The Fixing price represents the matching of orders from customers throughout the world. The Fixings make it possible for any interested party, be they supplier, consumer, dealer or investor, to trade at the price at which every current interest is satisfied.
KMG Gold Recycling
posts the LPPM fixings and uses the fix prices for buying and selling platinum and palladium..
The system of Fixings is recognised as providing a valuable reference point, which is of particular benefit in volatile market conditions.
All deals are based on the published Fixing price. The Fixing price is immediately transmitted by the international news agencies and is a respected reference price used by industrialists and producers worldwide.
Above all, the Fixing procedure is simple, easy to understand and ensures the broadest possible participation in the market.
The Fixings commence at 9.45 am and 2.00 pm London time and take place on every day on which members are open for dealing in London. They are conducted by telephone. Dealing is in respect only of brands acceptable as good delivery under the London/Zurich Good Delivery list for platinum and palladium as in effect from time to time.
The Fixing members elect a chairman, who presides over the Fixing. At the commencement of each Fixing the chairman announces an opening price which is relayed to the members’ dealing rooms. This is in turn relayed to the customers of members and, on the basis of orders received, members declare as a buyer or seller. Provided both buying and selling interests are declared, members are then asked to state the amount in which they wish to trade. If the amounts of buying and selling do not balance, the same procedure is followed again at higher or lower prices until a balance is achieved. The Fixing price should be the price at which all buying and selling orders declared by members at the Fixing can be matched and it is the responsibility of the Chairman of the Fixing to determine when this occurs.
A feature of the Fixings is that customers may be kept advised of price changes throughout and may alter their instructions at any time until the price is fixed. If all orders cannot be balanced at any price the Fixing price shall be determined by the Chairman of the Fixing, at his discretion, having due regard to prevailing bids and offers. Exceptionally a pro-rata settlement may be necessary. Buying and selling orders are expressed in U.S. dollars per troy ounce.
Fixing members’ customers who sell at the Fixing receive the Fixing price without deduction of commission. The commission payable by Fixing members’ customers who purchase at the Fixing is by negotiation.
Unless otherwise agreed by the parties, settlement shall be made two business days after the date of the contract and for settlement purposes Saturdays, Sundays and Public Holidays in London, Zurich and/or New York are to be considered non- working days. Unless otherwise agreed delivery shall be made at the vaults of the member, in London or Zurich.