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:
“Life is a series of diminishments. Each cessation of an activity either from choice or some other variety of infirmity is a death, a putting to final rest. Each loss, of friend or precious enemy, can be equated with the closing off of a room containing blocks of nerves ... and soon after the closing off the nerves atrophy and that part of oneself, in essence, drops away. The self is lightened, is held on earth by a gram less of mass and will.”
—Coleman Dowell (1925–1985)
“When human beings have been fascinated by the contemplation of their own hearts, the more intricate biological pattern of the female has become a model for the artist, the mystic, and the saint. When mankind turns instead to what can be done, altered, built, invented, in the outer world, all natural properties of men, animals, or metals become handicaps to be altered rather than clues to be followed.”
—Margaret Mead (1901–1978)