The Structure and Operation of the World Gold Market

IMF Working Papers, December 1, 1991

Source details

Canonical URL

The Structure and Operation of the World Gold Market

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Authors: M. G O'Callaghan
• Published: December 1, 1991
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451939590.001

Summary and Purpose

• Author: M. G O'Callaghan
• Publication date: December 1, 1991
• Purpose: Describes the structure of the world gold market, its sources of supply and demand, and how it functions; identifies gaps arising from confidentiality and limited data, and attempts to fill those gaps.

Major Functions and Geographic Centers

• The market has three principal functions located in three major locations:
  • New York futures market: speculates on spot prices.
  • London: largely determines spot prices.
  • Zurich: major hub for shipment of physical gold.
• Market concentration:
  • Dominated by large suppliers and gold holders, including monetary authorities.

Market Characteristics and Data Issues

• Unique characteristics ensure confidentiality, resulting in gaps in existing knowledge and data.
• The paper identifies these gaps and attempts to fill them.

Subjects and Keywords Covered

• Subjects: Central banks; Commodities; Commodity markets; Financial institutions; Financial markets; Gold; Gold prices; Gold reserves; Options; Prices.
• Keywords: Africa; bullion market; clearing house; Commodity markets; Europe; Gold; gold market; Gold prices; Gold reserves; market participant; Middle East; North America; Northern Europe; Options; options contract; paper gold; spot price; strike price; WP.