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Sep 4, 2014

GATA | THE GATA DISPATCH - September 4, 2014: But Pierre Lassonde and Doug Casey say central banks don't care about gold!.

But Pierre Lassonde and Doug Casey say central banks don't care about gold!

Submitted by cpowell on  Thursday, September 4, 2014.
So why are they being invited to help devise the new gold-pricing mechanism?
* * *
Century-Old London Gold Price Benchmark Starts Makeover
By Clara Denina
Thursday, September 4, 2014
LONDON -- The operator of the London gold price benchmark said on Thursday it formally started the process to find a new administrator for the century-old mechanism that will halt the telephone call that four institutions enter twice a day in favour of an electronic solution.
The London Gold Market Fixing Ltd (LGMFL), along with the London Bullion Market Association (LBMA), said in a statement that the choice will be announced in October, and implementation will be complete by the end of 2014. ...
As it happened for silver, the LBMA is again launching a consultation among market participants, including central banks, miners, and refiners, to assess how they would like the new price mechanism to be derived. ...
... For the remainder of the report:
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