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Sharps Pixley Publishes LME Gold and Silver Reference Prices

Wednesday 21st March 2018 - Sharps Pixley are pleased to announce that with immediate effect are publishing the LME Reference Prices for gold and silver on their website viewable at : https://info.sharpspixley.com

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The LMEprecious reference prices provide intra-day LME Gold and LME Silver spot price points to support the precious metals market in managing their price risk throughout the trading day, aligned with periods of peak liquidity.

LMEprecious reference prices are calculated three times a day (London time):

LME Gold AM and LME Silver AM - 10:30-10:32

LME Gold Midday and LME Silver Midday - 12:00-12:02

LME Gold PM and LME Silver PM - 15:00-15:02

Speaking of the data publication, Kate Eged who is Head of Precious Metals at the London Metal Exchange (LME) commented “we are delighted to have our reference prices for gold and silver published on a top news and information hub for the precious market like the Sharps Pixley website”.

Ross Norman, CEO of Sharps Pixley added “reference prices are important component of the precious metals markets which derive validation from excellent methodology, high levels of transparency and quality trade flows. We believe the LMEprecious reference prices meets those objectives and as such are gaining credibility within the bullion market.”  

METHODOLOGY

LMEprecious reference prices are discovered through the volume-weighted average price (VWAP) of transactions that take place on LMEselect during two-minute VWAP windows at the three specified times each day. The price discovery methodology is in line with the process for establishing the LMEprecious Closing Prices, as set out in section 5.7 of the LME Rulebook.

These reference prices are for spot (T+2 ) only, as the LME Gold and LME Silver contracts have liquidity principally focused on the spot contract, which supports spread trading out to all monthly dates.

The LMEprecious Closing Prices are determined at 18:30. These prices are used for daily settlement and margining purposes, and provide forward curves out to five years for both LME Gold and LME Silver.

About Sharps Pixley

Sharps Pixley are London-based bullion brokers who provide retail physical precious metal bars and coins to UK investors. Additionally Sharps Pixley offers one of the largest and fastest sources of precious metals market information with real-time news, research and charting tools for free.

The Sharps Pixley name goes back to 1778 and was originally founded through the merger of two London bullion businesses. Sharps Pixley was formerly a central player in the London gold and silver bullion broking community as an original gold fixing member and chairman of the silver fix.

CONTACT : Ross Norman

ross.norman@sharpspixley.com

0207 871 0532

About the LME

The London Metal Exchange is the world centre for the trading of industrial metals – the majority of all non-ferrous metal futures business is transacted on our platforms. In 2017 this equated to $12.7 trillion notional, 3.5 billion tonnes and over 157 million lots.

A member of HKEX Group, the LME brings together participants from the physical industry and the financial community to create a robust and regulated market where there is always a buyer and a seller, where there is always a price and where there is always the opportunity to transfer or take on risk – 24 hours a day.

Investors value the LME as a vibrant futures exchange but also for its close links to industry. The possibility of physical delivery via the world-wide network of LME-approved warehouses makes it the perfect hedging venue for industry and provides a reference price they trust. The Exchange provides producers and consumers of metal with a physical market of last resort and, most importantly of all, with the ability to hedge against the risk of rising and falling world metal prices. It's what we've been doing since 1877.

The LME publishes a set of daily reference prices that are used the world over by industrial and financial participants for referencing, hedging, physical settlement, contract negotiations, margining and portfolio evaluations. Based on some of the most liquid trading sessions of the day, LME prices are good indicators of where the market is at any point in time.

CONTACT : LMEprecious team

lmeprecious@lme.com

21 Mar 2018

About the author

Ross Norman

Ross started his business career with business guru Sir Clive Sinclair of Sinclair Research in Cambridge, before joining Johnson Matthey as Gold Refining Manager (then the worlds largest gold refiners), then as a gold trader at NM Rothschild & Sons (the Chairman of the London Gold Fixing) and later Credit Suisse, where he was a Senior Dealer in physical bullion trading.

Ross has an enviable record within the London Bullion Market in forecasting the gold price over the last decade and is frequently sought by the media for commentary on the bullion markets. Ross has made frequent appearances on TV (BBC, CNBC, CBC) in newspapers (FT. Wall Street Journal) as well as in the newswires (Reuters, Bloomberg and Dow Jones).

e: ross.norman@sharpspixley.com

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