The structure of the international liquid resources include: gold, foreign currency reserve position of the international Monetary Fund, SDR and ECU.
The volume of gold resources, which are stored in the central bank and fiscal authorities of the country, supplemented by holdings of foreign exchange accounts of foreign banks and international and regional monetary and financial institutions, designed for International Settlements. The centerpiece of the international liquidity owned gold and resources of States. In the category of foreign exchange resources leading place belongs to the modern reserve currencies, which are freely convertible - without any restrictions convertible foreign currencies.
Significant role in the structure of international liquidity continues to retain gold as the gold reserves of the State (in the form of ingots and coins).
For a long time to distinguish between two gold price - the official and real.
The official price of gold for over 40 years (1933-1976) was recorded by the U.S. Treasury. Since 1944, she was at 35 dollars for 1 troy ounce (31.1035 g). After the devaluation of the dollar in 1971 and today it is around 300 dollars per ounce. Changing the official price of gold and the period of the gold exchange standard was more a reflection of the gradual weakening of the dollar in world currency system and the desire of Western countries to pursue an independent regulatory policies in the monetary sphere. Depending on the degree of state regulation of markets for gold are divided into four main categories:
World - in London, Zurich, Frankfurt, Chicago, Hong-Kong.
Domestic Free - Milan, Paris, Rio de Janeiro.
Local controlled - in Athens, Cairo.
Black market - in Bombay.
The source of supply of gold on international markets is the development of existing and new deposits. The main gold-powers are South Africa, USA, Canada, CIS, Australia. Annual gold production in the West reaches in some years, 1800-2000 tons.
London gold market
In its present form, this market has existed since 1919. The main party to it remains the same as before, the club of companies "- gold brokers in London (London Bullion Brokers). These include: NMRotshild and Sons, Samuel Montague, Republic Mays London, Standart Chartered Bank, Mocatta Group, Deutsche Sharps Picksley.
It is on the London gold market was formed fixing procedure, which is held since 1919 twice a day.
Prices of London market is considered the most representative and are used as a reference tool for all kinds of calculations, comparison, are laid in long-term contracts. Traded on fixing are standardized ingots ("good-delivery-bars"). Each bar must have a serial number, a note about the sample (clean), a stamp of the manufacturer.
For a long time, the London gold market is a market for non-residents, as under the Act of currency control resident of Great Britain had no right to buy gold, and professional dealers should have received a license from the Bank of England.
In October 1979 the Government, headed by M. Thatcher, removed these restrictions. However, this decision was somewhat belated, as the rapidly developing markets in the U.S. and Switzerland, made it possible to use in operations with gold modern financial derivatives.
Gold market in Zurich
The largest center of trade in gold in the 70-ies became Zurich. Since the early 80-ies, Switzerland imported an average of 1200 to 1400 tonnes of gold a year, and exported from 100 to 1200 tons. Hence it is evident that only a relatively small part of the precious metal remains in the country. Gold is used in a national watch and jewelry industry in modest amounts: about 25 tons. On a large role in Zurich as a European center of trade shows that gold imports in Switzerland is 70% of gold mined in Western countries, of which 60% and then re-exported to various regions of the world. Since the early 80-ies of Zurich has become the global market for gold, through which nearly half of world industrial demand for gold. Switzerland imports about 40% of the total supply of gold in the world.
Market-makers Zurich market is the "big three" banks (UBS + SBC, Credit Swiss), which very quickly adapted to new market conditions and changes in the requirements of its customers. These banks owned by large brokerage firm Premex AG, committed not only spot transactions but also works on forward and options markets.
Banks 'big three' are innovative banks of the world, those who exercise very wide range of the most advanced operations with gold.
An example is the list of such operations, provided by Credit Swiss Bank to its clients:
Sale Spot metal accounts;
purchase of Spot, physical delivery of gold;
Urgent operation (forwards and options), swap;
loans secured by gold;
structured by the order of transactions on the short and long-term performance;
swap at the location of the metal;
account (metal) with tax deferral;
refining, smelting, final processing of gold from the semis.
