Dünya altın ticareti ve altın borsaları
The World gold trade and the gold exchanges
- Tez No: 14383
- Danışmanlar: Y.DOÇ.DR. MEHMET BOLAK
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1991
- Dil: Türkçe
- Üniversite: İstanbul Teknik Üniversitesi
- Enstitü: Fen Bilimleri Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 119
Özet
ÖZET Bu çalışmada konular esas itibariyle 4 bölümde incelenmiştir. Birinci bölümde konunun esasını oluştu ran altının incelenmesi, ikinci bölümde altın ticareti, üçüncü bölümde altın borsaları ve dördüncü bölümde Türkiye ve altın uygulamaları anlatılmıştır. Altın bölümünde, altın ticareti ve borsalarına geçmeden önce bir taban oluşturulmaya çalışılmıştır. Al tının tarihçesi örneklerle verilmiş, günümüze olan etki leri ele alınmıştır. Altın üretimi, tüketimi ayrı baş lıklar altında incelenmiş, her ayrımda en güncel ista tistikler verilmiştir. Altın ticareti bölümünde, günümüzde ticari al tın karakteri anlatılarak, altın ticaretinde uygulaması olan pazar tipleri belirtilmiştir. Bu pazar tiplerinin işleyişleri ve özellikleri örneklerle anlatılmıştır. Dün yadaki altın ticaretinin izlediği yollar, altın ticareti açısından önemlerine göre sıralanmıştır. Altın borsaları bölümünde direkt olarak günümüzde en güncel ve önemli borsalar seçilerek, bunların ayrıntı lı anlatımına gidilmiştir. Bu borsaların her birinin ken dine has pazarlama yapısına sahip olması her borsanın ay rı ayrı yorumlanmasını gerektirecektir. Organizasyon ya pıları, operasyon işlemleri bu bölümde gösterilmiştir. Bu bölümün sonunda ise değerlendirmesi yapılan borsalar daha global bir biçimde değerlendirilmiştir. Türkiye'nin özellikleri nedeniyle altına olan ilgisi, Türkiye ve altın bölümünde anlatılmıştır. Geç miş dönemlerde altın ticaretindeki yöntemler anlatıldık tan sonra günümüzde resmi olarak yapılan altın işlemleri kanuni düzenlemeler verilerek anlatılmıştır. Bunun yanı sıra kurulabilecek bir altın borsası hakkında genel bir değerlendirme bu bölüm içinde yapılmıştır. v -
Özet (Çeviri)
SUMMARY THE WORLD GOLD TRADE AND THE GOLD EXCHANGES in this thesis, Subjects are basicly examined four parts. In first part, The examining of gold which is main part of subject; second part, gold trade; third part, gold exchanges and fourth part, Turkey and gold operations are told. Gold was a unique combination of charec t eric- tics which since time immemorial have made it a coveted object of human desire. With a specific gravity of 19.32 it is the sixth heaviest metal. This density makes it extremly compact and 90.000 tons or so that have been mined since antiquity would form a cube with dimensions of less than 17 metres. Gold's melting point, malleabi lity are also unique specifications. Thought to be com paratively rare, it is in fact very widely distributed, although in extremely minute quantities. It is only re coverable economically where Nature has provided suffi cient concentrations. Gold occurs in primary or secondary deposits. Primary deposits were heft when gold-bearing liquefied quartz was forced up into fissures in the earth's crust in the remote geological past. Secondary deposits are geologically more recent and are in fact derived from primary sources. South Africa currently produces about half of the world's total output. United States, Canada and Australia is other gold producing countries offects gold price. The South Africa gold mining companies, which operate a strict cartel, have a policy of switching to lower-grade ores when earnings are good, thereby redu cing output.. No available statistics exist at produc tion in the Eastern bloc countries. But the adequate estimates indicate Russia has a second order of gold production following South Africa. The structure of demand in the gold market is fundementaliy different from what one encounters in the case of other commodities. Demond for gold, unlike that for most raw metarials, does not come solely from indust rial users. It has to share the market with four cate gories. First, official demand, second decorative - vi -applications, third industrial demand, fourth bar hoar ding. For centuries demand from official authorities dominated the gold market. Under gold standard, these institutions kept the price of gold stable and accu mulated vast stocks. After gold standart, most of them have begun to reduce this stock for balance of payments. Nowadays, they act like a merchant to trade in market or lease their stocks with certain interest. The oldest, and from time immemorial the largest, commercial user of gold is the decorative industry. The sales opportunities of jewellery manufactures grew accordingly, and so did their gold consumption. To some extent, this growth in sales of gold jewellery was also stimulated by demand from gold