The International Gold Trade by Tony Warwick-Ching (Auth.)

By Tony Warwick-Ching (Auth.)

Task within the gold markets has targeted traders' awareness in this precise commodity. to supply the reader with a greater figuring out of the alternate the publication is decided out in 3 sections. the 1st sketches the constitution of the gold marketplace from the viewpoint of the commodity analyst earlier than reviewing intimately the associations and practices of bullion and futures buying and selling; the second one appears to be like at gold mining surroundings the increase of the earlier decade within the context of an extended time period standpoint; the 3rd surveys the used of gold, prior and current, and discusses the metal's destiny clients

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The German banks have tended to concentrate their efforts on maintaining a significant presence in other centres such as London and Luxembourg. 36 BULLION TRADING CENTRES AND TRANSACTIONS New York By comparison with London or Zurich, the modern history of gold trading on a significant scale in the US is much more recent, for the simple reason that it was not until 1975 that US citizens were legally entitled to own gold. The devaluation of the gold value of the dollar in the 1930s was accompanied by the Gold Prohibition Act, which forbade the ownership of gold in bullion form.

The latter referred to the gold content of bullion, standard fineness corresponding to a pure gold content of 916 parts per 1000. In 1871 N M Rothschild introduced a 400-ounce bar of 995 fineness and this has defined the standard ever since. Specifications are set out as London good delivery standards. The start of the fixing The twentieth century brought major changes to the conduct of the bullion market in London. When the gold standard was suspended in 1915 sovereigns were gradually absorbed back into the Bank of England's reserves and all the output of producers in South Africa, Australia and other parts of the British empire was also acquired by the Bank for the reserves.

The dull conditions in gold dealing in recent years have led to some casualties among the trading community, but New York seems certain to retain an important position in the bullion market for the foreseeable future. Tokyo Gold trading in Tokyo takes place in two very distinct arenas. These are the merchant market, whose business has developed largely out of the import and supply of bullion to domestic consumers and investors, and the Tokyo Commodities Exchange (TCE), usually known as TOCOM. Until the late 1980s there was relatively little overlap between the merchant market and TOCOM.

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