Precious Metals Management: FAQs: What is the London auction price?

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What is the London auction price?

The London Metal Exchange (LME) administers the London Bullion Market Association (LBMA) platinum and palladium prices. These prices are set by way of a twice daily auction; the first at 09:45 (am price) and the second at 14:00 (pm price) London time. These prices are published benchmarks. The auction price is a bid price for Good Delivery ingot or plate, located in vaults in London or Switzerland. Hence it is the price which auction members would be prepared to pay for platinum and palladium in the form of plate or ingot deposited in a London or Swiss vault. Customers can instruct dealers to buy or sell metal at the auction price but they will incur charges for brokerage, conversion and transportation. Customers do not have the benefit of knowing what the price is before they buy or sell.