19.03.2015 - The Way Gold Prices Are Set is Changing Forever
Almost a century of tradition will disappear from the gold market as technology takes over. Thursday will be the last day that traders at four banks agree by phone twice-daily prices used by miners to central banks to deal and value bullion. Gold will be the last precious metal to drop the London fixings after silver, platinum and palladium made way for electronic auctions last year. More firms able to participate in the benchmark will make the $18 trillion global market more transparent, said ICE Benchmark Administration, which will start running the LBMA Gold Price on Friday. Anyone can follow auctions online, rather than needing a line to a fixing dealer...............................................Full Article: Source
Print