Silver Fix to End !!!

[Taurean]

Hold on tight, I think the wheels are about to fall off !



London Silver Fix to end... Gold to follow?

The global benchmark for spot silver prices, the London silver fix, will cease operation from the 14th August, 2014. The move comes soon after Deutsche Bank AG resign their seat on the gold and silver fixing panels.

The closure of the fix comes amid rate manipulation accusations and lawsuits accusing the bullion banks of using their unique position to generate excess profits through insider knowledge and collusion.

The century old benchmark is used daily by refiners, mints and manufactures to buy and sell physical silver. The fix provided the link between the physical and spot markets as most large physical trades were based upon it. Without the fix all trades will be negotiated by a unique spot price, adding to the risks involved and potentially increasing premiums.

The weeks leading up to closure will provide an opportunity for market-led consultation exploring alternative avenues. The London Silver Fixing company stated that “The London Bullion Market Association has expressed its willingness to assist with discussions among market participants with a view to exploring whether the market wishes to develop an alternative to the London Silver Fixing.”

Economists and academics alike have frequently slated the fixing process, branding it as out-dated, open to abuse and lacking in any independent regulation. With the silver fix gone, eyes will now turn towards the gold fix.



http://www.bullionbypost.co.uk/gold-news/2014/may/14/london-silver-fix-stop-august/


http://www.bbc.co.uk/news/business-27408278

[AutumnW]

I look forward to it! Be prepared to spend big on candelabras, cutlery and cutting edge tech!

[Shezbeth]

This is encouraging news for investors who have watched the spot price reflect an almost inverse proportion to the record-level demand and limited supply. If silver goes, so will gold in all likelihood.

[AutumnW]

Shezbeth, You are one of a handful of posters whose judgement I trust almost implicitly. If you think gold goes up with silver well....I can take it to the bank...and I will... and exchange it for what I just don't know...maybe food??

[TargeT]

Shezbeth, You are one of a handful of posters whose judgement I trust almost implicitly. If you think gold goes up with silver well....I can take it to the bank...and I will... and exchange it for what I just don't know...maybe food??

bitcoins or tangible assets.

[Shezbeth]

Shezbeth, You are one of a handful of posters whose judgement I trust almost implicitly. If you think gold goes up with silver well....I can take it to the bank...and I will... and exchange it for what I just don't know...maybe food??

bitcoins or tangible assets.

I'm not convinced I am worthy of such acclaim, but I appreciate the sentiment and gesture. Please note, I have already lost a sizable portion of my own savings by having gone 'all in' on silver and then having to convert some during times of necessity (approx 30%!!). I have certainly been wrong before!

Target nailed it (I respect his observations and opinions in a comparable manner as you express to mine). With the end of silver (and subsequently other precious metals manipulation), and the looming Russian/Chinese plans to end the reliance on the dollar, IMO the conducive move is to stock up on as much tangible goods and assets as possible. Food and usable commodities are good, especially seeds and the information/resources to utilize, but there are a number of threads on Avalon that address this better than I could.

The monied powers have seen this coming and undoubtably planned well in advance, and the 'patriot'/preparedness movements have been inundated with interest for precious metals. As such I would predict a very narrow window of opportunity from which to A. convert metals into currency and B. utilize said currency in advance of rapid and sudden price inflation relative to the value of the dollar.

[Octavusprime]

Interesting. I just bought 5 ounces of silver at a little under $20 per ounce. I will be keeping a closer eye on the prices going forward.

Silver prices have been pretty stable over the last few years due to the fix. I'm guessing that the prices will be very volitile after the fix ends. Many think the fix has been holding silver prices down for a long time. If I were to guess, I doubt we will ever see silver in the $20 range again soon after the change.

Silver is currently very important in the electronics industry due to its conductivity and non-corrosion properties. This is great unless a new material like graphene takes over its role in electronics. The poor mans gold may jump substantially in the next 12 months. At $20 an ounce it is an easy investment for most people.

[Octavusprime]

Shezbeth, You are one of a handful of posters whose judgement I trust almost implicitly. If you think gold goes up with silver well....I can take it to the bank...and I will... and exchange it for what I just don't know...maybe food??

bitcoins or tangible assets.

I'm not convinced I am worthy of such acclaim, but I appreciate the sentiment and gesture. Please note, I have already lost a sizable portion of my own savings by having gone 'all in' on silver and then having to convert some during times of necessity (approx 30%!!). I have certainly been wrong before!

Target nailed it (I respect his observations and opinions in a comparable manner as you express to mine). With the end of silver (and subsequently other precious metals manipulation), and the looming Russian/Chinese plans to end the reliance on the dollar, IMO the conducive move is to stock up on as much tangible goods and assets as possible. Food and usable commodities are good, especially seeds and the information/resources to utilize, but there are a number of threads on Avalon that address this better than I could.

