RE:RE:So why the spike in Gold today ? It wouldnt show up on Kitco metals because they only show the NY market trading which is small compared to the London Exchange. The world gold contracts is traded in 4 major world exchanges which revolves around what happens in London which is the worlds biggest. What happened in London today for about 40 minutes appox. is the biggest spike that i ever seen. The shorts wont be sleeping tonight.
London gold market or London bullion market is the largest world gold market with a long history. In 1804, London replaced Amsterdam as the center of world gold trading. In 1919, the London gold market was officially established, twice fixing gold price in a business day. The London fixing price affects trading in New York and Hong Kong. In 1982, the London gold market specializes in spot trading; in April 1982 futures market opened.
The London bullion market is a over-the-counter market for gold and silver trading. The bullion is traded among members of the London Bullion Market Association (LBMA), regulated by the Bank of England. London gold priced is in U.S. dollars, using the unit of ounces. Gold offer is mainly based on the gold spot price in the London market. Its gold fineness standard are 995, 9995 and 9999 three kinds.
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