DENVER - Monday, March 23rd 2015 [ME NewsWire]
(BUSINESS
WIRE)-- The Board of Directors of the Denver Gold Group (DGG) has
approved the nomination of its Executive Director, Mr. Timothy Wood, as a
member of the Oversight Committee for the new London Bullion Market
Association (LBMA) Gold Price. London-based ICE subsidiary ICE Benchmark
Administration (IBA) manages the Oversight Committee.
IBA will
provide the price platform, methodology and overall administration and
governance for the new LBMA Gold Price which debuts on 20 March 2015.
The LBMA Gold Price replaces the 95 year-old London Gold Fix as the new
global benchmark for the bullion market with its daily turnover of $150
billion.
The LBMA Gold Price will be will be set twice daily—at
10:30 Greenwich Mean Time and 15:00 GMT—in dollars, euros and sterling
in a physically settled, electronic and tradable auction. Transactions
will be visible to participants, and recorded for oversight purposes.
The
LBMA Gold Price Oversight Committee comprises Tim Wood of The Denver
Gold Group, Robert Hayes of AngloGold Ashanti, Grant Angwin of Johnson
Matthey, Simon Weeks of Scotiabank, Ruth Crowell of the LBMA and Emma
Vick of IBA.
The LBMA Gold Price Oversight Committee has a
mandate to conduct regular reviews of all aspects of the determination
of the LBMA Gold Price.
Ms. Karli Anderson, Chair of the Denver
Gold Group, said: “DGG is pleased to represent gold producers in
overseeing the new benchmark price for gold. Mining companies support
gold price discovery that is accessible to more participants and with
greater transparency in the auction process.”
About The Denver Gold Group
The
Denver Gold Group (DGG) is a capital formation organization that has
supported public and private gold and silver mining companies for nearly
three decades. The Denver based not-for-profit association’s members
own the majority of the world’s new gold and silver production, as well
as most existing reserves and resources.
DGG presents two major
annual investment events. The European Gold Forum
<www.europeangoldforum.org> convenes in Zurich every April. The
Denver Gold Forum <www.denvergoldforum.org> convenes in Colorado
each September.
DGG also supports and promotes a variety of
precious metal investment and education initiatives, including in
collaboration with other industry associations.
Contacts
Denver Gold Group
Timothy Wood, +1 303-825-3309
twood@denvergold.org
www.denvergold.org
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