Silver Price Going Electronic in Quest for Transparency

An electronic, auction-based mechanism will replace a ritualized negotiation among a few traders that’s been in place for 117 years. Silver becomes the first of the precious-metals markets to ditch a daily “fixing” procedure where dealers agree to a price over the telephone. Revamps also are planned this year for fixings in gold, platinum and palladium.

Bars of 100-ounce silver are stacked inside The Safe House, a vault operated by Silver Bullion Pte, in Singapore. Photographer Nicky Loh/Bloomberg Close

Coeur Mining Inc. (CDE), the largest U.S. silver producer, says changing an outdated pricing method will enhance confidence in a benchmark used as a reference for trading and valuing holdings.

Read More: www.bloomberg.com/news/2014-08-14/silver-price-going-electronic-in-quest-for-transparency.html