Major events that affect gold prices this century

During the period of the monopoly of the imperial power (before the 19th century)

before the 19th century, because the gold was extremely rare, gold was basically the symbol of the wealth and power of the emperor's monopoly; Materials of the image of the gods; although the first gold coin in the world appeared in the 6th century BC, it is difficult for the people to have gold. The gold mine was also owned by the royal family. At that time, gold was mined by slaves and prisoners under extremely difficult and harsh conditions. It is on this basis that Gold Pei plant the civilization of ancient Egypt and ancient Rome. In the 16th century, colonists killed the local nation to plunder gold and destroyed cultural heritage, leaving a bloody page in the history of human civilization. Robbing and rewards have become the main way for gold circulation. The market exchange method of free transactions is difficult to develop. Even if it exists, the scale of gold free transactions is limited due to the exclusiveness of gold.

. During the period of two gold (early 19th century to the 1930s)

The in the beginning of the 19th century, it has discovered rich in Russia, the United States, Australia and South Africa, and Canada. Gold ore resources have developed rapidly. In the second half of the 19th century, the gold produced by humans exceeded the total output of the past 5,000 years. Due to the increase in gold output, human beings increased the demand for realistic real material conditions. Based on the development of gold productivity, humans have entered a period of gold. The establishment of currency gold means that gold has been excluded from the emperor to a vast society; it has entered the usual economic life from the narrow court category; it has evolved from the symbol of privileges to the symbol of assets. Golden system is gold, which is currency, and it is internationally hard currency. It can be freely entered and exported. When international trade appears deficit, it can be paid with gold; in China, gold can be used as currency circulation. The gold standard has three major characteristics: free casting, free exchange, and free output. The golden standard began in Britain in 1816. By the end of the 19th century, the main countries in the world basically implemented the "golden -based".

The first World War in 1914, 59 countries in the world have implemented a gold -based system. Although the "Golden System" is from time to time, it has continued until the 1920s. Due to the different situations of various countries, some countries have implemented the "golden -level system" for more than 100 years, and some countries have only a "golden standard" history of decades.

With the formation of the gold standard system, gold assumes the general equivalent of commodity exchange, becoming a medium in the process of commodity exchange, and the increase in social liquidity of gold. The development of the gold market has objective social conditions and economic needs. During the period of "gold -based", although central banks from various countries can buy and sell gold in accordance with the gold price stipulated by the currency parity of various countries, they actually through the market through the market, so the gold market has developed a certain degree of development. It must be pointed out that this is an official market that has been strictly controlled, and the gold market cannot be freely developed. Therefore, until the First World War, only the only British London gold market in the world was an international market.

The early 20th century, the outbreak of the First World War has severely impacted the "Golden System"; by the 1930s, a worldwide economic crisis broke out, which completely collapsed the "golden -level system", and countries have strengthened. Trade control is prohibited from free to buy and sell, imports and exports, and the open gold market has lost its existence, and the London gold market is closed. One level was 15 years, and it was reopened until 1954. During this period, some countries implemented the "Gold Blocks" or "Gold Exchange System", which greatly reduced the money function of gold and exited it in the field of circulation payment. As the function of the world currency, gold is still strictly managed by the country. From 1914 to 1938, most of the western mineral gold was absorbed by the central banks of various countries, and the activities of the gold market were limited. Although the management of gold has been loosened since then, it has long been determined by the official price, and the trade between the country and the country is strict. Therefore, the liquidity of gold is poor, the market mechanism is severely suppressed, and the development of the gold market has been severely hindered.

During the period of the Three Breton Forests (from the 1940s to the early 1970s)

In 1944, after fierce debate, the United States reached a consensus. The United States was 5 that year. The representatives of the 44 governments of the 44th government of the United Nations were invited to hold a meeting in the Bretton Forest in the United States, signed the "Bretton Forest Agreement", and established the second international monetary system after the collapse of the "golden standard system". In this system, the US dollar is linked to gold, and the United States has the obligation to exchange gold at official prices. The currency of various countries is linked to the US dollar, the US dollar is in a central position, and the role of world currency. In fact, it is a new gold exchange system. In the Bretton currency system, gold has decreased in terms of circulation and international reserves, and the US dollar has become the protagonist in this system. However, because gold is the last barrier to stabilize this currency system, the prices and flow of gold are still strictly controlled, and countries prohibit residents from buying and selling gold freely, and the market mechanism is difficult to effectively play a role. The London Gold Market has not recovered only ten years after the establishment of the system.

