Exclusive-Banks prepare to scrap LME gold and silver contracts, sources say

Investing.com | Oct 13, 2021 at 9:01 AM
  • A group of banks that partnered with the London Metal Exchange (LME) to launch gold and silver futures in 2017 is preparing to abandon the project after hoped-for volumes did not materialise.
  • Although the contracts had a positive start, with 14.3 million ounces of gold worth around $20 billion and 121 million ounces of silver worth about $2 billion trading on the LME in September 2017, activity then began to fall.
  • In 2019 and 2020, a bullion price rally pushed trading in London and on New York’s Comex exchange to record levels.