Gold-Fix Law and Legal Definition
Gold-Fix is the procedure by which the price of gold is determined. It is determined twice each business day on the London market by the five members of The London Gold Market Fixing Ltd.
On 12 September 1919 at 11:00am the five principal gold bullion traders and refiners of the day performed the first gold fixing. The original members were N M Rothschild & Sons, Mocatta & Goldsmid, Pixley & Abell, Samuel Montagu & Co. and Sharps Wilkins. The gold price was determined to be four pounds 18 shillings and ninepence (GBP 4.18s.9d = 4.9375).
The current five participants in the fixing, who must be members of the London Bullion Market Association, are Scotia-Mocatta — successor to Mocatta & Goldsmid and part of Bank of Nova Scotia; Barclays Capital — Replaced N M Rothschild & Sons when they abdicated; Deutsche Bank — Owner of Sharps Pixley, itself the merger of Sharps Wilkins with Pixley & Abell; HSBC — Owner of Samuel Montagu & Co.; Société Générale — Replaced Johnson Matthey and CSFB as fifth seat.