Rio Tinto names Shell’s Katie Jackson as new copper chief
Jackson, who is the current president of National Grid Ventures, an energy group, joins Rio Tinto on September 1.
With only three trading days left until the new electronic, auction-based and auditable substitute for the 117-year old silver fix goes live there is still no certainty over who will take part on Friday.
According to FT.com (subs. required), the first users of the new price setting process should be the 11 market-making members of the London Bullion Market Association, which include Credit Suisse, JPMorgan, Goldman Sachs and UBS.
None of them, however, has publicly stepped forward to say they will be involved in the Chicago Mercantile Exchange/Thomson Reuters-run price setting method.
Dan Rees, head of strategy for commodities at Thomson Reuters, said last month that, to facilitate a smooth transition, there would be no major alterations to the way things are for a six-month period. After that point, however, a fee to access the data is likely to be instated.
The old silver fix was effectively killed off in April, after Deutsche Bank withdrew from the process as part of a wider retrenchment of its commodities business. This left only two banks on the fixing panel — Bank of Nova Scotia and HSBC Holdings—rendering the process unviable, according to people familiar with the matter.
The LBMA-led search for an alternative came as market regulators had been scrutinizing benchmarks across the financial sector in the wake of a scandal involving rigging of interest rates.
11 Comments
Sven
All Wall St and the City can think about is how to steal, how to steal.
Malcolm
So there we have it ; all the alleged manipulators to control the fix !!!!!!!!!!
Even worse than before .
Buddy
They haven’t yet agreed with their handlers and collaborators as to what’s in it for them if they keep the suppression scheme going. They are all pretty sure that
making physical delivery on all their shorts will become virtually impossible perhaps sooner then they realized. Maybe they are hoping for the crash of the economy and martial law to give them some breathing room. And before all the arrest come, finally!, one could only hope.
Yep, that’s what people are thinking. ha! Where’s everyone been under a rock.
Time to wake up methinks.
Walking Man
“We live in a free market society. Supply and demand dictate market value.” Ronald Reagan.
Johnrolce
At this moment they are blackmailing the process bearers with their participation and asking for more influence on the process itself.
bushie
Ive got a silver and Gold mine in Arizona,, any investors,,,,,
PatFields
While the mines themselves are controlled by Paper-Boyz, pushing fake ‘prices’ up and down with infinite credit chits in collusion with the Wall-Streeters on the Boards of Directors, nothing can possibly change … that is, until the failure-to-deliver quandary starts to effect even relatively small demand. At the present 160:1 paper-silver ounce ratio, I don’t expect that’ll be ‘long’ in coming.
robertsgt40
They don’t call it the silver “fix” for nothin. “Credit Suisse, JPMorgan, Goldman Sachs and UBS”, setting the “fix”? What could possibly go wrong?
DW
So they are “unclear” are they! Well Im an auctioneer and I start the bidding at $50,000.00/oz and take increase of $10,000.00, do I have $60k/oz, thank you sir in the black suit, ladies and gentleman we are at $60k/oz for the second call, for the third and final call… YES madam I will take for bid for $80k/oz, the bids against you sir, thank you sir thats $90k/oz, not to be out done the lady puts her final bid at $100k/oz, are we all done…third and final call….and SOLD to the lady in the black and white dress for Silver at $100k/oz!
burn all toilet paper-currency
It is not your talent or quality of work that helps you get silver, but what you need is toilet paper/currency to buy it 🙁
wally
On your marks, get set, Go ld?