## 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](https://www.imf.org/en/publications/wp/issues/2016/12/30/the-structure-and-operation-of-the-world-gold-market-989)

## Other formats

- [Markdown version](/en/publications/wp/issues/2016/12/30/the-structure-and-operation-of-the-world-gold-market-989/index.md)
- [Structured JSON version](/en/publications/wp/issues/2016/12/30/the-structure-and-operation-of-the-world-gold-market-989/index.json)
- [Bundle manifest](/en/publications/wp/issues/2016/12/30/the-structure-and-operation-of-the-world-gold-market-989/bundle-manifest.json)

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

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### 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.

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/the-structure-and-operation-of-the-world-gold-market-989_