Important information: New Gold Fix to Launched on 20th March 2015

Today 20, March marks a before and an after in the gold history. What are the innovations regarding the gold price setting? And, what has given rise to this significant change?

After almost 100 years, London Gold Fix announced its retirement. From Friday 20, March, the price of gold will be set by an electronic auction, same as it is already done with other precious metals prices. London Gold Fix's aim was to find a balance between supply and demand in the market and set the gold price that served as a global reference for the gold market.

Nonetheless, recently there were some inspections and media accusations. Under these circumstances the best procedure was to renovate the image of the benchmark process, looking for a way that guarantees more transparency and complies with the legislation in force.

The new system – LBMA Gold Price – will be managed by ICE Benchmark Administration (IBA), selected after consulting the participants of the market. IBA will provide the price platform and administration for the gold price, acting on behalf of the London Bullion Market Association, or LBMA.

The gold price benchmarking process will be set by Bank of Nova Scotia, HSBC, Société Générale, Barclays, and – according to the latest news - two new participants: UBS and Goldman Sachs.

An anonymous source declared that the participation of Industrial and Commercial Bank of China, Bank of China International and China Construction Bank - ordinary members of the LBMA – is doubtful yet. The Shangai Gold Exchange could still participate in the setting of gold price.

This is an important change in the history of the gold market that offers more confidence to investors and market participants. As previously, the price of gold will be set twice a day at 1030 GMT and 1500 GMT--in dollars, euros and sterling.

It is time to buy the most profitable asset of all times!

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