ICE Benchmark Administration will run the replacement for the 95-year-old London gold fixing, as benchmarks for other precious metals were overhauled this year.
The changes in silver are similar to those coming to the gold market. About 5.5 billion ounces of the metal valued at $7.8 trillion were cleared through London last year.
Palladium climbed to a 13-year high in the longest run of gains in more than a month in New York on concern supply will lag demand and add to shortages. Gold fell.
The first London silver price to replace the 117-year-old fixing ritual conducted by a few traders was set today in an attempt to make the process more transparent.
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.
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.
The gold fixing company said July 16 that the LBMA will help with a request-for-proposals exercise and that it’s seeking an independent chairman for the price-setting ritual that takes place twice a day by phone.
Gold reached the highest price in three days in New York, after the first back-to-back weekly declines since May, as investors weighed unrest in Ukraine and the Middle East against signs of a stronger U.S. economy.
Gold reached the highest price in three days in New York, after the first back-to-back weekly declines since May, as investors weighed unrest in Ukraine and the Middle East against signs of a stronger U.S. economy.
