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Mix-Ansicht- Feiner Goldclub in London mit neuem Mitglied - Socrates, 24.07.2002, 09:19
- Re: Feiner Goldclub in London mit neuem Mitglied - monopoly, 24.07.2002, 12:38
Feiner Goldclub in London mit neuem Mitglied
Aus bloomberg vom 22.7.02 (Auszug)
Societe Generale, a 138 year-old French bank, will join a five-member group established 83 years ago to set benchmark gold prices in London, as bullion prices and trading surge. SG's investment banking unit takes a seat at the twice-daily gold"fix" conducted behind closed doors at N.M. Rothschild & Sons London office. The meetings began in 1919. SG bought the seat from CSFB, which quit the group last year with gold near a 20-year low. The price was not disclosed.
Gold trading volume reached a 13-month high last month an re-affirms Londons position for trading gold. The fix is an objective price, it's the only benchmark price in gold.
Thousands of orders from the over-the-counter gold market are used to set the fix price, which can take minutes or hours to arrive at, depending on the market's volatility. Trading desks of the five banks report by telephone to their representatives at Rothschilds's, who negotiate until bids and offers match.
Closed doors
Reporter's requests to observe the fix have been declined. SG joins Rothschild, HSBC, Deutsche Bank and Bank of Nova Scotia in the price-setting group.
About 21 million ounces of gold, worth $6.8 billion at todays prices, were traded daily in London in June. Trading reached a record low of 16.1 million ounces a day last July.
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