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London Metal Exchange abandons attempt to crack gold market
By Eddie Spence
Bloomberg News
Friday, April 22, 2022
The London Metal Exchange will abandon its attempt to break into precious-metal trading after just five years, citing low trading volumes in its gold and silver contracts.
The LME -- the world's biggest exchange for industrial metals -- partnered with banks including Goldman Sachs Group and Morgan Stanley in 2017 to launch the contracts. London is one of the two major centers of precious-metals trading, where trillions of dollars in gold, silver, and associated derivatives change hands each year. It's an almost entirely over-the-counter business, dominated by top bullion banks like JPMorgan Chase & Co. and HSBC Holdings.
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Reyna Gold Drives 7.85 Meters of 3.95 grams per tonne
and 30.6 meters of 0.51 g/t gold, both from surface
Company Announcement
Wednesday, April 20, 2022
Reyna Gold Corp. (TSXV: REYG. OTCQB: REYGF) announces initial results from the first eight holes totaling 710 meters of its ongoing 10,000-meter drill program at its 24,215-hectares flagship La Gloria Property in Sonora, Mexico.
Reyna has achieved the two primary objectives from these holes -- extending the breccia zone at Big Pit and establishing quartz veining of grade and size at Pique Viejo. All eight holes hit gold mineralized structures in initial exploration drilling across the 160 hectares Main Zone target area. ...
"These are great initial results. We are really pleased to have hit a substantial vein at Pique Viejo with the first two drill holes there and to have hit high-grade gold from surface at Big Pit,” Reyna Gold CEO Michael Wood CEO said. "The Las Amarillas vein is a just one of many new targets the geological team has identified on our 24,215 hectares property. ..."
... For the remainder of the announcement:
https://reynagold.com/read/news-20220420
The LME's project sought to move the trade onto an exchange comparable to the Comex in New York, providing more transparency over pricing. Initially it met with some success, but volumes dropped steeply after Societe Generale -- one of the LME's original partners -- closed most of its commodity trading business in 2019.
The LMEprecious service is expected to be withdrawn on or about July 11, the exchange said in a notice to members. It took the decision "following discussions with market participants, and in light of the low levels of trading activity within the LMEprecious market." ...
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Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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