The LME’s previous attempt at trading gold lasted only three years .
London Mining News
“The market is currently built on hearsay, and rumors,” said one source close to the situation.
When asked about how much lower commodities prices will dive this year, Davis said he thought they were close to hitting rock bottom.
Davis is said to be finalizing talks with a Toronto-listed miner, in a deal that could kick-off a long awaited buying spree.
Thursday will be the last time traders at four banks agree by phone twice-daily prices for bullion.
The former Xstrata boss’ new firm may soon pull the trigger on some big deals at a time of low commodity prices and willing sellers.
The World Gold Council (WGC) and the Shanghai Gold Exchange (SGE) have signed memorandum of understanding on a comprehensive strategic gold cooperation agreement.
Bids and offers will be published in real time and the price updated every 30 seconds.
That is worth around $534-$854 million, based on prices of $6,675 per tonne.
Broker Autilla Ltd (Sapient), the Chicago Mercantile Exchange jointly with Thomson Reuters, U.S. derivatives bourse Intercontinental Exchange, the London Metal Exchange and broker ICAP's online platform EBS will present their proposals this Friday.
The LME says its electronic solution for the platinum and palladium price — LMEbullion — could benefit gold bugs.
Since it first debuted in August, only five participants have signed up to the price setting process.
Anglo's chief warned the company plans to take severe measures over the next two years.
The Royal Mint is encouraging the public to become gold investors with the launch of an online bullion trading service.
A big corporate break-up à la BHP Billiton is definitively not in his books, he told FT.com.
Winner will be announced in October, and implementation will be complete by the year-end.
The 18 cases will be sent to U.S. District Judge Valerie Caproni in Manhattan, who has already been overseeing a putative class-action against the five banks that make up the fix.
No bank has publicly stepped forward to say they will be involved in the new silver benchmark.
A Saudi-owned gold-plated Range Rover, with a "666" number plate, is London's newest supercar in town
The plan is to announce a third-party administrator by the end of September.
The three banks have been accused of fixing the price of trillions of dollars worth of silver.
The company’s new board is made up of compliance officers at the four banks that currently operate the gold prices setting process.
The exchange would bid to be involved in a new process, which may turn the current twice-daily gold price-setting conference call into an electronic auction.
The firm that operates the global price benchmark confirmed it has begun a request for proposals (RFP) process to find a new administrator for the fix.
As BHP considers the sale of almost all of the businesses that Billiton brought to the 2001 merger deal, experts say the firm is likely to end up leaving London.