The Structure and Operation of the World Gold Market

M. O'Callaghan

No 1991/120, IMF Working Papers from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 62
Date: 1991-12-01
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:1991/120

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