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The London Bullion Market Association (LBMA) is struggling to find new operators to manage the daily silver “fix” price. Thompson-Reuters and the CME Group – which operate the COMEX exchange – are withdrawing from their role in establishing the daily benchmark price.

The process these firms manage was set up in recent years to replace the antiquated and corruption-prone system by which insiders formerly set the daily silver price.

London Bullion Market Association (LBMA) Logo

A handful of bankers used to agree on the price during a private conference call held each day. When damning evidence emerged that bankers often cheated by setting prices to their own advantage, the LBMA finally decided to try something different.

The new system is running into challenges of its own. There aren’t enough participants and the daily “fix” price often diverges significantly from “spot” prices being set in futures exchanges such as the COMEX. Firms who rely on the London benchmark often feel disadvantaged and increasingly look to use “spot” prices instead.

Metals investors must continue to wait for anything resembling a free, transparent, and fair mechanism for price discovery.

Budget Drama Continues In Washington

Last week, U.S. lawmakers passed on a one week spending bill to provide a bit more time for posturing over the federal budget and the limits on borrowing. That means another week of headlines about the possibility of a government shutdown.

It is possible a budget agreement and a bill allowing another trillion or two in federal borrowing won’t be passed in time. We may once again see non-essential agencies furloughed as politicians manufacture a “crisis” to use as leverage in negotiations.

Despite whatever drama is ginned up, the outcome is all but certain. They

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