Fixing the Fix - the arguments around reform of our century-old way of valuing gold
For almost a century now, gold has been valued by a handful of bankers, behind closed doors.
But that could all be about to change.
In May, Barclays was fined 45 million dollars by financial watchdogs for failing to stop one of its traders trying to manipulate prices.
It's been suggested that gold price fixing could be the next financial scandal to erupt, after the furore over the rigging of Libor and foreign currency rates.
Following a summit of bankers, miners, traders and regulators today, we explain the mechanism currently in place, and explore options for reform, with experts including Ross Norman of Sharps Pixley gold brokers, who has also previously been a member of the committee that sets gold prices.