FCStone Is Betting on Tech Transforming Physical Gold Market
- Broker starts platform connecting users in physical market
- Says system will make it easier to buy and sell around world
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INTL FCStone Inc. is betting the $170 billion physical gold market will follow the rest of the bullion world in catching up with technology.
The brokerage has started a platform that brings everyone from refiners to jewelers together to trade metal around the world, said Barry Canham, who heads the company’s precious metals division. At the moment, the bulk of deals, which include finding and shipping metal, are conducted by phone.