U.S Mint to Replace 117-Year-Old Silver Benchmark for Coin Sales
Coin sales at U.S Mint will now follow new electronic silver benchmark with effect from this week, announced the Mint Company during Wednesday.
WASHINGTON (Scrap Monster): Coin sales at U.S Mint will now follow new electronic silver benchmark with effect from this week, announced the Mint Company during Wednesday.
The new silver benchmark will be adopted for the Mint coin sales, silver purchases and price management programs following the end of the original ‘silver fixing’ mechanism.
The new system known as London Silver Price made by CME Group and Thomson Reuters will be effective from Friday.
The 117 year old silver bench marking mechanism has been questioned due to the three bank silver fixing process last year by Deutsche Bank, HSBC and Bank of Nova Scotia-ScotiaMocatta.
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