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Ronan Manly: Charade continues as London metal markets get more paper trading

Section: Daily Dispatches

By Ronan Manly, Singapore
Tuesday, August 9, 2016

Today the London Metal Exchange and the World Gold Council jointly jointly announced the launch next year of standardized gold and silver spot and futures contracts that will trade on the LME's electronic platform LMESelect, will clear on the LME central clearing platform LME Clear, and will be settled "loco London." Together these new products will be known as "LMEprecious" and will launch in the first half of 2017.

However, although these contracts are described by the LME as delivery type 'physical,' settlement of trades on these contracts merely consists of unallocated gold or silver being transferred between LME Clear clearing accounts held at London Precious Metals Clearing Limited member banks (i.e., paper trading via LPMCL's AURUM clearing system). ...

... For the remainder of the commentary:


Camino Minerals Receives Approval to Drill
at Lost Cabin Project in Oregon

Company Announcement
Tuesday, August 9, 2016

Camino Minerals Corp. (COR: TSX-V, CAMZF:OTC) is pleased to announce that it has received regulatory approval to drill at the Lost Cabin project in south-central Oregon. The company has received notice from the U.S. Bureau of Land Management that it has accepted the plan of operation, described in the notice for exploration drilling submitted in September 2015.

On February 4, 2015, Camino announced it had optioned the Lost Cabin Project from La Cuesta International Inc.. The company has since completed a field evaluation of the project. Anomalous gold values were returned from grab samples, including 38.0 grams per tonne and 2.8 grams per tonne gold at the western end of the zone, as well as 5.5 gpt and 1.9 gpt gold in the east. The property lies within the Basin and Range Province in southern Oregon and covers a layered dome complex. Moderate to intense argillic alteration is exposed for more than 3 kilometers in a northwest trending valley. Within the exposed alteration are epithermal quartz veins, stock work, and breccias, which have potential to host a low-sulphidation, epithermal gold system.

For the complete announcement:

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