What is the gold ?
Gold is the most popular precious metal accepted by everyone. It is a
soft, dense, malleable and ductile metal with a bright yellow color,
and its lustre is maintained without tarnishing in water or air. Its
chemical symbol is Au. Gold is one of the least reactive chemical
elements, keeping solid state under standard conditions. Throughout
history, gold has been sought after by people, used as money and made
into jewelry. Nowadays, more and more people are glad to hold gold that
is not only used for gorgeous jewelry, or used in industry, but more
commonly trading as a popular investment product.
How many types of gold investment products?
Of all the precious metals used as an investment product, gold is the
most popular. Generally, investors buy gold investment products as a
way of diversifying risk. Gold investments are held and declared in
different forms, such as
gold bullions,
gold ETFs, gold options and futures, and so on. Different investment
types carry different investment risks. However, no matter what type of
gold investment is held, it is critically important for investors to
keep an eye on the gold price.
What factors influence the price of gold?
Throughout history, the price of gold has varied but has always
continued to rise. In very recent times, from 2011 to the end of 2013,
the fluctuations in gold prices have been dramatic. Fluctuations in the
price of gold are driven by supply and demand including demand through
speculation. The price is also affected by the policy of central banks
and the International Monetary Fund, the value of the US dollar, the
state of the global economy, by war, by invasion and by national
emergency.
What are the international major gold markets?
In order to establish rules designed to prevent market manipulation,
abusive trade practices and fraud, the global gold markets are overseen
and regulated by governmental and self-regulating organizations.
Globally, there are four important
international gold exchange markets,
they are London Gold Market (London Bullion Market Association,
abbreviated as LBMA), America Gold Market (CME Group), Zurich Gold
Market (controlled by three banks - UBS, Credit Suisse and Union Bank of
Switzerland) and Hong Kong Gold Market (Chinese Gold and Silver
Exchange Society, abbreviated as CGSE). The Japanese gold market (Tokyo
Commodity Exchange, abbreviated as TOCOM) is also important. By linking
these markets, gold trading can be achieved within 24 hours of
continuous trading in the worldwide network.
The London gold market is by far the largest global centre of OTC
transactions. Its gold spot-price is fixed twice each business day at
10:30 am and 3:00 pm (London time) in USD, GBP, and EUR. London prices
have a great influence on the world gold market price.
Which is the largest gold producing country?
Before 2006, South Africa was the world's dominant gold producer,
followed by the United States of America, China, Australia, and Peru.
More recently, other countries with greater land surface areas have
surpassed South Africa. Since 2007, China has become the largest gold
producing country, followed by Australia, United States, Russia, and
Peru. South Africa sits in sixth position.
What is the use of gold?
According to GFMS as of 2012, a total of 174,100 tonnes of gold has
been mined in human history. Currently, the world consumption of gold
produced is about 50% in jewellery, 40% in investments, and 10% in
industry. In industry, gold is commonly used in electronics, dentistry,
commercial chemistry and other fields. Its characteristic of high
malleability, ductility, resistance to corrosion and most chemical
reactions, and conductivity of electricity have led to many more uses,
including colored-glass production, electric wiring, and gold leafing.
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