The 100 year old London Fix on Gold & Silver are moving their offices to China. China has proven to be #1 in economic activity in the world, so UN, BIS, IMF, World Bank are to be established in China by January-February, 2016.
this is big picture thinking here. Lifting the gold fix means the banks are no longer in control of the price suppression of gold. It means the currencies of the world are about to be backed by something solid. It means the free-float of gold, and you’ll now see the price begin to climb to where it “should” be in the market. AND, it’ll bring on the GCR, because all those emerging countries will now have more stability and value as gold increases in the markets.
Fri Mar 13, 2015 10:45am EDT
LONDON, March 13 (Reuters) – The Hong Kong Futures Exchange Ltd. (HKFE) on Friday suspended its thinly-traded gold futures contract ahead of next week’s replacement of the century-old London process known as the “fix”, against which the gold futures were priced.
An electronic auction run by the Intercontinental Exchange is due to take over from the gold “fix” on March 20.
HKFE, owned by the Hong Kong Exchanges and Clearing Limited (HKEx), introduced the dollar-denominated 100-ounce contract in October 2008, settled on the morning version of the twice-daily gold benchmark.
“HKEx will review its precious metals strategy from a group perspective and redesigned gold futures contracts may be added to the HKEx Group’s product list in the future,” it said in a statement.
It noted that the contract, which failed to gain traction among investors, had no open interest at Friday’s market close.
The move to an electronic auction for gold is part of a wider precious metals benchmarking reform that started in 2014, which stopped daily conference calls between representatives of a handful of banks, who agreed a price referenced by producers, consumers and investors to trade and value gold. (Reporting By Clara Denina; Editing by Elaine Hardcastle)
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