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New Gold Fix Planned By LBMA In Desperate Attempt To Maintain Status Quo
The London Bullion Market Association (LBMA) is quietly planning its new gold fix in a desperate attempt to maintain the status quo.

Queen Elizabeth Surveys Gold Bars in Bank of England Vaults
Reuters reported Friday that according to the LBMA, there are at least 15 companies interested in running the upcoming replacement to the London ‘Gold Fixing’ auction. Like the recently introduced replacement to the ‘Silver Fixing’ which is now being run by the CME Group and Thomson Reuters, the LBMA has appointed itself as the coordinator for a new London Gold Price auction and is currently soliciting Requests for Proposals (RfPs) from interested parties.
When the new silver fixing auction was being debated in the summer, the World Gold Council (WGC) took the initiative and organised a conference of gold market participants including miners and refiners to work out the key features of a new gold price auction. This WGC initiative appears to have been shot down by the LBMA who felt threatened that a gold mining representative organisation was muscling in on the London gold ‘price discovery’ mechanism.
In advance of the LBMA choosing the winning bid, which may well be CME Group/Thomson Reuters again, the LBMA will be holding another seminar for ‘market participants’ that will feature presentations from the short-listed candidates.
As per a similar LBMA Silver Price seminar that was held in June, the upcoming LBMA gold price seminar will no doubt include various concerned regulators attending as ‘observers’ such as the Bank of England and the Financial Conduct Authority (FCA), as well as the International Swaps and Derivatives Association (ISDA).
ISDA will be concerned about how ‘price discovery’ in the new LBMA Gold Price auction will impact the huge outstanding pile of gold price related derivatives that ISDA coordinates. Since gold is a monetary metal and is strategic as the basis of all fiat currencies, the Bank of England will no doubt be sending senior representatives to the seminar to protect the Bank’s interests.
And since trade ‘clearing’ of the phenomenally large volume of loco London unallocated account gold fixing trades is so important for the six bullion bank members of London Precious Metals Clearing Limited, it will be a given that HSBC, JP Morgan, Deutsche Bank, Barclays, ScotiaMocatta and UBS will attend the LBMA seminar in an attempt to preserve the City of London’s unallocated account clearing status quo.
LBMA Gold and Silver Forward Curves Withdrawn From Next Monday (22nd September 2014)
From next Monday, September 22, the London Bullion Market Association (LBMA) will cease to publish and supply end-of-day forward curve data for gold and silver forward trades to the London Metal Exchange (LME) and LCH.Clearnet.
Therefore, today is the last business day that this long dated forward pricing data will be supplied by the LBMA.
Forward trades are over the counter trades where the two participants agree to buy/sell gold or silver now and sell/buy it back at a later date, usually with one leg of the trade being gold or silver and the other leg being US dollars.
Since the LME will no longer have this data, they cannot price forward trades and so cannot provide a clearing service for London gold forwards since they will not have pricing data to ‘mark to market’ any outstanding gold forwards for their clients.
This forward curve data had been supplied by the eight LBMA forward market makers since 2009, and then by seven market makers after Deutsche Bank dropped out earlier this year.
The CME Group also provides a clearing service for gold forwards and it is unclear how the cessation of the pricing data to the LME might affect the CME’s service. The CME Group was recently appointed by the LBMA to be the calculation agent and platform provider for the new LBMA Silver Price.
Shorter term gold forward data, in the form of Gold Forward Offered rates (GOFO) will continue to be supplied by the forward market makers and published by the LBMA. Therefore, the gold/silver forwards decision by the LBMA and its associated Market Makers will not affect (GOFO) data. GOFO data will still, for the time being, be published in London each business day at 11am.
by Ronan Manly , Edited by Mark O’Byrne
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I'm sure all these banksters will come to the "correct" decision...
"Fix" the market is like oxigen to the London "market". Everything is "fixed" so that they can fall apart together all of sudden.
Why The Rigging Of The Gold Market Matters
and you have this because you are an insider? WTF, this board is so full of people that make conjecture and then state is as fact.
Naked Gold Shorts: The Inside Story of Gold Price Manipulation
Great interview with Chris Powell of GATA
http://vimeo.com/106757886
It's just a matter of months before the Chinese decide to close down the CME silver fix & LBMA gold rig. Enjoy the discounts in the meanwhile...
Technicals indicate gold is currently in a 'once in a decade buying opportunity' - video here:- 'Gold's Once In A Decade Buying Opporunity Happening Now!'
first of all, Elliott Wave is pure BullSHIT. 2nd, they state that gold is going to $1000. The problem with you chart people is that you can draw the lines anywhere. Get 5 technicians in the room and you will get 5 answers on what the price "will be". And guess what, it won't end up being any of them...
All fakers pretending to be "technicians" that don't technically know anything.
THIS is a real technical chart for gold looking 10 years out. Not elliot-wave nonsense:
2 images, http://imgur.com/qXy0cxo,QuOILO8
To treat elliot-waves as anything more than random nonsense is beyond incompetent, it's incomprethinkable.
