The Israel Deception

Is the return of Israel in the 20th century truly a work of God, or is it a result of a cosmic chess move to deceive the elect by the adversary?

Showing posts with label lme. Show all posts
Showing posts with label lme. Show all posts

Wednesday, May 10, 2017

China owned metals exchange to apply to take over London Silver Fix

Yesterday we wrote about the fact that the London Metals Exchange (LME), a Hong Kong based subsidiary, was in the process of opening its own gold and silver futures market in London with the intention of providing both cash and physical settlement of precious metals.

Now on May 10 the news just dropped that the LME was applying to take over and run the London Silver Fix, and replace the group (Thompson-Reuters + CME Group) that had cancelled their contract with the LBMA just a few months ago.

The London Metal Exchange (LME) will submit a proposal to take over the London silver fix, a senior executive said on Wednesday, the first company to publicly express interest in replacing the current operators of the price benchmark. 
James Proudlock, managing director and head of market development for the exchange and its clearing business, said the exchange would take part in the process after a request for proposals (RFP) was recently issued to find a replacement for CME Group and Thomson Reuters. 
Those companies said in March they would step down from providing the silver price benchmark auction less than three years after successfully bidding to provide the process.
"There is a silver RFP for the silver benchmark. As a metal exchange, we will participate in the RFP," said Proudlock. - Reuters
China already controls the world's largest physical gold market out of the Shanghai Gold Exchange and this potential takeover of the West's futures market could see the Far Eastern economy achieve a dominating position in both the paper and physical global markets.

Tuesday, May 9, 2017

China to challenge both the LBMA and Comex through the creation of a new gold and silver futures trading platform

The London Metals Exchange, which is a Hong Kong owned subsidiary out of London, is ready to take on the Western futures markets by introducing their own gold and silver trading platform starting on July 10.

This new program by the LME will function on the London markets and provide a fully functional futures trading market in which investors can settle for both cash, or physical gold and silver delivery.

London Metal Exchange, a subsidiary of Hong Kong Exchanges and Clearing, will launch gold and silver spot and futures trading in London on July 10 in a bid to capture the increasing demand for trading of precious metals in London, the exchange said on Monday. 
The LME gold and silver product will launch at a time when HKEX is planning to introduce gold futures in the third quarter of this year should it secure approval from the Securities and Futures Commission. The trading in the two markets however, would remain separate, and there will be no cross trading. 
“The HKEX and the LME gold products would be traded in different markets and different time zone,” said Kate Eded, LME head of precious metals who was speaking at a workshop in Hong Kong on Monday. 
The gold and silver contracts to be launched at the LME would be traded in US dollar which will include spot trading and trading of future contracts with a maturity of up to five years. Investors could choose cash or physical settlement. Five banks including Morgan Stanley and Goldman Sachs would help quote prices to maintain liquidity of the markets. - South China Morning Post
Unlike the LBMA, and especially with the U.S. based Comex, these markets are primarily used for derivative paper trading and rarely perform any actual metal deliveries.  And with the LME being tied to both Hong Kong and London, the potential for China to eventually usurp control over the global price for gold and silver from the LBMA and the Comex moves another step closer as true metals investors will find it more favorable to migrate to an exchange that deals with physical deliveries of actual metals.

Friday, July 31, 2015

The next step in China determining gold prices initiated as LME accepts Yuan in contract purchases

For owners of physical gold who have been frustrated with the manipulation and falling prices over the past four years, the day of reckoning is slowly coming upon them.  Beginning a few months ago when the London Gold Fix committee invited China to be a member of the daily price fix mechanism, the next step in having price determination move from the West over to Shanghai and Hong Kong is underway as on July 28, the London Metals Exchange (LME) ruled to allow Yuan to be used to settle gold and other commodity metal contracts.
In fact, with a Hong Kong factor purchasing the LME three years ago, it was inevitable that metal contracts would eventually be open for RMB settlement.
 
Read more on this article here...