Silver fix goes electronic


Bank of Nova Scotia and HSBC - formerly part of the old telephone-based system - joined today with newcomer Mitsui & Co. Precious Metals for the first-ever electronic fixing of the daily silver benchmark (it occurred at noon London time).

Previous to today, the silver fix for decades has been set daily on a private conference call. That system has been replaced by the London Silver Price - run by CME Group and Thomson Reuters in partnership with LBMA. More participants are expected to join in coming week, says the LBMA.

ETFs: SLV, AGQ, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV

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Comments (15)
  • Han Jun Low
    , contributor
    Comments (135) | Send Message
     
    Strange. gold and silver just took a massive hit at around 1pm london time.
    15 Aug 2014, 10:58 AM Reply Like
  • Interesting Times
    , contributor
    Comments (14914) | Send Message
     
    HAN

     

    What is so strange about that ? Been going on for years !!
    16 Aug 2014, 11:33 AM Reply Like
  • David INC.
    , contributor
    Comments (235) | Send Message
     
    I hear that!!! tryin' to fink us out there.
    15 Aug 2014, 11:13 AM Reply Like
  • WRC_168
    , contributor
    Comments (135) | Send Message
     
    Seems like a new Electronic Warfare has just begun. Appears that the Bears have just drawn the 1st blood. Lets see how the Bulls will respond, in particular whether they will take delivery of the Physical this time, as LBMA is a Spot market after all, or so they claim?
    15 Aug 2014, 11:00 PM Reply Like
  • Interesting Times
    , contributor
    Comments (14914) | Send Message
     
    This is just becoming an obvious but serious joke !! Continue stacking ..
    16 Aug 2014, 11:32 AM Reply Like
  • CoinsK
    , contributor
    Comments (3683) | Send Message
     
    IT, A good week to stack probably !
    16 Aug 2014, 01:12 PM Reply Like
  • Interesting Times
    , contributor
    Comments (14914) | Send Message
     
    COINS

     

    My breakeven is around this number. So I might just sit it out. HOWEVER if I was a new stacker and had this chance ??? Like I said I allocated a % of my portfolio and I will stick to it.

     

    I think since we have been talking on my blog this has been the lowest. I expected it with a new group. They had to short it overnight !!

     

    My local guy was wiped out on Friday !! fwiw ...
    16 Aug 2014, 02:10 PM Reply Like
  • Kastanes
    , contributor
    Comments (1287) | Send Message
     
    In the short term prices are a popularity contest, in the long term it is based on costs to mine and process it.
    16 Aug 2014, 11:57 AM Reply Like
  • Interesting Times
    , contributor
    Comments (14914) | Send Message
     
    JOHN

     

    Not really, fiat money does die and silver/gold have lasted 4k years .. Not going to say we will see any major issues in my lifetime, but I can't say it will never happen either.
    16 Aug 2014, 12:59 PM Reply Like
  • Kastanes
    , contributor
    Comments (1287) | Send Message
     
    I believe we are on the same page. One thing is certain, the hands on the $ printing presses continues incessantly causing the dollar to become worth less with time. The cost to mine and process silver increases regularly.

     

    Based upon these two facts, I prefer real money.
    16 Aug 2014, 09:33 PM Reply Like
  • Interesting Times
    , contributor
    Comments (14914) | Send Message
     
    JOHN

     

    Bingo. Yes we are !!

     

    I saw a funny comment the other day. A poster said you cannot buy anything in a store with a silver coin. The response was can you buy a burger with your McDonalds stock certificate ??
    17 Aug 2014, 12:17 AM Reply Like
  • bberuch
    , contributor
    Comments (314) | Send Message
     
    I have not added to gold or silver related investments in two years waiting for the prognosticators of rising gold and silver to finally be correct in their recurrent predictions.
    I will be patient and be glad to tell them they were correct when it actually happens.
    I could have to wait another 5 years for them to finally be right.
    16 Aug 2014, 09:57 PM Reply Like
  • kingofsilver
    , contributor
    Comments (79) | Send Message
     
    Stay away or a high price you will pay.
    17 Aug 2014, 07:56 AM Reply Like
  • Fanebrb
    , contributor
    Comments (660) | Send Message
     
    Buy all the silver that God allows you. You will need it here on earth.
    17 Aug 2014, 12:01 PM Reply Like
  • Caireparavel
    , contributor
    Comments (289) | Send Message
     
    Silver; you need is the cash to buy the physical stuff and Patience.

     

    Silver will be $40 an ounce one day , but only the manipulaters know how long it will take to get there.
    18 Aug 2014, 09:34 AM Reply Like
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