New book ‘102 Things to Do with a Hole in the Ground‘ spotlights global reclamation projects
Stories of reinvented coal mining regions, regenerated communities and rebuilt ecosystems are told in a new book published this month.
The London Bullion Market Association (LBMA) says it might start charging member banks more or even dissolving the Gold Forward Offered Rates (GOFO) – the rate at which dealers will lend gold against US dollars – due to new financial market regulations.
The Chairman of LBMA told Reuters reporters on Sunday that the new principles require the body to “look at how data is collected, how it’s recorded, who is administrating it.”
The push for regulation stems from the Libor (London Interbank Offered Rate) manipulation scandal in 2012. The International Organisation of Securities Commissions (IOSCO) has been looking at how to supervise market benchmark setters.
The Chairman told Reuters that if members decide that they “don’t need to spend more money on regulatory affairs […] then the GOFO might not exist.”
See also: INFOGRAPHIC: A step-by-step on what is the Libor scandal
2 Comments
Tom Smith
The reporter is being very kind to. Gold Lending is not in the interest of the country. It should stop today.
If LIBOR was rigged, it stands to reason that the Gold / Silver ETFs are highly rigged. The CFTC 5 year investigation (cough, showboat) of the Silver management appeared to protect one too-big-to-fail-bank. Instead of facts, they chose to play: “the actual investigation must remain hidden forever”. So, look at how the data is collected with the price setting at ETFs.
Given the situation and the facts, the regulators don’t appear to serve a purpose. They can disband, find new occupations and gold leasing can stop. That would be better than what we have today.
Shreya
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