The Fix is Out! London Silver Fix to End Aug 14th

silver fixWill 2014 go down in history as the year that the silver manipulation ended?
First JPMorgan exited their commodities business, and today, the London Silver Market Fixing has announced that effective August 14th, 2014, The Company will cease issuing daily the silver fix permanently.

1. What will happen after 14 August 2014? Will the Silver Fixing cease to exist?
With effect from the close of business on 14 August 2014, the Company will cease to administer a Silver Fixing, and a daily Silver Fixing Price will no longer be published by the Company.

4. What happens after 14 August 2014 for market participants with contracts referencing the Silver Fix?

The Company is not in a position to comment on such matters, but market participants can speak to their contractual counterparties.

 

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Official Press Release:

LONDON, UNITED KINGDOM–(Marketwired – May 14, 2014) - The London Silver Market Fixing Limited (the ‘Company’) announces that it will cease to administer the London Silver Fixing with effect from close of business on 14 August 2014. Until then, Deutsche Bank AG, HSBC Bank USA N.A. and The Bank of Nova Scotia will remain members of the Company and the Company will administer the London Silver Fixing and continue to liaise with the FCA and other stakeholders.

The period to 14 August 2014 will provide an opportunity for market-led adjustment with consultation between clients and market participants.

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.

Q&A

1. What will happen after 14 August 2014? Will the Silver Fixing cease to exist?

With effect from the close of business on 14 August 2014, the Company will cease to administer a Silver Fixing, and a daily Silver Fixing Price will no longer be published by the Company.

2. What will happen in the period up to that date?

The Company intends to continue to administer the daily Silver Fixing and publish Silver Fixing Prices throughout that period.

3. Why a three month notice period?

Although members of the Company may resign on seven clear days’ notice, the members have confirmed that they stand ready to continue the Company’s operations until (and including) 14 August 2014.

4. What happens after 14 August 2014 for market participants with contracts referencing the Silver Fix?

The Company is not in a position to comment on such matters, but market participants can speak to their contractual counterparties.

5. What does this mean for the gold, and platinum and palladium fixing companies?

This decision relates only to the London Silver Fixing administered by the Company. The Company is not in a position to comment on other fixings.

For more information please contact:
London Silver Market Fixing Limited
Simon Weeks
Chairman
020-7826-5930
simon.weeks@scotiabank.com

Canada
Sean Hamilton
416-866-2054
sean.hamilton@scotiabank.com

 

 

Is this the beginning of the end of the decades long cartel manipulation of the silver market?  


Comments

  1. “London, that great cesspool into which all the loungers and idlers of the Empire are irresistibly drained”
    Dr. Watson in A Study in Scarlet (Sherlock Holmes)

    Might I add scoundrels and cheats

    • Benedict Cumberbatch, who plays the part of Sherlock Holmes, but may be better known by some for his part in the movie ’12 years a slave’, is a mouthpiece for deposit insurance:



      Who would be concerned with being bailed-in having heard his soothing and reassuring tones?
      Maybe those taking note of events and the setting of a precedent, such as:
      http://www.bbc.co.uk/news/business-27308811

    • “This is the sound of a padlock…”
       
      I dunno, sounds more like a gun cocking to rob my savings!! Bwa-HaHaHaHa

    • “London, that great cesspool into which all the loungers and idlers of the Empire are irresistibly drained”
      Dr. Watson in A Study in Scarlet (Sherlock Holmes)
      Might I add scoundrels and cheats 
       
      +1 for Wendy  :D

  2. Hmmmm… sounds like we have a clue to as to when the CME Daily PM limit moves will come into vogue…

  3. Time to Re-Load before the price of Silver Explodes !!!!!!!!!!!

  4. Im sure they will still set the price, now it will just be from behind closed doors and without admitted the fixing. Could be sign of a huge downturn to come.

    • Actually the market now essentially performs it’s own silver fix already. “The Company” has been made rather useless as a fix can only work if you control the commodity behind it (they obviously don’t). The most likely reason they are closing is that there just isn’t enough money to be made using their manipulation schema with it’s possible public exposure compared to trading separately. Hopefully the gold fix will fall soon as well….

