Rothschild's retreat signals end of era

verfasst von spieler, 14.04.2004, 23:34

-->>Rothschild's retreat signals end of era
By Kevin Morrison and Charles Pretzlik
Published: April 14 2004 20:11 | Last Updated: April 14 2004 20:11


One of the oldest rituals in the City of London is about to change for ever with NM Rothschild exiting the gold business.


The London gold fixings has taken place twice a day on the third floor of Rothschild's office in St Swithin's Lane for the past 85 years.

Five men sit behind desks, each equipped with a little Union Jack. The men, deputed by investment banks with bullion trading activities, search for an agreed price after discussions with their dealing rooms and clients on the price for gold, in order to set a benchmark price for trading in gold each day.

The flags are waved to signal to the others that there is a change in view on the price from his dealing room. As long as any flag is raised, the price cannot be fixed.

The gold fix meetings take place at 10.30am and 3pm each working day - as they have done in the same offices, at the same time, and with almost the same parties - since the first meeting took place on September 12 1919.

The bizarre process was established after the First World War following the collapse of the gold standard, a regime where currencies were backed by gold.

Rothschild's long association with gold meant it chaired the fixing from the beginning.

Not only did Rothschild gold finance the Duke of Wellington's Napoleonic campaigns, but the bank had been a producer and refiner of gold.

Rothschild is the last name from the five banks at the first fix to have remained, but three of the current members - Bank of Novia Scotia, Deutsche Bank and HSBC - trace their roots to the original members. Rothschild's departure leaves a vacant seat, and the search for a new venue.

Rothschild's withdrawal from gold is part of a complete retreat from the commodity trading business

Hier geht es weiter:

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1079420346764&p=1045511528853

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gesamter Thread:

• Rothschild stellt Handel mit GoldSilber ein+verzichtet auf Vorsitz LdPreisfixing - spieler, 14.04.2004, 23:18
  • Sowas ist Wasser auf das Feuer der Verschwörungstheoretiker...:-) (o.Text) - Tofir, 14.04.2004, 23:27
    • Warum? (o.Text) - spieler, 14.04.2004, 23:29
      • Er meinte wohl"Ã-l in´s Feuer" (o.Text) - Helmut, 14.04.2004, 23:31
        • Klar - das Wasser ist ja für die Mühlen:-) - Tofir, 14.04.2004, 23:40
  • Rothschild's retreat signals end of era - spieler, 14.04.2004, 23:34