Tag - Gold Exchange

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Wednesday, May 31 2017

Gold Margins - Effective June 1

CME lowers gold margins

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Hong Kong needs around-the-clock gold trading

For the Hong Kong Exchanges and Clearing (HKEX) to be successful in its plans for gold trading, longer trading hours are needed as mainland and international customers are likely to need 24-hour servicing, according to leading traders in the yellow metal.

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Thursday, May 25 2017

London's gold benchmark hit by volatility after banks exit

London's gold benchmark experienced large, unpredictable fluctuations after some banks left the auction that sets the price relied upon by the $5 trillion-a-year bullion market, according to a Reuters analysis of trading data.

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Tuesday, May 16 2017

India's Working With World Gold Council to Create a Spot Exchange

The World Gold Council is working with the Indian government on plans to create a local physical spot-gold exchange that may start up as soon as next year.

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Tuesday, May 9 2017

LBMA to publish Precious Metal holdings in London vaults

The LBMA and the LPMCL are delighted to announce that from summer 2017 the LBMA will be publishing the gold and silver physical precious metals holdings of the London vaults, with the platinum and palladium holdings to be published at a later date.

The data only includes physical metal held within the London environs and does not include precious metals physical holdings readily available at short notice in other secure overseas vaulting facilities.

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LME introduces gold and silver trading on July 10

London Metal Exchange, a subsidiary of Hong Kong Exchanges and Clearing, will launch gold and silver spot and futures trading in London on July 10 in a bid to capture the increasing demand for trading of precious metals in London, the exchange said on Monday.

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Monday, May 8 2017

Hong Kong exchange operator hopes for third time lucky when it comes to gold futures

Hong Kong Exchanges and Clearing will undertake in the third quarter its third attempt to launch a gold futures contract after two previous failures, but traders have mixed views on its chances for success.

HKEX, which operates the local stock and futures markets, on Monday will kick off promotional efforts for a range of workshops and seminar for brokers, investors and media as part of its plan to launch two new gold futures contracts – one in US dollars and one in yuan - with physical delivery.

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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 Tagesanzeiger.ch/Newsnet. 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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