Precious Metals
Contrary to popular belief, the precious metals, gold and silver, are not traded on the London Metal Exchange, but on the over-the-counter market usually referred to as the London Bullion Market, by the members of the London Bullion Market Association. Platinum and palladium are traded on the London Platinum and Palladium Market. Both members of the LBMA and LPPM trade the precious metals spot market on EBS (Electronic Broking Systems)—acquired by ICAP in June 2006. Many companies involved in minor metals are members of the Minor Metal Trade Association.
The LME does, however, provide trade matching and clearing services to the London bullion market and distributes gold, silver, and gold IRS (interest rate swaps) forward rates on behalf of the LBMA.
Read more about this topic: London Metal Exchange
Famous quotes containing the words precious and/or metals:
“This happy breed of men, this little world,
This precious stone set in the silver sea,
Which serves it in the office of a wall,
Or as a moat defensive to a house,
Against the envy of less happier lands,
This blessed plot, this earth, this realm, this England.”
—William Shakespeare (1564–1616)
“As in digging for precious metals in the mines, much earthy rubbish has first to be troublesomely handled and thrown out; so, in digging in one’s soul for the fine gold of genius, much dullness and common-place is first brought to light.”
—Herman Melville (1819–1891)