gata.org / By Xan Rice / Tue, 2014-04-15 13:36
On the morning of September 12, 1919, just 10 months after the end of the first world war, bankers at NM Rothschild & Sons in London sat down to calculate a fair price for gold.
They had been asked to do this by the Bank of England, which wanted to restore the city’s status as an international finance centre. Sir Brien Cokayne, the BoE’s governor, envisaged “an open market for gold in which not only every seller would know that he would receive the highest price the world could pay but also every buyer would know that he would get his gold as cheaply as the world could supply it.”