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Finance titans face off over $5 trillion London gold market

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Published : December 15th, 2016
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Category : GoldWire

Some of the biggest names in finance are fighting for control of the London gold market -- a $5 trillion, three-century-old trading hub that is being forced to adapt to a digital age.

As the London Bullion Market Association revamps over-the-counter trades that are the market's major pricing benchmark, new ways of buying and selling precious metals are set to start next year from CME Group Inc., Intercontinental Exchange Inc., and the London Metal Exchange. Some big banks have stakes in the outcome, including Goldman Sachs Group, HSBC Holdings, and JPMorgan Chase.

"There are four weddings, and we have to dance at all of them, because we don't know which marriage will last," said Adrien Biondi, the global head of precious metals at Commerzbank AG in Luxembourg. "Only one will win." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2016-...-finance-fac...

Data and Statistics for these countries : Georgia | Luxembourg | All
Gold and Silver Prices for these countries : Georgia | Luxembourg | All
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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
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