Commodity's Benchmark Price Is Key to Stability of Global Transactions
By Francesca Freeman
The Wall Street Journal
LONDON -- The London gold benchmark is vital to Grant Phillips's business.
In workshops behind a highly secure store front in London's jewelry district, the firm that Mr. Phillips manages, Refined Precious Metals, melts gold scrap and sells it on to refiners.
The price of gold on financial markets is constantly fluctuating. Mr. Phillips avoids that volatility by doing his buying and selling at the twice-daily London gold "fix."
"It just makes life a lot easier. If everyone is using it, it's not a gamble," said Mr. Phillips. "The market just wouldn't function without it. With the benchmark, you know where you are." ...
... For the full story:
http://online.wsj.com/news/articles/SB1000142...457940474021...
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