Its very interesting that most daily down turns in gold price occur at 10:00 in the morning,coincidence ,makes you wonder

Since 1919 the global price of gold has been fixed by five individuals from London Gold Fixing.

Gold fixing is announced twice daily, in the morning and in the afternoon and decided by a group of five members who use market reaction to gauge and announce the price.

This is accomplished by using a dedicated and secure conference call facility so the Chairman and the four other members may speak freely about pricing and market reaction.

“Fixing will last as long as it is necessary to establish a price that satisfies both buyers and sellers.”

This fixed price means that all market users buy and sell gold at a standardized price, and provides a basis for pricing in many different industries.

At 10:30am and 3pm five men decide the price of gold for the entire world after a 10 minute phone call.

In case you forgot, the process is based on market response, the Chairman suggests a price and his four affiliates contact their dealing rooms to gauge market response to that price.

If more dealers want to buy the price goes up, if more want to sell the price goes down, simple.

The ritualistic process used to achieve gold pricing has not changed one iota since its inception in 1919. This global pricing affects almost every economy on the planet either directly or indirectly and it is ultimately in the hands of 5 men.

If London Gold Fixing is a monopoly, they definitely picked the right industry to control.