    • @jiggysmb – predicting a “huge downturn”… lol
       
      1. What is your definition of a “huge downturn”… are you predicting that we go below $15?
      2. How does this make sense logically… if they could make silver $10 oz, they would have already done so, yes?
      3. The supply side would be completely depleted as all mining became unprofitable and the average investor could purchase up to 100% more with their money.
       
      Please expand on this “theory” of yours… don’t leave us hanging…

    • Sean, you will never get a straight answer from him on anything. If you’re looking for logic, it isn’t coming from jiggy.

  5. Our enemies have been dealt a blow… what will you do now? I’d argue that buying more silver now at this time could be highly damaging to the cartel… while enriching to the freedom loving citizen. 

    • I am pretty confident is that the dollar spike in silver prices were caused by insider trading on this announcement’s release but only in part.  It may go higher in the short run due to possible topping of the stock market, but if the stock market returns expect to see another drop. Most people by nature chase yield first and security second.

  6. They won’t set shit. The West price manipulation is done. The price will now be a average of the Eastern PM exchanges and any western exchange that has any metals.
    This is it, 1 down, and few more to go before we go ballistic. Once the gold fix is eliminated, we go into uncharted waters.
    I don’t think anyone in the East give a rats rear what the CME does because 1. They don’t have any metals and 2. The price move limit will be irrelevant because, excuse me, “WHO THE FARK GIVES A SHIT WHEN YOU DON’T HAVE ANYONE EXCEPT A HOLLOW CONTRACT” Any dick can create these worthless contracts when you don’t have any metals.

  7. Will this be the date of the great reset that is the question,as stronger and stronger hands take over and refuse to sell no matter what the price hopefully this is the end for the bankers interference with true price discovery,Very interesting times indeed.

  8. @SeanKelly:  Yo dude, please don’t ask jiggy to “expand” on anything.  Its enough we have to endure his rantings on his own.  He does not need coaxing…..LMAO.

  9. The King is Dead!!!!…. Long live the King. =-O:-D
    Ok, so my take from this is that the market will move the way it HAS generally moved, with the exception that there are no uber-rich hands smashing silver to keep it at the “FIX”. Secondly, this ends over 100 years of insider trading on the most tiny and volatile market in the world!  Man, if only my Dad was on that phone, I could for run the market every time…II’d be FILTHY RICH.
    So, that is that. I dont imagine silver will be crashing anytime soon. The asset is currently selling like gangbusters, and it’s already on the bottom. I would have to imagine that a group of bankers had true market values at heart to believe anything other than good can come of this. Perhaps they had other motives 117 years ago, but today, in the bankers fiat world, it’s only about supporting their fiat dream that Nixon, trueman, Greenspan, and many more sold their souls to support.
     
    Is Jiggy ZMAN in disguise? 

  10. Fictitious beliefs made real!

  11. We’ll have at least one more paper smash when things collapse in the broader market but any retard who figures you’re going to be seeing readily deliverable bullion for that price is firmly rooted in the annals of science fiction because it ain’t happening.
     
    Look at demand for eagles and maples alone – yet we’re supposed to believe people are buying them fr deeply below spot. LOL.

    • demand is good, but premiums keep dropping, even with lower prices, that implies supply is coming on bigger than demand?

  12. Fixing prices is communism. End this shit and end this whole Federal Reserve fraud on the public!

  13. In my view the fix is the least of our worries, but it is a good sign. Dumping millions of ounces in thinly traded markets without care about price to run the stops is the real issue.

