The twice-daily London gold fixings are when the price of spot gold is determined, in London, by the five members of The London Gold Market Fixing Ltd.
The gold standard had many flaws, but the chief virtue of fixing the exchange rate and constraining the supply of credit was to stop politicians succumbing to the inevitable pressure to respond to crises by debauching the currency, resulting in long-term harm to the livelihoods and living standards of their citizens.
People should ask themselves why gold should be an exception to this general principle and whether this price-fixing exercise is a good way to determine the supply of dollars.