GLD continues to lose inventory as their hoard drops below 775 tons for the first time in more than 5 plus years. It lost 550 tons in 2013 then the decline halted, it now appears to be on the 'lose' again.
This appears to be almost all the gold left in the banking system. When it is gone....?
So, many articles claim gold is undervalued and being manipulated. It is not undervalued, it might be manipulated, but not to the point of being $1000 cheaper than it should be. You people are far from economists, and many of the articles that are posted make huge assumptions without any logic. If we have a market crash due to economic conditions deteriorating, gold won't go up...it'll go down. It'll go down because all of you have less money to buy gold with. Look at the money supply, the turnover of cash, the economy is not growing fast enough to cause inflation. We need wage inflation FIRST, which is caused by a shortage of labor in a GROWING economy. Yes, gold 'could' go up in the event uncle same can't pay his bills...but that's years and years down the road, they can raise tax rates or cut spending to prolong an 'event'. Look at Japan and European countries, they are MUCH closer than we have been to default. The only way I see gold going skyward 'quickly' is if a big bank fails and the fed has to bail'em out again...but with the fed watching 'it's' banks so closely thats not likely. If the world economy starts to really cool, gold also drops, probably fast.
I'm very dissapointed in myself over the years allowing ZH to convince me that 'something big' is coming and buy gold and bury your head in the sand.
ZH you have cost many people a lot of money.
Is that how the folks in Cyprus or Venezuela feel too? Besides land, what asset holds up to inflation or deflation?
I think you should reread the ZH banner.............on a LONG enough timeline...........
gold is MONEY
gold is INSURANCE
gold is a means not to just fill your own little pockets but a means to transfer wealth through GENERATIONS
stop whining you blew your wad at the steerage crap game before the TITANIC left the dock and now you don't have anything to do until the MAIN EVENT comes around
fiat always fails.....eventually. you don't just buy gold for yourself. you're buying it for your childrens childrens children.
no one on (reputable) this site told you to take the mortgage payment and play it on a hard eight. pms are for spare cash or hard core off griders.
Sorry, DueDiligence, history shows over and over you are wrong.
" If we have a market crash due to economic conditions deteriorating, gold won't go up...it'll go down."
The above quote by duedumbass is probably correct. What his ignorance appears to conceal from his crying eyes is the fact that when/if that happens, his FRNs will be worth less than the abrasive toilet paper in the local gas station's bathroom. I bought 130 oz of silver about a month ago at $20.40/oz. The only reason I wish I had waited another month to make that purchase is so I could have bought more for the same amount of pretty pieces of paper.
lol, it's absolutely hilarious to hear someone named "duedilligence" complain that he lost money that he invested because of something he read on the internet!
Man, you should have heard what I heard ... the sheer sound of awe and dumbstruck loss.
"I'm a professional and I do this every day for a living. If I was a holder of secured notes, I would expect to get nothing"
... amazing how expectations can change over time. Very, very little time. Gee, I wonder if those selling financial nonsense would say any of that up front when selling for a commission fee!
Regardless. If you don't hold it you don't own it and if what you hold is paper notes you hold empty promises & nothing more.
@due: Suggest you buy stocks ASAP. Don't be dissapointed in yourself. Buy stocks now. Don't blame ZH for the lack of hair on your nuts and your inability to think for yourself. Buy stocks now. God, how I despise snivelers.
Your case for gold not being undervalued is a little weak The price can fall, but from where to where? From $50,000 to 30,000? The true value of gold is unknown at present, estimates vary when supply is factored in. Gold is a great long term store of value. It is money. What I save gold and siver for is the fall of fiat money, not a market collapse.
I fully agree. Precious metals ( the physical stuff, not ETF shit ) are a store of value. When the whole global banking Ponzi scheme crashes, owners of precious metals will not get rich, they will NOT get poor.
EXACTLY!! Store of value. Gold and silver's exchange value (for real shit) never changes. You own it not to "make money", you own it to protect what economic value you have amassed. "When the whole global banking Ponzi scheme crashes, owners of precious metals will not get rich, they will NOT get poor.", is probably the most efficient explanation I have seen on this site regarding the purpose of possessing PMs. Nice job.
"It is not undervalued"
Because you say it isn't? Hmm... a grown man using ciruclar logic.
"it might be manipulated, but not to the point of being $1000 cheaper than it should be."
Oh, it's just a little bit manipulated. So $950 then? You good with that?
"You people are far from economists"
But you're and you know the tens and hundreds of thousands of people who visit this site each day.
Of course only an economist can price gold, is that what you're actually saying? How do you think the price of gold used to be set? Because if that were still the case today, we have over 10k/oz gold.
"many of the articles that are posted make huge assumptions without any logic."
Deary irony...
"If we have a market crash due to economic conditions deteriorating, gold won't go up...it'll go down. It'll go down because all of you have less money to buy gold with."
If share prices drop, I still retain the same amount of shares.
"Look at the money supply, the turnover of cash"
No, that is the velocity of money.
Thinks only inflation raises gold prices.
