The London Bullion Market has a long history, and its development history can be traced back to more than 300 years ago. In 1804, London replaced the Amsterdam Exchange in the Netherlands and became the center of the world's gold trading. In 1919, the London Gold Market was officially established, with gold pricing twice a day in the morning and afternoon. The five major gold banks set the gold market price for the day, which has always affected transactions in New York and Hong Kong. The main supplier of gold on the market is South Africa. Before 1982, the London gold market mainly engaged in gold spot trading. In April 1982, the London gold futures market opened. London remains the world's largest gold market.