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The London market fixings are internationally published benchmarks for precious metals prices. The trade associations who set the London fixings are regarded as fully transparent, worldwide authorities on precious metal valuations. Therefore, London fixings are used to deal in large amounts, or to achieve the accepted average price of precious metals. Essentially, the London fixings are designed to allow precious metals buyers and sellers to trade at a fair market price.
Records trace bullion transactions in London back to the 17th century. It was, however, the introduction of the London Silver Fixing in 1897 and the London Gold Fixings in 1919 that marked the beginnings of the market’s structure.
There are five association members who are responsible for the gold market fixing:
Members participate in a conference call twice daily to contribute average sales prices. They come to an agreement on the price, which is fixed for transactions that happen throughout the business day.
There are three members of the LBMA that conduct the silver market fixing once daily:
The silver fix is administrated by Thompson Reuters using an auction-based, auditable electronic system that matches buying and selling orders to reach a benchmark for the price of silver.
In addition to the above items, the refiner’s bars must have passed the stringent testing procedures laid down by the LBMA.
Manhattan Gold & Silver offers free precious metal apps for smart devices that let you check the London fixing for gold, silver, platinum, and palladium anytime you want – along with several other features.
Remember, the current price of precious metals changes every day. Contact us today to get a payout quote for your lot – based on the London fixing. We’re also happy to answer refining questions, hedging options, and customer service inquiries.
We’re currently open from 9:30am – 4:00pm Monday-Friday. Customers are now allowed to enter the exchange with a mask and witness melts as usual.
If you have any questions you can still contact us at 212-398-1454 and sign up for our newsletter for further announcements.
Most importantly, please stay safe!