The "London Gold Fix" refers to the "setting" of the price of gold.
Setting?
How about rigging?
This price "fix" is determined twice each business day.
This gold fixing/rigging provides a rate which is used for pricing gold products and derivatives throughout the world's markets.
The banks involved in this are Barclays, the Bank of China, Bank of Communications, Goldman Sachs, HSBC Bank USA, JPMorgan Chase, Morgan Stanley, Société Générale, Standard Chartered, ScotiaMocatta (Scotiabank), the Toronto-Dominion Bank, and UBS.
How is this legal?
Is it not supposed to be the market which determines fair value?
WHAT SHOULD BE DONE ABOUT THIS?
Further reading. Click here: https://www.investopedia.com/terms/l/london-spot-fix.asp