London Fix Price

jetpro

Can someone please explain what is the "London Fix Price" and why is it different than the NY Spot Price?

DoubleEagle59

London fix price is the closing price of gold at the end of the trading day at the London England gold exchange.

It will differ from the NY close because these two gold exchanges close at different times in respect to each other.

The gold market almost never sleeps because there are other gold exchanges throughout the world - Asia, Singapore, Australia etc...

DoubleEagle59

Here's a daily chart of the gold price and you can see different exchanges at the bottom (london, NY, Hong Kong, Sydney) all closing at different times, hence different prices.

jetpro

Thanks doubleeagle

StampAlarm

I'm not quite sure what DoubleEagle is saying. The London gold fix is twice a day and the silver fix is once a day.

Here is the site for LBMA. Make sure to click on about the fixings.

And to the home page to find all the members.



Jerry

Swampboy

Good info StampAlarm.

"The price cannot be 'fixed' whilst a flag is raised."

I did not know that.

DoubleEagle59

I should have added in my explanation 'pm fixing'.

CaptHenway

London achieved its independence from the United States in 1776. Since then it has had its own gold price fix.