(1) The market scale has been further expanded. Some countries and regions have opened the gold market or relaxed the control of gold import and export. For example, the Winnipeg Futures Exchange in Canada opened its gold trading in June197211; The United States announced in 1975 that residents are allowed to hold and buy and sell gold; 1974, Hong Kong also lifted the import and export control of gold. In addition, Australia and Singapore set up gold futures markets in April 1978 and April 10/65438 respectively. In this way, together with the original gold markets in London, Paris and Zurich, the gold market is almost all over the world, and the trading volume of gold is also increasing rapidly, eventually forming a huge international gold market. (2) The importance of some gold markets outside London has increased. Although the London gold market has always been the most important international gold market in the western world in history, its importance as an international gold market has declined due to the opening of gold markets around the world and the continuous expansion of business since the 1960s. For example, after 1969, Zurich gained 80% of the new gold production in South Africa by giving preferential credit support to the Reserve Bank of South Africa. Most of the gold sold by the former Soviet Union was also traded through the Zurich gold market, so it quickly became one of the most important international gold markets in the western world. In addition, the international gold markets in new york and Chicago are expanding rapidly.

Their absorption of gold has accounted for about 25% of the global total absorption, which plays an increasingly important role in the trend of international gold prices. Nevertheless, the London international gold market has a high level of technology and management for the transportation, refining and storage of gold, and its gold price quotation still has a great influence on the world gold market. Therefore, London remains one of the most important international gold markets in the world.

(3) The price of gold in each gold market fluctuates violently, and speculative activities become more and more frequent. Since the collapse of the Bretton Woods system, the price of gold in the international gold market has been fluctuating. For example, in 1980 10, the price of gold reached a record-breaking peak of 850 USD/oz, but it quickly dropped to 470 USD/oz only in March of that year. The fluctuation range is as high as nearly 80%. Closely related to this, the speculation of "short selling" is increasingly prevalent in the international gold market, which further aggravates the fluctuation of gold prices.

(4) The futures market is developing rapidly. Since 1947 the United States lifted the gold ban and opened the gold futures market, the New York Futures Exchange and the Chicago Futures Exchange have developed at an amazing speed. Affected by this, not only Singapore and Australia have opened futures markets one after another, but also the London market, which has always been famous for gold spot trading, has opened futures markets in 198 1, which has greatly changed the structure and layout of the international gold market. As the local gold market is more sensitive to the fluctuation of gold price, the gap of gold price tends to narrow. In addition, the nature of futures trading has also undergone major changes. In the past, gold futures trading was usually to protect buyers and sellers from the fluctuation of gold price. Gold futures trading is mainly for speculation. After the futures trading parties expire, most of them have not actually delivered, but only paid the price difference of gold price fluctuation.

Participants in the international gold market. Participants who appear as sellers mainly include: enterprises that produce gold in gold-producing countries; Groups or individuals who own gold and need to sell it; Central banks of various countries solve the shortage of foreign exchange and payment difficulties; Speculators who predict that the price of gold will fall to a "short position". Participants who appear as buyers mainly include: central banks increase official reserves; Become a buyer of speculation or investment; Speculators who predict the rise of gold prices as "bulls"; Industrial and commercial enterprises that use gold for industrial purposes. In addition, some international financial institutions, such as the Bank for International Settlements and the International Monetary Fund, also participate in trading activities in the gold market. In the world free gold market, gold trading is controlled by traders or brokers. The difference between traders and brokers is mainly determined by their role in the market. Brokers play an intermediary role between fixed exchanges and investors. He only takes some commission and doesn't own the gold traded in the course of trading. Traders, on the other hand, use their own money to buy gold, then resell it to investors, and in turn buy gold from investors, and play the role of sellers in the market at any time to earn the difference between buying and selling gold. Traders must always pay attention to and predict the fluctuation of the gold price market. If they predict that the price of gold will rise, they will try to increase the amount of gold they hold and raise the selling price of gold. On the contrary, if they predict that the price of gold will fall, they will moderately lower the price in order to sell their gold as soon as possible. Traders and brokers deal with business every day. They are professionals, whose main job is to develop the gold market, and they have contacts with gold trading centers on all continents. Their profits mainly come from complex arbitrage operations. The price of gold in different markets may be different, so traders can buy in the low-priced market and sell in the high-priced market to earn the difference.