The advantage of Swiss banks to the other is their widespread presence in the global gold markets in different regions of the world. They are represented in the markets drags metals in Europe (Geneva, Zurich, London), USA (New York), the Far East (Tokyo, Singapore, Hong Kong), Australia (Melbourne). This allows them to perform 24-hour presence on the international gold market, making transactions with physical gold and paper-based metal. Customers are offered various size gold bars and a wide range of transactions, including complex derivatives.
Gold market in the U.S.
Demonetization gold in the 70 years has made possible the abolition existed for 40 years, the Act of gold ban, according to which U.S. citizens have no right to private ownership of gold in ingot form. Liberalization of trade in gold has led to the rapid development of the New York Mercantile Exchange (Commodity Exchange - COMEX) and the International Monetary Market (International Money Market - IMM) CME (Chicago Mercantile Exchange - CME) in the major centers of trade in gold futures contracts. It is in these centers is more than 90% of all futures contracts for the supply of gold.
Along with the futures exchange trading of gold in New York there is a market for gold in ingot form, where the wholesale dealers deliver gold industrial and commercial consumers.
In the gold trade in the last decade, along with the exchanges attended by leading U.S. banks, which are currently the market-makers in the international gold market, such as: Dzh.R.Morgan, Dzh.Aron & Co.. A feature of these markets is the widespread nature of the venture deals mainly. These include futures (forwards and futures), which consist of 1, 3, 6 months, and execution is carried out at a price fixed at the time of the transaction. The contract is strictly defined volume of 100 ounces.
Other gold markets
Center for options trading has become Canada's gold market. Since the late 80's intensely committed transactions in gold on the Hong Kong market, which has representation major gold dealers in Zurich, London, New York and Frankfurt. Since 1980, Commodity Exchange of Hong Kong began to trade futures contracts.
Among the local control of the market by the gold market in Saudi Arabia, which provides raw materials for the jewelry industry by imports: for example, in 1993, was purchased 100 tons of gold.
At the local gold market in India in 1993, received 257 tons of newly mined gold, representing 11% of world production.
World's major exchanges:
AMEX - American Stock Exchange, Derivative Securities, 86 Trinity Place, New York, NY 10006, US, Tel: (212) 306-1000, Fax: (212) 306-1802
BSE - Boston Stock Exchange
CBOE - Chicago Board Options Exchange, 400 S. LaSalle St., Chicago, IL 60605, US, Tel: (312) 786-5600 / (800) 678-4667, Fax: (312) 786-7409 / (312) 786-7413
CBOT - Chicago Board of Trade, 141 W Jackson Blvd, Chicago, IL 60604-2994, US, Tel: (312) 435-3500, Fax: (312) 341-3306
CHX - Chicago Stock Exchange, One Financial Place, 440 S. LaSalle St., Chicago, IL 60605-1070, US Tel: (312) 663-222, Fax: (312) 773-2396
CME - Chicago Mercantile Exchange, 30 S. Wacker Drive. Chicago, IL 60606, US, Tel: (312) 930-1000, Fax: (312) 930-3439
CSCE - Coffee, Sugar & Cocoa Exchange Inc., Four World Trade Center, New York, NY 10048, US, Tel: (212) 938-2800 / (800) 433-4348, Fax: (212) 524-9863
CRCE - Chicago Rice & Cotton Exchange
CSE - Cincinnati Stock Exchange
COMEX - Commodity Exchange Inc.
