The Structure and Operation of the World Gold Market

Author/Editor:

M. G O'Callaghan

Publication Date:

December 1, 1991

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.

Series:

Working Paper No. 91/120

English

Publication Date:

December 1, 1991

ISBN/ISSN:

9781451939590/1018-5941

Stock No:

WPIEA1201991

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

62

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