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The London Gold Fixing (or Gold Fix)is the setting of the price of gold that used to be held on the premises of Nathan Mayer Rothschild & Sons by the members of The London Gold Market Fixing Ltd. However, in 2004, Nathan Mayer Rothschild left the precious metals business in London and sold its place on the fixing to Barclays. From that time onwards, the fixing has taken place via a dedicated conference line. This was clearly a necessity as some banks moved their London operations away from the close proximity to the Bank of England and gravitated to areas such as Canary Wharf.However, the benchmark is still determined twice each business day of the London bullion market - the exceptions to this being Christmas Eve and New Year's Eve when there is only one fixing which is in the morning. It is designed to fix a price for settling contracts between members of the London bullion market, but the gold fixing informally provides a recognized rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world's markets. The gold fix is conducted in the United States dollar (USD), the Pound sterling (GBP), and the Euro (EUR) daily at 10.30am and 3pm, by London time.The current participants in the fixing are Barclays, the Bank of China, Bank of Communications, Goldman Sachs, HSBC Bank USA, JPMorgan Chase, Morgan Stanley, Société Générale, Standard Chartered, ScotiaMocatta (Scotiabank), the Toronto-Dominion Bank, and UBS.

“You might very well think that - I couldn't possibly comment .” “It's not respect but fear that motivates a man; that's how empires are built and revolutions begin may be true. But it is worth remembering:-The Rothschilds are a family of Jewish financiers. The family's emergence in the world of high finance started with Mayer Amschel Rothschild (1744-1812), founder of and a moneylender at Frankfurt am Main; financial adviser (1801) to the Landgraves of Hesse-Kassel; agent of the British government in subsidizing European sovereigns in wars against Napoleon.Mayer Amschel Rothschild's five sons were: Amschel Mayer (1773-1855), who succeeded his father as the head of the Frankfurt establishment; Salomon Mayer (1774-1855), who founded a branch in Vienna, Austria; Nathan Mayer (1777-1836), who founded a branch in London; Karl Mayer (1788-1855), who founded a branch in Naples, Italy; and James or Jakob (1792-1868), who founded a branch in Paris.The Rothschild family was the dominant power in European investment banking and brokerage in the nineteenth century. Family members held seats in Parliament and in the House of Lords; they became Barons in London; and they founded the Rothschild Natural History Museum (1892).By 1815, Nathan Mayer Rothschild controlled the Bank of England and boldly declared, "I care not what puppet is placed upon the throne of England to rule the Empire on which the sun never sets. The man who controls Britain's money supply controls the British Empire, and I control the British money supply." This became the Rothschild family's mantra -- control the world by controlling the world's money supply.By the end of the nineteenth century, the Rothschild family controlled half of the world's wealth.In 1791, the Rothschild family gained control of America's money supply through Alexander Hamilton (the family's agent in George Washington's cabinet) when the family established a central bank in the U.S. named the First Bank of the United States, which received a 20-year charter from Congress in 1791.When Congress refused to renew the charter in 1812, the Rothschilds threatened the U.S. with a "most disastrous war" with Britain. The U.S. stood firm. Following through on their threat, a second war broke out between the U.S. and Britain. The British war effort was financed by the Rothschilds. When the war ended in 1815, U.S. finances were in shambles.By 1816, Congress passed a bill authorizing a second Rothschild-dominated central bank with a 20-year charter. Named the Second Bank of America, this bank gave the Rothschilds control of the American money supply again.In 1823, the Rothschilds took control over the financial operations of the Catholic Church, worldwide.In 1832, President Andrew Jackson led a successful effort by Congress to retake control of America's money supply from the Rothschilds by refusing to renew the charter for the Second Bank of America. Not until 1913 would the Rothschilds be able to set up their third central bank in America.In the meantime, beginning in 1875, the Rothschilds, acting through their New York banking partner, Jacob Schiff, at the banking house of Kuhn, Loeb, and Co., financed John D. Rockefeller's Standard Oil Company, Edward R. Harriman's railroad empire, and Andrew Carnegie's steel empire using Rothschild money.The Rothschilds also helped New York financier J.P. Morgan and the Drexels and Biddles of Philadelphia establish European branches of their respective banks in exchange for allowing the Rothschilds to control the banking industry in New York and, therefore, America.In 1913, the Rothschilds established their last and current central bank in America -- the Federal Reserve Bank. This independent bank regulates and controls America's money supply and monetary policies. Even though the Federal Reserve is overseen by a board of governors appointed by the President of the United States, the bank's real control still resides with the Rothschild family. Not even ex President Donald J. Trump could break the Rothschild family's ruthless financial grip and influence on the Federal Reserve Bank.The Rothschild family's banking businesses pioneered international high finance during the industrialization of Europe and America. Rothschild banks financed railway systems around the world. They also financed the construction of the Suez Canal in Egypt. Additionally, Rothschild family capital founded DeBeers in 1888, which is the largest diamond mining company in the world.In 1987, Edmond de Rothschild created the World Conservation Bank to gain control of land in third world countries, which represent 30% of the land surface of the Earth. The bank assumes the debts of these countries in exchange for real estate that is conveyed to the bank.In 1992, former federal Reserve Board Chairman Paul Volker became Chairman of the European banking firm, J. Rothschild, Wolfensohn, and Co.By 1995, the Rothschilds controlled an estimated 80% of the world's uranium reserves, thereby giving the family a monopoly over nuclear power.By 2001, only seven nations in the world -- China, Iran, Afghanistan, North Korea, Sudan, Cuba, and Libya -- did not have Rothschild-controlled central banks.Until May 5, 2004, the price of gold was fixed twice a day at N.M. Rothschild & Sons in London by the world's main Bullion Houses -- Deutsche Bank, HSBC, ScotiaMocatta, and Societe Generale.In 2006, the Edmond de Rothschild Banque, a subsidiary of Europe's Edmond de Rothschild's family bank in France, became the first foreign bank to gain access to the Chinese market.The Rothschilds' domination of the world's financial markets continues to this day - and how!

