The main international gold market
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One of the characteristics of the London gold market is that the trading system is rather special because London does not have a real trading location. Its transactions are done through intangible methods - the sales networks of major gold merchants. The exchange members are composed of five authoritative gold merchants and some companies or shops that are generally recognized as qualified to purchase gold from five major gold merchants. They are then composed of various processing manufacturers, small and medium-sized shops, and companies. During the transaction, gold dealers will report the purchase price and the selling price according to their respective buying and selling.
The second feature of London gold trading is flexibility. The purity, weight, etc. of gold can all be chosen. If the customer requests to sell in a remote area, the gold dealer will also report the freight and premium, etc., and can also quote the futures price according to the customer's request. The most popular method of trading London gold is that customers can purchase gold spot without paying cash, and only need to pay at the agreed interest rate when due, but at this time, the customer cannot obtain physical gold. This gold trading method involves digital games on the account books until the customer performs the opposite operation to close the position.
The gold standard for settlement in the London gold market is 99.5% and weighs 400 ounces.
The special trading system of the London gold market also has several deficiencies.
First of all, because the price of each gold business newspaper is a real price, and sometimes the market gold price is confusing, even the gold trader does not know which price of gold is reasonable, but has to stop the offer, the sale of London gold will stop;
Second, customers in the London market are absolutely confidential and therefore lack statistics on effective gold trading positions.
2. Zurich Gold Market The Zurich Gold Market has risen after the second stop of the London Gold Market after World War II. The price of gold in the Zurich market has received the same attention as the price of the London market.
The Zurich Gold Market does not have a formal organizational structure. Instead, it is led by Switzerland’s three largest banks: Swiss Bank, Credit Suisse, and UBS. The three major banks not only trade for customers, but gold is also the main business of the three banks themselves. . Zurich Gold Pool is established on the basis of informal consultations with the three major banks in Switzerland. It is not subject to government jurisdiction. As a combination of dealers and a mixture of clearing systems, it acts as an intermediary in the market.
Thanks to Switzerland's special banking system and ancillary gold trading service system, it provides a free and confidential environment for gold trading. Plus, Switzerland and South Africa also have preferential agreements, 80% of South African gold, and gold of the former Soviet Union. Also gathered here, making Switzerland is not only the largest transit point for new gold in the world, but also the world's largest private gold storage center. The Zurich gold market is second only to London in the international gold market.
Zurich Gold Market does not have a gold price fixing system. At any given time on each trading day, the trading gold price for the day is negotiated according to the supply and demand conditions. This price is the official price of Zurich Gold. The full-day gold price fluctuates on this basis without a daily limit. The standard gold is 400 ounces of 99.5% pure gold.
3. The gold market in the United States The New York and Chicago gold markets were developed in the mid-1970s. The main reason was that after the 1977, the dollar depreciated, and Americans (mainly based on corporate bodies) profited for hedging and investment appreciation. , making gold futures quickly developed.
Currently, the New York Mercantile Exchange (COMEX) and the Chicago Mercantile Exchange (IMM) are not only the center of US gold futures trading, but also the world's largest gold futures trading center. The two major exchanges have a great influence on the gold price in the gold spot market.
Take the New York Mercantile Exchange (COMEX) as an example. The exchange itself does not participate in the trading of futures. It merely provides traders with a place and facilities and formulates laws and regulations to ensure that the parties to the transaction trade on a fair and reasonable basis. The institute has extremely detailed and complicated descriptions of the weight, fineness, shape, price fluctuations, trading dates, trading hours, etc. of gold for spot and futures trading.
Moreover, since the U.S. Department of the Treasury and the International Monetary Fund (IMF) are also auctioning gold in New York, the New York gold market has become the world’s most traded and most active gold market, and the U.S. gold market is dominated by gold futures trading. The signed futures contract can last for up to 23 months. The gold market has a trading volume of 100 ounces. The transaction target is 99.5% pure gold and the quoted price is US dollars.
4. Hong Kong Gold Market The Hong Kong gold market has a history of more than 90 years. Its formation is marked by the establishment of the Hong Kong gold and silver trading market. In 1974, the Hong Kong government withdrew its control over gold imports and exports. Since then, Hong Kong's gold market has developed rapidly. As the Hong Kong gold market just fills the gap between New York, the Chicago market and London before the market opens in time difference, it can create a complete world gold market in Asia, Europe and the United States in a continuous manner. Its superior geographical conditions attracted the attention of European gold traders. The five major gold merchants in London and the three major Swiss banks all entered the port and set up branches. They brought their gold trading activities in London to Hong Kong and gradually formed an invisible local “London gold marketâ€, prompting Hong Kong to become one of the world’s major gold markets.
There are currently three gold markets in Hong Kong:
One is that China’s capitalists have an advantage, with fixed trading venues. Gold is priced at HK$2 per pair. The standard of gold for delivery is 99%. The gold standard for major transactions is 99 standard gold bars with 5 Sima and 2 as one. Using the traditional spot trading methods of public bidding and gesture trading, there is no gold and silver industry trading network with computer networks reflecting real-time market conditions;
The second is the gold market which is composed of foreign funders in London and has close contact with the gold market in London. There is no fixed trading place and it is generally called "local London gold market";
The third is the gold futures market, which is a regular market. Its nature is the same as the nature of the gold futures of the commodity futures exchanges in New York and Chicago. The mode of trade is formal and the system is relatively sound, which can make up for the shortage of gold and silver trading fields.
5. Tokyo Gold Market The Tokyo Gold Market was established in 1982 and is the only gold futures market officially approved by the Japanese government. Most of the members are Japanese companies. The gold market is quoted at a price of one gram of Japanese yen, with a standard quality of 99.99%, a weight of 1 kilogram, and a contract of 1,000 grams per transaction.
6. Singapore Gold Institute The Singapore Gold Institute was established in November 1978. It currently operates gold spot and five kinds of futures contracts for 2, 4, 6, 8 and 10 months. The standard gold is 100 ounces of 99.99% pure gold. There is a stop limit.
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