BullionStar News
Writers Torgny Persson, Koos Jansen
& Hong Kang See

The Bank of England and the London Gold Fixings in the 1980s

Saturday the 28th of February 2015
With the current structure of the London gold price fixings disappearing in the very near future, there is an unusual story that I'd like to share about the gold fixings. It concerns the Bank of England's 'gold activities' in the daily London Gold Fixings during the 1980s, and my attempts to get the Bank to explain what these 'gold activities' consisted of.

image

These 'gold activities' of the Bank came to light within some comments that senior Bank of England employee Oliver Page wrote about fellow senior Bank of England colleague and contemporary Terry Smeeton:

Smeeton

Before looking at Mr. Smeeton's 'gold activities', it's worth getting a sense of the roles of Terry Smeeton and Oliver Page at the Bank of England by briefly looking at the career profiles of these two gents.
Terry Smeeton and Oliver Page

In the 1980s and 1990s, Terry Smeeton was one of the Bank of England's experts on the gold market, and he rose to attain the position of Head of Foreign Exchange and Gold at the Bank. Smeeton joined the Bank of England in 1960 and remained at 'The Old Lady' until retiring in 1998. After leaving Threadneedle Street in March 1998, Smeeton went on to be a non-executive director of Standard Bank from July 1998 to September 2007, and in 2002 was appointed as ... Continue Reading
By: Ronan Manly
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