Friday, April 30, 2004 THE twice-daily face-to-face meeting of five men in London to set the gold price is coming to an end.
The so-called London gold fix, an institution dating back a century, will be replaced by an internet-based meeting.
At the same time as this change takes place the five members of the London Bullion Market Association who fix the gold price will start to rotate the chairmanship on an annual basis.
The changes follow the announcement on April 14 by N.M. Rothschild & Sons that it is withdrawing from all commodity dealing and quitting the London gold fix.
The first chairman under the new system will be Canadian-based Scotiabank, taking over on May 5.
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