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The Structure and Operation of the World Gold Market
Author:
Mr. M. G O'Callaghan
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Series:
IMF Working Papers
Volume/Issue:
Volume 1991: Issue 120
Language:
English
Publication Date:
01 Dec 1991
DOI:
https://doi.org/10.5089/9781451939590.001
ISBN:
9781451939590
ISSN:
1018-5941
Pages:
62
Keywords:
WP; gold market; options contract; spot price; paper gold; clearing house; strike price; bullion market; market participant; Gold; Commodity markets; Gold prices; Options; Gold reserves; North America; Middle East; Northern Europe; Europe; Africa
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund