prod.date - 必应 词典网络记载著生产年月日；记载着生产年月日1.记载著生产年月日欧规车辆是清楚的记载著生产年月日(Prod.date)，如上图表中的紫色项目。欧洲共同体注册证明书一、二 船运时间： 欧陆回台有分货柜 …|2.记载着生产年月日欧规车辆是清楚的记载着生产年月日(Prod.date)，如上图表中的紫色项目。|例句释义:全部,记载著生产年月日,记载着生产年月日类别:全部,口语,书面语,标题,技术来源:全部,字典,网络难度:全部,简单,中等,难更多例句筛选收起例句筛选1.
必应词典应用准确权威无广告下 载 手 机 版 必 应 词 典体 验 P C 版 必 应 词 典From Wikipedia, the free encyclopedia
Reserves of , forex and gold in 2006
bar, the standard for trade in the major international gold markets.
Of all the ,
is the most popular as an . Investors generally buy gold as a way of diversifying risk, especially through the use of
and . The gold market is subject to
and volatility as are other markets. Compared to other precious metals used for investment, gold has the most effective safe haven and hedging properties across a number of countries.
Gold prices (US$ per troy ounce), in nominal US$ and inflation adjusted US$ from 1914 onward.
Gold price history in
Gold price per gram between Jan 1971 and Jan 2012. The graph shows nominal price in US dollars, the price in 1971 and 2011 US dollars
Gold has been used throughout history as
and has been a relative standard for currency equivalents specific to economic regions or countries, until recent times. Many European countries implemented
in the latter part of the 19th century until these were temporarily suspended in the financial crises involving . After , the
pegged the United States dollar to gold at a rate of US$35 per . The system existed until the 1971 , when the US unilaterally suspended the direct convertibility of the United States dollar to gold and made the transition to a
system. The last currency to be divorced from gold was the
in 2000.[].
Since 1919 the most common benchmark for the price of gold has been the , a twice-daily telephone meeting of representatives from five -trading firms of the . Furthermore, gold is traded continuously throughout the world based on the intra-day , derived from
gold-trading markets around the world ( "XAU"). The following table sets forth the gold price versus various assets and key statistics on the basis of data taken with the frequency of five years:
USD (trillions)
USD (billions)
1970 to 2010 net change, %
1975 (post US off gold standard) to 2010 net change, %
Like most commodities, the price of gold is driven by
including demand for speculation. However unlike most other commodities, saving and disposal plays a larger role in affecting its price than its . Most of the gold ever mined still exists in accessible form, such as bullion and mass-produced jewelry, with little value over its  — and is thus potentially able to come back onto the gold market for the right price. At the end of 2006, it was estimated that all the gold ever mined totalled 158,000 tonnes (156,000 174,000 short tons). The investor
has said that the total amount of gold in the world that is above-ground, could fit into a cube with sides of just 20 metres (66 ft). However estimates for the amount of gold that exists today vary significantly and some have suggested the cube could be a lot smaller or larger.[]
Given the huge quantity of gold stored above-ground compared to the annual production, the price of gold is mainly affected by changes in sentiment (demand), rather than changes in annual production (supply). According to the , annual mine production of gold over the last few years has been close to 2,500 tonnes. About 2,000 tonnes goes into jewelry or industrial/dental production, and around 500 tonnes goes to retail investors and exchange traded gold funds.
Central banks and the
play an important role in the gold price. At the end of 2004
and official organizations held 19 percent of all above-ground gold as . The ten-year
(WAG), which dates from September 1999, limits gold sales by its members (Europe, United States, Japan, Australia,
and the International Monetary Fund) to less than 500 tonnes a year. European central banks, such as the
and , were key sellers of gold over this period. In 2009, this agreement was extended for a further five years, but with a smaller annual sales limit of 400 tonnes.
Although central banks do not generally announce gold purchases in advance, some, such as Russia, have expressed interest in growing their gold reserves again as of late 2005. In early 2006, , which only holds 1.3% of its reserves in gold, announced that it was looking for ways to improve the returns on its official reserves. Some bulls hope that this signals that
might reposition more of its holdings into gold in line with other Central Banks. Chinese investors began pursuing investment in gold as an alternative to investment in the Euro after the beginning of the Eurozone crisis in 2011. It has since become the world’s top gold consumer as of 2013.
