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--- Begin Message ----Caveat Lector- ------------------------ Yahoo! Groups Sponsor ---------------------~--> <FONT COLOR="#000099">Make a clean sweep of pop-up ads. Yahoo! Companion Toolbar. Now with Pop-Up Blocker. Get it for free! </FONT><A HREF="http://us.click.yahoo.com/L5YrjA/eSIIAA/yQLSAA/WfTolB/TM";><B>Click Here!</B></A> ---------------------------------------------------------------------~->Pricing Gold but No Longer Standing on British Tradition By Bernard Simon The New York Times Thursday, May 6, 2004 http://www.nytimes.com/2004/05/06/business/worldbusiness/06gold.html Another piece of the British empire crumbled yesterday when no one raised or lowered the Union Jack to set the international price of gold. Instead of meeting twice a day, as they have for almost 85 years, in the oak-paneled offices of the venerable merchant banking group N.M. Rothschild & Sons in London's financial district, four precious-metals traders -- three in London and one in Paris -- fixed the gold price on a telephone conference call, basing the decision on their latest readings of supply and demand. "Nothing was that much different apart from the fact that we didn't walk down to St. Swithins Lane," said Simon Weeks, director of precious metals and foreign exchange at ScotiaMocatta, a unit of the Bank of Nova Scotia. The price was fixed at $392.55 an ounce yesterday afternoon, up from $391.25 when the traders met for the last time on Tuesday. Yesterday, Mr. Weeks became the first non-Rothschild employee to run the proceedings. The bank, controlled by the family that supplied gold to the Duke of Wellington almost two centuries ago to help British forces win at Waterloo, closed its commodities trading business last month. The Rothschild seat on the committee is up for sale. The bank's grip on the chairmanship had become a sore point with the other four committee members -- ScotiaMocatta, Deutsche Bank, HSBC USA, and Société Générale. In the future, the chairmanship will rotate annually. Philip Klapwijk, chairman of GFMS Ltd., a precious-metals consultants group in London, said the twice-daily London price fixings remained "very much the benchmark" for institutions taking physical delivery of gold. But speculative trading and hedging with futures trading, Mr. Klapwijk said, had increasingly gravitated to the Comex division of the New York Mercantile Exchange. The London Bullion Market Association, which controls the price-setting process, plans to introduce a live Web-based commentary on the daily price-setting this year. In an effort to broaden London's influence in the international market, the association is seeking to help institutions in countries with expanding gold consumption -- like China, India, and Russia -- to set up efficient markets. The association has scheduled its annual meeting this year in Shanghai. Until yesterday, the Union Jack played a crucial part in the price-setting process. A participant who wanted to interrupt proceedings to take a new buy or sell order or to consult his office would raise a flag on his desk. The price could not be fixed while a flag was raised. Though electronic communication has replaced the face-to-face meeting at the Rothschild offices, the flag -- albeit not a Union Jack -- has not entirely disappeared from the proceedings. >From now on, those who want to interrupt the price-fixing on the phone must say the word "flag," followed by their company's name. Mr. Weeks wrapped up yesterday morning's meeting -- as he plans to do every day -- with the words: "There are no flags, and we're fixed." ---------------------------------------------------- To subscribe to GATA's dispatches, send an e-mail to: [EMAIL PROTECTED] To unsubscribe, send an e-mail to: [EMAIL PROTECTED] ---------------------------------------------------- RECOMMENDED INTERNET SITES FOR DAILY MONITORING OF GOLD AND PRECIOUS METALS NEWS AND ANALYSIS Free sites: http://www.jsmineset.com http://www.cbs.marketwatch.com http://www.mineweb.com/ http://www.gold-eagle.com/ http://www.kitco.com/ http://www.usagold.com/ http://www.GoldSeek.com/ http://www.capitalupdates.com/ http://www.DailyReckoning.com http://www.goldenbar.com/ http://www.silver-investor.com http://www.thebulliondesk.com/ http://www.sharelynx.com/ http://www.mininglife.com/ http://www.financialsense.com http://www.goldensextant.com http://www.goldismoney.info/index.html http://www.howestreet.com http://www.depression2.tv http://www.moneyfiles.org/ http://www.howestreet.com http://www.minersmanual.com/minernews.html http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html http://www.goldcolony.com http://www.miningstocks.com http://www.mineralstox.com http://www.321gold.com http://www.SilverSeek.com http://www.investmentrarities.com http://www.kuik.com/KH/KH.html (Korelin Business Report -- audio) http://www.plata.com.mx/plata/home.htm (In Spanish) http://www.plata.com.mx/plata/plata/english.htm (In English) Subscription site: http://www.lemetropolecafe.com/ http://www.hsletter.com Eagle Ranch discussion site: http://os2eagle.net/checksum.htm Ted Butler silver commentary archive: http://www.investmentrarities.com/ ---------------------------------------------------- COIN AND PRECIOUS METALS DEALERS WHO HAVE SUPPORTED GATA AND BEEN RECOMMENDED BY OUR MEMBERS Centennial Precious Metals 3033 East 1st Ave. Suite 403 Denver, Colorado 80206 www.USAGold.com Michael Kosares, Proprietor US (800) 869-5115 Canada 1-800-294-9462 European Union 00-800-2760-2760 Australia 0011-800-2760-2760 [EMAIL PROTECTED] Colorado Gold 222 South 5th St. Montrose, Colorado 81401 www.ColoradoGold.com Don Stott, Proprietor 1-888-786-8822 [EMAIL PROTECTED] El Dorado Discount Gold Box 11296 Glendale, Arizona 85316 http://www.eldoradogold.net Harvey Gordin, President Office: 623-434-3322 Mobile: 602-228-8203 [EMAIL PROTECTED] Investment Rarities Inc. 7850 Metro Parkway Minneapolis, Minnesota 55425 http://www.gloomdoom.com Greg Westgaard, Sales Manager 1-800-328-1860, Ext. 8889 [EMAIL PROTECTED] Kitco 178 West Service Road Champlain, N.Y. 12919 Toll Free:1-877-775-4826 Fax: 518-298-3457 and 620 Cathcart, Suite 900 Montreal, Quebec H3B 1M1 Canada Toll-free:1-800-363-7053 Fax: 514-875-6484 http://www.kitco.com Lee Certified Coins P.O. Box 1045 454 Daniel Webster Highway Merrimack, New Hampshire 03054 www.certifiedcoins.com Ed Lee, Proprietor 1-800-835-6000 [EMAIL PROTECTED] Miles Franklin Ltd. 3015 Ottawa Ave. South St. Louis Park, Minn. 55416 1-800-822-8080 / 952-929-1129 fax: 952-925-0143 http://www.milesfranklin.com Contacts: David Schectman, Andy Schectman, and Bob Sichel Missouri Coin Co. 11742 Manchester Road St. Louis, MO 63131-4614 [EMAIL PROTECTED] 314-965-9797 1-800-280-9797 http://www.mocoin.com Resource Consultants Inc. 6139 South Rural Road Suite 103 Tempe, Arizona 85283-2929 Pat Gorman, Proprietor 1-800-494-4149, 480-820-5877 [EMAIL PROTECTED] Swiss America Trading Corp. 15018 North Tatum Blvd. Phoenix, Arizona 85032 http://www.swissamerica.com Dr. Fred I. Goldstein, Senior Broker 1-800-BUY-COIN [EMAIL PROTECTED] ---------------------------------------------------- HOW TO HELP GATA If you benefit from GATA's dispatches, please consider making a financial contribution to GATA. We welcome contributions as follows. By check: Gold Anti-Trust Action Committee Inc. c/o Chris Powell, Secretary/Treasurer 7 Villa Louisa Road Manchester, CT 06043-7541 USA By credit card (MasterCard, Visa, and Discover) over the Internet: http://www.gata.org/creditcard.html By GoldMoney: http://www.GoldMoney.com Gold Anti-Trust Action Committee Inc. Holding number 50-08-58-L Donors of $750 or more will, upon request, be sent a print of Alain Despert's colorful painting symbolizing our cause, titled "GATA." GATA is a civil rights and educational organization under the U.S. Internal Revenue Code and contributions to it are tax-deductible in the United States. -END- Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/gata/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! 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Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://www.mail-archive.com/[EMAIL PROTECTED]/ <A HREF="http://www.mail-archive.com/[EMAIL PROTECTED]/">ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
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