Editing Gold fixing (section)

==History==
On 12 September 1919 at 11:00 am, the five principal gold bullion traders and refiners of the day (N.M. Rothschild & Sons, [[Mocatta & Goldsmid]], [[Pixley & Abell]], [[Samuel Montagu & Co.]], and [[Sharps Wilkins]]) performed the first London gold fixing, thus becoming the five founding members.<ref>[https://www.goldfixing.com/what-is-gold-fixing What is gold fixing? - London Gold Fixing]{{Dead link|date=December 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> The gold price was determined to be £4 18/9 (GBP 4.9375) per [[troy ounce]]. The New York gold price was US$19.39. The first few fixings were conducted by telephone until the members started meeting at the Rothschild offices in New Court, St Swithin's Lane.

In 1933, [[Executive Order 6102]] was signed by U.S. President [[Franklin D. Roosevelt]], requiring US citizens to turn in their gold for $20.67 per ounce.  Afterwards, the price of gold was set at $35.00 per ounce.

Due to wartime emergencies and government controls, the London gold fixing was suspended between 1939 and 1954, when the London gold market was closed.

On 21 January 1980 the gold fixing reached the price of $850, a figure not surpassed until 3 January 2008 when a new record of $865.35 per troy ounce was set in the a.m. fixing. However, when indexed for inflation, the 1980 high corresponds to a price of $2,305.18 in 2011 dollars,<ref>[https://money.cnn.com/2010/05/12/markets/gold ”Why gold is breaking records”], CNNMoney, 12 May 2010.</ref> thus the 1980 record still holds in [[Real versus nominal value (economics)|real terms]].

The fixing historically took place at the [[City of London|London]] offices of N M Rothschild & Sons in St Swithin's Lane, but since 5 May 2004 it takes place by a dedicated telephone conferencing system. This was necessary as some banks moved their London operations away from the [[Bank of England]] towards areas such as [[Canary Wharf]]. Until 1968, the price was fixed only once a day, when a second fixing was introduced at 3 p.m. to coincide with the opening of the US markets, as the price of gold was no longer under control of the Bank of England, a result of the collapse of the [[London Gold Pool]].

In April 2004, N.M. Rothschild & Sons announced that it planned to withdraw from gold trading and from the London gold fixing. [[Barclays Capital]] took its place on 7 June 2004 and the chairmanship of the meeting, formerly held permanently by Rothschilds, now rotates annually.

On 28 June 2012, an employee of Barclays manipulated the gold fixing process to prevent a derivative product previously sold to a client from leading to a payout. The employee, and subsequently Barclays, self-reported the incident.<ref>{{Cite news|url=http://www.bloombergview.com/articles/2014-05-23/barclays-manipulated-gold-as-soon-as-it-stopped-manipulating-libor|title = Barclays Manipulated Gold as Soon as It Stopped Manipulating Libor|newspaper = Bloomberg.com|date = 23 May 2014}}</ref>

In January 2014, [[Deutsche Bank]] withdrew from the panels setting the gold and silver fixings.<ref>{{cite news| url=https://www.bloomberg.com/news/articles/2014-02-28/gold-fix-study-shows-signs-of-decade-of-bank-manipulation | work=Bloomberg | first=Liam | last=Vaughan | title=Gold Fix Study Shows Signs of Decade of Bank Manipulation | date=28 February 2014}}</ref>

On 23 May 2014 the [[Financial Conduct Authority]] announced it had fined Barclays £26 million for systems and controls failures, and conflict of interest in relation to the gold fixing over the nine years to 2013, and for manipulation of the gold price on 28 June 2012.<ref name="GoldFixing">{{cite news|title=FCA fines Barclays 26mn pounds over gold price manipulation|url=http://www.thelondonnews.net/index.php/sid/222273039/scat/3a8a80d6f705f8cc/ht/FCA-fines-Barclays-26mn-pounds-over-gold-price-manipulation|access-date=23 May 2014|publisher=The London News.Net|archive-url=https://web.archive.org/web/20140525200522/http://www.thelondonnews.net/index.php/sid/222273039/scat/3a8a80d6f705f8cc/ht/FCA-fines-Barclays-26mn-pounds-over-gold-price-manipulation|archive-date=25 May 2014|url-status=dead}}</ref>