London Precious Metals Price Fix
For orders over £30,000, Chards can settle on the London precious metals fix price. With the prices of precious metals ever fluctuating, placing an order on the fix gives more certainty to transactions and allows businesses and individuals to prepare their trades on an agreed benchmark.
Why Settle on the LBMA Price Fix?
Fixing precious metal prices is standard industry practice between bullion banks, wholesalers and businesses.
The benefits of using the fix price as a reference is it adds certainty to transactions and simplifies exchange processes, as neither party is required to haggle over the ever-changing spot price.
If such a system did not exist, the time spent haggling over a constantly changing spot price and the uncertainty over placing orders and exchanging funds to cover them, would inevitably lead to higher prices and premiums.
Generally, this means lower premiums can be applied to precious metals. In other words, this future certainty allows us to pass on lower precious metal prices to you!
How Chards Operates Price Fixing
Historically, we have accepted any order on a live price regardless if we have stock on site to cover it or it requires ordering in. At times this exposes us to the risk of higher prices when compared to the price customers actually paid. The time between taking customer orders and being able to place wholesale orders can be up to 19 hours and 30 minutes (3:00pm – 10:30am).
Businesses who take on the risk of prices changing are inclined to build higher premiums into their products to offset deals that go against them.
In order to keep bringing customers our market beating premiums, we offer the option to go on the next LBMA fix for orders over £30,000 for orders placed outside of office hours. Customers can still place live price orders on our website and via telephone, but we ask these are done between 9am and 4pm Monday – Friday.
If your order is placed between 9am - 4pm Monday to Friday, we can offer to place on the live spot price.
Outside of this time we will offer to fix any order which is over £30,000.
Customers will be asked to pay a deposit to secure their order and will be contact with a final balance.
More Details on the LBMA Price Fix
We have a comprehensive article which goes into detail on how the LBMA price fixes work. Please click here to read more.
The LBMA Precious Metals Price Fix page can be found here.