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With gold benchmark fixed, OTC trade eyed as next reform milestone
By Clara Denina
Reuters
Sunday, November 9, 2014
Calling time on London's century-old gold "fix" could mark the beginning of an even wider industry overhaul that may ultimately dilute the dominance of the highly profitable bilateral over-the-counter trading.
London's bullion price benchmarks, or fixes, were transformed in a matter of months this year as regulatory scrutiny and accusations of market manipulation made price-setting among a handful of banks untenable.
The overhaul spawned electronic price setting platforms for gold, silver, platinum, and palladium, with gold's fate sealed just last week when Intercontinental Exchange were announced as administrators for the prized bullion benchmark in early 2015. ...
More than $5 trillion worth of gold transactions are made over the counter in London every year. The OTC market, where trades are executed via dealer networks as opposed to a centralized exchange, exceeds the trading of gold futures. ...
... For the remainder of the report:
http://www.reuters.com/article/2014/11/09/gold-lbma-otc-idUSL6N0SC49J201...
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Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.
Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.
Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver.
Goldbroker.com is listed among GATA's recommended monetary metals dealers. (http://www.gata.org/node/173)
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