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ECR Minerals Share Chat (ECR)



Share Price: 0.235Bid: 0.22Ask: 0.25Change: 0.00 (0.00%)No Movement on Ecr Minerals
Spread: 0.03Spread as %: 13.64%Open: 0.23High: 0.235Low: 0.23Yesterday’s Close: 0.235



Share Discussion for Ecr Minerals (ECR)


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forest4032
Posts: 3,225
Off Topic
Opinion:No Opinion
Price:0.26
gold fixing prices under spotlight
7 Jul '14
London (AFP) - London's century-old process for fixing gold prices, tainted by a rigging scandal and attacked by critics as old-fashioned, goes under the spotlight this week in key talks aimed at modernising the process.

Related Stories

UK watchdog says no evidence that gold price is rigged Reuters
World Gold Council Says 'Gold Fix' Reform Won't Happen Quickly TheStreet.com
China, Singapore vie for Asia gold pricing alternative to London Reuters
Deutsche Bank conducts internal probe into trading on gold "fix" Reuters

Analysts said that the market price of gold, which is driven by investment and jewellery demand, could climb as a result of an overhaul.

Buyers and sellers of the precious metal will meet in London on Monday to discuss the setting of the global benchmark, which affects the flow of billions of dollars worldwide every day.

The World Gold Council (WGC) will host an eagerly-awaited forum with retail and central banks, exchanges, mining firms, refiners, traders and other industry groups, while Britain's Financial Conduct Authority (FCA) watchdog will attend as an observer.

The benchmark gold price is set by four banks at 10:30 am London time (0930 GMT) and 3:00 pm, via teleconference.

The banks -- Britain's Barclays and HSBC, Canada's Scotiabank and Societe Generale of France -- are all members of the Gold Fixing Company and agree the price twice daily. Germany's Deutsche Bank pulled out of the panel earlier this year.

The process begins with the so-called spot price of gold, which is based on the current market rate of contracts for physical delivery of the metal.

The four banks must then declare whether they are interested in buying or selling at this level. The price can fluctuate depending on the balance of supply and demand, and settles on a so-called "fixing".

The system lurched into crisis this year when Barclays was fined more than £26 million ($45 million, 33 million euros) by the FCA after a ex-trader at the troubled bank admitted attempting to manipulate the gold price.

Barclays is among several banks that were fined billions of dollars by regulators foreign exchange rigging, prompting a broad review of how global financial benchmarks are set.

Critics argue the gold-price fixing process is also open to abuse.

"It lacks transparency, which means prices can be rigged to benefit banks, at the expense of producers, traders, investors, jewellers and other market participants," said Mark O'Byrne, research director at broker GoldCore.

"Prices should be determined by market forces of supply and demand and not due to a bank's determination."

The process is little changed since its creation on September 12, 1919, when the Gold Fixing Company's five founders -- including NM Rothschild & Sons -- agreed one single daily price fix in British pounds.

O'Byrne added: "The gold fix is anachronistic in the
 
Rower_1978
Posts: 1,361
Premium Chat Member
Off Topic
Opinion:Strong Buy
Price:0.26
View Thread (2)
RE: Nice £8m Buy at Close
7 Jul '14
Lol, I think you mean 8m shares bought, not £8m buy! Now that would be something, our entire MC!
GordonPekko34
Posts: 80
Off Topic
Opinion:Strong Buy
Price:0.26
View Thread (2)
Nice £8m Buy at Close
7 Jul '14
Clearly some confidence in this share. I expect this is the first of some sizeable positions to be taken in the build up to MGA news. The BB is back with activity and interest and for the 2nd trading day in a row ECR is in the highest volumes, although these are likely to increase significantly in the next few days. I have waited patiently for some time, as have many others who know the potential here, for developments but glad to be a part of what is likely to be an interesting and exciting future here. There are some good posters on this BB. GLA holders.
fishing
Posts: 1,697
Observation
Opinion:Strong Buy
Price:0.26
Another small rise
7 Jul '14
Was hoping for more, we should climb all week now
Liquid_Gold
Posts: 280
Off Topic
Opinion:No Opinion
Price:0.26
Roll on MGA potential
7 Jul '14
Gold sales from Australia’s Perth Mint, which refines all the output in the world’s second-biggest producer of the precious metal, hit the highest level in four months last month, driven by a rally in prices that stimulated demand.

Sales of gold coins and minted bars rose to 39,405 ounces from 36,127 ounces in May and the most since February, according to data from the mint published by Reuters. In comparison, the mint sold 47,692 ounces in June last year.

US sales, instead, went downhill, with American Gold and Silver Eagle bullion coins dropping when compared to the same period in 2013. The decline for the silver comes as the US Mint recently lifted their allocation program, which had been limiting the number of coins authorized purchasers were able to order.
Liquid_Gold
Posts: 280
Off Topic
Opinion:No Opinion
Price:0.26
Roll on SLM and Itogon
7 Jul '14
According to The Wall Street Journal, demand rose to a record 1,100 tonnes in China last year and was estimated at 975 tons in India.

“Market fundamentals in Asia remains intact and is getting stronger,” the newspaper quoted Albert Cheng, managing director for the Far East at the World Gold Council, as saying.

Gold futures for August delivery traded Wednesday morning at $1,329.80 per ounce on the Comex division of the New York Mercantile Exchange, up from the previous close of $1,326.60.

Gold has benefited from not only geopolitical tensions.

During times of political or financial turmoil, market participants tend to buy gold, which is seen as a safe-haven investment.
gino29
Posts: 1,324
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.26
View Thread (2)
RE: just don't see why mm's would k..
7 Jul '14
Tall chap

there is no way in hell the 1 mm would hold 8M shares in stock at one time to fill that order in one go

someone at 8 am this morning or before placed the 8M order and the mm who took the order has worked the bid all day to fill it.....hence why we were up so much and seen it drop bit by bit. It encouraged the sells early on to fill this order

8 million accounts for circa 12% of the total days trading volume.....thats why the price wouldnt rise much with all the buying
nightyard
Posts: 362
Off Topic
Opinion:No Opinion
Price:0.26
tall chap
7 Jul '14
whilst not ideal, I see the low percentage gain as a positive.
I wouldn't like to see huge rises which encourage non investors to sell off for a quick buck
£21k buy after hours obviously shows someone has alot of confidence in ECR

MGA will definitely bump the base value of ECR up, I'm hoping by £3-4m in market cap terms.
Tall_Chap_UK
Posts: 3,097
Off Topic
Opinion:Strong Buy
Price:0.26
View Thread (2)
just don't see why mm's would keep
7 Jul '14
Us down like this.. Why? We all know what's coming, update reaffirms, but still super low sp.
AntonKett
Posts: 1,955
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.26
View Thread (2)
RE: Massive buy
7 Jul '14
Yes very nice purchase. MM's would usually try and encourage a day of sells to offset such a deal, so a very good day indeed with an incremental rise.

Roll on Tuesday.



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