  14. This just in…  from the Silver Institute in the US:
    “Total Physical Silver Demand Achieves Record Level in 2013
     
    Coin Demand Realizes New High Along With Strong Growth in Global Jewelry and Silverware Demand
     

    (New York City – May 14, 2014) Total physical silver demand rose by 13 percent in 2013 to an all-time high, according to “World Silver Survey 2014″, released today by the Silver Institute. This was primarily driven by the 76 percent increase in retail investment in bars and coins coupled with a sturdy recovery in jewelry and silverware fabrication. On the supply side, silver scrap fell by 24 percent, experiencing the largest drop on record to reach its lowest level since 2001…”

    Demand
     
    2012 Jewelry 181.4 Coins & Bars 139.3

    2013 Jewelry 198.8 Coins & Bars 245.6 millions of oz.

  15. Means nothing. Just changes the way that you buy bullion from the majors. The price will now be set by whatever they deem as being the best price for the metals.
     
    Does this mean that COMEX is coming in for physical? Or are the prices now set in Shanghai? Don’t the Rothschild have something to do with the Shanghai markets?
     
    As said means nothing, just moved the operations out of London, probably outside the reach of the Western regulators, giving a quick back hand payment to China

  16. Y A W N .

  17. So ! The 3 Silver Bullion Banks were allowed to Aug this year clean up their short positions ,after that who knows what the price could be ? Not good for Industrial wholesale buyers & Short positions expect a Race between these two Giants ! lol

  18. My prediction for $30 silver still stands at July 1st, but of course the moon might be turned to blood and the sun darkened before that day now!     http://youtu.be/EBeYVhqAC9g

    • $30 silver by which July 1st?
      This year, next year, or when?

    • Here, I’ll handle this:
       
      I will mail you $30 cash to your address if you’ll send me any standard silver round you have laying around.
       
      SEE???? YOU’RE WRONGGGGG! 
      HA! GOTCHA! $30 Silver Nowwwwww baby!!!

    • @Randall
       
      If you are linking a price increase to the 7/1/14 “currency law” I believe you will be incorrect. 
      This so called currency law is in place NOW, and banks all over the world have until that date 
      to implement the new reporting rules for the IRS. It is to make all U$D funds reportable for US 
      citizens, for tax purposes. Now there is also hidden in every law, what we sometimes call 
      “unintended consequences” but that s almost never really unintended. But I do not see 
      how this new reporting, which will be completed by 7/1/14 will “crash the U$D” by any 
      stretch of the imagination. That is what most of the scare tacticians are saying… 
      Nor do I see it resulting in $30 Silver. 
      But some other causes may emerge! 
       

  19. Wow! the Rise in Demand for Silver in India China for Solar farms + personal investment Maples, American Eagles  ect.

  20. They’re not fixing the price anymore out of boredom.

  21. Time for a nap.My pillow please.
    You can bet your ass the elimination of the fix is to benefit the Banksters.
    The game will continue albeit with increased obfustcation.
    Anyone who thinks it will be throw in the towel time needs to give themselves a big shake!
    This is nothing but another addition to the ongoing Silver dog and pony show.

    • yeah they are either getting out before bad PR gets too bad ( they won’t get held accountable but don’t need the spotlight ) or they’ve modified their game.
       
      Just like the federal reserve screwed up on QE2 and the metals went wild. They learned their lesson on QE3 and QE4eva and managed the metals, now they are winding down QE but laundering their purchases through belgium..

    • “In a time of universal deceit, telling the truth to the masses on Silver Doctors about what really is the TRUTH, is a revolutionary act.”
       
      ~ TheRedPill (Stolen from George Orwell, well….sorta)

  22. Meaningless. The elites are not announcing in 3 months, no more rigging. Think about it, it’s ridiculous.

    The visible board can no longer be a target. “”Whoever”" is just going to placed into hiding, so you cannot complain about it or see them anymore so when it goes bad, you don’t know who to blame.

