Blog For Noob Random thought of a Noob Blogger
Gold is right for any individual, family, or institution concerned with the very real threats facing the world today.If you are tired of trying to figure out who to trust, if you are tired of trying to figure out what voice to listen to for guidance, if you are tired of trying to be in the right place at the right time, what ever that means. Give gold a try. It sounds like it may be right for you.
Gold prices, gold price, price of gold, gold spot, and spot gold are all common search terms you can use to find current gold prices and gold charts online. The gold spot price or the price of gold is set or “fixed” in London by a group of 5 banks. Gold prices being fixed began on September 12th 1919 origionally by gold bullion traders and refiners of that time. They were NM Rothchild & Sons, Sharps Wilkins, Pixley & Abell, Samuel Montagu & Co., Mocatta & Goldsmid. Back then the gold price was 4 ponds 18 shillings and ninepence per troy ounce.
The gold prices is set and designed to provide a recognized rate that is used as a benchmark for the majority of gold products current gold prices and derivatives throughout the world’s markets. Gold prices are currently fixed in U.S dollars, euros, and british pounds. The price of gold is fixed twice a day by telephone, at 10:30 GMT and 15:00 GMT.
The gold price fixing historically took place twice a day at the city offices of N M Rothschild & Sons in St Swithin’s Lane, but since May 5th 2004 spot gold fixing takes place by telephone. In April 2004 N M Rothschild & Sons announced that it planned to withdraw from gold trading and from the London gold price fixing. Barclays Bank took its place on June 7th 2004, and the chairmanship of the meeting, formerly held permanently by Rothschilds, now rotates annually.
A tradition of the London gold price fixing was that participants could raise a small Union Flag on their desk to pause proceedings. Under the telephone gold price fixing system, participants can register a pause by saying the word “flag”, and the chair ends the meeting with the phrase “There are no flags, and we’re fixed”.
