Metals Notes

New Technology Replaces Traditional London Gold Fix

Almost a century of tradition will disappear from the gold market as technology finally takes over. Thursday March 19th was the final day that traders at four Bullion Banks conversed by phone twice daily to determine the London Gold fix. The London Gold fix is used by miners, central banks, precious metals brokers and jewelers amongst others to deal and value gold bullion. Gold was the last precious metal to drop the traditional London fixings after silver, platinum and palladium converted to electronic auctions last year. Deutsche Bank AG triggered these reforms in 2014 when they abruptly withdrew from the precious metal benchmark process after allegations of price manipulation. Read more