It is generally accepted that the price of gold is closely related to interest rates. As interest rates rise the general tendency is for the gold price, which earns no interest, to fall, and as interest rates dip, for gold price to rise. As a result, gold price can be closely correlated to central banks via the monetary policy decisions made by them related to interest rates. For example, if market signals indicate the possibility of prolonged inflation, central banks may decide to enact policies such as a hike in interest rates that could affect the price of gold in order to quell the inflation. An opposite reaction to this general principle can be seen after the European Central bank raised its interest rate on April 7, 2011 for the first time since 2008. The price of gold responded with a muted response and then drove higher to hit new highs one day later. A similar situation happened in India: In August 2011 when the interest rate were at their highest in two years, the gold prices peaked as well.
It has in fact been found that the price of gold can be influenced by a number of macroeconomic variables. Such variables include the price of oil, the use of , currency exchange rate movements and returns on equity markets.
Amount of gold sold by
"as much gold as IMF bought from "
50 million ounces (1555 tons)
14 million ounces (435 tons)
13 million ounces (403 tons)
200 tons to
10 tons to
10 tons to
IMF still have a balance of 2,814.1 metric tons of gold
Gold, like all precious metals, may be used as a
or currency . As Joe Foster, portfolio manager of the New York-based Van Eck International Gold Fund, explained in September 2010:
The currencies of all the major countries are under severe pressure because of massive government . The more money that is pumped into these economies – the printing of money basically – then the less valuable the currencies become.
At what point can gold prices be considered
close to fair value (on 10 October 2014)
In real terms (PPI)
In real terms (CPI)
Relative to per capita incomex
Relative to the S&P500
Versus copper
Versus crude oil
consistently accounts for over two-thirds of annual gold demand. India is the largest consumer in volume terms, accounting for 27% of demand in 2009, followed by China and the USA.
Industrial, dental and medical uses account for around 12% of gold demand. Gold has high thermal and electrical conductivity properties, along with a high resistance to corrosion and bacterial colonization. Jewelry and industrial demand have fluctuated over the past few years due to the steady expansion in emerging markets of middle classes aspiring to Western lifestyles, offset by the .
In recent years the amount of second-hand jewelry being recycled has become a multibillion-dollar industry. The term "Cash for Gold" refers to a service for people to earn cash by selling their old, broken, or mismatched gold jewelry to local and online gold buyers. There are many websites that offer these services.
However, there are many companies that have been caught taking advantage of their customers, paying a fraction of what the gold or silver is really worth, leading to distrust in many companies.
When dollars were fully convertible into gold via the , both were regarded as money. However, most people preferred to carry around paper
rather than the somewhat heavier and less divisible . If people feared their bank would fail, a
might result. This happened in the USA during the
of the 1930s, leading
to impose a
outlawing the "hoarding" of gold by US citizens. There was only one prosecution under the order, and in that case the order was ruled invalid by federal judge , on the technical grounds that the order was signed by the President, not the Secretary of the Treasury as required.
1 troy ounce (31 g) gold bar with certificate
The most traditional way of investing in gold is by buying bullion . In some countries, like , ,
and , these can easily be bought or sold at the major banks. Alternatively, there are bullion dealers that provide the same service. Bars are available in various sizes. For example, in Europe,
bars are approximately 400 troy ounces (12 kg). 1 kilogram (32 ozt) are also popular, although many other weights exist, such as the 10oz, 1oz, 10 g, 100 g, 1 kg, 1 , and 1 .
