This Giant Metals Exchange Is Taking on the Gold Elite

  • LME to offer gold, silver contracts for first time in decades
  • Joint venture is backed by Goldman, Morgan Stanley, Natixis

LME to Offer Gold Contracts for the First Time in Decades

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The world’s biggest industrial metals exchange is taking on the most powerful players in the gold market with the launch on MondayBloomberg Terminal of its first futures contract for the commodity since the middle of the 1980s.

The London Metal Exchange and its partners aim to grab a piece of the action in a city where almost half the world’s gold changes hands. At stake are rival visions of how best to run the market, pitching the LME, Goldman Sachs Group Inc. and Morgan Stanley on one side and the London Bullion Market Association representing some of the biggest trading firms on the other.