A consortium of mining companies, refiners and industrial users of gold, silver and platinum group metals will form an Internet-based precious metals marketplace.
The site, to be known as Electronic Precious Metals (EPM), will allow competitive 2-way bidding and auctions of specific products.
The primary instruments to be traded will be spot, forward and options contracts. Trading will progress in stages, beginning with forward markets for gold, silver, platinum and palladium. Other transaction instruments, such as swaps and leases, will be added later, as will other metals.
The project is being managed by the CPM Group, a research and consulting firm based in New York, N.Y. So far, London-based KGHM Polish Copper and Russia’s Noril’sk Nickel have expressed interest in participating.
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