Submitted by Mark O’Byrne – GoldCore
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.
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 the full article: London Gold Market Under Scrutiny as Bullion World Gathers
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Stephen Flood and Mark O’Byrne will be attending and live tweeting from the LBMA in Vienna from Sunday to Tuesday (October 18-20) and are available to meet clients and attendees in Vienna — firstname.lastname@example.org.
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.
Gold in GBP – 1 month
Gold lost $7.70 on Friday closing at $1175.20 however the metal showed an overall gain of 1.55% for the week. Silver slipped to a low of $15.946 and ended with a loss of 0.74% on Friday closing at $16.01 – a gain of 1.05% for the week. Euro gold fell to about €1035, platinum gained $12 to $1015.