Bars generally carry lower price premiums than gold bullion coins. However larger bars carry an increased risk of forgery due to their less stringent parameters for appearance. While bullion coins can be easily weighed and measured against known values to confirm their veracity, most bars cannot, and gold buyers often have bars re-. Larger bars also have a greater volume in which to create a partial forgery using a -filled cavity, which may not be revealed by an assay.
that are held within the
(LBMA) system each have a verifiable chain of custody, beginning with the refiner and assayer, and continuing through storage in LBMA recognized vaults. Bars within the LBMA system can be bought and sold easily. If a bar is removed from the vaults and stored outside of the chain of integrity, for example stored at home or in a private vault, it will have to be re-assayed before it can be returned to the LBMA chain. This process is described under the LBMA's "Good Delivery Rules".
The LBMA "traceable chain of custody" includes refiners as well as vaults. Both have to meet their strict guidelines. Bullion products from these trusted refiners are traded at face value by LBMA members without assay testing. By buying bullion from an LBMA member dealer and storing it in an LBMA recognized vault, customers avoid the need of re-assaying or the inconvenience in time and expense it would cost. However this is not 100% sure, for example, Venezuela moved its gold because of the political risk for them, and as the past shows, even in countries considered as democratic and stable, for example
and legal moving was banned.
Efforts to combat gold bar counterfeiting include
which employ a unique holographic technology and are manufactured by the Argor-Heraeus refinery in Switzerland.
are a common way of owning gold.
are priced according to their , plus a small premium based on
(as opposed to
gold coins, which are priced mainly by supply and demand based on rarity and condition).
The sizes of bullion coins range from one-tenth of an
to two ounces, with the one-ounce size being most popular and readily available.
is the most widely held gold bullion coin, with 46 million troy ounces (1,400 tonnes) in circulation. Other common gold bullion coins include the
(Kangaroo), Austrian Philharmoniker (), , , , ,
or Louis d'Or, , , , and .
Coins may be purchased from a variety of dealers both large and small. Fake gold coins are common and are usually made of gold-plated lead.[]
This section does not
any . Please help improve this section by . Unsourced material may be challenged and . (October 2014) ()
Gold rounds look exactly like gold coins but they have no
value. They range in similar sizes as
and come in 0.05
all the way up to 1 troy ounce. Unlike gold coins, gold rounds have no additional metals added to them for durability purposes and do not have to be made by a government , which allows the gold rounds to have a lower overhead price as compared to gold coins. On the other hand, gold rounds are not as collectible as gold coins.
may include
(ETNs), and
(CEFs), which are traded like shares on the major stock exchanges. The first gold ETF,
(ticker symbol "GOLD"), was launched in March 2003 on the , and originally represented exactly 0.1 troy ounces (3.1 g) of gold. As of November 2010,
is the second-largest exchange-traded fund in the world by .
Gold Exchange-traded products (ETPs) represent an easy way to gain exposure to the gold price, without the inconvenience of storing physical bars. However exchange-traded gold instruments, even those that hold physical gold for the benefit of the investor, carry risks beyond those inherent in the precious metal itself. For example, the most popular gold ETP (GLD) has been widely criticized, and even compared with , due to features of its complex structure.
Typically a small commission is charged for trading in gold ETPs and a small annual storage fee is charged. The annual expenses of the fund such as storage, insurance, and management fees are charged by selling a small amount of gold represented by each certificate, so the amount of gold in each certificate will gradually decline over time.
, or ETFs, are investment companies that are legally classified as open-end companies or
(UITs), but that differ from traditional open-end companies and UITs. The main differences are that ETFs do not sell directly to investors and they issue their shares in what are called "Creation Units" (large blocks such as blocks of 50,000 shares). Also, the Creation Units may not be purchased with cash but a basket of securities that mirrors the ETF's portfolio. Usually, the Creation Units are split up and re-sold on a secondary market.
ETF shares can be sold in basically two ways. The
can sell the individual shares to other investors, or they can sell the Creation Units back to the ETF. In addition, ETFs generally redeem Creation Units by giving investors the securities that comprise the portfolio instead of cash. Because of the limited redeemability of ETF shares, ETFs are not considered to be and may not call themselves .
allow gold investors to avoid the
and costs associated with the transfer and storage of physical bullion (such as theft, large , and
costs) by taking on a different set of risks and costs associated with the certificate itself (such as commissions, storage fees, and various types of ).
