This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The market has three principal functions in three major locations: the New York futures market speculates on spot prices, which are largely determined in London, whereas physical gold is in large part shipped through Zurich. The market is dominated by large suppliers and gold holders, including monetary authorities. Some unique characteristics of the gold market ensure confidentiality, and as a result, there are gaps in existing knowledge and data. The paper identifies and attempts to fill these gaps.
First published in 1983, this book provides a comprehensive view of gold and gold trading in its many facets, and identifies those sources of information that are important for an understanding of the world’s gold markets. The author looks first at gold’s changing role since 1960; in particular, the change from the fixed price to the present free market determination of price. The different forms the demand for gold takes – bullion, paper or in fabricated forms such as jewellery – are explained in detail. This is followed by an analysis of the supply side – new gold production and the circulation of existing old gold. The survey concludes with an assessment of the gold market and of gold prices now and in the future.
Activity in the gold markets has focused investors' attention on this unique commodity. To provide the reader with a better understanding of the trade the book is set out in three sections. The first sketches the structure of the gold market from the point of view of the commodity analyst before reviewing in detail the institutions and practices of bullion and futures trading; the second looks at gold mining setting the boom of the past decade in the context of a longer term perspective; the third surveys the used of gold, past and present, and discusses the metal's future prospects.
Using an inter-disciplinary and global approach this book examines the different roles gold played in the international economy from the late 19th century until today. It gives a complete and comprehensive overview of the many facets of the global gold market's organization from the extraction of this precious metal to its consumption.
This book describes the history of gold as a financial instrument and discusses gold exchanges in the major markets. It also describes the history of the Chinese Gold & Silver Exchange Society (CGSE), its current organizational structure and membership registration system. The book also includes the development and growth of the gold market in Hong Kong and the role played by CGSE in the growth of the Chinese gold market. It includes a brief description of the CGSE in the twenty-first century – its current role and what it may play in the future. The book explains factors that influence gold price and the mechanism of price formulation. It also describes the historic trends in the demand and supply of gold and the global inventory of gold, trends of the demand for investment holdings, jewelry manufacturing and industrial usage. The book also compares the movements in gold price with inflation and analyzes the data on how gold provides a hedge against inflation. It also examines and explains the relationship between gold and the US dollar (USD) and the correlation between dollar index (value of dollar against 16 major currencies) and gold price. It explores in depth on the relationship between gold price, output and inventories and major economic indices. This is a good reference for those interested in the comprehensive view of gold and its importance in the world economies.
Why the gold standard is due for a comeback A reserve currency can only function as such if there is a general consensus that it provides a stable store of value. Without this trust, money, no matter what form it takes, will be abandoned—either suddenly in a crisis, or gradually over time—in favor of something else. The Golden Revolution looks at how the world is rapidly moving toward some form of global metallic standard, in which money, at least in official, international transactions, is linked directly to gold, silver, or both. The practical reality of the transition to the coming global gold (or bimetallic) standard is going to be substantially different from the global fiat monetary and financial regime of today. It is not just money that is going to change. The nature and business of banking will also be affected, as will finance in general. Incisive and thoughtful, The Golden Revolution is a treatise on the broad effects of the current and future monetary structure Looks at why the world is headed inexorably back towards a metallic money standard Explores what the transition period might look like, including some historical examples of both orderly and disorderly transitions Examines how the world of banking, finance, and investment, including asset valuation and portfolio management techniques, will work under a future gold standard and which industries, countries and markets are likely to benefit and which are likely to suffer Full of advice on how investors can profit and protect themselves during this critical time of change, the book knows that those who are prepared will prosper, while those who won't stand to lose it all.
