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This Woman Is Revolutionizing The Way Precious Metals Are Traded

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Originally appeared on GoldSilverBitcoin

Ruth Crowell is modernizing the precious-metals industry. She oversaw the update of the silver fix, which had been around since 1897. Shortly thereafter, she was on to changing the way the world sets the gold price, which had been done the same way for 95 years. The 34-year-old American, who had spent seven years at the London Bullion Market Association after coming on as a temp worker, has become the international trade group’s first female chief executive.

“When something that’s been around for over a century decides to stop, it’s going to catch people by surprise,” Crowell said in an interview Oct. 1 at the LBMA, which sits across the street from the Bank of England. “We were going to be on the time line pass or fail, and I was damned if it was going to be fail.”

While the LBMA does not set prices, its 77 members and 69 associates from 30 countries comply with standards on physical delivery and vault storage. One of Crowell’s biggest concerns is ensuring buying-and-selling velocity remains strong despite stricter regulations in Europe and the US on cash transactions.

Frankfurt-based Deutsche Bank AG and London-based Barclays Plc are decreasing their commodity activities due to scrutiny by regulators on how the market’s benchmarks are set.

“There are entities, particularly on the physical side, big refiners and industrial players, who see the liquidity and advantage of trading in London, who wouldn’t be able to afford to get at the same level of compliance that you have at the large banks,” Crowell said. “That could be a game changer.”

The LBMA is also adapting to the role Asia has played as late in the precious metals-market, according to Crowell. China has recently overtaken India as the world’s top buyer of gold. The Shanghai Silver Exchange started bullion trading and then the Shanghai Gold Exchange began trading in the city’s free-trade zone in September and exchange have added or plan more Asian gold contracts. The volumes for the benchmark spot contract on the Shanghai GOld Exchange surged sixfold from 2008-2013.

“We’re not done with Asia,” Crowell said. “It’s a long-term story. It’s not about dividing up the pie, it’s about trying to grow that market.”

The most recent banks overseeing the 117 year old benchmark were HSBC Holdings Plc, Bank of Nova Scotia and Deutsche Bank. Deutsche Bank tried to sell its daily gold and silver fix seats, and from there the fixes began falling apart. Nobody would buy the German lenders price-setting seats, and then the three banks gave 13 weeks’  notice for the silver market to find a new method of pricing.

The new electronic silver auction, administered by CME Group and Thomson Reuters Corp came online August 15.

“Given three months to reorganize a major benchmark was fairly difficult and I don’t know that many people thought it could have been done in such a short space of time,” David Gornall, the head of metals trading at Natixis SA in London and LBMA chairman from 2011 until 2014, said. “Most people in the market hold her in high regard for protecting the daily silver price. She was very focused on it and was never going to be derailed.”

Before Crowell’s time of the LBMA, she worked with United Nations Watch. According to the organization’s website,

UN Watch is a non-governmental organization based in Geneva whose mandate is to monitor the performance of the United Nations by the yardstick of its own Charter. UN Watch was established in 1993 by the legendary civil rights activist Morris B. Abram, the former U.S. Permanent Representative to the United Nations in Geneva. UN Watch participates actively at the UN as an accredited NGO in Special Consultative Status to the UN Economic and Social Council (ECOSOC) and as an Associate NGO to the UN Department of Public Information (DPI). It reports regularly to both.

What are some of the main differences between the silver fix and the new way of doing?

“The major differences are that there is an independent third-party administrator as well as additional price participants and increased transparency. The information, which is displayed across multiple platforms, shows the live auction rounds, which mirrors what an actual participant sees while taking part,” said Crowell in an interview.

Since the change, not much has changed in the precious metals market. Silver has flirted with the $15 handle numerous times in recent months. Nonetheless, there is much detailed information hinting that demand from gold and silverbugs is robust. Silver has definitely tightened not only in the US, but in Germany as well, where coin dealers have sold out of silver inventory.

Originally appeared on GoldSilverBitcoin

Justin O’Connell is the Chief Executive Officer of GoldSilverBitcoin.  He is also the author of the bitcoin book, Bitcoinomics, and administrator of the Bitcoinomics website. Justin is also a co-host at Our Very Own Special Show, a lifestyle podcast about music, news, life and other topics, and head researcher at The Dollar Vigilante.  He lives in San Diego, California.

Check out TDV’s Invitation to Jeff’s secret appearance in Cancun.

Before we get to the review, be sure to check out TDV Homegrown.  In the latest TDV HomeGrown Jeff Berwick addresses understanding accepting change. TDV Senior Analyst Ed Bugos looks at the recent rebound in gold prices while Justin O’Connell writes on the Trans-Pacific Partnership and its implications for you. Subscribe to The Newsletter today, and receive TDV’s HomeGrown, as well as special reports, including Getting Your Gold Out Of DodgeThis is a true value and will help you learn and understand the times in which we currently live on the financial, economic, political, technological and personal fronts.

