<p><strong>Quick answer:</strong> No single entity sets the price of silver. The official world benchmark comes from one online auction held each day at 12:00 London time. <a href="https://www.ice.com/iba/lbma-gold-silver-price">ICE Benchmark Administration (IBA)</a> runs the auction.</p>
<p>The <a href="https://www.lbma.org.uk/prices-and-data/lbma-silver-price">London Bullion Market Association (LBMA)</a> owns the benchmark. Fourteen banks and trading firms place the orders. The last LBMA Silver Price was $67.035 per ounce on September 18, 2026.</p>
<p>The LBMA Silver Price is a once-daily benchmark, not a price that controls silver trading throughout the day. Silver price discovery continues around the clock through futures, over-the-counter (OTC), and physical markets, where buyers and sellers continuously transact at changing prices.</p>
<p>You can follow the live market on our <a href="https://www.moneymetals.com/silver-price">silver price chart</a>.</p>
<p>The auction is not the whole story. The silver price you see on dealer sites moves all day, even after the London noon auction ends.</p>
<p>We will explore both factors that play into the spot price discovery. You will learn who takes part in the auction and how each round works. You will also see what happened to the old “silver fix.” And you will learn what a UK regulator found when it tested the auction.</p>
<h2>Who Sets the Silver Price?</h2>
<p>Four groups share the job. Each one has a clear role.</p>
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<td class="p-3 text-sm text-slate-700">Administrator</td>
<td class="p-3 text-sm text-slate-700">ICE Benchmark Administration (IBA)</td>
<td class="p-3 text-sm text-slate-700">Runs the auction platform and publishes the price</td>
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<td class="p-3 text-sm text-slate-700">Owner</td>
<td class="p-3 text-sm text-slate-700">London Bullion Market Association (LBMA)</td>
<td class="p-3 text-sm text-slate-700">Owns the rights to the name and the benchmark</td>
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<td class="p-3 text-sm text-slate-700">Direct participants</td>
<td class="p-3 text-sm text-slate-700">14 banks and trading firms</td>
<td class="p-3 text-sm text-slate-700">Place buy and sell orders in each round</td>
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<td class="p-3 text-sm text-slate-700">Indirect participants</td>
<td class="p-3 text-sm text-slate-700">Clients of the direct participants</td>
<td class="p-3 text-sm text-slate-700">Place their own orders through a direct participant</td>
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<p>The LBMA says it plainly: IBA “independently administers the price and provides the auction platform,” while the LBMA owns the <a href="https://www.lbma.org.uk/prices-and-data/lbma-silver-price">intellectual property rights</a>.</p>
<p>Clients can also take part in this. ICE calls them indirect participants. They manage their own orders on the ICE platform.</p>
<p>After the auction, each client settles its trade with its direct participant (<a href="https://www.ice.com/iba/lbma-gold-silver-price">ICE</a>). So when people ask who sets the silver price, the honest answer is this: a group of firms, making buy and sell offers in real time, in a public auction with written rules.</p>
<h2>The Firms in the Auction Room</h2>
<p>As of September 22, 2026, ICE lists 14 direct participants in the <a href="https://www.ice.com/iba/lbma-gold-silver-price">LBMA Silver Price auction</a>:</p>
<ol>
<li>Citibank, N.A. London Branch</li>
<li>Coins ’N Things Inc.</li>
<li>DRW Investments, LLC</li>
<li>Goldman Sachs</li>
<li>HSBC Bank USA NA</li>
<li>Jane Street Global Trading, LLC</li>
<li>JPMorgan Chase Bank, N.A. London Branch</li>
<li>Koch Supply and Trading LP</li>
<li>Marex</li>
<li>Morgan Stanley</li>
<li>Standard Chartered Bank</li>
<li>StoneX Financial Ltd</li>
<li>Toronto-Dominion Bank</li>
<li>Virtu Financial Global Markets, LLC</li>
</ol>
<p>Many readers expect a short list of big banking institutions. That’s not entirely wrong; there are big banks on this list. However, there are also trading firms like Jane Street, DRW, and Virtu. So are Koch Supply and Trading and Coins ’N Things.</p>
<p>The list also isn’t permanent. The LBMA’s own page lists <a href="https://www.lbma.org.uk/prices-and-data/lbma-silver-price">thirteen participants</a> as of this writing. It’s best to check the ICE page for the current count.</p>
<p>Joining is not open to everyone. ICE says a direct participant must meet several tests.</p>
<p>These include LBMA membership and the ability to settle silver held in London. A firm must also be able to clear trades through ICE’s daily silver futures contract (<a href="https://www.ice.com/iba/lbma-gold-silver-price">ICE</a>).</p>
