London no longer controls the gold market

From tomorrow the system that allowed control the price of gold to a small group of British bankers will be history. . Took almost 100 years for this monopoly system is abandoned for a more democratic 

News he says: "The gold market Friday changes your system to calculate the price and opens to other actors so it can be followed live. It puts an end to a tradition that lasted since 1919 and in London reduced to a small group of banks the task of putting the precious metal price. From now on , it will be done online and is open to all financial institutions that wish. The company in charge is the ICE Benchmark Administration with the so - called LBMA Gold Price. Gold and follows the same path as last year, markets took silver, platinum and palladium to make the system more transparent. The day before his return, an ounce of gold rose and stood at around $ 1,164. " We will see over time really how democratic is this new method but although today what still has market power is the dollar (and see how much longer), is a very important change.