The operation of the Bretton forest currency system is closely related to the reputation and status of the dollar, but in the 1960s, the United States was deeply trapped in the quagmire of the Vietnam War. Great impact. A large amount of capital fled, and countries sold their own dollars in their hands, snapped up gold, reduced the sharp decrease in US gold reserves, and the price of gold in London soared.

In order to suppress the increase in gold prices, maintain the US dollar exchange rate and reduce the loss of gold reserves. The United States United Britain, Switzerland, France, West Germany, Italy, the Netherlands, Belgium countries established the "gold gold in October 1961 in October 1961" Gold "General library", the Central Bank of the Eight -Kinged Central Bank took a total of $ 270 million in gold. The Bank of England was the agency of the Golden Treasury. It was responsible for maintaining the price of gold in London and adopting various means to prevent foreign governments from exchanging the US dollar to the United States. In the late 1960s, the United States further expanded the War of Vietnam, the international income and expenditure further deteriorated, and the US dollar crisis broke out again. In half a month in March 1968, the US gold reserve flowed out more than 1.4 billion US dollars. On March 14, the transaction volume of the London gold market reached a breaking record of 350 to 400 tons. The United States has no ability to maintain the official price of gold. After negotiating with members of the Golden Studio, it is announced that it will no longer supply gold to the market at a official price of $ 35 per ounce. Settlement, since then the gold began a dual -price system. However, the dual -price system has also maintained three years because the US international income and expenditure continues to deteriorate and the US dollar is unstable. Therefore, some European countries have adopted the strategy of inviting Jun into the cricket. Since the United States refuses to increase the price of gold and let the US dollar depreciate, they will exchange US reserves in the US dollar in their hands. When the news that French and other Western European countries such as France would extend gold in August 1971, the United States had to announce the suspension of the obligation to exchanged gold to the United States for the US or central banks on August 15. In March 1973, due to the depreciation of the US dollar, it once again triggered the trend of selling US dollars and snapping gold in Europe. Western Europe and Japan's foreign exchange markets had to close for 17 days. After the final agreement was reached, Western countries abandoned the fixed exchange rate and implemented a floating exchange rate. At this point, the Bretton's forest currency system has completely collapsed, and the reform process of gold non -monetization has been started since then. However, from a legal perspective, the gold non -monetization of the international monetary system was officially clear until 1978. The International Monetary Fund approved the revised "International Monetary Fund Agreement" in 1978. The agreement deleted all the provisions of the previous gold and announced that gold is no longer the standard of currency fixed value, abolition of the gold official price, and can freely buy and sell gold in the market; cancel the regulations that must be paid by the International Monetary Fund (IMF). ; Sale of 1/6 of the International Monetary Fund, the profit of the income is used to establish a preferential loan fund to help low -income countries; set up a special withdrawal right instead of gold for some payment between member states and IMF, and so on.

In this period, gold prices have been strictly controlled by the country, and the country's intervention in the gold market has occurred. The gold market is only a regulatory tool for the country's gold control. Configuration. The market function play is inadequate.

In 1944, after a fierce debate, the United States reached a consensus. In May of that year, the representatives of the 44 governments of the United Nations government in the United States held a meeting in the Bretton Forest in the United States and signed the "Brey The Forest Forest Agreement "established the second international currency system after the collapse of the" Golden System ". In this system, the US dollar is linked to gold, and the United States has the obligation to exchange gold at official prices. The currency of various countries is linked to the US dollar, the US dollar is in a central position, and the role of world currency. In fact, it is a new gold exchange system. In the Bretton currency system, gold has decreased in terms of circulation and international reserves, and the US dollar has become the protagonist in this system. However, because gold is the last barrier to stabilize this currency system, the prices and flow of gold are still strictly controlled, and countries prohibit residents from buying and selling gold freely, and the market mechanism is difficult to effectively play a role. The London Gold Market has not recovered only ten years after the establishment of the system.

The operation of the Bretton forest currency system is closely related to the reputation and status of the dollar, but in the 1960s, the United States was deeply trapped in the quagmire of the Vietnam War. Great impact. A large amount of capital fled, and countries sold their own dollars in their hands, snapped up gold, reduced the sharp decrease in US gold reserves, and the price of gold in London soared.