<h2>How the Noon Auction Works, Step by Step</h2>
<p>The auction follows the same steps every London business day.</p>
<ol>
<li><strong>The auction opens at 12:00 London time.</strong> IBA posts a starting price. The LBMA says this price is “likely to be close to the spot price” (<a href="https://www.lbma.org.uk/prices-and-data/lbma-silver-price/lbma-silver-price-faq">LBMA FAQ</a>).</li>
<li><strong>Firms enter orders.</strong> Each firm enters how much it wants to buy or sell at that price. Orders are placed in “lakhs.” One lakh equals 100,000 troy ounces (<a href="https://www.ice.com/publicdocs/IBA_Silver_Auction_Specification.pdf">IBA specification</a>).</li>
<li><strong>Each round lasts 30 seconds.</strong> Firms can enter, change, or cancel orders during the round (<a href="https://www.ice.com/iba/lbma-gold-silver-price">ICE</a>).</li>
<li><strong>IBA checks the balance.</strong> If buy and sell orders differ by more than 5 lakhs (500,000 ounces), the price moves. Then a new round starts. IBA can raise this limit to 10 lakhs in unusual cases (<a href="https://www.ice.com/publicdocs/IBA_Silver_Auction_Specification.pdf">IBA specification</a>).</li>
<li><strong>The price is set.</strong> Once the gap falls inside the limit, the auction ends. Any gap left over “is shared equally between all direct participants (even if they did not place orders or did not log in)” (<a href="https://www.ice.com/iba/lbma-gold-silver-price">ICE</a>).</li>
<li><strong>The price is published in U.S. dollars.</strong> The price is quoted in dollars per troy ounce of silver that is 99.9% pure (<a href="https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-benchmarks">LBMA OTC Guide</a>). Prices in pounds and euros are conversions. The auction itself settles only in dollars (<a href="https://www.ice.com/iba/lbma-gold-silver-price">ICE</a>).</li>
</ol>
<p>Most days, this whole process only takes a few rounds before it reaches completion. The basic principle at play is straightforward. The price continues moving until the amount of silver that firms want to buy is close to the amount they want to sell.</p>
<p>A note on older sources: the LBMA’s FAQ still lists a limit of <a href="https://www.lbma.org.uk/prices-and-data/lbma-silver-price/lbma-silver-price-faq">3 lakhs</a>. IBA’s January 2026 auction rules list 5 lakhs. IBA runs the auction, so its figure is the one that counts.</p>
<h3>What Time Is the Silver Price Set in U.S. Time?</h3>
<p>The auction starts at noon, London time. For most of the year, that is 7:00 a.m. Eastern Time. There is a catch. The U.S. and the U.K. change their clocks on different days.</p>
<p>The U.S. moves its clocks on the second Sunday of March and the first Sunday of November. The U.K. moves its clocks on the last Sunday of March and October (<a href="https://www.timeanddate.com/time/dst/">timeanddate.com</a>). That leaves a gap of a few weeks. During that time, the auction starts at 8:00 a.m. Eastern.</p>
<p>Some sites give one fixed U.S. time all year. That figure will be wrong a few weeks each spring and fall.</p>
<h2>From the London Silver Fix to the LBMA Silver Price: Three Eras</h2>
<p>Many people still call the benchmark “the silver fix” or “the London fix.” That name comes from the system that ran for more than a century. It ended in 2014.</p>
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<th class="p-3 text-left text-sm font-semibold">Who ran it</th>
<th class="p-3 text-left text-sm font-semibold">How it worked</th>
<th class="p-3 text-left text-sm font-semibold">Why it ended</th>
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<td class="p-3 text-sm text-slate-700">1897 to August 14, 2014</td>
<td class="p-3 text-sm text-slate-700">The London silver fixing banks (last three: Deutsche Bank, HSBC, and Scotiabank)</td>
<td class="p-3 text-sm text-slate-700">A private daily phone call at noon</td>
<td class="p-3 text-sm text-slate-700">The fixing company shut it down amid a regulatory push to reform benchmarks</td>
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<td class="p-3 text-sm text-slate-700">August 15, 2014 to October 1, 2017</td>
<td class="p-3 text-sm text-slate-700">CME Group (auction platform) and Thomson Reuters (administration)</td>
<td class="p-3 text-sm text-slate-700">An electronic auction</td>
<td class="p-3 text-sm text-slate-700">The LBMA moved the job to IBA</td>
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<td class="p-3 text-sm text-slate-700">October 2, 2017 to today</td>
<td class="p-3 text-sm text-slate-700">ICE Benchmark Administration</td>
<td class="p-3 text-sm text-slate-700">An electronic auction on the ICE platform</td>