"We need wage inflation"
No we don't. I'd explain it to you but you're starting to annoy me. I feel this is a troll post it's so stupid.
Oh he's butthurt because his couple of ounces... no, they still are a couple of ounces.
You go buy some internetz now. Maybe some Tesla. Some 3d printing maybe if that's still a thing. You should really think before you speak. How embarrassing... oh the website did it to you. You're just a little victim. The big, bad Zerohedge and all it's posters took advantage of you, did they? No and you have a very peculiar misunderstanding of economics. You can't even point to something that was posted that turned out to be inaccurate. You just expected too much and too soon. PM's were and are a buy. Especially now.
Were you this 'smart' in 2007? Was the Federal Reserve watching it's banks so closely then too? My goodness, the world is not a playstation game nor an hour long TV drama where everything comes together for those with short attention spans.
Did anyone think airliners would be compromised and used as weapons prior to 9/11? So its impossible for them to learn from the past? Have any airliners been compromised since? Do you really think the Fed has buried its head in the sand and 'hopes' nothing like that happens again?
Over and over again, yes, such plans were discussed & even used in TV plots.
Those airlines were government compromised. There were no non-government actors there. The official story is bunk.
No civilians from any nation compromised airlines before or after 9/11.
It's an inside job.
Airline weapons, just like the ones that dropped WTC-7, oh, wait....
"ZH you have cost many people a lot of money"
In which case, you have learned precisely zero since you started reading this "fringe" blog. Gold is NOT, repeat NOT an investment. The long term aim is NOT to swap your gold back for some devalued fiat at a future date (unless it is for a very short time whilst you swap the resulting fiat for something of value). It is an insurance play. All fiat money comes to an end. None have ever survived. They are mathematically predetermined to fail. To wish that your Gold goes "up" when measured against something which is going "down" is folly. If that's all you want to see then buy some gold with Zimbabwe Dollars and watch the "price" of gold go to the moon. To wish for the price to go up is to wish for the purchasing power of your fiat to fall. Really? Is that what you're hoping for?
No, DueDiligence is absolutely correct. You see, I found out about, shhhhh, wait for it, ;-), wait for it, "The Conspiracy".
It's the perfect machine. It runs on regular household garbage, banana peels, stale beer, stale beer cans, pizza rinds, whatever you care to shove down it's throat and it will create oodles and gobs of power, orrrr, if you flip the switch on the back side, it will poop out pounds of gold. It's called the Mr. Fusion and when the BRICS have bought up all the gold at inflated prices, TPTB will unleash it on the world and the price of gold will go to zero. That's right ladies and germs, gold will be so cheap, people that throw it away will be charged with littering.
The banksters will "RULE THE WORLD", and destroy the pesky BRICS in the process...and we will all live in peace and prosperity until the end of time.
The End
Remember, faithful readers, you heard it here first and ZH is not a looney bin.
@Diplodicus Rex: you sound dumb as a dinosaur. Gold has several attributes, INVESTMENT is one of them
It's also why most people who own gold have debt in USD.... Timing is important.
Why would queeny be interested in a barbaric relic?
that queen pic is old, London good bars have all been sent to Switzerland, melted into kilo bars and off to Shanghai! See ya !!!
so this is where we keep the stolen gold of the world. Make sure they never find it James! Its ours and no one will get it. NOW MOVE ALONG....NOTHING TO SEE.
Tell our serfs these Yellow bricks are naught worth a dim.
Soon the world's paper slaves will be totally controlled by us!
I am creating a ponzi schemed dirivative to bet on the probabilities of the actuality of that being gold.
is it called POOF, BLNK or PUFF?
It's rallying and the FTSE is falling. Buy it. It's Monday Morning boys and girls.
The trouble is that all the LBMA banks also have a hand in the Hong Kong gold market and the Shanghai Gold Exchange. The Chinese need to keep a close eye that the LBMA banks don't try to dominate or hijack the Chinese gold market, especially HSBC which has a large 'foot' in both camps.
Actually, I think she's saying; I rather like that one, James; I think I'll take it home with me. "Very good, Ma'am".
New gold fix, same as the old gold fix. Same applies for the new silver FIX.
So as always, the FIX is in.
Picture from 2012. or that just happens to be her gold gawkin outfit. http://www.usagold.com/publications/queenelizabethreviewsgold.html
you may be on to something there
It's the same outfit alright; the old gal just moves that slow. Been standing there 2 years. There is also that look of satisfaction she may have just filled her Depends.
One thing come to mind for me: if the U.S. president asked to see America's gold, the Federal Reserve could just tell him to piss off.
I was on the Provident site Friday getting ready to pull the trigger on 5-10 oz bars of silver. Kinda glad I waited. Maybe the knife hits the floor this week.
Your knife is bouncing off the floor as we speak.
fuck i hope so, we're ready to be right for a change
Prices steady and rising; and it's Monday, Folks. Not last week. Make way for higher prices this week and next week.
wrong down down down at every close but not that much
The real indication will be once inventory starts disappearing again.