In order to suppress the increase in gold prices, maintain the US dollar exchange rate and reduce the loss of gold reserves. The United States United Britain, Switzerland, France, West Germany, Italy, the Netherlands, Belgium countries established the "gold gold in October 1961 in October 1961" Gold "General library", the Central Bank of the Eight -Kinged Central Bank took a total of $ 270 million in gold. The Bank of England was the agency of the Golden Treasury. It was responsible for maintaining the price of gold in London and adopting various means to prevent foreign governments from exchanging the US dollar to the United States. In the late 1960s, the United States further expanded the War of Vietnam, the international income and expenditure further deteriorated, and the US dollar crisis broke out again. In half a month in March 1968, the US gold reserve flowed out more than 1.4 billion US dollars. On March 14, the transaction volume of the London gold market reached a breaking record of 350 to 400 tons. The United States has no ability to maintain the official price of gold. After negotiating with members of the Golden Studio, it is announced that it will no longer supply gold to the market at a official price of $ 35 per ounce. Settlement, since then the gold began a dual -price system. However, the dual -price system has also maintained three years because the US international income and expenditure continues to deteriorate and the US dollar is unstable. Therefore, some European countries have adopted the strategy of inviting Jun into the cricket. Since the United States refuses to increase the price of gold and let the US dollar depreciate, they will exchange US reserves in the US dollar in their hands. When the news that French and other Western European countries such as France would extend gold in August 1971, the United States had to announce the suspension of the obligation to exchanged gold to the United States for the US or central banks on August 15. In March 1973, due to the depreciation of the US dollar, it once again triggered the trend of selling US dollars and snapping gold in Europe. Western Europe and Japan's foreign exchange markets had to close for 17 days. After the final agreement was reached, Western countries abandoned the fixed exchange rate and implemented a floating exchange rate. At this point, the Bretton's forest currency system has completely collapsed, and the reform process of gold non -monetization has been started since then. However, from a legal perspective, the gold non -monetization of the international monetary system was officially clear until 1978. The International Monetary Fund approved the revised "International Monetary Fund Agreement" in 1978. The agreement deleted all the provisions of the previous gold and announced that gold is no longer the standard of currency fixed value, abolition of the gold official price, and can freely buy and sell gold in the market; cancel the regulations that must be paid by the International Monetary Fund (IMF). ; Sale of 1/6 of the International Monetary Fund, the profit of the income is used to establish a preferential loan fund to help low -income countries; set up a special withdrawal right instead of gold for some payment between member states and IMF, and so on.

In this period, gold prices have been strictly controlled by the country, and the country's intervention in the gold market has occurred. The gold market is only a regulatory tool for the country's gold control. Configuration. The market function play is inadequate.
During the period of four gold non -monetization (from the 1970s to the present)

The result of international gold non -monetization, making gold a commodity that can be freely owned and free to buy and sell. Going towards ordinary people's homes, its liquidity has been greatly increased, and the scale of gold transactions has increased, so it provides a real economic environment for the development and development of the gold market. The 20 years of gold and non -monetization have also been a period of development of the world's gold market. It can be said that gold non -monetization has led countries to gradually relax gold control. It is a policy condition for the development of the gold market today. However, it is also necessary to point out that there is a lagging phenomenon of non -monetization and real non -monetization processes in the gold system. The legal process of gold non -monetization in the international monetary system has been completed, but gold has not completely withdrawn from the financial field in the actual economic life. Today, gold is still as a recognized financial asset active in the investment field and serves as a state or individual reserves. assets.
The gold is divided into commodity gold and financial gold. The release of gold control in the country not only enables the gold market to develop the gold market, but also promotes the rapid development of the financial and gold market. And due to the continuous innovation of trading tools, the scale of the gold market has been expanded dozens of times and hundreds of times. At present, the total amount of gold transactions in the product is 3 % of the total transaction volume, and the market share of more than 90 % is gold financial derivatives, and central banks in the world still retain up to 34,000 tons of gold reserves. In the statement of the 15 European central banks on September 26, 1999, it was confirmed that gold is still recognized as a recognized financial asset. Therefore, we cannot simply attribute the development of the gold market to the result of gold non -monetization, nor can we regard the gold market as a simple commodity market. Objective evaluation is: under the conditions of the international monetary system, gold non -monetization conditions, gold Starting from the stage of currency attribute led to the return of the return of commodity attributes, the state has released gold control, so that the market mechanism has played an increasing role in gold circulation and gold resources allocation. But gold is still a special product with financial attributes. Therefore, whether it is the gold market or the financial gold market, it has developed. The performance and activity of commodity gold transactions and financial gold transactions in different regions and markets are different.