<td class="p-3 text-sm text-slate-700">Still in use</td>
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<p><strong>The old fix (1897 to 2014).</strong> The LBMA says the silver fixing had been “in existence since 1897” (<a href="https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-benchmarks">LBMA OTC Guide</a>). By 2014, just three banks ran it: Deutsche Bank, HSBC, and Scotiabank. They set the price “by way of a daily conference call” (<a href="https://www.mining.com/cmethomson-reuters-win-race-to-replace-london-silver-fix-74918/">Mining.com</a>). In May 2014, the company that ran the fix said it would <a href="https://www.bloomberg.com/news/articles/2014-05-14/silver-fixing-company-will-stop-running-benchmark-on-aug-14">stop on August 14</a>.</p>
<p>Regulators had been taking a hard look at benchmarks after the LIBOR rate-rigging scandal (<a href="https://www.mining.com/cmethomson-reuters-win-race-to-replace-london-silver-fix-74918/">Mining.com</a>). We covered the shift at the time in “<a href="https://www.moneymetals.com/news/2014/07/07/goldsilver-manipulation-proof-sends-banks-scrambling-000574">London Bullion Market Association Seeks to Fix Silver Manipulation</a>.”</p>
<p><strong>The CME and Thomson Reuters years (2014 to 2017).</strong> In July 2014, the LBMA chose a joint bid. CME Group would run the auction platform. Thomson Reuters would handle administration (<a href="https://www.mining.com/cmethomson-reuters-win-race-to-replace-london-silver-fix-74918/">Mining.com</a>). On August 15, 2014, the old fix “was replaced by the LBMA Silver Price” (<a href="https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-benchmarks">LBMA</a>). The benchmark came under UK regulation in April 2015 (<a href="https://www.fca.org.uk/publications/research/research-note-representativeness-lbma-silver-price">FCA</a>).</p>
<p><strong>The IBA era (2017 to today).</strong> In July 2017, the LBMA said IBA would take over (<a href="https://www.lbma.org.uk/articles/ice-benchmark-administration-to-become-administrator-for-the-lbma-silver-price">LBMA</a>). A filing with the SEC gives the exact date: “Effective from October 2, 2017, IBA will take over the administration of the LBMA Silver Price and operation of the underlying auction” (<a href="https://www.sec.gov/Archives/edgar/data/1450922/000145092217000026/sivr-20171002x10q.htm">SEC filing, ETFS Silver Trust</a>). IBA also runs the <a href="https://www.moneymetals.com/price/who-sets-the-gold-price">LBMA Gold Price</a>.</p>
<h3>Is There Still a Silver Fix?</h3>
<p>No. The London silver fix ended on August 14, 2014. The LBMA Silver Price replaced it the next day. People still say “silver fix” out of habit. When they do, they almost always mean today’s LBMA Silver Price.</p>
<h2>LBMA Silver Price vs. the Spot Price You See Online</h2>
<p>The LBMA Silver Price and the silver spot price are not the same thing.</p>
<p>The LBMA Silver Price is set once a day. It is a fixed reference point. The spot price you see on dealer sites changes every few seconds.</p>
<p>The spot price tracks live trading around the world, and it is led by the futures market. The COMEX allows near 24-hour electronic trading, which is why the spot price continues moving long after London’s auction ends. You can read more about this process in our <a href="https://www.moneymetals.com/investment/what-is-the-comex">guide to the COMEX</a>.</p>
<p>Our guide to <a href="https://www.moneymetals.com/price/gold-spot-price-vs-futures">spot vs. futures prices</a> explains how the two stay linked.</p>
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<th class="p-3 text-left text-sm font-semibold">Silver spot price</th>
<th class="p-3 text-left text-sm font-semibold">Kitco Fix</th>
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<td class="p-3 text-sm text-slate-700">Who publishes it</td>
<td class="p-3 text-sm text-slate-700">IBA, for the LBMA</td>
<td class="p-3 text-sm text-slate-700">Dealers and data firms, based on live trading</td>
<td class="p-3 text-sm text-slate-700">Kitco Metals</td>
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<td class="p-3 text-sm text-slate-700">How often</td>
<td class="p-3 text-sm text-slate-700">Once each London business day, at noon</td>
<td class="p-3 text-sm text-slate-700">Nearly 24 hours a day on trading days</td>
<td class="p-3 text-sm text-slate-700">Once a day, around 10:30 a.m.</td>
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<td class="p-3 text-sm text-slate-700">How it is made</td>
<td class="p-3 text-sm text-slate-700">Live auction with real orders</td>
<td class="p-3 text-sm text-slate-700">Live futures and cash market trades</td>
