Reuters reported that the US Mint said yesterday that it will adopt the new electronic silver benchmark “for its coin sales, silver purchases and price management programs.” The benchmark is set to come into effect tomorrow.
As quoted in the market news:
The new mechanism run by CME Group and Thomson Reuters, known as the London Silver Price, is expected to begin Friday.
The decision by Deutsche Bank this year to leave the three-bank silver-fixing process along with HSBC and Bank of Nova Scotia-ScotiaMocatta raised questions about the 117-year-old benchmarking mechanism.
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