What is the world gold market?


2018-03-17 15:21:16




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The gold Market, in fact, represents the institution, ensuring the fulfillment of international settlements, used for investment and risk insurance, private store of value and industrial and domestic consumption, and for different speculative operations. Its functioning at the expense of constant growth of cost of precious metals, as they are a great alternative to a variety of unstable currencies. Therefore, the quotation of gold can be considered as a criterion on the basis of which evaluates the macroeconomic activities of the various States.

History: the First legal gold market appeared in London in the nineteenth century, and until the 60-ies of XX century the main city of the United Kingdom remained the center of global trading in precious metals. In this place were carried out the sale of this metal mined in various parts of the world, and 75% of sales came from products imported from South Africa. Subsequently most of these transactions took place in Zurich, and the British capital was relegated to the background. Since the end of last century the most popular special gold auctions, where a significant proportion of transactions. Their discovery enabled the IMF in 1880 to sell 18% of its cash reserve precious metal, and the same steps at the time took the leadership of the United States to maintain the U.S. dollar.

Definition: currently the world gold market covers almost the whole circulation system is the most popular precious metal on a large scale, including production, distribution, and subsequent consumption. In narrow terms, this concept is often seen as a separate market mechanism, which handles the sale of the product at international and national level.


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Features: this modern gold market provides for two kinds of transactions. The first form is the direct selling of precious metal bullion, and the other is wholesale trading, under which the buyer acquires the “paper” certificate, showing the right of possession of such items. As a kind of reserve and insurance Fund gold is used in almost all modern countries. Today in reserves the IMF and Central banks are concentrated 31000 tonnes recorded state stockpiles of the precious metal. But even more significant reserves are stored in the population, and to implement savings, many people use coins and jewelry.

Now the gold market is ten world centres where there is regular purchase and implementation of the precious metal. Such institutions are represented by associations, specialized firms, banks and other financial institutes, who also have the right to manufacture ingots. And the proposal form of the company engaged in gold mining, and because of the regular growth in the value of such products, manufacturers are beginning to engage in the processing of refractory and low grade ores.

Consumers: Countries that are major consumers of the precious metal, are divided into two groups. The first of these are technically developed countries, which use it in industries and various fields of engineering, and the manufacture of jewelry. These include Germany, the USA and Japan, in which gold acts as the indicator of the development of the newest technologies in instrumentation. In the second group may include Portugal and Italy, and countries of Asia and the East, where precious metals are used exclusively in the jewelry industry.

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Alin Trodden - author of the article, editor
"Hi, I'm Alin Trodden. I write texts, read books, and look for impressions. And I'm not bad at telling you about it. I am always happy to participate in interesting projects."

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