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The term "Gold-Fix" refers to the process of determining the price of gold, which occurs twice each business day in the London market. This process is managed by five members of The London Gold Market Fixing Ltd., who are responsible for setting the official gold price. The first gold fixing took place on September 12, 1919, and involved key gold traders of the time. The price set during this initial fixing was GBP 4.18s.9d, which is equivalent to approximately 4.9375 in modern currency.
Table of content
Legal Use & context
The Gold-Fix is relevant in various legal and financial contexts, particularly in commodities trading and investment. It plays a significant role in determining the market value of gold, which can impact contracts, investments, and financial instruments related to gold. Legal professionals may encounter this term in cases involving trading disputes, investment regulations, or financial compliance.
Users can manage related forms or procedures effectively with the right tools, such as templates available through US Legal Forms.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: An investment firm uses the Gold-Fix price to evaluate the value of gold assets in its portfolio, ensuring accurate reporting and compliance with financial regulations.
Example 2: A jewelry manufacturer references the Gold-Fix to set pricing for gold products, aligning with market standards (hypothetical example).
Comparison with related terms
Term
Definition
Key Differences
Gold-Fix
Process of determining the daily price of gold in the London market.
Specifically tied to the London market and involves a fixed group of traders.
Spot Price
The current market price at which gold can be bought or sold for immediate delivery.
Varies continuously based on market conditions, unlike the fixed price set by Gold-Fix.
Common misunderstandings
What to do if this term applies to you
If you are involved in trading or investing in gold, understanding the Gold-Fix is essential for accurate financial reporting and compliance. Consider using US Legal Forms' templates to assist with any related legal documentation. If your situation is complex, seeking advice from a legal professional may be beneficial.
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