- Page 1 and 2: WORLD GOLD COUNCIL Gold Derivatives
- Page 3 and 4: Gold Derivatives: The market impact
- Page 5: 4 Gold Derivatives: The market impa
- Page 9 and 10: About the author Anthony Neuberger
- Page 11 and 12: When the derivative contract mature
- Page 13 and 14: Owners of gold can use the derivati
- Page 15 and 16: The level and volatility of lease r
- Page 17 and 18: 0 Tonnes 2500 Gold Production Annua
- Page 19 and 20: Breakdown of Production in 1968 Lat
- Page 21 and 22: Thus while output responds to price
- Page 23 and 24: Of the approximately 140,000 tonnes
- Page 25 and 26: price of gold following substantial
- Page 27 and 28: y the way in which reserves are vie
- Page 29 and 30: 1.4 Data issues Published statistic
- Page 31 and 32: mismatch of maturity, of lending ra
- Page 33 and 34: 2.2 Gold derivative contracts The v
- Page 35 and 36: The value of a forward contract A f
- Page 37 and 38: position. In an ideal world, if the
- Page 39 and 40: (in different maturities) to exploi
- Page 41 and 42: Looking at gold as a commodity, it
- Page 43 and 44: Gold futures and forward contracts
- Page 45 and 46: In practice, the transaction is mos
- Page 47 and 48: 2.7: Producer hedging We have seen
- Page 49 and 50: Accounting for hedges has long been
- Page 51 and 52: But the bank which has sold the hed
- Page 53 and 54: The gross numbers are impressive -
- Page 55 and 56: 3.1 The debate outlined The argumen
- Page 57 and 58:
some 4,000 tonnes. This is a small
- Page 59 and 60:
stock - so many billion dollars - r
- Page 61 and 62:
tion is now forecast to have peaked
- Page 63 and 64:
62 Gold Derivatives: The market imp
- Page 65 and 66:
We use ordinary least squares regre
- Page 67 and 68:
To apply the model to our regressio
- Page 69 and 70:
y changes in hedging caused by chan
- Page 71 and 72:
16/04/99: Gold Fields announces tha
- Page 73 and 74:
(5%) significance levels. Closer in
- Page 75 and 76:
followed the Washington Agreement (
- Page 77 and 78:
and total withdrawal by just one of
- Page 79 and 80:
distribution). Since the interest r
- Page 81 and 82:
contracts they have with producers.
- Page 83 and 84:
In the case of a producer whose mar
- Page 85 and 86:
Gold Forward Lease Rates 1993-99 5.
- Page 87 and 88:
emains valid, that term premia have
- Page 89 and 90:
The second and third sections of th
- Page 91 and 92:
over-production will cause forward
- Page 93 and 94:
There is a welfare gain from openin
- Page 95 and 96:
a strategy to a specialised interme
- Page 97 and 98:
2.1 Derivatives market and leverage
- Page 99 and 100:
prices of their bonds and reducing
- Page 101 and 102:
equire physical delivery, the matur
- Page 103 and 104:
the contract is actually in their p
- Page 105 and 106:
the GNMA market, reduced random flu
- Page 107 and 108:
Cash settlement is also significant
- Page 109 and 110:
3.5 Evidence from options: price le
- Page 111 and 112:
additional benefits in terms of inc
- Page 113 and 114:
Gray R.W., 1964, ‘The Attack on P
- Page 115 and 116:
114 Gold Derivatives: The market im
- Page 117 and 118:
The simple summation treats all opt
- Page 119 and 120:
APPENDIX 3 The Washington Agreement
- Page 121:
Headquarters: UK 45 Pall Mall Londo