All the characteristics of trading in gold. Even a small trading company is full of high emotions and noises. Because the change of political and economic conditions will lead to the rise and fall of gold prices, traders must always listen to political and economic reports from all over the world. Both the Middle East magazine's comments on oil prices and the sales of South Africa's gold market are equally important news for modern gold traders.

Only a few countries in the world have completely unrestricted policies on gold trading, while most countries have specific restrictions and regulations on gold trading and management. Even in some areas of a certain era, private possession of gold may be sentenced to death by the authorities. Therefore, there are "black market" and "gray market" in gold trading.

The so-called "black market" means that where the holding of gold is completely forbidden, it needs to be bought at an unusually high price in the secret market (that is, the "black market"). The high price of the black market often leads to the increasingly rampant gold smuggling groups. India is the country with the most serious gold smuggling. Most of the gold smuggled into India passes through Dubai, United Arab Emirates. This is the most active gold smuggling route in the world from Dubai to India via Arabian Gulf.

The so-called "grey market" means that, like most countries in Asia, Africa and South America, the trading and holding of gold are subject to many restrictions. Even if gold can be held or traded, it is often heavily taxed. Of course, even in countries with free markets and open markets, the trading in the gold market usually needs to be reported to the authorities for instructions, and there are very few countries that are truly unrestricted. The international gold market can be classified according to its nature, function, transaction type and mode, transaction control degree and delivery form.

(1) According to its nature and influence on the whole world gold trading, it can be divided into dominant market and regional market. A. dominate the market. Refers to the market where price formation and trading volume changes play a leading role in other gold markets. These markets mainly include London, new york, Zurich, Chicago and Hongkong.

B. regional markets. Mainly refers to the limited scale of transactions, and most of them are concentrated in the local area, which has little impact on the whole world market. These markets mainly include Paris, Frankfurt, Brussels, Luxembourg, Singapore and Tokyo.

(2) According to the different types and ways of trading, it can be divided into spot trading and futures trading.

The so-called spot transaction refers to a transaction method in which both parties complete the transaction and deliver it within two business days.

The so-called futures trading refers to a trading method in which both parties make delivery at a certain time in the future according to the signed contract. In the European market where transactions are conducted by telephone contact between peers such as London and Zurich, spot transactions are the main ones; The American market with specific trading places, such as new york, Chicago and Hongkong, is dominated by futures trading.

Due to the differences in gold trading and its types, the gold market is showing an international trend, so there are two major gold groups in the world: one is London-Zurich Group, and the other is new york-Hongkong Group (including Chicago). The cooperation between these two groups is very close, and * * * jointly controls the world gold market. Among them, the role of London gold market is particularly prominent, and the gold trading and quotation in this market is still a "barometer" reflecting the world gold market.

(3) According to the management level of gold trading, it can be divided into free trading market and restricted trading market.

A. free trade market. It refers to a gold market where gold can be freely imported and exported, and both residents and non-residents can buy and sell freely, such as Zurich.

B. restrict the trading market. It can also be divided into two situations: one is the gold market, where the import and export of gold is generally controlled, and only non-residents are allowed to buy and sell freely, but residents are not allowed to trade freely, such as the London market1979+00 before the UK abolished all foreign exchange controls in June; The other is the domestic gold market that controls the import and export of gold and only allows residents to buy and sell freely, such as the Paris market. But this does not mean that it has no connection with the international gold market. In fact, gold can also flow in, and the trading price of gold affects each other. The development of the gold market not only provides an investment channel for investors, but also provides a new tool for the central bank to operate monetary policy.

(A) the function of maintaining and increasing the value of the gold market

Because gold has a good function of maintaining and increasing value, it can be used as a tool to avoid risks, which is somewhat similar to the function of saving money. The development of the gold market has added an investment channel for investors, which can largely spread investment risks.

(B) the monetary policy function of the gold market

The gold market provides a new tool for the central bank to operate monetary policy, that is, the central bank can adjust the composition and quantity of international reserves by buying and selling gold in the gold market, thus controlling the money supply. Although the role of gold market is limited, it can be used as a hedging tool for monetary policy operation because its sensitivity to interest rates and exchange rates is different from other means. With the gradual deepening of the opening of the gold market, this function of the gold market will gradually emerge. It can be said that deepening financial reform by opening the gold market is an objective requirement for China's financial market to be in line with international standards.