U.S. Mint to use new silver benchmark for coin sales, purchases

NEW YORK Wed Aug 13, 2014 1:55pm EDT

NEW YORK Aug 13 (Reuters) - The U.S. Mint said on Wednesday it will adopt the new electronic silver benchmark to be unveiled this week for its coin sales, silver purchases and price management programs following the end of the original 'silver fixing' mechanism.

The new mechanism run by CME Group and Thomson Reuters, known as the London Silver Price, is expected to begin Friday.

The decision by Deutsche Bank this year to leave the three-bank silver-fixing process along with HSBC and Bank of Nova Scotia-ScotiaMocatta raised questions about the 117-year-old benchmarking mechanism. (Reporting by Frank Tang; Editing by James Dalgleish)

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