On January 28th, there were reports were that the London Bullion Market Association (LBMA) electronic “silver fix” failed for the first time in recorded history. The LBMA is seen is generally seen as the final authority on the “spot” price of gold, silver, platinum and palladium.
However, late last week, the market apparently ignored the artificially low spot price set by the banks, leaving traders of bullion and derivatives in a state of disarray.
Ole Hansen of Saxo Bank was quoted by Reuters saying that, “This could be the end of the fix.”
SGT’s Shawn asks, “Have the criminal banks involved in the daily price fix finally lost control?”
On thing is certain, the silver market should be interesting this week!
