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London and World Gold Council look to regulate OTC Gold market
London and World Gold Council look to regulate OTC Gold market
Change is brewing in London as the the LBMA – the association that oversees the world’s largest gold market – is looking at how best to modernise and improve over-the-counter gold trading.
LBMA Annual Conference
As members of the world’s gold industry meet this week at the LBMA’s annual conference in Vienna, their proposals are being sought on how to bring the gold trading in London up to date.
According to Eddie Van Der Valt reporting today for Bloomberg, London’s bullion market is more than three centuries old and has cleared about $21 billion of gold on average each day through the city this year.
Key considerations for reform include “boosting transparency and… considering a new electronic platform that may lower trading costs and improve efficiency”.
Read more on the GoldCore.com blog
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DAILY PRICES
Today’s Gold Prices: USD 1171.65 , EUR 1032.93 and GBP 757.86 per ounce.
Friday’s Gold Prices: USD 1176.35, EUR 1035.34 and GBP 761.39 per ounce.
(LBMA AM)
IMPORTANT NEWS
Rare 1794 silver dollar sells for nearly $5 million – Tuscon.com
Asian shares near two-month high ahead of China data – Reuters
Deutsche Bank Restructures Business Units, Senior Management – Bloomberg
Goldman Says China Has Tamed the Yuan Bears – Bloomberg
Asia stocks near two-month highs on encouraging China data – Bloomberg
IMPORTANT ANALYSIS
London Gold Market Under Scrutiny as Bullion World Gathers – Bloomberg
China’s Selling Tons of U.S. Debt. Americans Couldn’t Care Less – Bloomberg
Gold flow from West to East to end in short squeeze – Tocqueville
Sovereign wealth funds are flogging assets – and that means big trouble – MoneyWeek
Big Banks, Serious Trouble – DollarCollapse.com
Read more News & Commentary on GoldCore.com
Download Essential Guide To Storing Gold In Singapore
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REGULATE???
ROFL the definition of that is MANIPULATE.
LBMA and the "World Gold Council" are dead, burry them and be done with it.
Someone explain this one...
Tough liquidity rules could push more banks out of gold - LBMAhttp://www.reuters.com/article/2015/10/19/lbma-gold-regulations-idUSL8N1...
Eliminate all of the paper crooks and HFT swindlers attending the conference and you will have market transparency.
Problem solved. Now, where is my retainer payable in twenty dollar gold coins ?
The title of the post is ludicrous - how fucking deranged does the author think the readers are?
FIFY
What could possibly go wrong with the WGC getting its hands on this? Sheesh. They've done sooooooo much (NOT!) for the industry. Mining companies really do need to stop sending the WGC money. Worthless organziation.........
Original work by the NukePro
http://nukeprofessional.blogspot.com/2015/10/germanys-electric-rate-has-...
The pro-nuclear crowd, pulling out all the stops to save their dying industry, states that Germany is doing horribly under their "mistake" to invest in solar and shut down nuclear. What is reality.
Reality is that Germany's cost for electricity has dropped in half since Fukushima.
This first chart doesn't tell the whole story. Each Euro buys 1.15 USD. So if you take the average call it 39 Euro per MWH, and multiply by 1.15, you get 44.85 USD per MWH, or converting to kWH 4.48 cents per kWH.
BUT! and don't lose the importance of this, Look at the chart below, Since Fukushima the Euro has lost about 30% of its "value". IN 2011 the wholesale rate was 65 Eur/MWH and Eur/USD was 1.45, calculating to a cost of 9.42 cents per kWH.
Simply put....since Germany has decided to phase out nuclear power, their electric rate has dropped by half.
Now they want to regulate the manipulation.
My thought, exactly...
Make it simple. One trade per day submitted by paper, hand written and notarized,.
I think London is seriously feeling the heat from SGE... China is not only changing how gold sizes are produced (gram vs. troy ounces), but they are also days/weeks/few months from declaring their own physical price discovery.
Dovie'andi se tovya sagain (It's time to toss the dice)
The Daily Economist
Ha!! The FIX IS IN!!!! This is exactly what I've been expecting. You gold bugs will now have your gold taken. When it's all been consolidated in the hands of the big banks, the price will soar and you'll be allowed to buy it again.
The moral of this story: you can't ever beat the bankers at their game.
This is all about ensuring that no actual gold changes hands....EVER!
How about if you buy 100 ounces of gold you must actually get real gold and take delivery of it anything other than that is a crime. Anything other than that can not register as a gold trade or be involved in setting the price of gold. (ie. no fake gold trading)
Not clear wheher this is talking about OTC derivaties or OTC bullion? Latest rules implemented by G20 countries exempt Central Banks from derivatives reporting, so really, what is the fucking point. These changes need to come from the bottom up, not top down and the only way to do that is to withdraw what you own from the system. We don't need to formally legalize the corruption.
Having those bozos with their funny dress and their museum piece weapons does not instill any confidence to me that they will design anything other than a clusterfuck..
I think those guys are ISIS in dress uniform. Those halbeards look sharp!
Chop chop!
What in God's name is this garbage all about.
Gosh, fellows, I think we should give them the benefit of the doubt.
NOT!!
Hahahhaha!
It's about posting in quantity rather than quality. Any grade of horseshit to get clicks. Post crap every day rather than something informative weekly.
They should just eliminate delivery entirely: nothing is more transparent than nothing.
Moar manipulation.
Anyone touting transparancy these days must have a ton load of crap to hide.
Exactly! That's what the 0'Bummer administration has been all about. The most transparent administration who allowed Irvin Schiff to die on his hospital bed, in shackles of course. Not one time did the tax goonz give him the code which he "violated", but oh boy, they love to make examples of those questioning their infinite wisdom!