Hear of this cartoon character, icon for being ultra rich, RICHIE RICH and be reminded of your desire to be in his position as well. Who have not, in his lifetime, dreamed of being rich?
Imagine having wads and wads of those money and you have so much that you can give them away. Every material thing and pampering you want, you can have. And each time, GOLD comes to mind. And at this day and age, it is truly valuable. It is a great investment to have them. I should know, my grandfather talk of nothing but gold. I used to hear him talk of price of gold and gold spot and not comprehend fully.
Now I know that those are terms commonly used when you need to know gold prices. Gold bullion traders are the ones who knows it best since 1919, but now it can be explained to you. gold price is set or fixed to provide a recognized rate. It is done twice a day, U.S dollars, euros, and british pounds currency. If spot gold fixing had once been done at the N M Rothschild & Sons in St Swithin's Lane, now it is by phone. Previously also, a union flag was raised during the meeting of the participants to signify "pause of proceedings", but now uttering the very word "flag" for the same purpose since it is done over the phone. And if the meeting is at end, "There are no flags, and we're fixed" will be the way of pronouncing the agreement. At the moment there are 5 participants to the fixing of price gold, and they are Scotia-Mocatta, Barclays Capital, Deutsche Bank, HSBC and Societe Generale.
Gold is still gold. Great value, great investment, great need.