Author: Paul Ploumis18 Jun 2014 Last updated at 05:47:26 GMT
LONDON (Scrap Monster): According to a Bloomberg report, the London Metal Exchange plans to have a testing method to alternate the London silver fixing benchmark ready two weeks ahead of the August deadline.
The LME said that though the Bank of Nova Scotia and HSBC would be left running the current fix, more than ten firms have expressed their willingness in helping run the new silver fix.
As per the ETF report, silver has surged along with gold, the status of the precious metal would be positive by coming days.
“The recent report from China shows cues of a recover and the reserve ratio cuts by the PBOC (People’s Bank of China) adding to potential momentum, we expect cyclical commodities like silver to continue to benefit,” LME said.