New Era of Gold Benchmarking to Start with Six Pioneers
SOURCE: [Mining Weekly] – Six institutions will start setting gold prices electronically on Friday, as Intercontinental Exchange completes a sweeping change to London‘s bullion benchmarks and dispenses with the century-old gold ”fix”.
Since 1919, representatives from four or five banks have agreed a twice-daily price on which their customers – producers, consumers and investors – could trade and value gold.
The first fix that took place, on September. 12 that year, set the price of gold at 4 pounds, 18 shillings and ninepence an ounce. The last fix, on Thursday, set the price at $1 166.
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Source: http://www.goldeditor.com/new-era-of-gold-benchmarking-to-start-with-six-pioneers/
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