Silver prices | Events Impacting The Gold And <b>Silver Price</b> In The Week Of August <b>...</b> |
| Events Impacting The Gold And <b>Silver Price</b> In The Week Of August <b>...</b> Posted: 25 Aug 2014 01:25 AM PDT Although the primary focus of this website is to report on the different aspects of the gold market (gold fundamentals as well as economic or monetary analysis), we also tend to release basic technical analysis in gold and silver. As of this week, we will also summarize the key events at the start of each week that are likely to impact the price of gold and silver price. We hasten to add that our view on the real price setting in the gold and silver market differs from the mainstream view. Price changes happen to coincide with events or announcements; mainstream media are used to report a relationship between both. However, we believe, and owe this insight to our readers, that the real price setting for the time being is taking place in the COMEX futures market. Market expert Ted Butler does an outstanding job analyzing the weekly evolution in the COMEX market and how it affects price setting. During the previous week, between August 18th and 22nd, a number of economic data and central bank announcements resulted in selling pressure in gold and silver:
For the week commencing August 25th, there is no announcement by the large central banks. The following economic data will be released:
Below is a more detailed calendar of key economic data in key markets. They are not necessarily driving gold and silver prices:  |
| <b>Silver price</b> steady as the London price fix ends today « ArabianMoney Posted: 14 Aug 2014 03:11 AM PDT Posted on 14 August 2014 with no comments from readers The London market for silver enters a new era tomorrow with the ending of the London silver price fix after 117 years. From tomorrow it is replaced by a new benchmark administered jointly by Thomson Reuters and the CME Group offering a superior level of transparency and reckoned to be immune to illegal price fixing that has been widely alleged to be a feature of silver prices up until now. The LBMA will accredit price participants and own the intellectual property rights. Market fix? Indeed if you see some of the market data presented by the experts like Ted Butler this is self-evident. It's the market authorities who have always chosen to look the other way. What happens to any market that is fixed after a while? Well it is obvious really. The participants get sick of being screwed and leave it alone. Once bitten twice shy! So a new system ought to gradually start winning people back. London Silver Price, or LSP as the new benchmark will be known, will publish the volumes of silver bars traded daily and tested-prices while keeping the buyers and sellers anonymous. Thomson Reuters will handle LSP governance and administration. CME Group is providing the electronic price platform and software. Instead a bullion bank chairman determining the opening silver price, this will now be undertaken by an electronic process. The opportunity to trade on this information before it becomes public – however unlikely it is that a bullion bank might do this – is eliminated at a stroke, although market participants this week have reported some confusion over the mechanism by which their information can be used. That leaves something of a hiatus hanging over the switch on tomorrow. Will the LSP actually work as planned? Long-term deal We will see. Most likely it will be just fine. But the longer term implications of an end to the silver price fix are what the market should really be focusing on. Its a way to get confidence back into silver trading. Why should this precious metal still be trading below its 1980-high unlike any other commodity? Will investors now reconsider silver as a play on higher precious metal prices and monetary inflation? Revolutionary this price fix change is probably not. But it could be the butterfly flapping its wings on the other side of the ocean that causes a tsunami thousands of miles away. Posted on 14 August 2014 Categories: Gold & Silver |
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