The monied powers have seen this coming and undoubtably planned well in advance, and the 'patriot'/preparedness movements have been inundated with interest for precious metals. As such I would predict a very narrow window of opportunity from which to A. convert metals into currency and B. utilize said currency in advance of rapid and sudden price inflation relative to the value of the dollar.

So you think silver will tank and drop lower than it's current price?

[The Lawnman]

"The London Bullion Association has indicated they are prepared to work with industry participants to explore if the market wants to develop an alternative to the silver fix."

Do you think? Out with the OLD, in the with NEW.

[Taurean]

A rather excellent appraisal by the FT ;-


No silver lining for gold-fix regulation

By John Dizard
The field may be more level, but there are not enough players left for a game, says John Dizard


http://www.ft.com/cms/s/0/38e80a6a-d762-11e3-a47c-00144feabdc0.html?siteedition=uk#axzz31Q87Wh90

[TargeT]

The monied powers have seen this coming and undoubtably planned well in advance, and the 'patriot'/preparedness movements have been inundated with interest for precious metals. As such I would predict a very narrow window of opportunity from which to A. convert metals into currency and B. utilize said currency in advance of rapid and sudden price inflation relative to the value of the dollar.

I fell hard for the precious metals "thing"; I let it blind, I ignored facts, I failed in what I seek to do always: Be impartial.

I no longer think silver is overly rare, gold neither; I think both are abundant, and, like oil; there is a lot more than we think.


A currency should not be inflatable (either via mining or printing...) thus no current currency is secure from manipulation; this is why I am a fan of algorithm based currency, but I would sink the majority of your liquid currency into tangible, value holding HARD assets.

useful items are... well, useful.

I am borrowing heavily from my retirement to convert my house to solar, I have 1 electric vehicle, a well and land to grow food on. I sacrificed career advancement to get these things. I see the low interest debt from my retirement as almost an asset at this point, especially since my retirement is based almost soley on the stock market.

I do not know that it (the above described actions) is "necessary", but self reliance is very very empowering. What I mean by that is I DO know "hard times" are coming, the math doesn't lie, our currency is doomed and it looks like it's being pushed off the cliff by those that manage it (power always seeks to consolidate, so it's easy to predict what is next really..); that being said, I do not know that the "world" will collapse and everyone will have to fend for themselves.

In fact I do not believe this will be the case, I think that in order to keep the population complacent and agreeable certain comforts must be maintained; though dependency on the control structure will become heavier and heavier so it's "comforts with a catch" really.

anyway, I'm drifting off topic. Beware the item(s) that is(are) sold based on the concept of scarcity, it seems that the opposite is almost always true, and that fact is almost always controlled by those who are profiting.


Thank you for the kind words Shezbeth, I'm glad I'm not comming across as a rambling crazy man & hopefully am offering useful opinions and ideas.

[donk]

anyway, I'm drifting off topic. Beware the item(s) that is(are) sold based on the concept of scarcity, it seems that the opposite is almost always true, and that fact is almost always controlled by those who are profiting.




Agreed...great post! And so what does that mean? Real information is currency, one of the only "things" of rea lvalue.

The current system is based on faith, and hopefully we (globally) run out of that in our lifetime...I used to imagine it was inevitable, now I see that as long as "we" believe, "they" can keep this nonsensical (control/slavery dependent) system. I believe when enough information is out, it will cancel the fraudulent framework of the oppressive monatary system.

It will be a consciousness shift, a true revolution, not just the changing of the way we "trade"....but a whole new (well, really old, remembered) way of arranging our lives.

[TargeT]

Real information is currency, one of the only "things" of rea lvalue.

The current system is based on faith, and hopefully we (globally) run out of that in our lifetime...I used to imagine it was inevitable, now I see that as long as "we" believe, "they" can keep this nonsensical (control/slavery dependent) system. I believe when enough information is out, it will cancel the fraudulent framework of the oppressive monatary system.

It will be a consciousness shift, a true revolution, not just the changing of the way we "trade"....but a whole new (well, really old, remembered) way of arranging our lives.


The internet is the cure, the delivery method (surprisingly enough) will-be/is smart phones.

there are something like 6.8 BILLION (more every day) cell phones around the world, (http://en.wikipedia.org/wiki/List_of_countries_by_number_of_mobile_phones_in_use) this gives me hope that the "information" is getting out there; communication is the biggest trend shared globally right now. Smartphone’s catapult "3rd world" nations into “1st world” information accessibility and the benefit are hard to measure, but I can't think it is anything but highly significant.

I agree that the inevitability is questionable, but I am optimistic on this topic; especially with the above in mind.