Silver market in disarray after benchmark price fixed far below spot rate

The LBMA Silver Price -- the crucial daily benchmark used by producers and traders around the world to settle silver products and derivatives contracts -- was set at $13.58 per ounce.

...

Another source also suggested that the continued existence of the fix has been put in jeopardy by the huge discrepancy in today's price, adding that many producers -- who still use the price as their daily reference -- may have lost significant amounts of money if any contracts have been settled according to the fix.

...

CME and Thomson Reuters won the battle to provide the methodology and price platform for the daily process back in July 2014, replacing the 117-year old fix in August that year under sweeping reforms of the entire precious metals complex.