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Celebrating the Centenary of the LBMA Gold Price 12 September 2019 marks the centenary of the first London gold price auction, now known as the LBMA Gold Price.

The impact of World War I on the London gold market was as resounding as on any other market at that time. Great Britain had seen a rush of gold into London during the preceding two and a half centuries, necessitating the organisation of a formal market to standardise the sale and storage of gold bullion.

The Great War’s devastating effect on the world economy created a need for stability and certainty again in the trade of gold. On 12 September 1919, the Bank of England made arrangements with NM Rothschild & Sons for the formation of a free gold market and the establishment of a daily gold price. £4 18 s 9d

The first price auction took place at 11am when the price of gold was settled at £4 18 s 9d by the five founding members: NM Rothschild & Sons (chair), Mocatta & Goldsmid, Pixley & Abell, Samuel Montagu & Co. and Sharps Wilkins. The bids were made by telephone for the first few days, but it was then decided to hold a formal meeting each day at New Court, the London offices of NM Rothschild.my

 

Courtesy: Jeremy East, CEO, East Wind Capital Ltd