Seven major gold markets in the world

1. London gold market

London gold market has a long history. Its development history can be traced back to more than 3 years ago. In 184, London replaced Amsterdam in the Netherlands as the center of gold trading in the world. In 1919, the city of London was formally established, and gold was priced twice a day in the morning and afternoon. The gold market price of the day is set by the five major gold banks, which has always affected the transactions between new york and Hongkong. The supplier of market gold is mainly South Africa. Before 1982, the London gold market mainly engaged in spot trading of gold. In April l982, the London Futures Gold Market opened. At present, London is still the largest gold market in the world.

One of the characteristics of the London gold market is that the trading system is quite special, because there is no actual trading place in London, and its trading is completed through an intangible way-the sales contact network of major gold merchants. The members of the exchange are composed of five authoritative gold merchants and some companies or shops recognized as qualified to buy gold from the five gold merchants, and then they are composed of various processing manufacturers, small and medium-sized shops and companies. At the time of trading, the gold merchants quote the buying price and selling price according to their respective buying and selling prices.

the second characteristic of London gold trading is its flexibility. The purity and weight of gold can be selected. If the customer asks to sell it in a distant area, the gold merchant will also quote the freight and premium, and can also quote the futures price according to the customer's request. The most popular way to buy and sell Loco-London gold is that customers can buy gold spot without paying cash, and only need to pay at the agreed interest rate at maturity, but at this time, customers can't get physical gold. This way of buying and selling gold is just to play a number game on the accounting account until the customer has carried out the opposite operation to close the position.

the standard gold delivered in London gold market has a fineness of 99.5% and a weight of 4 ounces.

The special trading system of London gold market also has some shortcomings.

First of all, because the prices of various gold business newspapers are real prices, sometimes the price of gold in the market is chaotic, and even gold merchants don't know which price is reasonable, so they have to stop quoting and the trading of London gold will stop;

Secondly, customers in the London market are absolutely confidential, so there is a lack of effective statistics on gold trading positions.

2. Zurich gold market

The Zurich gold market developed after the World War II, when the London gold market closed down twice. The gold price in Zurich market was valued by the international market as much as that in London.

Zurich gold market has no formal organizational structure, but three major Swiss banks: UBS, Credit Suisse and UBS are responsible for clearing and settlement. The three major banks not only trade for customers, but also trade in gold. Zurich Gold Pool is established on the basis of informal consultations among the three major Swiss banks, and is not under the jurisdiction of the government. As a mixture of dealers and clearing system, Zurich Gold Pool plays an intermediary role in the market.

Switzerland's special banking system and auxiliary gold trading service system provide a free and confidential environment for gold trading. In addition, Switzerland and South Africa also have preferential agreements, and 8% of South African gold is obtained, and the gold of the former Soviet Union is also gathered here, making Switzerland not only the largest transfer station for new gold in the world, but also the largest storage center for private gold in the world. Zurich gold market is second only to London in the international gold market.

There is no gold price fixing system in Zurich gold market. At any specific time of each trading day, the gold price of the day is agreed according to the supply and demand situation, and this price is the official price of Zurich gold. On this basis, all-day gold price fluctuates without daily limit. The standard gold is 4 ounces of 99.5% pure gold.

3. American gold market

The gold markets in new york and Chicago were developed in the mid-197s. The main reason is that after 1977, the US dollar depreciated, and Americans (mainly corporate bodies) made profits for hedging and investment appreciation, which made gold futures develop rapidly.

At present, the New York Mercantile Exchange and Chicago Mercantile Exchange (IMM) are not only the centers of gold futures trading in the United States, but also the largest gold futures trading centers in the world. The two major exchanges have a great influence on the gold price in the spot gold market.

Take the New York Mercantile Exchange as an example. The exchange itself does not participate in the trading of futures, but only provides a place and facilities for traders, and formulates COMEX laws and regulations to ensure that both parties to the transaction trade on the premise of fairness and reasonableness. The institute has a very detailed and complicated description of the weight, fineness, shape, upper and lower limits of price fluctuation, trading date and trading time of gold for spot and futures trading.

Moreover, because the US Treasury Department and the International Monetary Fund (IMF) also auction gold in new york, the New York gold market has become the largest and most active gold futures market in the world. The US gold market mainly deals in gold futures, and the futures contracts signed by it can last for 23 months. The gold market has a trading volume of 1 ounces each time, and the trading target is 99.5% pure gold, and the quotation is US dollars.

4. Hong Kong Gold Market

The Hong Kong gold market has a history of more than 9 years, and its formation is marked by the establishment of the Hong Kong Gold and Silver Exchange. In 1974, the Hong Kong government lifted the control over the import and export of gold, and since then, the gold market in Hong Kong has developed rapidly. As the time difference of Hong Kong gold market just fills the gap between the closing of new york and Chicago and the opening of London, it can connect Asia, Europe and the United States to form a complete world gold market. Its superior geographical conditions have attracted the attention of European gold merchants, and five big gold merchants in London and three big banks in Switzerland have set up branches in Hong Kong. They brought the gold trading activities settled in London to Hong Kong, and gradually formed an invisible local "London gold market", which made Hong Kong one of the major gold markets in the world.

At present, there are three gold markets in Hong Kong:

First, Chinese investors are dominant, and there are fixed trading places. Gold is priced at HK$/2, and the fineness of standard gold is 99%. The main trading specifications of gold bars are 99 standard gold bars with five symas. At present, the traditional spot trading method of open bidding and gesture trading is still adopted, and there is no gold and silver trade market that reflects real-time market by computer network.

Secondly, the gold market, which is composed of foreign investors and settled in London, is closely related to the London gold market, and there is no fixed trading place, which is generally called the "local London gold market";

the third is the gold futures market, which is a formal market. Its nature is the same as that of gold futures in new york and Chicago commodity futures exchanges in the United States. The trading mode is formal and the system is relatively sound, which can make up for the shortage of the gold and silver trading market.

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. The vast majority of members are Japanese companies. In the gold market, the bid price is yen per gram. The standard gold quality is 99.99%, the weight is 1 kg, and each transaction contract is 1 grams.

6. Singapore Gold Exchange

The Singapore Gold Exchange was established in November 1978. At present, it often deals in spot gold and five futures contracts of 2, 4, 6, 8 and 1 months. The standard gold is 1 ounces of 99.99% pure gold, and there is a stop limit.

7. Shanghai Gold Exchange

The Shanghai Gold Exchange started its official operation on October 3, 22. It is a legal person established by the People's Bank of China with the approval of the State Council, which performs the functions stipulated in the Measures for the Administration of Gold Exchanges, organizes gold trading in accordance with the principles of openness, fairness, justice and honesty, and is not for profit, and implements self-discipline management. "