delivery notices exceeded registered gold at COMEX

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Wednesday, May 1 2019

Societe Generale resigns as London gold and silver market maker

The London Bullion Market Association (LBMA) said Societe Generale had resigned as a market maker for gold and silver, as France’s third-largest bank pushes ahead with a downsizing of its commodities business.

Market makers commit to provide liquidity to the market. SocGen’s exit leaves 12 LBMA market-making banks including JPMorgan, HSBC and BNP Paribas.

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Thursday, February 14 2019

ICE To Implement "Flash Boys" HFT Speed Bump To Stop Gold, Silver Manipulation

According to the CFTC, the Atlanta-based exchange plans to introduce a 3-millisecond trading delay, one which it calls Passive Order Protection. What is even more interesting is where said delay will be implemented: according to the regulatory filing, the speed bump will be first used on exchange's gold and silver futures contracts "where the ICE currently does very little business", effectively confirming that the gold and silver futures market is where market manipulation by algos has been most rife (something which we already knew thanks to such chronic market manipulators as Deutsche Bank and UBS).

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Thursday, December 6 2018

Arctic Trails, Winter Gales, And Gold's Secret Tales

The recent and shocking reduction in gold trade statistics under the new LBMA transparency rules (LBMA-i) suggests that over 80% of the previous daily trade reporting is no longer counted, or that the old metrics were drastically overstated. It’s one or the other. A decline in reported daily gold trade from over $200B+/d to a paltry $39.6B/d is not a rounding error.

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Wednesday, November 21 2018

LBMA trading volume data confirms the paper gold casino in London

The LBMA trade repository or reporting hub, named

, into which LBMA member firms report their trade data, has a huge amount of trade data that the LBMA could report to the market if it so chose and wished to do so in the interests of market fairness and efficiency. There could be real trade reporting which as a reminder under MIFID takes the form of reporting “basic details of trades almost immediately, so that the information can be circulated in the market, to improve transparency of pricing”.

There could be reporting by client type, such as miners, refiners, central banks, buyside institutions, banks etc, and reporting by trade rationale, e.g. ETF trades interbank trades, exchange for physicals, speculative trading, central bank gold deposits, physical consignment trades etc. In fact the options are practically endless for proper trade reporting when all of the data is in a database, as it is in the LBMA-i reporting hub.

But the LBMA has chosen not to provide any trade reporting at all, and the UK financial authorities have chosen to look the other way. The London gold and silver markets will therefore continue to operate in opacity and with a lack of market efficiency that proper trade reporting would have gone someway to improve.

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Wednesday, October 31 2018

LBMA's new trade volume data will do nothing for the transparency of the London Gold Market

The fact that the LBMA will not publish any of this data speaks volumes about its true intention which is to continually stifle the availability of any real data about the London gold and silver markets.

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Tuesday, October 30 2018

LBMA to reveal size of London's gold market on Nov. 20

The London Bullion Market Association (LBMA) will begin publishing data on November 20 that will provide the most accurate picture yet of the size of London’s gold trade, its chief executive said on Monday.

The new LBMA figures will show the total trading activity of LBMA members which make up the bulk of the London market and are expected to be much larger than the clearing statistics.

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Thursday, October 11 2018

Performance Bond Requirements:Metals Margins - CME Group

CME raises Bond Margins by 9.7%

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