Анализ мирового рынка золота и тенденций его разития

Экономический анализ: теория и практика. 2019. Т. 18. № 5 (488). С. 910–924.

Kosov M.

Subject. In today's volatile global economy and political situation, gold is a particularly important asset for any financial and economic system. The global gold market has a number of obstacles to its development. Despite the transparency of information provided by exchanges, the largest producers, and government agencies, the market is fragmented, and the data on the total market size is collected from various sources and estimates, and is often scattered. Objectives. The purpose of the study is to analyze the global gold market, determine its development trends and barriers to its growth. Methods. I employ methods of measurement, comparison of statistical information, analysis and synthesis. Results. The paper discloses tendencies, problems and barriers to the gold market development. The findings may be useful to foster the gold market in Russia, to adjust it to external environment. Conclusions. As part of international reserves, gold tends to grow due to high level of trust. There is a potential for investment demand growth. The global gold market is characterized by erratic quotes and dependence of pricing on investment factor and speculative demand, monopolization by the largest players, reduction in explored reserves and deteriorated quality of new deposits, high costs at low prices. These factors lead to negative profitability and bankruptcy of some of the largest companies, market imperfection, and information asymmetry.

Keywords: золотовалютные резервы, золото, мировой рынок, gold, Центральные банки, global market, central bank, gold and foreign exchange reserves