Banks may issue gold certificates for gold that is allocated (fully reserved) or unallocated (pooled). Unallocated gold certificates are a form of
and do not guarantee an equal exchange for metal in the event of a
on the issuing bank's gold on deposit. Allocated gold certificates should be correlated with specific numbered bars, although it is difficult to determine whether a bank is improperly allocating a single bar to more than one party.
The first paper bank notes were . They were first issued in the 17th century when they were used by goldsmiths in
for customers who kept deposits of gold bullion in their vault for safe-keeping. Two centuries later, the gold certificates began being issued in the United States when the US Treasury issued such certificates that could be exchanged for gold. The United States Government first authorized the use of the gold certificates in 1863. On April 5, 1933 the US Government
and therefore, the gold certificates stopped circulating as money (this restriction was reversed on January 1, 1975). Nowadays, gold certificates are still issued by gold pool programs in
and the United States, as well as by banks in ,
Many types of gold "accounts" are available. Different accounts impose varying types of intermediation between the client and their gold. One of the most important differences between accounts is whether the gold is held on an allocated (fully reserved) or unallocated (pooled) basis. Unallocated gold accounts are a form of
and do not guarantee an equal exchange for metal in the event of a
on the issuer's gold on deposit. Another major difference is the strength of the account holder's claim on the gold, in the event that the account administrator faces gold-denominated
in gold for example), , or .
Many banks offer gold accounts where gold can be instantly bought or sold just like any foreign currency on a
offer similar service on a fully allocated basis. Pool accounts, such as those offered by some providers, facilitate highly liquid but unallocated claims on gold owned by the company.
systems operate like pool accounts and additionally allow the direct transfer of fungible gold between members of the service. Other operators, by contrast, allows clients to create a
on allocated (non-fungible) gold, which becomes the legal property of the buyer.
Other platforms provide a marketplace where physical gold is allocated to the buyer at the point of sale, and becomes their legal property.[] These providers are merely custodians of client bullion, which does not appear on their balance sheet.
Typically, bullion banks only deal in quantities of 1000 ounces or more in either allocated or unallocated accounts. For private investors,
offers private individuals to obtain ownership in professionally vaulted gold starting from minimum investment requirements of several thousand U.S.-dollars or denominations as low as one gram.
, such as gold ,
and , currently trade on various exchanges around the world and
(OTC) directly in the private market. In the U.S., gold futures are primarily traded on the New York Commodities Exchange () and . In , gold futures are traded on the
(NCDEX) and
As of 2009 holders of COMEX gold futures have experienced problems taking delivery of their metal. Along with chronic delivery delays, some investors have received delivery of bars not matching their contract in serial number and weight. The delays cannot be easily explained by slow warehouse movements, as the daily reports of these movements show little activity. Because of these problems, there are concerns that COMEX may not have the gold inventory to back its existing warehouse receipts.
Outside the US, a number of firms provide trading on the price of gold via
(CFDs) or allow
on the price of gold.
Instead of buying gold itself, investors can buy the companies that produce the gold as
in . If the gold price rises, the profits of the gold mining company could be expected to rise and the worth of the company will rise and presumably the share price will also rise. However, there are many factors to take into account and it is not always the case that a share price will rise when the gold price increases. Mines are commercial enterprises and subject to problems such as ,
and , as well as mismanagement, negative publicity, nationalization, theft and corruption. Such factors can lower the share prices of mining companies.
The price of gold bullion is volatile, but unhedged gold shares and funds are regarded as even higher risk and even more volatile. This additional volatility is due to the inherent
sector. For example, if one owns a share in a gold mine where the costs of production are $300 per ounce and the price of gold is $600, the mine's
will be $300. A 10% increase in the gold price to $660 per ounce will push that margin up to $360, which represents a 20% increase in the mine's profitability, and possibly a 20% increase in the share price. Furthermore, at higher prices, more ounces of gold become economically viable to mine, enabling companies to add to their production. Conversely, share movements also amplify falls in the gold price. For example, a 10% fall in the gold price to $540 will decrease that margin to $240, which represents a 20% fall in the mine's profitability, and possibly a 20% decrease in the share price.
