Tag - Gold Exchange

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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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Tuesday, August 7 2018

LBMA at the Movies: Golden Turkeys

In March of this year, the London Bullion Market Association (LBMA) released a series of short videos about various aspects of the London precious metals markets and the role the LBMA claims to plays in those markets.

It is the ‘Who we Are’ and ‘How the Market Works’ videos which are worth discussing in the context that neither answers the questions that their titles suggest.

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Thursday, March 8 2018

LBMA Alchemy and the London Gold and Silver Markets: 2 Steps Back

Nothing more can be said about this trade reporting fiasco other than it must be obvious to everyone that the LBMA and its bullion bank members do not want the transparency that gold and silver trade reporting would provide. Otherwise they would not have spent 4 years on a project which any individual investment bank could start and complete within less than 3 months.

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Five banks open up trillion dollar gold club

The five banks that settle every transaction in London’s $6.8 trillion a year gold market are changing the rules of their clearing house to make it easier for newcomers to join.

The reform is part of a broad overhaul of institutions that underpin the world’s largest bullion trading center to make them more transparent after accusations of price manipulation by banks and traders and pressure from regulators.

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Monday, January 8 2018

Performance Bond Requirements: Metal Outrights - CME Group

CME lowers gold margins by 21.3% to $3500 & silver margins by 23.1% to $4000

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Friday, December 22 2017

Moscow Exchange to launch deliverable gold futures in 2018

The Moscow Exchange will launch deliverable futures for gold in 2018 in a move to further prop up bullion market liquidity, bourse chief executive Alexander Afanasiev said on Thursday.

These deliverable futures will be denominated in roubles and the weight will be measured in grams, said Igor Marich, who oversees the bourse’s money and derivatives market.

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Thursday, December 7 2017

Performance Bond Requirements: Energy and Metals Margins - CME Group

Comex drops gold margins by 9.2% & silver margins by 11.9%

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Friday, November 3 2017

LME gold and silver Reference Prices: Will anyone notice?

On 29 August, the London Metal Exchange (LME) began publication of a set of daily reference prices for gold and silver. These reference prices aim to capture and reflect paper gold and silver market prices as at 10:30 am, 12:00 midday, and 3:00 pm London time.

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Monday, October 16 2017

London's Gold Crown Is Slipping

New rules from regulators, on top of uncertainties over the U.K.’s future relationship with the European Union, are denting the city’s position as the biggest center for gold trading in the world. The changes threaten to push up costs, a key competitive advantage of London’s over-the-counter market.

Even before the regulations come in, the average net daily volume of gold settled by London Precious Metals Clearing Ltd. fell 12 percent in two months to 18.5 million ounces in August. In New York, the British capital’s biggest rival, trading in gold contracts jumped more than 25 percent in the third quarter from the previous three months, with activity during European hours surging 32 percent.

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Saturday, October 14 2017

Where Gold Trade Goes If London Loses Its Grip

More important, the float the giant stockpile of gold that underlies trading is heavily concentrated in the city. More than 7,000 tons of gold and 32,000 tons of silver, collectively worth almost $320 billion, are stored in hidden vaults managed by the Bank of England, JPMorgan Chase & Co., HSBC Holdings Plc, ICBC Standard Bank Plc and others, the LBMA said. And as long as the gold’s here, and the industry is willing to adapt to change, London will probably remain a force in the gold market.

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Wednesday, October 11 2017

LME to expand trading around gold and silver reference prices

Adding further clearing members is a top priority for the exchange as it looks to expand volumes on LME precious, the suite of gold and silver spot and futures it launched in July, Chamberlain said.

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Thursday, September 7 2017

Performance Bond Requirements: Gold Margins - CME Group

CME raises Gold Margins by 6%

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Monday, August 28 2017

Third time lucky for Hong Kong bourse as gold futures trading gets off to a glittering start

The two new gold futures has over 29,074 contracts in their first seven weeks of trading, which has helped stock brokers to diversify their income source.

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Thursday, August 10 2017

Performance Bond Requirements: Gold/Silver

CME raises gold & silver margins by approx 8%

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Wednesday, August 2 2017

LBMA Gold Vault Data - How low is the London Gold Float?

The most important number in all of this is how much gold do the LBMA bullion banks in London own and control. It cannot be more than about 1500 tonnes on the high side and less than 1000 tonnes on the low side. But still the London gold market trades over 6000 tonnes of gold equivalent each day, which is over 143,000 tonnes per month or 1.6 million tonnes per year. This is only possible because the London gold market is a giant fractional-reserve system of paper gold trades with very tiny physical gold underpinnings.

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