Tag - Gold Exchange
Tuesday, March 21 2017
By GCRU Gold News on Tuesday, March 21 2017, 22:22
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.
Thursday, March 16 2017
By GCRU Gold News on Thursday, March 16 2017, 02:42
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.
Thursday, March 2 2017
By GCRU Gold News on Thursday, March 2 2017, 23:45
CME lowers gold & silver margins approx 11%
Saturday, February 18 2017
By GCRU Gold News on Saturday, February 18 2017, 05:50
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.
Thursday, January 12 2017
By GCRU Gold News on Thursday, January 12 2017, 22:14
Wednesday, December 14 2016
By GCRU Gold News on Wednesday, December 14 2016, 23:19
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.”
Wednesday, December 7 2016
By GCRU Gold News on Wednesday, December 7 2016, 21:15
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.
Thursday, November 17 2016
By GCRU Gold News on Thursday, November 17 2016, 21:50
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.
Tuesday, October 18 2016
By GCRU Gold News on Tuesday, October 18 2016, 01:31
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."
Saturday, October 15 2016
By GCRU Gold News on Saturday, October 15 2016, 00:06
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.
Friday, August 12 2016
By GCRU Gold News on Friday, August 12 2016, 23:14
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.
Thursday, August 11 2016
By GCRU Gold News on Thursday, August 11 2016, 03:32
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?
Sunday, April 24 2016
By GCRU Gold News on Sunday, April 24 2016, 02:53
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.
Wednesday, April 20 2016
By GCRU Gold News on Wednesday, April 20 2016, 00:01
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.
Thursday, April 14 2016
By GCRU Gold News on Thursday, April 14 2016, 04:33
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.
Thursday, March 17 2016
By GCRU Gold News on Thursday, March 17 2016, 00:00
The Shanghai Gold Exchange (SGE) will roll out its Gold Benchmark Price on April 19 this year, according to proposed specifications seen by FastMarkets.
Detailed information on the benchmark is expected at the end of March but below sets out the draft rules, as FastMarkets understands them.
Trading Code: SHAU
Price quotation: yuan (CNY) per gram
Trading method: collective pricing trading
Contract size: 1 kilogram per lot
Tick size: 0.01 yuan per gram
Minimum offer/bid per member: 1 lot
Maximum offer/bid per member: 30,000 lots
Volume difference (imbalance): 400 kilograms – an auction can conclude with a difference of up to 400 kg between the entered buying and selling interest.
Auction start time: 10:15 and 14:30 Beijing time
Auction timetable: the first round – 60 seconds for all members of SGE plus 10 seconds for supplementary offer/bids from core members; from the second round until the last round – 30 seconds for all members of SGE plus 10 seconds for supplementary offer/bids from core members
Delivery method: physical delivery from SGE-approved vaults
Delivery time: T+2
Delivery fineness: all one-kg gold bars recognised by the SGE with a purity of no less than 99.99%
Quality standards: physical products produced by companies that are recognised by the SGE and meet the standards of SGEB1-2002; bars produced by suppliers recognised by the LBMA (London Bullion Market Association) are also accepted.
Delivery fee: none
Friday, February 26 2016
By GCRU Gold News on Friday, February 26 2016, 00:02
China plans to launch its new yuan-denominated gold pricing fix on April 19 this year,
The new benchmark will be run through the state-owned Shanghai Gold Exchange (SGE), the world’s largest physical gold exchange.
Monday, January 18 2016
By GCRU Gold News on Monday, January 18 2016, 07:08
China has launched interbank gold trading at the beginning of this year, in an effort to open up the country's bullion market. The trading mechanism is introduced by Shanghai Gold Exchange and the China Foreign Exchange Trading System.
Friday, September 18 2015
By GCRU Gold News on Friday, September 18 2015, 06:11
One thing the story fails to make clear is that only registered gold is deemed deliverable to fulfill futures contracts. Yes, all the gold in all the warehouses could potentially satisfy demand, IF IT WAS UP FOR SALE. But it is not.
Sunday, June 28 2015
By GCRU Gold News on Sunday, June 28 2015, 02:56
China plans to launch a yuan-denominated gold fix by the end of 2015 via the Shanghai Gold Exchange (SGE), in a move aimed at giving the world's biggest bullion producer and consumer more influence over pricing.