hoarders who in some parts of the world buy their metal in the form of relatively simple jewellery items, such as gold chains and brace lets. At this point, the importance of scrap of gold is being seen as resale of jewellery. The use of gold for technological puproses, ori ginally on a craft basis and later in the service of in dustry and medicine has a long history, In recent years thes sector has grown rapidly. Particularly large has been the increase in comsumption by manufacturers cont racts and electronic compenents. Growing use is also being made of gold in the chemicals and in the manufac- tureriieat insulating glas0 Hoarding, investment and speculation constitute a broad and heteregenous category of demand, From time immemorial, man has used gold as a means of safeguarding his :searthly wealth against life's uncertainties « Unlike money investments, which can produce a yield the form of interest or dividends, the acquisition of gold has often been primarily motivated not by considerations of gain but by the need for security, i.e. asset securitjr. This priority is the essential charecteristics of hoarding. Gold trade in the world, has been executed accor ding to some rules. c Weightness and finess are major of the rules. Graduall, The troy ounce is most used unit of weightness. Finess would be different market to mar ket. The.price of gold, like that of other commodities, is governed by the law of supply and demand. But some special features which belong to gold trade would influ- ence fundamentally. The price of gold is closely bound up with political and economic developments. The prin- cing of gold varies not only according to the class of item traded but also according to the type of market and manner of payment. The market are classified as follows : - vıı- Spot markets : Incontrast to other commodi ty, where the bulk of trading is in the form of futures contrasts, the market in gold is dominated-ar atleast was until recently- by spot tradings. For many years they succeded in keeping the price of gold stable, so that neither dealers nor industrial users had any in centive to engage in forward dealing for purposes of hedging or speculation. Spot market contains four segments accordingly figure of gold, such as gold coins, jewellery gold, bullions, gold certificates. Most fsfe- quently traded gold is bullion. The accurancies of spe cifications of gold, as weightness and finess would be able to observe exactly. Gold exchanges trades bullion gold has some specific conditions. Gold coins are spreadly trading for investment and speculation. Different types of gold coins have been traded, numismatic coins, current coins, bullion- coins. In numismatic coins, there would be special price parity. But other types prices are calculated de pending on bullion price. To some extent, the declining premimums on cur rent coins may also be due to the fact that various co untries have started producing restrikes or new issues of earlier circulating coins of course, this practice profitable only so long as the newly struck pieces can be sold at prices high enough to cover the value of their gold content at the time of issue plus the cost of minting. Indeed, mostmints continowe the production of bullion coins only so long as they can: achieve a return on the operation over and above their costs. The supply of a newly minted piece contracts noticeably when the premium slips below % 3 and quickly increases again in the case of a higher premium. The prices quoted for bullion inthe world mar ket are for one ounce of metal with a fineness of 995. In Western Europe, a kilogram price for gold of the sa me fineness is also quoted (1 kilogram = 1000 grams = 32.1507425 ounces) For points should be noted here : a) Price quoted per ounce fine (1000/1000) not perbar. b) On delivery, price are adjusted according to fineness of bar. c) A further price correction has to be made for bars below the standard size in order to take acco unt of the cost of manufacture. - Vlll -A gold certificate is a written promise to de liver a certain quantity of gold. On presentation of the certificate the gold must be delivered or its equ ivalent value paid. A distinction is made between bearer certifi cates and certificates issued in a specific name. In the later case, the rights conferred by certificate are vested in the person in whose name it is made out, whe reas the rights under a bearer certificate are vested in whoever presents it. Certificates have the advantages of being mar ketable and easy to transfer and transport. Market for them is not, however, as broad as-\that for bullion. But they do share bullion's qualities. - Futures Market : Alongside the market, there has in recent years been a very notable expansion