DTB - Deutsche Terminburse, 60284 Frankfurt, Boersenplatz 7-11, D-60313 Frankfurt, Germany, Tel: 49-69-2101-0, Fax: 49-69-29977-455
IPE - International Petroleum Exchange of London, International House, 1 St. Katharine's Way, London EI 9UN, UK, Tel: 44-171-481-0643, Fax: 44-171-481-8485
KBOT - Kansas City Board of Trade, 4800 Main St., Suite 303, Kansas City, MO 64112, US, Tel: (816) 753-7500 / (800) 821-5228, Fax: (816) 753-3944
LCE - London Commodity Exchange, a Commodity Quay, St. Katharine Docks, London E1 9AX, UK, Tel: 44-171-481-2080, Fax: 44-171-702-9923
LIFFE - London International Financial Futures Exchange, Cannon Bridge, London EC4R 3XX, UK, Tel: 44-171-623-0444, Fax: 44-171-588-3624
LME - London Metal Exchange, 56 Leadenhall St., London EC3A 2BJ, UK, Tel: 44-171-264-5555, Fax: 44-171-680-0505
OMLX - The London Securities and Derivatives Exchange, 107 Cannon St., London EC4N 5AD, UK, Tel: 44-171-283-0678, Fax: 44-171-815-8508
LGFM - The London Gold Futures Market
NYCE - New York Cotton Exchange, 4 World Trade Center, New York, NY 10048, US, Tel: (212) 938-2702, Fax: (212) 488-8135
NYFE - New York Futures Exchange
NYMEX - New York Mercantile Exchange, 4 World Trade Center, New York, NY 10048, US, Tel: (212) 938-222, Fax: (212) 938-2985
NYSE - New York Stock Exchange
SOFFEX - Swiss Options & Financial Futures Exchange, Selnaustrasse 32, CH-8021 Zurich, Switzerland, Tel: 41-1-229-2111, Fax: 41-1-229-2233
TOKYO STOCK EXCHANGE, 2-1 Nihombashi-Kabuto-Cho, Chuo-ku, Tokyo 103, Japan, Tel: 81-3-3666-0141, Fax: 81-303663-0625
TIFFE - Tokyo International Financial Futures Exchange, 1-3-1 Marunouchi, Chiyoda-ku, Tokyo 100, Japan, Tel: 81-3-5223-2400, Fax: 81-3-5223-2450
Announcements
YandeksDirekt
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The volume of gold resources, which are stored in the central bank and fiscal authorities of the country, supplemented by holdings of foreign exchange accounts of foreign banks and international and regional monetary and financial institutions, designed for International Settlements. The centerpiece of the international liquidity owned gold and resources of States. In the category of foreign exchange resources leading place belongs to the modern reserve currencies, which are freely convertible - without any restrictions convertible foreign currencies.
Significant role in the structure of international liquidity continues to retain gold as the gold reserves of the State (in the form of ingots and coins).
For a long time to distinguish between two gold price - the official and real.
The official price of gold for over 40 years (1933-1976) was recorded by the U.S. Treasury. Since 1944, she was at 35 dollars for 1 troy ounce (31.1035 g). After the devaluation of the dollar in 1971 and today it is around 300 dollars per ounce. Changing the official price of gold and the period of the gold exchange standard was more a reflection of the gradual weakening of the dollar in world currency system and the desire of Western countries to pursue an independent regulatory policies in the monetary sphere. Depending on the degree of state regulation of markets for gold are divided into four main categories:
World - in London, Zurich, Frankfurt, Chicago, Hong-Kong.
Domestic Free - Milan, Paris, Rio de Janeiro.
Local controlled - in Athens, Cairo.
Black market - in Bombay.
The source of supply of gold on international markets is the development of existing and new deposits. The main gold-powers are South Africa, USA, Canada, CIS, Australia. Annual gold production in the West reaches in some years, 1800-2000 tons.
London gold market
In its present form, this market has existed since 1919. The main party to it remains the same as before, the club of companies "- gold brokers in London (London Bullion Brokers). These include: NMRotshild and Sons, Samuel Montague, Republic Mays London, Standart Chartered Bank, Mocatta Group, Deutsche Sharps Picksley.
It is on the London gold market was formed fixing procedure, which is held since 1919 twice a day.
