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ECONOMY OF ``GOLD``
Member rating: No Rating | Words: | Submitted: Tue Jun 20 2006
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ECONOMY OF ``GOLD`` November 23, 2005 ECON6231 Andy Janes Abhishek Bothra TABLE OF CONTENTS INTRODUCTION 2 1. THE GOLD STANDARD 2 1.1 BACKGROUND 2 1.2 GOLD STANDARD - DEFINED 3 2. AMERICAN DOLLAR & GOLD STANDARD 3 3. FACTORS AFFECTING THE PRICE OF GOLD 4 3.1 DEMAND OF GOLD 5 3.2 SUPPLY OF GOLD 9 3.3 GOLD RESERVES 10 4. CONCLUSION 11 INTRODUCTION The price of gold has been defined as irrational. Does the market really establish an irrational gold price? This paper examines in brief, the various monetary aspects of gold and its role as a commodity and also a monetary asset. Current global supply and demand of gold is examined. This paper attempts to determine if the recent rise in the price of gold is rational, and if the price will continue to rise. 1. THE GOLD STANDARD 1.1 BACKGROUND For 5,000 years, gold's combination of luster, malleability, density and scarcity has captivated humankind like no other metal. At first, gold was used solely for worship. A trip to any of the world's ancient sacred sites demonstrates this. Today, gold's most popular use in the manufacture of...
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