  23. Read tonight on the bbc that the LBMA might be taking over the silver fix. And there was me thinking that the LMBA did the fix, silly me ;)

  24. the “fixing” scheme will not over…
    but… the form of “fixing” will be different
    .
    if i am not wrong, COMEX just announce to “regulate” the price of silver not rising up more than 1% a day
    ( yup the word are literally mentioning “not rising up more than 1% a day”
    .
    so what this means ?
    it means in 100 day, the price will up 100% if the formula are “flat” ( $40-60 silver )
    or it will be faster than 100 day if the formula is 1% of the previous day ( exponential growth )
    .
    but the suspicious “anomaly” in silver are, when the price drop in 2011-now, the silver inventory are not up but drop
    this fact is defying the law of supply and demand relating to price ( when the price are down the demand are drop )
    so what the real thing happened in the “closed door” ?
    don’t ever think the elite and country like china, india’s people are not smart enough ( like us )
    because as we learn in the silver inventory drop, the premise that mentioning the real motive for destroying silver ( and gold price ) just to take profit are not logic anymore…
    rather how about… 
    so they can pile up their chest in “better price”
    meanwhile, scaring general people in holding their position
    ( general people think they “must” sell their silver or gold before the price are drop further )
    so thinking to “buy” are not in their head
    .
    so what we get here ?
    yup… the elite, china, india’s people load their boat ( like we do, but in greater quantity )
    ( stacker are not enough “cash” to depleting ASE, maple leaf, etc by 100 million ounce of silver )
    so the logical conclusion are depleting silver are done by “big buyer”
    .
    when silver and gold inventory are gone, they just change the rule ( so the silver market are not default )
    every contract will not settle by “physical”… but only “cash”…
    or they just dealing sell order… and not allowing buy order
    just like Nixon gold window 1971… gold ( or silver ) certificate / note are no longer redeemable to the “real” gold or silver

  25. SOSDD…

  26. Why did an energy firm with big assets in Ukraine hire Joe Biden’s son?
    In the span of a few weeks, an energy firm little-known inside the United States added two members to its board of directors — scoring connections to Secretary of State John Kerry and Vice President Joe Biden in the bargain.
     
    On April 22, Cyprus-based Burisma announced that financier Devon Archer had joined its board. Archer, who shared a room in college with Kerry’s stepson, Christopher Heinz, served as national finance co-chair for the former senator’s 2004 presidential campaign.

  27. According to the zero hedge article, the players will just find another way to meet and another way to scam us.

  28. Jay Carney: Joe Biden’s son accepted position with Ukrainian gas company as ‘private citizen’
     
    Vice President Joe Biden‘s son, Hunter Biden, has accepted a position with Ukraine‘s largest private gas producer, but that in no way means the White House signed off on or endorses his hiring, presidential spokesman Jay Carney said Tuesday.
    Burisma Holdings announced Tuesday that Hunter Biden, Biden’s youngest son, would serve on the company’s board of directors.
    The company in a news release on its website said Hunter Biden will be in charge of the Burisma’s legal unit and will “provide support” among international organizations. The Moscow Times first reported the news Tuesday.
    http://washingtonexaminer.com/jay-carney-joe-bidens-son-accepted-position-with-ukrainian-gas-company-as-private-citizen/article/2548379
     
     

  29. Forget Sanctions Over Ukraine: Russia Scores Massive Gas Pipeline Deal With China

    Read more: http://www.ibtimes.com/china-russia-energy-alliance-deepens-massive-pipeline-agreement-expected-when-putin-visits-1584353#ixzz31kprtrtu

    • So what? The Russians have a lot of gas that is marooned in the east with no current outlet. A new pipeline will take years to build and even then the amounts they are talking about aren’t nearly the same as they now sell to Western Europe. The winners in this deal are the Chinese who most likely got a very good price. The losers are those who currently sell LNG to the Chinese , mainly the Middle East and Australia, who may see their premiums cut when the gas starts flowing.

  30. NetRanger808
    There is more to that story and it involves the major UK and EU banks, backed by the BIS and ECB.  There are two new policies; new to the degree that they are much closer to being implemented than any time in the last 2 years, including the Cyprus Bail-in
    The UK Pm Cameron made a clear and unambiguous statement a few days ago that said, in the main, that the UK tax authorities would either be forced to raise new taxes and revenues or expropriate money directly from the customer’s bank account.  The gist of it was that if taxes and revenues were not raised immediately that the revenue agents would replace that loss with direct confiscation.  
    This taking was based on the assumption that the account holders ‘owed taxes’ and that somehow the tax payer had failed to pay up.  It would amount to a defacto case of the revenue agent being the judge, jury and executioner.   The tax payer would be informed after the fact that they owed more taxes.  I’m still trying to figure out the convoluted logic here since a tax payer files a return, pays their taxes or gets a refund, and that’s the end of it.
    In Cameron’s mind, any tax payer could be guilty of evasion ‘just because’ and thus the government would simply tax what they wanted without any recourse from the tax payer.  It sounds like an Alice in Wonderland scenario but who knows what goes on in the mind of the Red Queen. I see it more as a Revenue Russian Roulette.

