WHO DECIDES THE PRICE OF GOLD?
          
               Gold is traded around the world and around the clock
          with the price always changing back and forth between
          London, Zurich, Hong Kong, Winnipeg, New York and other
          major gold trading centers.  
          
               However, prices published in your local newspapers
          are usually based on either prices issued at noon and at
          the close of trading by New York's Commodity Exchange
          Inc. (COMEX) or on the famous twice daily London "fixing"
          by major bullion dealers there.
          
               In a ritual carried out since 1919, each member of
          the London Gold Market is represented at the fixing and
          its representative is in direct communication with his
          own trading room, while a representative of one of the
          major bullion houses acts as chairman.
          
               After considering the price at which gold has been
          trading so far that day, the chairman suggests a price
          which the gold market members communicate to their own
          traders.  The traders respond by telling the chairman
          whether they wish to buy, sell or have no interest.  The
          chairman then suggests other prices until all buyers and
          sellers agree on both price and quantity.  At that point,
          worldwide supply and demand comes into balance and the
          chairman declares the price "fixed."
          
               But immediately thereafter, traders begin to change
          the price in accordance with the realities of supply and
          demand in their own trading area.