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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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NO. "inventory" in coin and trinket shops is worse than meaningless.
Wall street and the city of london will be setting the price of lizard poo in the next 20 years.
IEX should put in a proposal. Why does the world need a gold "fix" why not just an open market that anyone can buy or sell gold on?
How could people manipulate and fix THAT?
Why does a forward rate need to be set?
if spot is $1,000 per ounce and 6 month Libor is 2%, then the 6 month forward price of gold is $1,010.
Somethings being "fixed" alright.
What? What is this nonsense?
Everyone knows 2+2 = banana
and 2 airplanes + 3 towers = 4 alleged crash sites with no large parts to find at two, and 3 buildings collapsed from the other 2.
Makes perfect sense.
that is if 1 plus 1 equals 2 it dosnt it equals -50 today 3 tommorrow and 600 tomorrow. and know we get common core what a fucking joke but hey we know what the math equals screw me twice today fuck you tomorrow
Look at the news right now. Shanghai Gold Exchange Int'l opens 11 days earlier than announced. China just said at the China Gold Congress a week ago it wants control of the physical gold price. LBMA is suddenly at odds with World Gold Council, which has always been a gold-manipulators mouthpiece. Both gold and silver are being smashed to hell tonight. Something is going on, people. Something is very wrong. Something very, very scary is underway. The question is: who's it scary for?
wont be scary for this guy.They can mess with the price all they want I got my precious and they cant have it...... Whatever is comming its gonna be bad you can just feel it in the air and more people know than you think. Business is dead and people are stretched beyond and I mean way beyond thier means. When you have to spend a grand for the best i phone out there and people are financing them just to get the next big thing and figure out well that didnt make me feel better. hold on and enjoy the ride down yall. Hopefully everyone is prepared on the zh. Agin unless you sell you havnt lost anything and if you had to sell then you should not have bought it.
Just read the LME CLEAR rules set for 22nd, yep all 278 pages. They are making it much harder for paper players and they will be less active, so price will be up to photography and silverware (every one is stainless) on silver (opps even pros are digital now) This leaves stackers a small portion of the market and a smaller market magnifies shorts. They spend a lot of the document on default settlement. Mostly here's your cash go away or outright we can cancel the deal. They will make every effort to complete deals. Futures prices will be hard to find now they are going dark (for a time )
"They spend a lot of the document on default settlement. Mostly here's your cash go away or outright we can cancel the deal."
So does that mean that they are preparing for admission that they don't have enough gold to back the purchases?
They never did have enuf gold. They don't need enuf gold. They know the brain dead hedgies will take cash--that they really don't want gold. What it means is that the brain-dead hedgies who trade by electronic algorithms don't know that computers can't read the legal fine print, and so this is just the manipulators way of saying we are going to continue to steal your money because you paper gold buyers are morons. This system became the price-setting mechanism because governments (all of them) allow these crooks to sell naked shorts, something you and I would go to jail for if we tried that.
They say write a contract for delivery and you prove to them you can. Prove you have margin collateral or dont write the contract.
Less contracts will be written, the ones that are are backed to the CME CLEAR satisfaction.
End result less participation. Lower prices
Once prices are lower the paper buyers can make higher % gain on smaller price increases and as they dont need delivery the cash settlement is just fine.
spot price will be all that matters soon - and none of the big players will dare make a large visible market for spot.
When Elizabeth Wrecks took the throne, Great Britain was the largest empire on Earth. Now it is having troubling hanging on to one measly island in its entirety.
Worst. Monarch. Ever. Anywhere.
And relief for the formerly Great Brits is not in sight with the "human tampon" waiting in the wings.
Wrong, India was gone when Brenda was crowned.
I'm no fan of the Hohenzo...er, Windsors, but Britains empire was largely broken up/morphed into the Commonwealth because 1) Britain was skint after WW2 and struggled wit the cost of keeping it all together 2) had to relinquish India in face of the costs jusr mentioned, social strife and certain commitments made during WW2 and 3) because the US stiffed Britiain something chronic (intentionally) at Bretton Woods and during Suez.
The royal family was done for when they let Burger King into the country
The 39,000 Pakistani "moderates" didn't help much, either. If they had a blind idiot for a government it couldn't be any worse.
I hope these cunts all get cancer.
Their bodies are cancer. It's the introduction of what we think as 'healthy cells' that would undermine their bodies.
Human was born and raised
To dig gold for the gods.
And that is exactly what we're doing.
As Above, So Below
I have only heard "tiny bits" about the Swiss referendum coming up in November (18) to back the SF by a percentage of gold. Anybody got any info on that and it's implications to the 1.20 peg?
The Swiss will use gold standard, bam the currency goes vertical exports die, govt pegs to Euro at 120 they have printed hard to keep it there, and they dont even have the gold. That printing is from the Greek bond failures.
If they load up the vaults with gold they will have to buy that weight in printing presses.
If Swiss was gold based would you not buy that currency? Its what you wanted. Its a small country it cant handle that demand.
All we can do is pray. Hopefully there won't be as huge a budget available for "mob fear propaganda" as there was, you know where.
I wonder what her cut is?
you headr the term royalty?
Queen. Go in there and look at those bars and DO NOT laugh. Also do not touch and do not ask any questions.
God Help them if her coat brushes them,,it took 3 days to paint that sht and they aren't dry yet.
thank you...that was awesome!
The queen looks in shock. She is looking hard at a tiny area and thinking " Thats it, thats all thats left."
From the look on her face its less then she was expecting to see.
Since Gordon Brown flogged off a large part of it, you can see her head above it!
Yeah, and she's only four feet tall... ;-D
lol oh how they hate gold - does that not tell you its value
Thanks, that's tremendously helpful. What does it mean for the price of metals in the next few weeks?
Plunge Protection Team Part Deaux?
BTFD in whatever devaluating toilet paper you wish to use.
The queen and her gold.
Must have the precious ...
https://www.youtube.com/watch?v=Gk4Ntcq5uNg
By the way, Liz, you didn't by chance stumble across any of Germany's gold bars did you?
Seems they are having trouble finding them and they were asking about, you know.
Just look at her eyes, they look reptilian!
I wonder if she lays eggs. If so, I ponder if the depth she buries them is indicative of the sex of what is hatched...
Now ZH'rs, unzip your pants and imagine her cloaca!