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No more LBMA silver price.

Discussion in 'Gold Silver (All things Metal)' started by anywoundedduck, Mar 4, 2017.



  1. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    CME Group and Thompson Rueters announced after Market close that they would no longer provide LBMA silver pricing.
    Does this mean nobody is fixing the price?
    Rumors that London is out of physical silver.
    Could this be it?
    Could the market determine the price?
    I sure would not want to be short silver at the moment
     
    Last edited: Mar 4, 2017
  2. southfork

    southfork Mother Lode Found Mother Lode

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    Hmmmmmmmmm, very interesting.
     
  3. louky

    louky Silver Member Silver Miner

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    OverOver likes this.
  4. southfork

    southfork Mother Lode Found Mother Lode

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    less than three years after they successfully bid to provide the process. So they paid to be able to rig the price ,,,,,,,,,,,,,,,,,,
     
  5. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    OK with me if you combine the two threads.
     
  6. tom baxter

    tom baxter back from 2004

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    I can't imagine the market itself fixing the price, not with a 100 ounces of paper silver contracts for every physical ounce. I don't know much about the paper markets but I know they rule.
     
  7. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    They rule until the World Market for buying physical silver in London runs out of physical, then you can begin wiping your ass with those paper silver contracts.
    If you read the story, it appears that there might be another physical market by Autumn, or maybe not. London has basically no handle on the price.
    CRIMEX Silver market will also have to close.
     
    Last edited: Mar 4, 2017
  8. Ragnarok

    Ragnarok I'd rather be Midas Member

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    If silver is released to find it's true market price, so must gold.

    R.
     
  9. tom baxter

    tom baxter back from 2004

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    These systems of control are well established and far up the food chain. Short of every miner arranging through their refiner to sell direct to a customer I can't see them disappearing. There will always end-users who want to buy contracts a year or six months in advance to stabilize their business. Silver especially is used by a myriad of manufacturers across the globe from dinning wear to jewelers to solar panel mobs to electric light switch manufacturers. Switching the market mechanism for pricing would be a nightmare. Companies that run on debt need to project. They need a solid price for the near future.
     
  10. OverOver

    OverOver Silver Member Silver Miner Site Supporter

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    From the link it pretty much says nothing has really changed. CME and Reuters are going
    to continue to do what they've been doing until a new provider is appointed. LBMA is putting
    out a new tender to find someone to take their place...new provider in the summer...new platform
    in the autumn.

    The only thing we really have here is a wait and see to see WTF
     

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