LBMA-Gold-Price

NEW LBMA Gold Price under ICE Benchmark Administration.

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Today on March 20, 2015 a new era for gold pricing begins with a first Gold price set at $1,171.75 per ounce denominated in U.S. dollars. The London Gold Fix was replace by LBMA Gold price that will be administered and estimated by ICE Benchmark Administration. LBMA UK website listed all the changes and new features that investors and market participants need to know about.

“The new IBA platform provides and electronic, auction based, tradeable, auditable and full IOSCO-compliant solution for the London bullion market”, says the LBMA website. The new system will be able to show real-time aggregated and anonymous bids and offers for precise and detailed pricing. The fix however will set every day at the same time: 10:30 am and 3:00 pm.

Also LBMA clearly identifies the auction process and how it works: “The chairperson sets the starting price and the price for each round based on publicly available procedures. Participants then enter their buy and sell orders by volume (i.e. number of ounces). The price discovery process is in US Dollars but participants may, if they wish, request to settle in different currencies. If the net volume of all participants fall within the pre-determined tolerance at the end of a round (i.e. the imbalance currently set at 20,000 oz.), the auction will be complete, with all volume tradeable at that price. Netting of orders is processed automatically for participants with all house and client orders, plus any share of the imbalance, contributing to their final net volume. This net volume is then matched against other participants to produce trades with immediate trade confirmations.”

The benchmark further on April 1, 2015 will be given status “specified” to comply with regulation for Financial Services and Markets.

Gold Prices Will Double

Gold will double in price by 2030

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The booming Asian market, population growth and increasing household incomes in A10 countries may give in long-term a solid upward momentum to a declining gold prices observed since January 2015. Australia and New Zealand Banking Group (ANZ) released a report predicting the prices of gold may soar to $2,400 per oz. by 2030. Notwithstanding the growing US dollar and negative outlook of investors towards gold purchasing, the projections are positive for the precious metal.

ANZ report stating that “a growing middle class will buy more jewellery” driving the emerging demand up. Following that tendency it is expected that “a larger body of professional money managers will drive investment demand”, mentions the report. And finally on the largest scale, the financial institutions primarily central banks “will purchase more gold to provide confidence in newly floated currencies.”

Gold takes an important place in Asian cultures which dictates the precious metals buying behavior and leads to rising income of a middle class will form the demand required to see those price per ounce in 15 years. And supported by the liberalization tendencies in the financial systems of major Asian countries, deep-yellow bars of glowing metal will be finally hit portfolio of many individual investors in that region.

Dubai Aerial Photo

Second Dubai Diamond Conference: diamonds and “The New Silk Road”.

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The second Dubai Diamond Conference will take place on the 21st and 22nd of April.
The main topic of the conference will be an expansion into Asian, Middle-Eastern, African market and overall “eastern” shift of the growing diamond market called collectively “The New Silk Road”. The important topics for discussion will include current diamond retail problems, synthetic diamond dilemma, and African region participation in diamond industry.

The primary guests of the conference will include executive officers of world’s biggest diamond corporations: Andrey Polyakoy, the Vice President of Alrosa, Paul Rowley, Executive Vice President of DeBeers and Carlos Sumbula, President of Endiama. These three companies compose the two thirds of the rough diamond market and have a huge impact on how and where the diamond industry is moving. As for other participants, the conference is bringing together over 500 diamond industry participants starting from direct jewellery traders to public workers and ministers.

Dubai is the perfect venue for the conference as the city represents an important and established part of the diamond market and community. “The city has brought new energy to the industry and much-needed gateway to Middle Eastern retail market. I am looking forward to having open discussion about the challenges of the diamond industry,” says President of World Diamond Council Edward Asscher.

The conference will give a starting point and new vector of diamond industry that will switch its focus towards the market and wealth emerging and growing in A10 countries.