How the gold business works:Most of the gold in the world is produced by a small number of countries: China, South Africa, the United States, Australia, Russia, Canada, Peru, Indonesia. Gold mines produce rough gold, called a dore bar. These bars are typically about 80 percent pure gold. The gold is then sent to a refinery, where it is refined into gold of different forms and purity.Perhaps the most widely produced gold bars are the London Good Delivery bars. Under rules established by the London Bullion Market Association, LBMA, these bars — the gold standard of the gold world — must be at least 99.5 percent pure gold, weigh between 350 and 430 ounces (most weigh about 400 ounces), and be stamped with a unique serial number, the fineness, and the seal of the refiner.Who can make these bars?Only refiners approved by the LBMA. They have to maintain excellent laboratory and production facilities, and there is a proactive monitoring of these refineries on the good delivery list. These are usually the only bars that are used for vaulting and storing purposes by bullion banks.Up until this point, the gold will likely be owned by the mining company (in some cases a gold bullion bank may finance the mine's activities as well). Once the gold is refined, ownership is often transferred to gold bullion banks.What happens from there?Depending on where the gold is mined, it will typically be flown by plane to a bank vault in another country: the U.S., the U.K., Dubai, India, China, Australia, anywhere gold may be needed.The role of bullion banks.Bullion banks are the middleman of the gold world. Miners produce gold, but they might not produce it at the same time that consumers want to buy the metal. So the banks play a sort of clearing role: when producers want to sell, they can sell to the bank. When consumers want to buy, they can buy from the bank.In a sense, a bullion bank does many of the things that a traditional bank does. They provide services to the entire wholesale gold industry: big miners, big consumers such as the jewelry and industrial businesses, central banks, and major investors like ETFs. They supply huge amounts of wholesale metal to the primary consumer markets: China, India, the Middle East, Turkey.They provide, for example, financing and delivery of the physical metal. So if an Indian manufacturer is making a product in, say, Turkey or Switzerland, gold bullion banks can advance the metal in those locations for them.The bullion banks provide many different types of trading services as well: spot trading, forwards, options, vaulting, etc.Setting the price for gold.The price of gold is determined by supply and demand. There isn't one gold market; there are many. The most important include:The primary over-the-counter market, OTC, where the "spot" or cash price of gold is determined, is in London, but there are also OTC markets in New York, Dubai, and even in Turkey. Much of the trading in gold occurs in the over-the-counter market on gold trading desks around the world. What do these desks do? They facilitate trading. They trade gold on behalf of their clients (miners, central banks, ETFs, jewelry and industrial manufacturers, etc.) and in some cases trade for their own accounts. Some clients also want to borrow or lend the physical metal.The gold futures market, the largest of which is in the United States;The London fix, which is the primary benchmark price for gold. The purpose of the fixing is to provide a tradable benchmark price.How the London fix works: There are two daily "fixings", a fix at 10:30 in the morning, and a PM fix at 3 o'clock in the afternoon. The fixing is actually a company, called the London Gold Fixing Limited, and the 5 members of the fixing are HSBC, Deutsche Bank, Barclay's, Societe Generaleand ScotiaMocatta. There is a chairman, and each one of the fixing members has a line to other dealers. Think of it like a pyramid structure: the chairman nominates a price, and the five members pass this information down to their clients, who pass it to other interested parties.So, for example, a customer could tell one of the fixing members, "I'd like to buy 10 bars at this price, but I won't buy 10 bars at this price; or I'd like to sell 10 bars or 20 bars at this price." So at every point of the fixing process, until the chairman declares the price is fixed, all of the customers down that pyramid have an opportunity to do a transaction.Eventually each one of the five fixing members declares his interest as either buyer, seller, or no interest. When the members reach a point where there is some equilibrium between buyers and sellers, the chairman will then ask each member to declare the number of bars they want to sell or buy based on the buying and selling interest of their clients, and the chairman will declare the price "fixed."From fixing to the consumerWhy have a fixing at all?It provides a tradable benchmark price. Where gold is part of a portfolio, you need to have a way to value those assets. The fixing is a price at which buyers and sellers are matched at a particular time of day, and because it's open, transparent and tradable it represents a very credible benchmark price.There are lots of different gold prices around the world, so why doesn't gold trade at wildly different prices? Because arbitrageurs (often on gold trading desks) step in to buy gold in one place, and sell it in another.How does it get to the consumer?While much of the gold supply is vaulted (held for investors like ETFs, or central banks), about half of the world's gold ends up as jewelry.Let's take the example of India, the largest consumer of gold in the world. A wholesaler in the India market would typically be a bank. They will have a relationship with a bullion bank and say, for example, "I would like 2 tons of one-kilo gold bars at a 99.5 purity level." The bullion bank, if they have that size and purity of gold, can forward it to the Indian bank. If they do not have that type of gold immediately available, but in another form (different size bars, or different purity level), they can forward the gold they have to a refinery who is capable of refining the gold to the specifications the bank requires, and then ship it out from the refinery to the bank in India. The bank will then typically forward the gold (often on consignment) to a major jewelry manufacturer.Much of the gold used for jewelry is leased. Users borrow gold to avoid the risk that gold prices may move against them. They pay a fee to borrow the gold and the title remains with the bank. Ownership is transferred when a final product is manufactured.CNBC referenced article.