REFINING CUSTOMERS - Due to the current influx of precious metal pricing, our standard lead time has increased by 3 business days. Please allow 6 business days for refining clean scrap and 13 business days for stone removal and/or sweeps.
The metal market prices for Hoover & Strong are set daily on or before 11:00 AM EST each day. Metal prices are based upon when your order ships. If the order ships same day, it will receive the current day’s market price, if the order ships any day after the order date, the market will hold for the following day’s market price. Orders placed after 4:00 PM EST via web, fax or email may be processed on the next business day. For example, if you place an order after 4:00 PM EST on Monday, your order may be processed on Tuesday and the metal market price will reflect the market of Wednesday.
The daily metal price is set using the following markets:
Gold, Silver, Platinum and Palladium The London Fix is the procedure by which the price of gold, silver, platinum and palladium is set on the London market by the five members of the London Gold Pool. It is designed to fix a price for settling contracts between members of the London bullion market, but informally the London Fix provides a recognized rate that is used as a benchmark for pricing the majority of gold, silver, platinum and palladium products and derivatives throughout the world's markets. The Gold Fixing is conducted twice a day via conference call. Hoover & Strong uses the PM Fix to set the metal market price for Gold, Silver, Platinum and Palladium at 10:30AM EST daily.
Rhodium, Iridium & Ruthenium The Johnson Matthey base prices are the company’s quoted prices for their customers of wholesale quantities of platinum group metals set by their trading desks in the USA, Hong Kong and the UK. The price reflects Johnson Matthey’s current view of prevailing market prices and may take into account Johnson Matthey’s view on current market bids and offers. The price is for metal in sponge form with minimum purities of 99.9% for rhodium, iridium and ruthenium. The Price is set at 9:30AM EST.
The current 5 participants in the Fixing, who must be members of the London Bullion Market Association, are:
Scotia-Mocatta — successor to Mocatta & Goldsmid and part of Bank of Nova Scotia Barclays Capital — Replaced N M Rothschild & Sons when they abdicated Deutsche Bank — Owner of Sharps Pixley, itself the merger of Sharps Wilkins with Pixley & Abell HSBC — Owner of Samuel Montagu & Co. Société Générale — Replaced Johnson Matthey and CSFB as fifth seat
A Little History The first fixing took place on 12 September 1919 amongst the five principal gold bullion traders and refiners of the day: N M Rothschild & Sons, Mocatta & Goldsmid, Pixley & Abell, Samuel Montagu & Co. and Sharps Wilkins. The gold price then was four pounds 18 shillings and ninepence (GBP 4.9375) per troy ounce. Gold prices are fixed in United States dollars (USD), Pound sterling (GBP) and European Euros (EUR).
On 21 January 1980 the Gold Fixing reached the price of $850, a figure not overtaken until 3 January 2008 when a new record of $865.35 per troy ounce was set in the a.m. Fixing. [1] However, when indexed for inflation, the 1980 high would equate to a price of $2398.21 in 2007 dollars, thus the 1980 record still holds in real terms.
The Fixing historically took place twice daily at the City offices of N M Rothschild & Sons in St Swithin's Lane, but since 5 May 2004 it takes place by telephone. In April 2004 N M Rothschild & Sons announced that it planned to withdraw from gold trading and from the London Gold Fixing. Barclays Bank took its place from 7 June 2004, and the chairmanship of the meeting, formerly held permanently by Rothschilds, now rotates annually.
A tradition of the London Gold Fixing was that participants could raise a small Union Flag on their desk to pause proceedings. Under the telephone fixing system, participants can register a pause by saying the word "flag", and the chair ends the meeting with the phrase "There are no flags, and we're fixed". "As part of this change, it is intended that a web-based commentary of the Fixing will be introduced later this year", the Fixing said in a statement.
The information above was obtained from these sources:
We believe in a responsible and transparent supply chain and do our part to offer products that live up to these values. We offer both recycled and responsibly sourced, newly mined materials so you can choose what fits best with your business objectives.
