VALUE OF GOLD.

Waikato Times, Volume 117, Issue 19599, 11 June 1935, Page 8

VALUE OF GOLD.

FIXING THE PRICE.

RITUAL FOR YEARS. .Six men, seated at a long table In an oak panelled room in the City of London, have been making history tin's week by fixing gold at a record price, writes a London correspondent under date April 10. Every day in the offices of Messrs N. A[. Rothschild and Sons, at New Court, the same six autocrats of the gold world meet on the stroke of it o’clock. The rite of “fixing” the price at the same hour in the same room has been observed for many years. Five oilier firms arc also represented. These arc Moeatta and Goldsmid—a Arm ten years older than the Rank of England—Samuel Montagu and €o., Pixie,v and Abell, Sharpe and Wilkins, and Johnson, Matlhey, the gold rellncrs. Each lias a telephone communicating direct lo Ids office. They ’phono* . . . jot down two figures on a slip of paper. Then each announces the amount of gold bars he lias for sale, and Hie orders lie lias received lo buy them. Calculations are made. “[ bid up lo . . . .’’ murmurs one of the gold Autocrats. Then I lie day’s price is announced. This week, amid all Ilic gold excitement, the procedure lias followed flic lime-honoured rilual —and gold holdings increased in value by millions of wounds.