London Bullion Market Association Looks to Modernize


Change is brewing in London as the the LBMA - the association that oversees the world’s largest gold market - is looking at how best to modernize and improve over-the-counter gold trading.  As members of the world’s gold industry meet this week at the LBMA’s annual conference in Vienna, their proposals are being sought on how to bring the gold trading in London up to date.

Precious Metal Prices

Today’s Gold Prices: USD 1171.65 , EUR 1032.93 and GBP 757.86 per ounce.
Friday’s Gold Prices: USD 1176.35, EUR 1035.34 and GBP 761.39 per ounce.      

Gold lost $7.70 on Friday closing at $1175.20 however the metal showed an overall gain of 1.55% for the week.  Silver slipped to a low of $15.946 and ended with a loss of 0.74% on Friday closing at $16.01 - a gain of 1.05% overall for the week.

Important News

Rare 1794 silver dollar sells for nearly $5 million –
Asian shares near two-month high ahead of China data – Reuters
Deutsche Bank Restructures Business Units, Senior Management – Bloomberg
Goldman Says China Has Tamed the Yuan Bears – Bloomberg
Asia stocks near two-month highs on encouraging China data – Bloomberg

Important Analysis 

London Gold Market Under Scrutiny as Bullion World Gathers – Bloomberg
China’s Selling Tons of U.S. Debt. Americans Couldn’t Care Less – Bloomberg
Gold flow from West to East to end in short squeeze – Tocqueville
Sovereign wealth funds are flogging assets – and that means big trouble – MoneyWeek
Big Banks, Serious Trouble –