IMF Working Papers

The Structure and Operation of the World Gold Market

By M. G O'Callaghan

December 1, 1991

Preview Citation

Format: Chicago

M. G O'Callaghan The Structure and Operation of the World Gold Market, (USA: International Monetary Fund, 1991) accessed November 21, 2024
Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: 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

Publication Details

  • Pages:

    62

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 1991/120

  • Stock No:

    WPIEA1201991

  • ISBN:

    9781451939590

  • ISSN:

    1018-5941

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