To reduce this volatility, some gold mining companies
the gold price up to 18 months in advance. This provides the mining company and investors with less exposure to short-term gold price fluctuations, but reduces returns when the gold price is rising.
Investors using
analyze the
situation, which includes international , such as
growth rates, , ,
and energy prices. They would also analyze the yearly global gold supply versus demand.
Dow/Gold Ratio
The performance of gold bullion is often compared to
as different investment vehicles. Gold is regarded by some as a store of value (without growth) whereas stocks are regarded as a return on value (i.e., growth from anticipated real price increase plus dividends). Stocks and bonds perform best in a stable political climate with strong property rights and little turmoil. The attached graph shows the value of Dow Jones Industrial Average divided by the price of an ounce of gold. Since 1800, stocks have consistently gained value in comparison to gold in part because of the stability of the American political system. This appreciation has been cyclical with long periods of stock outperformance followed by long periods of gold outperformance. The Dow Industrials bottomed out a ratio of 1:1 with gold during 1980 (the end of the 1970s bear market) and proceeded to post gains throughout the 1980s and 1990s. The gold price peak of 1980 also coincided with the
and the threat of the global expansion of communism. The ratio peaked on January 14, 2000 a value of 41.3 and has fallen sharply since.
One argument follows that in the long-term, gold's high volatility when compared to stocks and bonds, means that gold does not hold its value compared to stocks and bonds:
To take an extreme example [of price volatility], while a dollar invested in bonds in 1801 would be worth nearly a thousand dollars by 1998, a dollar invested in stocks that same year would be worth more than half a million dollars in real terms. Meanwhile, a dollar invested in gold in 1801 would by 1998 be worth just 78 cents.
As with stocks, gold investors may base their investment decision partly on, or solely on, . Typically, this involves analyzing , ,
and/or the
in order to speculate on the future price.
investors may choose to
their position by borrowing money against their existing assets and then purchasing gold on account with the loaned funds. Leverage is also an integral part of buying gold
gold mining company shares (see ). Leverage or derivatives may increase investment gains but also increases the corresponding risk of capital loss if/when the trend reverses.
Some of the economic mechanics of gold have been compared to those of . For example, they are both ,
and do not come attached to .
created a digital currency call "bit gold" that mimicked some features of gold.
Some cryptocurrencies and services are backed by gold.
Main article:
Gold maintains a special position in the market with many
regimes. For example, in the
the trading of recognised gold coins and bullion products are free of .
and other precious metals or commodities do not have the same allowance. Other taxes such as
may also apply for individuals depending on their . U.S. citizens may be taxed on their gold profits at 15, 23, 28 or 35 percent, depending on the investment vehicle used.
Gold attracts a fair share of fraudulent activity. Some of the most common to be aware of are:
Cash for gold – With the rise in the value of gold due to the financial crisis of , there has been a surge in companies that will buy personal gold in exchange for cash, or sell investments in gold bullion and coins. Several of these have prolific marketing plans and high value spokesmen, such as prior vice presidents. Many of these companies are under investigation for a variety of
claims, as well as
for . Also, given that ownership is often not verified, many companies are considered to be receiving stolen property, and multiple laws are under consideration as methods to curtail this.
 – HYIPs are usually just dressed up , with no real value underneath. Using gold in their prospectus makes them seem more solid and trustworthy.
 – Various emails circulate on the Internet for buyers or sellers of up to 10,000 metric tonnes of gold (an amount greater than US Federal Reserve holdings). Through the use of fake legalistic phrases, such as "Swiss Procedure" or "FCO" (Full Corporate Offer), naive middlemen are drafted as hopeful brokers. The end-game of these scams varies, with some attempting to extract a small "validation" amount from the innocent buyer/seller (in hopes of hitting the big deal), and others focused on draining the bank accounts of their targeted dupes.
Gold dust sellers – This scam persuades an investor to purchase a trial quantity of real gold, then eventually delivers
filings or similar.
Counterfeit .
Shares in fraudulent mining companies with no gold reserves, or potential of finding gold. For example, the
scandal in 1997.
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