Prices of London market is considered the most representative and are used as a reference tool for all kinds of calculations, comparison, are laid in long-term contracts. Traded on fixing are standardized ingots ("good-delivery-bars"). Each bar must have a serial number, a note about the sample (clean), a stamp of the manufacturer.
For a long time, the London gold market is a market for non-residents, as under the Act of currency control resident of Great Britain had no right to buy gold, and professional dealers should have received a license from the Bank of England.
In October 1979 the Government, headed by M. Thatcher, removed these restrictions. However, this decision was somewhat belated, as the rapidly developing markets in the U.S. and Switzerland, made it possible to use in operations with gold modern financial derivatives.
Gold market in Zurich
The largest center of trade in gold in the 70-ies became Zurich. Since the early 80-ies, Switzerland imported an average of 1200 to 1400 tonnes of gold a year, and exported from 100 to 1200 tons. Hence it is evident that only a relatively small part of the precious metal remains in the country. Gold is used in a national watch and jewelry industry in modest amounts: about 25 tons. On a large role in Zurich as a European center of trade shows that gold imports in Switzerland is 70% of gold mined in Western countries, of which 60% and then re-exported to various regions of the world. Since the early 80-ies of Zurich has become the global market for gold, through which nearly half of world industrial demand for gold. Switzerland imports about 40% of the total supply of gold in the world.
Market-makers Zurich market is the "big three" banks (UBS + SBC, Credit Swiss), which very quickly adapted to new market conditions and changes in the requirements of its customers. These banks owned by large brokerage firm Premex AG, committed not only spot transactions but also works on forward and options markets.
Banks 'big three' are innovative banks of the world, those who exercise very wide range of the most advanced operations with gold.
An example is the list of such operations, provided by Credit Swiss Bank to its clients:
Sale Spot metal accounts;
purchase of Spot, physical delivery of gold;
Urgent operation (forwards and options), swap;
loans secured by gold;
structured by the order of transactions on the short and long-term performance;
swap at the location of the metal;
account (metal) with tax deferral;
refining, smelting, final processing of gold from the semis.
The advantage of Swiss banks to the other is their widespread presence in the global gold markets in different regions of the world. They are represented in the markets drags metals in Europe (Geneva, Zurich, London), USA (New York), the Far East (Tokyo, Singapore, Hong Kong), Australia (Melbourne). This allows them to perform 24-hour presence on the international gold market, making transactions with physical gold and paper-based metal. Customers are offered various size gold bars and a wide range of transactions, including complex derivatives.
Gold market in the U.S.
Demonetization gold in the 70 years has made possible the abolition existed for 40 years, the Act of gold ban, according to which U.S. citizens have no right to private ownership of gold in ingot form. Liberalization of trade in gold has led to the rapid development of the New York Mercantile Exchange (Commodity Exchange - COMEX) and the International Monetary Market (International Money Market - IMM) CME (Chicago Mercantile Exchange - CME) in the major centers of trade in gold futures contracts. It is in these centers is more than 90% of all futures contracts for the supply of gold.
Along with the futures exchange trading of gold in New York there is a market for gold in ingot form, where the wholesale dealers deliver gold industrial and commercial consumers.
In the gold trade in the last decade, along with the exchanges attended by leading U.S. banks, which are currently the market-makers in the international gold market, such as: Dzh.R.Morgan, Dzh.Aron & Co.. A feature of these markets is the widespread nature of the venture deals mainly. These include futures (forwards and futures), which consist of 1, 3, 6 months, and execution is carried out at a price fixed at the time of the transaction. The contract is strictly defined volume of 100 ounces.
Other gold markets
Center for options trading has become Canada's gold market. Since the late 80's intensely committed transactions in gold on the Hong Kong market, which has representation major gold dealers in Zurich, London, New York and Frankfurt. Since 1980, Commodity Exchange of Hong Kong began to trade futures contracts.
Among the local control of the market by the gold market in Saudi Arabia, which provides raw materials for the jewelry industry by imports: for example, in 1993, was purchased 100 tons of gold.