Pegasis: The basic constituent elements of the gold market

The gold market is a place for gold producers and suppliers to trade with demanders. After hundreds of years of development, the world's gold market has formed a relatively complete transaction method and trading system. Its constituent elements, considering the role and function, can be divided into:

. Institutions and places that provide services to gold transactions
The service agencies and venues are actually different. The specific division can be divided into a tangible market with a fixed place and an intangible market without fixed trading venues. It is represented by the London Gold Trading Market and the Golden Market of Zurich, which can be called European -style; those who have carried out gold trading business in the commodity exchange, represented by the New York Commodity Exchange (COMEX) and Chicago Commodity Exchange (IMM) in the United States. It can be called American style; some gold markets are traded on special gold exchanges. They are represented by the Hong Kong gold and silver trading market and the Singapore Gold Exchange, which can be called sub -style.
European gold transactions: There is no fixed place in this gold market. For example, the London Gold Market, the entire market is composed of major gold merchants and subordinate companies, and trades through telephones and electricity between gold merchants and customers. And responsible for checkout liquidation. The purchase and selling prices in the London and Zurich market are relatively confidential, and the transaction volume is difficult to realize.
American gold transactions: This type of gold trading market is actually based on a typical futures market, and its transactions are similar to other products that trades in the market. As a non -profit institution itself does not participate in the transaction, the Futures Exchange does not participate in the transaction, but only provides venues and equipment. At the same time, relevant regulations are formulated to ensure that transactions are carried out fairly and fairly, and transactions are strictly monitoring.
A Asian gold transactions: This type of gold trading generally has special gold trading venues. At the same time, gold futures and spot transactions are performed. The number of members' quota has extremely strict control. Although the number of members entering the trading venue is small, the reputation is extremely high. Taking the Hong Kong Gold and Silver Trade Field as an example: the membership transactions on the venue adopt a public call and verbally pattern to trade. Because the gold merchants on the venue strictly observe the credit, there are rarely violating the rules.

. Participants in the gold market
The participants in the international gold market can be divided into financial institutions such as international gold merchants, banks, hedge funds, various legal entities, private investors, and in A brokerage company with a great role in gold futures transactions.
I international gold merchants: The most typical is the five major gold banks in the London gold market. It itself is a gold dealer. Because it has a wide range of linked gold ore and golden merchants in the world, and its subordinates are subordinates, their subordinates Various companies have contacted many stores and gold customers. Therefore, the five major gold merchants will continue to report gold's purchase and selling prices according to their own situation. Of course, gold merchants should be responsible for the risk of gold price fluctuations.
The bank: It can be divided into two categories. One is to buy and sell and settle for customers on behalf of the customer. People play an intermediary role in the market. There are also some self -employed business, such as in the Singapore Gold Exchange (UOB), many self -employed members are banks.
Hedie fund: In recent years, international hedge funds, especially the United States, are active in all corners of the international financial market. In the gold market, almost every big decline is related to the borrowing of short -term gold in the future gold market and the construction of a large number of off -position at the New York Commodity Exchange Gold Futures Exchange. Some large -scale hedge funds use the inextricable connections with the politics, industry and commerce, and financial communities of various countries often capture the changes in economic fundamentals first. And the profit from it.
Mewers and individual investors: here include companies that specialize in gold, such as major gold mines, gold manufacturers, gold products vendors (such as various industrial enterprises), jewelry banks, and private purchase of gold collection collection Those, including investment companies, individual investors who are engaged in gold buying and selling. From the degree of preferences for market risks, it can also be divided into risks and adventurers: the former hopes that gold preservation and risks can be avoided, and the risk of market price fluctuations is reduced to minimum levels, such as gold producers, gold consumers, etc.; The latter hopes to gain benefits from the rise and fall of prices, so he is willing to bear market risks, such as various hedge funds such as hedge funds.
Broke ’s FIRM: It is a brokerage organization specializing in a gold transaction specially engaged in agent non -exchange members and charging commissions. Some exchanges call the brokerage company a brokerage company. In the gold markets such as New York, Chicago, Hong Kong, there are many brokerage companies that do not have gold themselves, they just send representatives in the trading hall to represent gold buying and selling for customers and collect customers' commissions.

3. Relevant supervision and management agencies
In the continuous development of the gold market, in order to ensure the fairness and fairness of the market, protect the interests of buyers and sellers, and prevent illegal transactions such as the market manipulation price. All places have established a supervision system for the gold market. For example: the American Commodity Futures Trading Commission (CFFC), the British Financial Services (FSA), the Hong Kong Securities and Futures Management Commission and the Singapore Financial Administration of Hong Kong.

