Taking Over The Silver Fix - TDV Week in Review: July 20th, 2014
Market benchmarks across the globe have come under heavier scrutiny amid allegations and discoveries of endemic market manipulation across the economic spectrum. Indeed, from interest rates to the gold price, things are not as they seem. Individuals, who have indicated the “free market” has been to blame for global poverty and strife, have had a tough year as the true nature of reality has been exposed in an increasing manner; that is, command-and-control.
The May 14 announcement regarding the August 14, 2014 cessation of the London Silver Fix caught many silver investors off-guard. The response has been diverse and, in the absence of much information, speculative. Stemming back to the late 19th century, the London silver fix has been a gathering of London bullion dealers to daily set the price of silver. Now, after 117 years of operation, the silver fix exists no longer. Yesterday it was announced that there is no shortage of parties interested in replacing the fix, including two of the world’s leading commodities exchanges.
The London Metal Exchange and CME Group
The London Metal Exchange and CME Group each announced Thursday they are participating in separate talks with silver market participants regarding the hosting of a new pricing benchmark in the wake of the London silver fix’s last meeting. LME’s proposal seems relatively advanced compared to CME Group’s. Both exchanges are looking to develop benchmarks based on actual trading of the metal, which is the official manner in which the price if currently fixed.
LME has said its proposal will ”provide best-practice regulatory compliance while maintaining the global position of the London market,” highlighting the interest of some financial powers to keep the world center of the gold market in London. The LME is owned by Hong Kong Exchanges And Clearing Ltd. It said it would provide further details “at the appropriate time once the market consultation is complete.” LME might be a controversial candidate for some individuals who have followed the silver market.
“The LME operated a 10,000 ounce silver contract in the 1970s, which was suspended the following decade after an attempt by the Hunt Brothers to corner the market sapped all liquidity from the market,” a trading source said. For those who don’t know, the Hunt brothers attempted to corner the silver market – buy up most the supply – from 1979-1980.
Market information provider Platts, which is active in coal and iron ore price setting, and the Chicago Mercantile Exchange, responsible for most futures trading in precious metals and base metals on US markets, are also interested in taking over the fix.
What Is The Fix?
The fix is the price used by mining companies to settle sales contracts, and it is used to price such derivatives as exchange-traded funds. It also affects global jewelry prices.
How the fix has been set has changed over its history. In its most recent manifestation, the fix has been set daily at noon via conference call with representatives from Deutsche Bank, HSBC Holdings, and Bank of Nova Scotia. But, according to people near the fix, the fix has been seen as “unviable.”
When Deutsche Bank declared its intention to leave the process due to its reduction in the commodities business, London Silver Market Fixing announced it would put its benchmark to rest. Deutsche Bank has seen lawsuits against it piling up, including an ongoing probe by the UK financial regulator.
Both the silver fix and the gold fix have recently come under heavy by scrutiny regulators as financial benchmarks received under broader scrutiny due to the LIBOR scandal.
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On to the review…
Monday July 14
CANADA’S FOREIGN POLICY IS JUST AS BAD AS AMERICA’S
Jorge Gato on America’s equally culpable northern neighbor.
“As an American, I always had the feeling our northern neighbor was nice. Too nice. I assumed Canada simply played the good cop to Uncle Sam’s bad cop. Brushing up on Canadian political history to test this hypothesis, I found Canada lauded as seminal in international peacekeeping, its greatest achievements being multilateralism, globalism, and the upkeep of international institutions. After all, it was Roméo Dallaire’s actions under the auspices of the United Nations who single-handedly saved upwards of 30,000 Third World lives. I certainly don’t wish to detract from Dallaire’s work, because blessed are the peacekeepers.”
Tuesday July 15
JEFF BERWICK’S TOP TEN TRAVEL TIPS FOR AMERIKA
Jeff Berwick on how to properly endure the pain of traveling in the USSA.
“I have done a lot of traveling through Amerika and I think I’ve picked up a few tricks to help others, who have thus far gone sans a first-hand taste of the ‘Land of the Slaves.’
1. Refuse body scanners. When TSA wants you to walk through their radiation machines, tell them that many years of baseball has hurt your arms and you can’t lift them up. Somebody is going to have to feel you up and fondle you instead. Beats cancer though.”
Wednesday July 16
ARE FEDERAL AGENTS LEARNING TYRANNY AT THE HOLOCAUST MUSEUM?
Jeff on strange happenings at the Holocaust Museum. A must-read.
“In this age of unwarranted, mass surveillance on emails and video calls, it might seem like Federal Bureau of Investigations (FBI) and other intelligence agents seem more versed in tyranny than ever before. Perhaps that is because they are being schooled in it…According to CNN Money, all FBI academy trainees learn about Nazi Germany and police state oppression.”
Thursday July 17
Justin O’Connell on why he uses digital currency.
“When I begin telling somebody I am a bitcoiner, sometimes their eyes glaze over in the same way eyes would glaze over when I began a sales pitch. But they’re mistaken. I am not selling bitcoin, I am promoting an alternative way of living, doing business. At one point I too was in their shoes.
Maybe it is in my blood to yearn for change, maybe the grass is always greener on the other side. If one thing is for sure, I don’t see bitcoin as a viable medium of exchange and beyond simply because I have personally invested time into understanding it. Its usefulness was made clear to me, by another digital native, and I soon understood that many of the world’s problems could be solved with a technology like bitcoin. It doesn’t matter that bitcoin’s price might go to unexpected heights. That award for those who sought change is merely an afterthought when placed in the perspective that distributed currencies make central banking obsolete.”
Friday July 18
BRIC NATIONS CONTINUE PLANS FOR A POST-DOLLAR WORLD
Jeff on plans for the world after the dollar.
“We don’t know how the dollar collapse or The End Of The Monetary System As We Know It (TEOTMSAWKI) will play out but numerous criminal actors, specifically the governments of what is known as BRIC are making their own plans. The criminal BRIC nation-states have become a de-dollarization vehicle. Further, this road towards a de-dollarized world appears clearer-and-clearer in the offing daily. Earlier this week it was reported that the BRICS are in the process of forming an international development bank – a so-called “mini-IMF” – with the aim of challenging the international dominance of the World Bank and the International Monetary Fund, heinous cells of the largest terrorist organization on Earth, the government of the United States.”
TDV VIDEO
This week’s featured video has Jeff interviewed by Lauren Rumpler of Objectivist Girl Live. Topics include: The gold standard, effects of removing the gold standard, stock market bubbles, money printing, economic instability, dollar losing value, inflation, increasing government power, US dollar now a hot potato, and how bitcoin cannot be inflated!
Have a look at our wide array of informative videos featuring interviews, opinions, and analysis on TDV’s media page.
TDV SERVICES
Don’t forget, TDV is much more than a newsletter. We also offer many of the solutions to the problems we identify in the letter to help people internationalize their self and wealth to protect themselves from The End Of The Monetary System As We Know It (TEOTMSAWKI). Check out all our services designed to help you gain more freedom in your life here:
Remember, if you have any questions, concerns, or issues with what you’ve read on TDV, write us at: [email protected].
Thanks as always for reading or subscribing!
Managing Editor
Source: http://www.dollarvigilante.com/blog/2014/7/20/taking-over-the-silver-fix-tdv-week-in-review-july-20th-2014.html#6443
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