The silver market entered the 21st century on Aug. 15, with the introduction of the London Bullion Market Association Silver Price, an electronic auction that is expected to bring new transparency to the industry.

The new pricing scheme replaces the London Silver Fix, a daily conference call between just three banks that set the price for the metal — and that some believed to be an archaic relic of the Victorian era in which it began.

CME Group and Thomson Reuters run the new electronic auction mechanism, which will continue to operate out of London, with prices mid-day London time. In the first day of the new LBMA Silver Price, the price settled at $19.86 per ounce — exactly the same as it was on the last day of the silver fix.

The silver market may be the first of the precious metal fixes to get an electronic update, so: Can the gold fix be far behind?