LONDON SILVER PRICE CONSULTATION – SURVEY RESULTS
Thursday, June 05, 2014
The LBMA’s Silver Price Consultation survey has now closed. In total, there were more than 440 participants who completed the survey. The general consensus was that the silver pricing mechanism should be an electronic, auction - based solution. The solution must be tradeable, with an increased number of direct participants. More specifically the responses to each of the questions are summarised below:
Q1. For your current business model, how useful is the current London silver price mechanism? The average score was 7.5 (out of 10).
Q2. How often do you use the silver price mechanism? 64% daily, 24% periodically, 7% never and 5% n/a.
Q3. Is the silver price discovery method sufficient? Yes 72%. No 28%.
Q4. Would you consider acting as a contributor? Yes 25%, No 44% and 31% maybe.
Commenting on the results of the online survey, Ruth Crowell, the LBMA Chief Executive, said:
In view of the survey results, the LBMA has launched a Request for Proposals from all those companies who had expressed an interest in becoming the price administrator for the silver price. This will culminate in a Seminar on the 20th June, for LBMA members to provide feedback on the proposals received.
For further information please contact Aelred Connelly, PR Officer, on
Tel: +44 (0)20 7796 3067 or AG.Consult@lbma.org.uk.
About the London Bullion Market Association
The LBMA is the international trade association that represents the wholesale over-the-counter market for gold and silver bullion. The LBMA undertakes many activities on behalf of its members and the wider market, including the setting of good delivery and refining standards, the organisation of conferences and other events, and serving as a point of contact for the regulatory authorities. For more information, please visit www.lbma.org.uk.