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The Bank of England acts as banker to the government, and it reflects the consolidated fund account to the government. It looks after the foreign exchange and gold reserves of the country as well. In 1844, Bank Charter Act fixed the issue of banknotes with gold reserves, so that the bank the sole right to issue banknotes. The Bank of England acts as a bankers' bank, which means it is the last resort forBorrowers.

The gold price as all other commodities are determined by supply and demand. Although, unlike other commodities, gold can not be consumed, and all the gold that was previously mined still exists. In effect, this means greater turnover, and that they come on the market to be sold again, if the price is right.

Central banks and the IMF play an important role in the gold price. It is said that at the end of 2004, central banks and official organizations held 19%the total amount of gold that was mined. European central banks like the Bank of England and the Swiss National Bank in the list of major sellers of gold since 1999.

The London gold market, has a clearing mechanism, these five banks, which are interconnected. These are the Bank of Nova Scotia, German Bank AG, HSBC Bank, JP Morgan Chase Bank and UBS. It is the responsibility of clarity to the acquisitionGold that comes from all over the world. This gold is then to jewelry manufacturers. Clearing Houses also have customers who buy the gold want.

In addition to the five clearing houses, clears the Bank of England gold total daily positions through transfers within the unallocated accounts in relation to the business practices of each more clearly. The Bank of England is not one of the five clearing houses, but is still the clear leader of the LBMA. If they wish, they cangenerate supply through the creation of non-bonded debt from its balance sheet, or they can create value by buying back gold shortage of the Clearing House, and the reduction rate of the bars, in theory or reality in the market circulation.

A major concern about over the counter trading is the resolve of gold. The gold fix is determined by four major market makers. These are the Bank of Nova Scotia, German Bank AG, HSBC Bank USA London Branch, and Société Générale.

Here, the price isof gold at a fixed interest rate that makes it possible to trade gold trader at market prices. Twice daily, morning and afternoon, members of the gold fix in London, the implementation of an auction. This auction aims to find the price to match where the number of purchase orders with the number of sell orders.

This price is published and circulated widely in newspapers and posted on the Internet, where guidance is to those who are in, unless the holder to purchase or sell gold at this moment. This is a farused method that is used by dealers to fix the price of gold for physical gold transactions.

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