| When the London silver fix came to an end last year after operating for more than a century, many market watchers wondered if the London gold fix would be next. Ultimately, the answer turned out to be “yes.” The London Bullion Market Association (LBMA) decided in November to put ICE Benchmark Administration in charge of the fix, stating that it would take over in the first quarter of 2015 and noting that an electronic system would be put in place.
Q1 is now here, and March 20, 2015 is the day ICE will officially take the reins. Here’s a breakdown of what exactly that transition will mean for investors and for the gold price. Similar to the London silver fix, the London gold fix came into existence nearly a century ago — in 1919, to be exact. Currently, the price-setting process involves four banks — Barclays, HSBC, Societe Generale and the Bank of Nova Scotia — engaging in two conference calls a day to fix the gold price...............................................Full Article: Source
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