If you’re interested in receiving articles beyond what you read here everyday, consider our weekly subscriber-only publications, like our Issue, Dispatches, and Homegrown. You may subscribe here.

On to the review…

Monday November 17

THEY NEVER THOUGHT THAT THIS WOULD HAPPEN WHEN THEY SENT THEIR KIDS TO SCHOOL

TDV Chief Jeff Berwick on sending your kids to school.

Have you ever noticed that if something is really of value or interest to people that you don’t need to advertise it?  Bitcoin, for example, had no paid marketing campaign yet it rose from a total value of $0 to $13.9 billion in less than four years.  Why?  Well, obviously, some people felt it had value.  The same can be said for plants like cannabis.  For decades there was no television advertising of cannabis or marijuana and yet, despite the risk of being kidnapped and put into a cage just for acquiring it, millions did… including pretty much every President of the US.  Why?  Well, obviously, some people enjoy it.

continue reading… 

Tuesday November 18

THE MOST DANGEROUS MAN IN AMERIKA

Director of TDV Offshore Paul Seymour on Chuck Schumer.

I’m coming to you this week from the banks/beaches of the Rio Plata between Montevideo and Punta del Este, Uruguay. 

Crossing the Rio Plata from communist leaning Buenos Aires to libertarian leaning Uruguay was an incredible contrast that everyone should experience one day.  Seeing the sharp contrast is an eye opener.  It was while I was tossing around those sharp contrasts, that I came across even more information about my “home” senator, Charles E. (Chuck) Schumer, (Fasco-Communist – NY).  It seems like this guy is on a one man crusade to make my analogies of current Amerika and 1930’s Germany a reality.  I finally got so angry that I became inspired to start doing my part to expose, who I think, might well be the most dangerous man in the Amerika.

continue reading…

Wednesday November 19

IS SOMEONE IN YOUR LIFE A SPY? IF YOU LIVE IN THE US THIS MAY BE THE CASE.

Heck, maybe you’re a spy and you don’t even know it…By Jeff Berwick

The United States is a textbook tyranny. The techniques it has used towards governing (controlling) its people are essentially the same used by the Soviet Union, Nazi Germany and East Germany. For instance, in the Soviet Union, those clergymen allowed to practice were oftentimes undercover spies, spying for the Communist Party. Here is a long list of secret police agencies in the Soviet Union. The US borrowed former Nazis (and put them back in power) for what historians write-off as “practical” purposes at the end of World War II and onset of the Cold War.

continue reading…

Thursday November 20

THE UK GOVERNMENT PLANS TO STOP THIS UNFORTUNATE FACT OF LIFE

Jeff on the banning of knives.

“It’s an unfortunate fact of life,” said Les Gray of the Scottish Police Federation on knife crime. His focus was to deter it, but others in government had bigger ideas. The UK government plans on getting rid of knife crime altogether.

While in the US, Second Amendment advocates lament the gun control efforts of their government, Britain is even more advanced in making the world a safer place by quickly implementing so called “knife control.” First, its voluntary.

A new “Save a Life – Surrender Your Knife” program is in full effect in Britain and police are working to ban “pointy” knives.  Lancashire Police reportedly have an “amnesty” program in place which started at the end of August in which “more than 800 knives have been handed in across the country – including swords, machetes, and commando knives.”

continue reading…

Friday November 21

THE INTERNET IS A PERFECT EXAMPLE OF HOW A FREE MARKET WOULD AND DOES WORK

Jeff on the internet.

Eleutherophobia is the fear of being free.

Some people, apparently, still have a fear of being free (they fear not having violent owners).  It’s a fear I’ve never understood… but whenever you mention to them how much better a free market would be than the statist crapitalism we have today they like to say, “Show me one example of a truly free market that works!”

OK… the internet!

While governments do try to stifle it whenever they can they still, really, have no control over the internet in any meaningful way.  It is almost completely anarchic.

continue reading…

TDV VIDEO

This week, Jeff interviews Peter St Onge, Ernest Hancock, and Tom Woods on the Anarchast.

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!

The Dollar Vigilante is a free-market financial newsletter focused on covering all aspects of the ongoing financial collapse. The newsletter has news, information and analysis on investments for safety and for profit during the collapse including investments in gold, silver, energy and agriculture commodities and publicly traded stocks. As well, the newsletter covers other aspects including expatriation, both financially and physically and news and info on health, safety and other ways to survive the coming collapse of the US Dollar safely and comfortably. You can sign up to receive our FREE monthly newsletter, our Basic Newsletter ($15/month) or our Full Newsletter ($25/month) with specific stock recommendations and updates at our Subscriptions page on our website at DollarVigilante.com.


Source: https://www.dollarvigilante.com/blog/2014/11/23/this-woman-is-revolutionizing-the-way-precious-metals-are-tr.html#6653


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