Third party sought to take over London gold fix


Signaling a likely move to an electronic platform, London Gold Market Fixing, Ltd - working on behalf of the gold-fixing banks HSBC, SocGen, and Scotiabank - launches a request for proposal process with a view to appointing a new administrator for the benchmark.

"It is sensible to say that based on the feedback received for the silver alternative, the reformed gold system will also be electronic, auditable and transaction-based," says a London Bullion Market Association spokesman.

Previously: CME and Thomson Reuters to operate silver fix

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Comments (5)
  • David at Imperial Beach
    , contributor
    Comments (4382) | Send Message
     
    CME and Thomson Reuters: There's a match made in hell. As if HSBC, SocGen, and Scotiabank weren't corrupt enough!

     

    CME brings you the Comex, where they don't even pretend to deal in real commodities any more.

     

    Thomson Reuters owned by the Rothschilds, just happens to supply the gold statistics to the WGC. And those numbers just happen to greatly understate the Chinese market as compared to the Shanghai gold exchange, which is necessarily the authoritative source of gold supply and demand data for China since all new gold must by law be traded on that exchange.
    16 Jul 2014, 01:38 PM Reply Like
  • kingofsilver
    , contributor
    Comments (79) | Send Message
     
    No matter what they do Gold is likely to go down from here.
    17 Jul 2014, 03:17 AM Reply Like
  • Brian58
    , contributor
    Comments (277) | Send Message
     
    They need to keep the game going.
    16 Jul 2014, 02:39 PM Reply Like
  • rubber duck
    , contributor
    Comments (194) | Send Message
     
    Here's a wild idea. How about we let a physical exchange like Shanghai or Singapore set the price on what it takes for gold to physically move from one vault to the next.
    16 Jul 2014, 03:33 PM Reply Like
  • whiff
    , contributor
    Comments (936) | Send Message
     
    I would suggest Bernie Madoff, but I don't think he is out yet ...
    17 Jul 2014, 06:52 AM Reply Like
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