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WHAT IS GOLD FIXING
 
On the 12th September 1919 at 11.00am the first Gold Fixing took place.

The original five founding members were: N M Rothschild & Sons; Mocatta & Goldsmid; Samuel Montagu & Co.; Pixley & Abell; and Sharps & Wilkins.

For over 80 years we have been fixing the price of gold providing market users with the opportunity to buy and sell gold at a single quoted price. It also provides a published benchmark price that is widely used as a pricing medium by producers, consumers, investors and central banks.

The fix is carried out twice a day by the 5 members via a dedicated conference call facility.

At the start of each fixing, the Chairman announces an opening price to the other 4 members who relay this price to their customers, and based on orders received from them, instruct their representatives to declare themselves as buyers or sellers at that price. Provided there are both buyers and sellers at that price, members are then asked to state the number of bars they wish to trade.

If at the opening price there are only buyers or only sellers, or if the numbers of bars to be bought or sold does not balance, the price is moved and the same procedure is followed until a balance is achieved. The Chairman then announces that the price is fixed. It should be noted that the Fix is said to balance if the buy amount and the sell amount are within 25 bars of each other. The Fixing will last as long as it is necessary to establish a price that satisfies both buyers and sellers.

Customers may leave orders in advance of the Fixings. Alternatively, they may choose to be kept advised of price changes throughout the Fixing and may alter their orders accordingly at any time until the price is fixed. To ensure that the price is not fixed before the member has had an opportunity to communicate any changes each member has a verbal flag. As long as any flag is raised, the Chairman may not declare the price fixed.

MEMBERS
ScotiaMocatta
Scotia House
33 Finsbury Square
London EC2V 1BB
Contact:  Simon Weeks
Tel: +44 207 826 5930
Fax: +44 207 826 5948
Email:  simon_weeks@scotiacapital.com
HSBC
8 Canada Square
London
E14 5HQ
Contact: Jeremy Charles
Tel: +44 207 992 8041
Fax: +44 207 992 4983
Email:  Jeremy.a.charles@hsbcgroup.com
Deutsche Bank AG London
Winchester House,
1 Great Winchester Street
London  EC2N 2DB
Contact: Rick McIntire
Tel: + 44 0207 545 4333
Fax: + 44 0207 545 4183
Email:  rick.mcintire@db.com
Societe Generale Corporate & Investment Banking
Exchange House
Primrose Street,
London
EC2A 2HT
Contact: Francoise Combes
Tel:  +44 207 650 6284
Fax: +44 207 762 5453
Email: francois.combes@sgcib.com
Barclays Capital
5 The North Colonnade
Canary Wharf
London
E14 4BB
Contact: Martyn Whitehead
Tel:  +44 20 7773 8106
Fax: +44 20 7516 0854
Email: martyn.whitehead@barcap.com