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New LME gold contract sees lackluster launch
By Henry Sanderson
Financial Times, London
Monday, July 10, 2017
An attempt by the London Metal Exchange and a group of banks including Goldman Sachs to grab a chunk of London's $5 trillion-a-year gold market through a new futures contract got off to a lacklustre start today.
A total of $56 million worth of the yellow metal changed hands on the launch day, compared with $24 billion in the most active Comex gold futures contract in the United States, as the London Metals Exchange has yet to attract the big bullion banks JPMorgan and HSBC.
The two banks are supporting a rival initiative backed by the London Bullion Market Association to improve transparency following pressure from regulators. ...
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