4. Relevant industry self -discipline organizations
World Gold Association: It is a non -profit institution composed of global gold manufacturers. The market has office. Its main function is to increase the sales of world gold as much as possible by guiding structural changes in the gold market (such as eliminating taxes, reducing barriers, and improving the distribution channels of the world gold market, etc.). Stable support for world gold production, and establish a positive image before all the actual and potential gold buyers. rn　　伦敦黄金市场协会（LBMA）：成立于1987年，其主要职责就是提高伦敦黄金市场的运作效率及扩大伦敦黄金市场的影响，为伦敦招商，促进所有参与者(包括黄金生产者、 Business activities of refiners, buyers, etc.). At the same time, it cooperates with the relevant management departments of the United Kingdom, such as the British Financial Administration, tariffs and consumption tax bureau to maintain the stable and orderly development of the London gold market.

Section 3: International Gold Market

The Gold Market (Gold Market) is a trading center for both buyers and sellers to concentrate on gold buying and selling. Merchants conduct physical transactions or option futures transactions, and preservation with speculation or setting is an important part of the complete financial market system in various countries.
With the development of the currency system, gold has gradually lost the currency function of trading medium and value measurement scale, but still maintains certain monetary characteristics in terms of international trade, international debt and debt clearing, and international reserves.

1. The division of the role and scale according to the gold market can be divided into: the dominant market and regional market
The dominant gold market refers to the international concentration gold trading market. Its The price level and transaction volume have a great impact on other markets. The most important are the gold markets in London, Zurich, New York, Chicago and Hong Kong.
The regional market refers to a market with a limited scale and concentrated in a certain area, and it has a small impact on other markets. The need for gold transactions, its radiation and influence are relatively limited. Such as Tokyo, Paris, Frankfurt Gold Market, etc.

2. Different transaction types and transaction methods can be divided into: spot trading market and futures trading market
Gold spot transactions are basically time -off transactions. Delivery within two days. The main targets are gold bars, gold ingots and gold coins, and jewelry, etc., and jewelry.
The main purpose of the gold futures transaction is to preserve the duration, which is supplemented by spot transactions. After the transaction, it is not delivered. The two parties will sign the contract first, deliver the deposit, and then settle on the scheduled date. The main advantage is that it can master a large amount of futures with a small amount of funds, and pass the price of the contract in advance, which has a leverage. Futures contracts can be realized on any business day and are liquid; they also buy and settle at any time, have great elasticity; they can also choose different commission forms in use, and they can be set up between different markets. Flexibility, etc.
only the gold market in the world is only spot transactions, and some are only futures transactions, but most of them are existing futures and spot transactions.

3. The division of whether there are fixed places can be divided into: invisible gold market and tangible gold market
invisible gold trading market, mainly referring to gold trading without special trading venues, such as the main passing The London Gold Market formed by the connected network formed by the gold merchants; the banks of Zurich, which mainly buy and sell gold; and the local London intangible market in Hong Kong.
Copher gold market mainly refers to the market for gold transactions in a fixed place. Among them, they can be divided into gold markets with special independent gold trading venues and gold markets located within the commodity exchange. The New York Gold Market in the Exchange (COMEX) is located in the Chicago Gold Market on the Chicago Commodity Exchange (IMM) and the Winnibal Gold Market in the Winnibal Commodity Exchange in Canada.

4. The division of transaction control can be divided into: free trading, restricting trading market and domestic trading market
free trading market refers to gold that can be exported freely, and both residents and non -residents are both The gold market that can be freely traded, such as Zurich's gold market. Restricting the trading market refers to the market that is controlled by gold output and only allows non -residents and does not allow residents to freely buy and sell gold. This mainly refers to the gold market of foreign exchange control countries. For example market.
The domestic trading market refers to the prohibition of gold and exports, which only allows residents, not allowed non -residents to buy and sell gold markets, such as the Paris gold market.
In recent years, the golden miniature transactions in the gold market have developed rapidly. Various solid gold forms are diverse, and the number is light, which has greatly facilitated small funds to invest in gold. The transaction methods of the gold market are also diversified, such as gold coupons and vouchers, which actually represents the trend of gold trading vouchers.
In general, the establishment and development of the gold market requires certain conditions, such as:
) The country or region needs developed economic conditions and a complete credit system;
) The country or region must implement a free foreign exchange system, allowing gold freely to buy and sell and get in and out;
) At the same time, it also needs a sound legal foundation, stable political and economic environment;
) , Developed for developed transportation, improved infrastructure, etc.