    The second assault was the very real imposition of a Negative interest rate imposed on people with savings account in the EU.  No one said what the impound would amount to but the savings accounts would not receive interest.  They would be paying the bank a percentage of the account balance.  With France and the Swiss banks implementing NIRP last year but only 15-50 basis points, this new extraction would probably be 1% or more. The name of the BIS was prominently noted.
     Some even speculated that it might be 2-3%. That would be so over the top that bank runs would be epic.  Whatever NIRP rate occurs, it does not take into account the losses on principal via inflation erosion and that alone has to be 3% or more.
     
    These two new means of bleeding wealth from the people are not just hypothetical anymore. They are being actively pursued.  Wealth taxes, capital confiscation and NIRP will probably be in full force within a few months. These two actions are desperation made real. The governments and banksters are nearly out of control if they believe this acceptable.

    The new Russia Chinese petroleum pact along with UKR gas sanctions has to be scaring the bejabbers out of the elites today if they are announcing, with no cover or MOPE, their intentions to begin stealing and doing so in short order.
    I can’t barely speculate what sort of blowback this will cause in the US.  The Fed is laundering their QE and bond purchases by the hundreds of billions via Belgium.  Redemptions in the same hundreds of billions is forcing the Fed to make off book transfers to Belgium since that country can’t print FIAT to buy $140 billion in USTs The laundering of cash between the Fed and the BIS (my guess as the Belgium intermediary) or some other very large bank is going on right now and on a massive scale. The skim to this laundering must be in the billions. Not as much as the rake on narco money transfers, but a large percentage extracted in order to keep all parties mum as to what is going on. 
    No one appears to really want USTs. Any buying would be faux purchases done for appearance sake only. The Fed has ramped QE to at least $110 billion even after it purportedly dropped to $45 billion last week.
    What the Fed appears to say is exactly the opposite of what it’s doing. Willie made that clear about 3 months ago when $1.25 trillion was run across the pond to help bail out EU banks. Now the Fed is bailing itself and the Treasury with it’s own/tax payer money. No wonder we feel poorer by the day.

    Mathematically speaking, the Fed’s drop QE to $45 billion a month from $80 billion, a difference of $35 billion, is just for show. It appears to have increased QE by $35 billion to a level of $115  billion at present time.  The Fed balance sheet must look like crap right now.
    Interest rates on USTs dropped to about 2.56%, and that is large. It’s probably reflective of the ECB announcement of NIRP as a new policy.  I expect more drops as NIRP becomes the order of the day. Do not be surprises to see the 1, 3 and 6 month UST notes to start yield negative returns. Without any adjustment for inflation they are nothing but a parking lot with 2 BPS for the 3 month UST Bonds.
    The FED NIRP is the next shoe to drop in the US and once that happens the Fed won’t be able to sell those either, unless NIRP customers in other countries see the short term UST as the best horse in the glue factory and think they will lose less on a daily basis than something in the EU. I wonder if the negative return extraction will be used to pay the vig to the Fed since it an old world bank in its truest form

  31. customers in other countries see the short term UST as the best horse in the glue factory and think they will lose less 
     
    This may well be the major goal for the time being. Getting more suckers into U$Trash notes. 
    More sold = less interest paid out, correct? I see no end to the machinations of the F’ed Reserve unless some big player like Putin comes along and topples the house of cards. I don’t believe Putin or China or any BRICS are ready to kill the  

    “GOLDEN GOOSE” just yet, but if she stops laying those coveted eggs, GAME OVER!

    @AGXIIK

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