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Ronan Manly: Will anyone notice LME's new gold and silver reference prices?
10:10a ET Saturday, November 4, 2017
Dear Friend of GATA and Gold:
Gold researcher Ronan Manly today analyzes the London Metals Exchange's 2-month-old system of posting daily reference prices for gold and silver and finds it not yet very useful or competitive with the prices reported by the Intercontinental Exchange and London Bullion Market Association.
Manly concludes: "Ideally the London gold and silver markets do not need an additional benchmark reflecting fractionally-backed unallocated gold and silver trading, but a benchmark and reference price reflecting the trading of real physical gold and silver. However, as the LME has chosen not to upset the status quo of the London unallocated trading system, a system that remains one of the key determinants of the international gold price, then real physical gold and silver reference prices in the London market will unfortunately remain a pipe dream."
Manly's analysis is headlined "LME Gold and Silver Reference Prices: Will Anyone Notice?" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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