At the local gold market in India in 1993, received 257 tons of newly mined gold, representing 11% of world production.
World's major exchanges:
AMEX - American Stock Exchange, Derivative Securities, 86 Trinity Place, New York, NY 10006, US, Tel: (212) 306-1000, Fax: (212) 306-1802
BSE - Boston Stock Exchange
CBOE - Chicago Board Options Exchange, 400 S. LaSalle St., Chicago, IL 60605, US, Tel: (312) 786-5600 / (800) 678-4667, Fax: (312) 786-7409 / (312) 786-7413
CBOT - Chicago Board of Trade, 141 W Jackson Blvd, Chicago, IL 60604-2994, US, Tel: (312) 435-3500, Fax: (312) 341-3306
CHX - Chicago Stock Exchange, One Financial Place, 440 S. LaSalle St., Chicago, IL 60605-1070, US Tel: (312) 663-222, Fax: (312) 773-2396
CME - Chicago Mercantile Exchange, 30 S. Wacker Drive. Chicago, IL 60606, US, Tel: (312) 930-1000, Fax: (312) 930-3439
CSCE - Coffee, Sugar & Cocoa Exchange Inc., Four World Trade Center, New York, NY 10048, US, Tel: (212) 938-2800 / (800) 433-4348, Fax: (212) 524-9863
CRCE - Chicago Rice & Cotton Exchange
CSE - Cincinnati Stock Exchange
COMEX - Commodity Exchange Inc.
DTB - Deutsche Terminburse, 60284 Frankfurt, Boersenplatz 7-11, D-60313 Frankfurt, Germany, Tel: 49-69-2101-0, Fax: 49-69-29977-455
IPE - International Petroleum Exchange of London, International House, 1 St. Katharine's Way, London EI 9UN, UK, Tel: 44-171-481-0643, Fax: 44-171-481-8485
KBOT - Kansas City Board of Trade, 4800 Main St., Suite 303, Kansas City, MO 64112, US, Tel: (816) 753-7500 / (800) 821-5228, Fax: (816) 753-3944
LCE - London Commodity Exchange, a Commodity Quay, St. Katharine Docks, London E1 9AX, UK, Tel: 44-171-481-2080, Fax: 44-171-702-9923
LIFFE - London International Financial Futures Exchange, Cannon Bridge, London EC4R 3XX, UK, Tel: 44-171-623-0444, Fax: 44-171-588-3624
LME - London Metal Exchange, 56 Leadenhall St., London EC3A 2BJ, UK, Tel: 44-171-264-5555, Fax: 44-171-680-0505
OMLX - The London Securities and Derivatives Exchange, 107 Cannon St., London EC4N 5AD, UK, Tel: 44-171-283-0678, Fax: 44-171-815-8508
LGFM - The London Gold Futures Market
NYCE - New York Cotton Exchange, 4 World Trade Center, New York, NY 10048, US, Tel: (212) 938-2702, Fax: (212) 488-8135
NYFE - New York Futures Exchange
NYMEX - New York Mercantile Exchange, 4 World Trade Center, New York, NY 10048, US, Tel: (212) 938-222, Fax: (212) 938-2985
NYSE - New York Stock Exchange
SOFFEX - Swiss Options & Financial Futures Exchange, Selnaustrasse 32, CH-8021 Zurich, Switzerland, Tel: 41-1-229-2111, Fax: 41-1-229-2233
TOKYO STOCK EXCHANGE, 2-1 Nihombashi-Kabuto-Cho, Chuo-ku, Tokyo 103, Japan, Tel: 81-3-3666-0141, Fax: 81-303663-0625
TIFFE - Tokyo International Financial Futures Exchange, 1-3-1 Marunouchi, Chiyoda-ku, Tokyo 100, Japan, Tel: 81-3-5223-2400, Fax: 81-3-5223-2450
Announcements
YandeksDirekt
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