<td class="p-3 text-sm text-slate-700">Calculated from over-the-counter cash market data</td>
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<td class="p-3 text-sm text-slate-700">Main use</td>
<td class="p-3 text-sm text-slate-700">Contracts, fund values, and settlements</td>
<td class="p-3 text-sm text-slate-700">Pricing coins and bars you buy and sell</td>
<td class="p-3 text-sm text-slate-700">A free daily reference for Kitco users</td>
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<p><strong>What the LBMA price is used for.</strong> The LBMA says its price is a global reference for industrial contracts and for some forward and option trades (<a href="https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-benchmarks">LBMA OTC Guide</a>). Some silver funds use it to value their metal each day. One example is the ETFS Silver Trust, which values its silver using the LBMA Silver Price (<a href="https://www.sec.gov/Archives/edgar/data/1450922/000145092217000026/sivr-20171002x10q.htm">SEC filing</a>).</p>
<p><strong>What the Kitco Fix is.</strong> Some search results show a “Kitco Fix” as the silver fix. That is a different benchmark. Kitco says its fix is calculated from the over-the-counter cash market and is released “every day around 10:30 am” (<a href="https://www.kitco.com/price/fixes/kitco-fix">Kitco</a>). It is not the LBMA Silver Price.</p>
<p><strong>What this means when you buy silver.</strong> You can compare today’s spot price on our <a href="https://www.moneymetals.com/silver-price">silver price page</a>.</p>
<h2>Does the Auction Reflect the Real Market? What the Regulator Found</h2>
<p>Skeptics ask a fair question. Does a daily auction among only 14 firms really reflect the silver market?</p>
<p>The UK’s Financial Conduct Authority (FCA) tested this very question. In October 2018, it published a <a href="https://www.fca.org.uk/publication/research/research-note-on-the-representativeness-of-the-lbma-silver-auction.pdf">research note on the LBMA Silver Price</a>. The study examined 139 auctions and 321 rounds from March to September 2017. These were their findings:</p>
<ul>
<li><strong>Rounds:</strong> The median auction took 2 rounds.</li>
<li><strong>Participants:</strong> A median of 6 banks placed orders.</li>
<li><strong>Price gaps:</strong> The FCA measured how far the auction price sat from the market price. The median of all 321 gaps was zero.</li>
<li><strong>Order size:</strong> The median buy order total was 7.27 lakhs. The median sell order total was 10.65 lakhs.</li>
</ul>
<p>The FCA’s conclusion: price gaps “did not systematically compromise the representativeness of the LBMA Silver Price benchmark.”</p>
<p>There are limits to this finding. The study covered only seven months, and it also came after the move to an electronic, regulated auction. The FCA noted that it could not compare the new system with the old one (<a href="https://www.fca.org.uk/publications/research/research-note-representativeness-lbma-silver-price">FCA</a>).</p>
<h2>What About Silver Price Manipulation?</h2>
<p>Many silver investors worry that big banks, or even the federal government, intentionally manipulate the price of silver. Regulators and courts have taken action in several cases.</p>
<p>In 2016, Deutsche Bank agreed to pay $38 million to settle a U.S. lawsuit over the old silver fix (<a href="https://fortune.com/2016/10/18/deutsche-bank-38-million-silver-price-fixing-case">Fortune</a>). In 2020, JPMorgan agreed to pay a record $920 million to U.S. regulators. The CFTC said its traders placed “hundreds of thousands of orders” in gold, silver, and other futures that they planned to cancel (<a href="https://www.cftc.gov/PressRoom/PressReleases/8260-20">CFTC</a>).</p>
<p>Please note that the CFTC case involved the futures market, not the London auction. The auction has its own history of reform. The 2014 move to a regulated, electronic auction was meant to fix the flaws of the old phone call.</p>
<p>If you’re interested in more details about this controversial topic, we cover it in depth in our guide to silver price manipulation.</p>
<h3>Frequently Asked Questions</h3>
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<p>The benchmark silver price is set in a daily auction at 12:00 pm London time. During that auction, fourteen financial institutions ranging from banks to trading firms enter buy and sell orders in 30-second rounds. The price continues moving until buying and selling are close to even. When you track the live spot price online, what you are seeing is a continual, all-day interplay between futures and cash market trading.</p>
