LBMA Silver Price Winners CME Group/Thomson Reuters Want the New Gold Fix

by on

Back in April, the London Bullion Market Association announced that the London Silver Fixing Market, the 117-year-old benchmark, would stop administrating silver prices in August. LBMA received proposals from the London Metals Exchange, CME Group and IntercontinentalExchange Group to provide an electronic solution, eventually choosing CME and Thomson Reuters. The partners went live with the new mechanism, LBMA Silver Price, on August 15. The price-setting mechanism is transaction-based and fully electronic as compared to the previous method of fixing prices over the telephone.

FREE Download: The Monthly MMI® Report – covering the Precious markets.

Member banks and the LBMA announced their intent to start a similar electronic pricing system for Gold starting in October this year, and have asked interested firms to send in proposals to replace the current telephone-based system. CME and Thomson Reuters made their interest known last week, and will likely be competing with similar parties as for the silver bid including LME-Autilla partnership and the ICE Group Forbes reported.

On Friday, September 12, the day’s biggest mover was Indian silver, which saw a 2.9 percent decline to INR 40,727 ($668.16) per kilogram. Chinese silver ended the day at CNY 4,110 ($670.53) per kilogram, after the 1.6 percent drop last Friday. US silver prices saw a 1.4 percent decline to $18.67 per ounce. Japanese silver stayed flat at around JPY 648.00 ($6.05) per 10 grams.

* Get the complete prices every day on the MetalMiner IndX℠

The price of Indian gold bullion fell 1.1 percent to INR 27,136 ($445.19) per 10 grams. The price of Chinese gold bullion declined 1.1 percent to CNY 244.30 ($39.86) per gram. US gold bullion ended the day at $1,240 per ounce, after the 0.7 percent drop last Friday. Japanese gold bullion closed 0.2 percent lower at JPY 4,284 ($39.99) per gram.

At CNY 287.00 ($46.82) per gram, Chinese platinum bar fell 1.0 percent last Friday. US platinum bar finished the day down 0.8 percent to $1,367 per ounce. The price of Japanese platinum bar held steady at JPY 4,753 ($44.37) per gram.

The price of US palladium bar declined 2.6 percent to $828.00 per ounce. Chinese palladium bar finished the day down 1.6 percent to CNY 183.00 ($29.86) per gram. For the fifth day in a row, the price of Japanese palladium bar remained essentially flat at JPY 3,023 ($28.22) per gram.

{Comments Off on LBMA Silver Price Winners CME Group/Thomson Reuters Want the New Gold Fix Comments Off on LBMA Silver Price Winners CME Group/Thomson Reuters Want the New Gold Fix}