End of an Era as Today’s is the Last London Silver Fix

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The silver-pricing method begun during the reign of Queen Victoria ends today in London as the $5 trillion market shifts to a more transparent process and regulators expand scrutiny of how commodity benchmarks are set.

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An electronic, auction-based mechanism from CME Group and Thomson-Reuters will replace a ritualized negotiation among a few traders that’s been in place for 117 years. Silver becomes the first of the precious-metals markets to ditch a daily “fixing” procedure where dealers agree to a price over the telephone. Revamps also are planned this year for fixings in gold, platinum and palladium.

Japanese silver ended the day at JPY 651.00 ($6.36) per 10 grams, after the 0.6 percent drop on Wednesday. The price of US silver declined 0.5 percent to $19.91 per ounce, after two days of improvement. Indian silver gained 0.2 percent to finish at INR 44,576 ($728.01) per kilogram. The price of Chinese silver ended a two-day climb, settling at CNY 4,280 ($694.94) per kilogram.

Chinese palladium bar saw the biggest upwards shift for the day, rising 1.0 percent to close at CNY 193.00 ($31.34) per gram on Wednesday, August 13. Japanese palladium bar prices rose 1.0 percent to JPY 2,898 ($28.33) per gram. After a 0.2 percent increase, US palladium bar finished the day at $875.00 per ounce.

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The price of Chinese platinum bar held steady at CNY 308.00 ($50.01) per gram. The price of US platinum bar steadied at $1,464 per ounce following two-days of dropping prices. The price of Japanese platinum bar showed little movement on Wednesday at JPY 4,845 ($47.37) per gram.

Indian gold bullion saw its price rise 0.4 percent to INR 28,687 ($468.51) per 10 grams. Japanese gold bullion finished the day up 0.2 percent to JPY 4,305 ($42.09) per gram. At CNY 259.55 ($42.14), the price of Chinese gold bullion finished the market day up 0.2 percent per gram. The price of US gold bullion remained steady at $1,309 per ounce.

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