PRICE FIXED EVERY MONDAY.

Pukekohe & Waiuku Times, Volume 5, Issue 165, 14 April 1916, Page 4 (Supplement)

PRICE FIXED EVERY MONDAY.

The price of gold, however, does not fluctuate from day to day, as do the prices of most ordinary commodities : but from week to week. Every Monday four men meet together in an office in Great Winchester Street, in the City, and fix the price of gold for the ensuing week. These four men, representatives of the principal London gold-importing firms, are known as the " fixing" brokers of the bullion market. As a rule, though, their duties are largely perfunctory, for there are several reasons why any sensational rise in the price of gold is, under ordinary circumstances, impossible. One is that the banks are always ready and anxious to sell directly the price goes up ever so little above the normal. Another is that the big manufacturing jewellers, who, outside the banks, are the bullion brokers' best customers, can always melt down sovereigns for purposes of their trade. This they can do without less to themselves, since every sovereign contains twenty shillings worth ol gold. Nor are they committing any offence against the law. You may not deface curent coin of the realm, but you maydestroy it at your pleasure.