The World Gold Association (WGC) Gold Industry Is Unwilling To Deny The Existing Fixed Price System.

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On Monday (July 7th), a seminar sponsored by the div WGC shows that, despite the increasing regulatory efforts, gold producers and consumers are reluctant to push the existing pricing index (fixed price) to a new stage.

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< div > 34 participants from the investment funds, refineries, exchanges and other industry organizations participated in the discussion.

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< div > at present, four banks are responsible for determining the fixed price of gold, which is determined by telephone conference two times a day.

These banks include Barclays, HSBC, Canada's Scotia bank and Societe Generale (601166, stock bar).

Although the four banks did not attend the discussion, the world gold association said it had held talks with banks.

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< div > Natalie Dempster, President of the world gold association, said that the parties involved in the discussion did not really think that the gold fixed price system should be abandoned and designed from the beginning. Obviously, the users want reform instead of overcoming it.

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< div > > a href= "//www.sjfzxm.com/news/index_c.asp" > WGC < /a > the participants agreed that it is very important to expand participation in determining the fixed price and to fully reflect the opinions of market participants, and it is also necessary to improve the pparency of the fixed price so as to reduce the credibility risk.

The London gold market pricing company, which manages the fixed price, represents the four largest pricing banks. The management of fixed prices and participation in the formulation are not differentiated.

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After the London interbank loan rate (Libor) manipulation case in 2012, the fixed price of gold and silver, like other commodity index prices, was closely watched by European and US regulatory authorities. Div

However, many aspects of the current fixed price determination process have been affirmed and supported by the market participants. However, some other aspects are in urgent need of reform, in line with the 19 criteria established by the International Securities Regulatory Commission (IOSCO) in July 2013 for the financial reference price.

IOSCO set July 2014 as a deadline to indicate whether the price management authority is willing to comply with the above criteria.

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In addition, the London gold and silver Market Association (LBMA) is discussing alternatives to the current daily silver price fixing mechanism, and the existing mechanism will be suspended in August. Div

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Members of less than div LBMA discussed seven different proposals in last Friday's meeting.

The proposals came from parties including the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME).

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< div > news sources said it is expected that LBMA will announce its election plan in the next two days. Members are still making trade-offs between the three proposals.

The electronic scheme in the silver pricing mechanism may also be applied to the pricing of gold and platinum group metals (PGM).

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< div > but WGC said that this is not necessarily the case.

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< div > Dempster previously said in an exclusive interview that she would like to discuss this topic purely. "A href=" //www.sjfzxm.com/news/index_cj.asp "> Gold < /a > is very different from the silver market. The solution to the silver pricing mechanism alternative is not necessarily applicable to gold.

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