[Ed. Note: CPM Group is led by establishment shill Jeffrey Christian. $5 Trillion in silver “circulated globally” in 2013 as reported by CPM Group, is 250X the amount of physical mined annually. ~SGT]
CME/Thomson Reuters to Run Replacement for Silver Fixing
About $5 trillion of silver circulated globally last year, according to CPM Group, a New York-based research company
by Nicholas Larkin, Maria Kolesnikova and Agnieszka Troszkiewicz, Business Week:
CME Group Inc. and Thomson Reuters Corp. will run the replacement for the 117-year-old silver-fixing benchmark that’s ending in August, the London Bullion Market Association said.
Testing is set for early August with the new mechanism to go live on Aug. 15, the LBMA said today in an e-mailed statement. The London Metal Exchange, Autilla Ltd., Bloomberg LP, Intercontinental Exchange Inc., ETF Securities Ltd. and Platts had also proposed alternatives last month.
Mining companies to central banks use fixings to trade or value metal. The phone-based ritual for silver that takes place each day at noon will end Aug. 14 as Deutsche Bank AG’s exit from the process as it scales back its commodities business would leave just two banks to set prices …
… “With the imminent demise of the silver fix in mid-August, it was imperative that the market found a new mechanism to replace it,” said Nic Brown, head of commodities research at Natixis SA in London. “If the new silver fix is seen as a clear success, then that might encourage calls for it to be used as a blueprint for a new gold fix.”
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