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Gold and silver futures contracts will launch in London in early 2017, providing competition for U.S.-based Comex trading as participants hope to create more transparency and deeper markets for the precious metals.
The World Gold Council and the 139-year-old London Metal Exchange (LME), together with Goldman Sachs GS, +0.46% , ICBC Standard Bank, Morgan StanleyMS, +0.38% , Natixis, OSTC and Societe Generale, will introduce a suite of exchange-traded and centrally-cleared precious metals products in the first half of next year, pending regulatory approvals, they said Tuesday.
A desire for greater market transparency, support of ongoing regulatory change, additional robustness to the precious metals market, broader market access, capital-efficient trading and easier trade lifecycle management drove the creation of competing products, the participating firms said.”
Comment: Approximately six sheets of 20-pound paper weigh 1 ounce together. Each sheet of paper weighs approximately 16/100 of an ounce, so six sheets weigh 96/100 of an ounce. How many more paper ounces can they create ??! Geesh!