DENVER--(BUSINESS WIRE)--The Board of Directors of the Denver Gold Group (DGG) has approved the nomination of its Executive Director, Mr. Timothy Wood, as a member of the Oversight Committee for the new London Bullion Market Association (LBMA) Gold Price. London-based ICE subsidiary ICE Benchmark Administration (IBA) manages the Oversight Committee.
IBA will provide the price platform, methodology and overall administration and governance for the new LBMA Gold Price which debuts on 20 March 2015. The LBMA Gold Price replaces the 95 year-old London Gold Fix as the new global benchmark for the bullion market with its daily turnover of $150 billion.
The LBMA Gold Price will be will be set twice daily—at 10:30 Greenwich Mean Time and 15:00 GMT—in dollars, euros and sterling in a physically settled, electronic and tradable auction. Transactions will be visible to participants, and recorded for oversight purposes.
The LBMA Gold Price Oversight Committee comprises Tim Wood of The Denver Gold Group, Robert Hayes of AngloGold Ashanti, Grant Angwin of Johnson Matthey, Simon Weeks of Scotiabank, Ruth Crowell of the LBMA and Emma Vick of IBA.
The LBMA Gold Price Oversight Committee has a mandate to conduct regular reviews of all aspects of the determination of the LBMA Gold Price.
Ms. Karli Anderson, Chair of the Denver Gold Group, said: “DGG is pleased to represent gold producers in overseeing the new benchmark price for gold. Mining companies support gold price discovery that is accessible to more participants and with greater transparency in the auction process.”
About The Denver Gold Group
The Denver Gold Group (DGG) is a capital formation organization that has supported public and private gold and silver mining companies for nearly three decades. The Denver based not-for-profit association’s members own the majority of the world’s new gold and silver production, as well as most existing reserves and resources.
DGG presents two major annual investment events. The European Gold Forum <www.europeangoldforum.org> convenes in Zurich every April. The Denver Gold Forum <www.denvergoldforum.org> convenes in Colorado each September.
DGG also supports and promotes a variety of precious metal investment and education initiatives, including in collaboration with other industry associations.