Modern factors affecting the gold price
DOI:
https://doi.org/10.21847/1728-9343.2013.4(124).16857Keywords:
nominal price of gold, real price of gold, gold dinar, gold reservesAbstract
Even after the process of gold demonetization, this metal continues to play significant role in modern world economy. This metal is not only used in the industry, but is also used in the investment. Comparing the nominal price of gold at different periods, we can see that over the last decade the price of this metal has increased significantly. However, if we will take into account the real price of gold, we will find out that its highest level was recorded in 1980.
It is clear, that the price of gold is influenced significantly by the inflation. But in modern world price of gold is affected not only by the inflation. That is why we should also take into account other factors influencing the price of gold. Under the conditions of financial globalization the price of gold is mainly affected by four factors: American, Asian, Islamic and Natural factors.
The purpose of the article is to separate main factors influencing the price of gold and to analyze they role in pricing under the conditions of financial globalization.
Due to this, main factors affecting the price of gold in modern conditions of economic development are examined in the article. Certain peculiarities of the impact of these factors on the gold price under the conditions of financial globalization are discovered and analyzed. The world gold reserves are analyzed. The possibilities of changes in the structure of world gold demand are considered. The conclusions regarding the prospects for future growth of gold prices are drawn.
References
ЛІТЕРАТУРА
Гуцков В. Золотой динар - кошмарный сон западных экономистов [Електронний ресурс] / В. Гуцков - 2011. - Режим доступу : http://newsland.com/news/detail/id/863136/.
Доскочинська Л. С. Золото як фінансовий актив в умовах фінансової глобалізації / Л. С. Доскочинська // Науковий вісник НЛТУ України. - 2012. - № 22.11. - С. 234-239.
Селезнев А. Красная книга товарных рынков России: рынок драгоценных металлов [Електронний ресурс] / А.Селезнев // Обозреватель. - 2010. - № 1 (96). - Режим доступу : http://www.rau.su/observer/N01_98/1_15.HTM.
Максимова В. Ф. Mеждународные финансовые рынки и международные финансовые институты / В. Ф. Максимова, К. В. Максимов, А. А. Вершинина. - М., 2009. - C. 116-117.
Медведкина Е. А. Мировой рынок золота в условиях развития глобальной финансовой системы / Е. А. Медведкина, Э. М. Нестеренко // Економічний простір. - 2008. - № 12/1. - С. 5-15.
Шапран В. Золотой динар - новый инструмент глобализации / В. Шапран, И. Шапран // Валютный спекулянт. - 2002. - № 10. - С. 18-23.
The Gold Dinar: Saving the world economy from Gaddafi [Електронний ресурс] // Global Research. - Режим доступу : http://www.globalresearch.ca/the-gold-dinar-saving-the-world-economy-from-gaddafi/24639.
Gold Demand Trends. First quarter 2013. - World Gold Council. - May 2013. - 28 p.
Gold price in a range of currencies since December 1978 [Електронний ресурс] // World Gold Council. - Режим доступу : http://www.gold.org/download/value/stats/statistics/xls/gold_prices.xls.
Quarterly times series on World Official Gold Reserves since 2000 [Електронний ресурс] // World Gold Council. - Режим доступу : http://www.gold.org/download/value/stats/statistics/xls/Quarterly_gold_and_FX_Reserves_Q4_2012.xlsx.
Basov V. Top 10 gold companies in 2012 [Електронний ресурс] / V. Basov. - Режим доступу : http://www.mining.com/top-10-gold-company-production-for-2012-80750/.
World Bank Data [Електронний ресурс] // World Bank. - Режим доступу : http://data.worldbank.org/indicator.
REFERENCES
Gutskov V. (2011), Gold Dinar - nightmare of western economists, available at: http://newsland.com/news/detail/id/863136/ (rus).
Doskochynska L. S. (2012), Scientific Bulletin of the National Forest Engineering University of Ukraine, 22.11, pр. 234-239 (ukr).
Seleznev A. (2010), Obozrevatel, 1 (96), available at: http://www.rau.su/observer/N01_98/1_15.HTM (rus).
Maksіmova V.F., Maksіmov K.V., Vershynina A.A. (2009), International financial markets and financial institutes, Moscow, pр. 116-117 (rus).
Medvedkina E.A., Nesterenko E. M. (2008), Ekonomichnyy prostir, 12-1, pр. 5-15 (rus).
Shapran V., Shapran I. (2002), Valyutnyi spekulyant, 10, рр. 18-23 (rus).
The Gold Dinar: Saving the world economy from Gaddafi, Global Research, available at: http://www.globalresearch.ca/the-gold-dinar-saving-the-world-economy-from-gaddafi/24639 (engl).
Gold Demand Trends. First quarter 2013, World Gold Council, May 2013, 28 p.(engl).
Gold price in a range of currencies since December (1978), World Gold Council, available at: http://www.gold.org/download/value/stats/statistics/ xls/gold_prices.xls (engl).
Quarterly times series on World Official Gold Reserves since 2000, World Gold Council, available at: http://www.gold.org/download/value/stats/ statistics/xls/Quarterly_gold_and_FX_Reserves_Q4_2012.xlsx (engl).
Basov V. (2013), Top 10 gold companies in 2012, available at: http://www.mining.com/top-10-gold-company-production-for-2012-80750/ (engl).
World Bank Data, World Bank, available at: http://data.worldbank.org/indicator (engl).
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2013 Lyubov Doskochynska
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
1. Authors bear responsibility for the accuracy of facts, quotations, numbers and names used.
2. Manuscripts are not sent back.
3. The publisher does not always agree with the authors' opinion.
4. The authors reserve the right to authorship of the work and pass the first publication right of this work to the journal under the terms of a Creative Commons Attribution Non-Commercial License, which allows others to freely distribute the published research with the obligatory reference to the authors of the original work and the first publication of the work in this journal.
5. The authors have the right to conclude separate supplement agreements that relate to non-exclusive work distribution in the form in which it has been published by the journal (for example, to upload the work to the online storage of the journal or publish it as part of a monograph), provided that the reference to the first publication of the work in this journal is included.
