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LME wants role in the gold and silver fix

Adam Pike, News Editor
10 Jul 2014, 11:43 a.m.

The London Metal Exchange (LME) has confirmed it would be interested in administering an alternative platform to the London gold fix if it is successful in gaining a mandate to run the silver fix.

The LME is believed to be in discussion with the World Gold Council on reviewing the process behind the 100 year gold fix. The industry has come under increased pressure to review the process behind the fix following a number of accusations that financial institutions have been manipulating the gold price.

According to official figures the London gold and silver bullion market is estimated to be worth $20 billion per day in completed trades.

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