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Ronan Manly: Bullion banks line up in London to support LME's gold futures
By Ronan Manly
Bullion Star, Singapore
Friday, July 7, 2017
The London Metal Exchange (LME) and World Gold Council have just confirmed that their new suite of London-based exchange-traded gold and silver futures contracts will begin trading on Monday. These futures contracts are collectively known as LMEprecious.
The launch of trading comes exactly 11 months after the LMEprecious initiative was announced by the LME and the gold council on August 9. Anyone interested in the background to these LMEprecious contracts can read previous BullionStar articles. ...
This July 10 launch is itself over a month behind schedule given that LMEprecious was supposed to be launched on June 5.
These LMEprecious gold futures and silver futures contracts represent unallocated gold and silver and there is no direct connection in the contracts to physical gold or physical silver, since settlement is via unallocated gold and silver balance transfers across LME Clearing unallocated metal accounts at member banks of London Precious Metals Clearing Limited (LPMCL).
Still, this hasn't stopped LME from using terminology in the contract specifications that attempts to link them by association to real precious metal. ...
... For the remainder of the report:
https://www.bullionstar.com/blogs/ronan-manly/bullion-banks-line-london-...
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