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<p>LBMA stands for London Bullion Market Association. The LBMA Silver Price is a widely used, global, daily benchmark for silver price. It takes place in a noon London auction and sets the price in U.S. dollars per troy ounce. ICE Benchmark Administration runs the auction, and the LBMA owns the benchmark.</p>
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<p>The LBMA Silver Price is set at noon, London time, on each London business day. For most of the year, that is 7:00 a.m. Eastern. During the period when U.S. and U.K. clocks do not align, the auction happens at 8:00 a.m. Eastern.</p>
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<h4 class="text-xl font-semibold"><button id="controlsAccordionItemFour" type="button" class="flex w-full cursor-pointer items-center justify-between gap-2 bg-slate-200 p-4 text-left underline-offset-2 duration-200 hover:bg-slate-100 focus-visible:bg-slate-50 focus-visible:underline focus-visible:outline-hidden" aria-controls="accordionItemFour" x-on:click="isExpanded = ! isExpanded" x-bind:class="isExpanded ? 'font-bold' : 'font-medium'" x-bind:aria-expanded="isExpanded ? 'true' : 'false'"> <span>Is the silver fix still used?</span> <svg xmlns="http://www.w3.org/2000/svg" viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''"> <path stroke-linecap="round" stroke-linejoin="round" d="M19.5 8.25l-7.5 7.5-7.5-7.5"></path> </svg> </button></h4>
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<p>No. The London silver fix ran from 1897 until August 14, 2014. The LBMA Silver Price replaced it on August 15, 2014. However, many people still use the term “silver fix” to refer to the LBMA Silver Price.</p>
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<h4 class="text-xl font-semibold"><button id="controlsAccordionItemFive" type="button" class="flex w-full cursor-pointer items-center justify-between gap-2 bg-slate-200 p-4 text-left underline-offset-2 duration-200 hover:bg-slate-100 focus-visible:bg-slate-50 focus-visible:underline focus-visible:outline-hidden" aria-controls="accordionItemFive" x-on:click="isExpanded = ! isExpanded" x-bind:class="isExpanded ? 'font-bold' : 'font-medium'" x-bind:aria-expanded="isExpanded ? 'true' : 'false'"> <span>Who are the LBMA silver price participants?</span> <svg xmlns="http://www.w3.org/2000/svg" viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''"> <path stroke-linecap="round" stroke-linejoin="round" d="M19.5 8.25l-7.5 7.5-7.5-7.5"></path> </svg> </button></h4>
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<p>As of September 22, 2026, ICE lists 14 direct participants. They include large banks such as Citibank, Goldman Sachs, HSBC, and JPMorgan. They also include trading firms such as Jane Street, DRW, Virtu, Koch, StoneX, and Marex. The list changes, so check ICE for the current names.</p>
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<h4 class="text-xl font-semibold"><button id="controlsAccordionItemSix" type="button" class="flex w-full cursor-pointer items-center justify-between gap-2 bg-slate-200 p-4 text-left underline-offset-2 duration-200 hover:bg-slate-100 focus-visible:bg-slate-50 focus-visible:underline focus-visible:outline-hidden" aria-controls="accordionItemSix" x-on:click="isExpanded = ! isExpanded" x-bind:class="isExpanded ? 'font-bold' : 'font-medium'" x-bind:aria-expanded="isExpanded ? 'true' : 'false'"> <span>Is the LBMA Silver Price the same as the spot price?</span> <svg xmlns="http://www.w3.org/2000/svg" viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''"> <path stroke-linecap="round" stroke-linejoin="round" d="M19.5 8.25l-7.5 7.5-7.5-7.5"></path> </svg> </button></h4>
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<p>No. The LBMA Silver Price is set once a day in a London auction. The spot price changes all day with live trading. Dealers price coins and bars from the spot price, plus a premium. The two prices are usually close, but they are rarely identical.</p>
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<h5 class="text-2xl mt-8">The Bottom Line</h5>
<p>No one person or entity sets the silver price. The world’s main benchmark comes from a public, rules-based auction held each day at noon in London. IBA runs it. The LBMA owns it.</p>
<p>Fourteen firms trade in it. A UK regulator tested it and found no pattern of bias in the period it studied.</p>
<p>The price you pay for physical silver follows the live spot price, plus a premium. To see where silver trades right now, visit our <a href="https://www.moneymetals.com/silver-price">live silver price chart</a>. When you are ready, you can <a href="https://www.moneymetals.com/buy/silver">buy silver coins, bars, and rounds</a> from Money Metals at low premiums.</p>
<p><em>This article is for education only. It is not investment advice.</em></p>
