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 Today,
gold trades in many markets around the world.At any time
of the day or night a current market price is being established
somewhere. Two of the most important world markets, however,
are in London and New York.
The London market is one of the oldest in the world and
is the largest market for physical gold. Since September
12, 1919 the price of gold has been set at "the London gold
fix" and this price is used in contract arrangements around
the world. Today, the gold fixings take place at 10:30am
and 3pm and provide published prices which are used as official
pricing medium by producers, consumers and central banks.
The New York market opens as the second London fix takes
place and gold then trades throughout the day. The New York
market is particularly noted for the volume of "paper gold
transactions" such as futures contracts that are traded
on the exchanged. The Comex division of the New York Mercantile
Exchange is the center of these activities.
There are other important gold markets in Zurich, Tokyo,
Sydney, Hong Kong and elsewhere - so gold is being traded
somewhere 24 hours a day.
Prices
Historical Yearly Price Table - 1833 to Present
Monthly Price Charts - 1990 to Present
Introduction
to Investing
Throughout human history, gold has been not only a means
of exchange, but also a store of value. Gold is an excellent
hedge against inflation, and protects earnings for the future.
Modern investors can invest in gold the traditional way
- by purchasing gold bullion in the form of bars or coins
- or they can trade in gold or gold futures electronically,
or by investing in gold mining or refining companies.
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