of trading in gold futures. Futures contracts in gold are contracts of purchase or sale under which payment and delivery do not take place immediately but at a later date. The object traded is not physical gold but a right to deliver or receive a specified quantity of metal on an agreed future date at afixed at the time of the Contract. In most cases by contracts and sell contracts in the futures market cancel each other out, so that physical delivery of gold on the exchange is largely unnecessary. The price of gold futures are determined essen" tially by the cost of financing the metal during the period of the contract. In the market, it is possible that the premium will deviate from theoretical equilib rium rate. Actual futures prices can be pushed higher or hower than the arithmetically calculated levels by exceptional supply or demand conditions in the futures or spot markets. Such situations provide gold- conscious in the contracting broker, every futures transaction in- volues with an interesting instrument of financing. For volues a provision of credit. - Options Futures Market : To an even greater than futures contracts, options create a leverage effect in other words, the value of the investment over which the buyer of an option gains control is much higher than his actual outlay. At same time options are an effect- tive device for limiting risk. There are two basic ty pes of option : - IXa) Call options : The buyer of a gold option, however, acquires the right to buy a certain amount of of gold at a predetermined price at any time from the date of the transaction until maturity date, If the pri ce rises, he will exercise his option or resell it. If the price falls, he can: simply let the option expire. b) Put options : 'i'he purchaser of a put opti on acquires the right to sell a certain quantity of gold at a fixed price at maturity date. Like a call option, a put option can also be sold back to the market at the anytime during its life. Premium is most interesting specification of op tions. It could be named the cost of forgiving the cont ract. The premium is made up of two distinct elements: First, calculable, interest charge, second, not calculab le price risk. Therefore a theoretical equilibrium cannat be calculated. The world's various gold markets differ from each other not only in their institutional framework but also in their functions. An important distinction has to be drawn between primary markets are those that receive the newly mined gold which they then distribute either directly or through secondary markets. This func tion is today performed chiefly by Zurich and London. The secondary markets, on the other hand, are concerned exclusively with the distribution of gold acquired in the primary markets. Zurich is the supermarket of gold. Different types of gold are traded in Zurich. Three banks of Switzerland had made up a gold pool. All operations are executed bearing that pool. Zürioh gold market generally bears on physical gold deals..Physical stocks of gold are held only by the individual banks. At purc hasing stage, each bank is unique, selling stage, is in dependent. London is the most important gold trading center until recently, South Africa connection has a superiority to London in terms of marketing of gold. Some financial problems due to be London the second. Fixing operation is the most known specification of London market. Mor ning and afternoon fixing are affect ijsg the other market. Aew York is the center of gold futures. There is also spot market in Few York, futures trading is known the symbol of Few York. Fo needs to pyhsical gold activation of futures market had make the Few York mar ket exciting, -^vestments aim to be speculation have directed to Few York. - x -Turkey s haws that very different panorama in terras of gold operations. Until 1989, Gold import and export had been limited by the Law of Protecting of Turkish Currency. Therefore Gold had passed Turkey by illegal way which has been used by smugglers. Diffe rence between price of gold in Turkey and base market would have been 200 $ each troyounce of gold. That, occurs a great revenue which had been gained by smugglers. After 1989, Turkish Central Bank has begun to import and sell and buy to domestic demand. In spite of that trading operations cannot be named an gold exchange, it has create optimistic effects in domestic gold market. The gold exchange would be built up in Turkey has to consists of two parts. Spot and futures markets will have to be formed in that exchange simul taneously. A gold exchange well organised would be ab le to influence to Turkish economy by the way of gold stocks held by people and osntral bank. - xi -
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