Conjuncture and current state of world markets precious metals are in the area of ​​special attention of the information and analytical Internet portal ForexAW.com. The site is regularly published latest news from stock exchanges for trading these market assets, current statistics, analytical reviews and forecasts of quotations and sales. Precious metals belong to this category, primarily due to the fact that their reserves in the earth's crust are very limited and difficult to access, the processes for extracting them from ore are very expensive and laborious, and, as a result, low annual production volumes and rather high prices . In addition, precious metals have an extensive list of positive qualities and physico-chemical properties that distinguish them favorably from other metals. All of them are distinguished by high anti-corrosion properties and are little subject to oxidation in air and aggressive environments. These metals have a beautiful appearance and gloss, have sufficient softness and plasticity, which makes them indispensable in the manufacture jewelry.

The group of precious (noble) metals primarily includes gold, platinum and silver, then - palladium, osmium, rhodium, iridium and ruthenium. This list is legally approved by the Law Russian Federation. Precious metals, in addition to their jewelry value, are widely used in the economic sphere as a means of securing national currencies, an object of market trade, an investment and payment instrument in the world market economy. noble metals are used as a means of accumulating and creating state financial reserves and reserve funds. Among other objects of international market trade, precious metals are characterized by high price stability.

In addition to financial, economic and jewelry purposes, precious metals are widely used in industrial production. Due to their physical and chemical properties, gold and silver are in great demand in instrument making and the electronics industry as electrical conductors and contacts, platinum and its alloys are an indispensable catalyst for chemical reactions and processes in many modern industries, iridium, together with platinum, is used in precision mechanics for the manufacture of highly precise devices and tools, standards and standards. Precious metals are often used in the form of alloys, additives and ligatures among themselves and with other metals.

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In the modern economy, the role of precious metals (hereinafter referred to as PM) and precious stones(hereinafter - DC) has changed significantly - gold is no longer "world money" due to demonetization, but due to its unique physical and chemical properties, DM and DC are increasingly included in the scope of industrial production, especially in industries that use Newest technologies. High specific value (rarity, compactness, the possibility of repeated consumption and long-term use), liquidity (developed distribution network and constant demand) determine the use of precious metals and stones as financial assets. Thus, in the conditions of the demonetization that has taken place, precious metals and precious stones perform a dual function. Ingots and coins made of precious metals and precious stones are the object of banking and exchange turnover, are part of state and international gold and foreign exchange reserves and hoarding funds, are the most important resource that can ensure the economic and financial potential of the producing state, guarantee the stability of the bank, as well as the well-being of an individual person.

The strategic role of DM and DC in the global economy is determined by the stability of demand for these values. The high liquidity of gold assets on the world market is ensured by parity between the three main areas of capital investment:

• - mining and production of DM and DC;
• - production of jewelry and trade in them;
• - financial circulation of ingots from precious metals and stones.

The basis of this parity is the historically established culture of circulation of DM and DC in the world market, which provides all participants with legally correct transaction procedures, big set financial instruments for diversifying investments and reducing risks, an almost unlimited range of services.

In domestic and foreign economic literature, the issue of determining the status and functions of precious metals and stones is periodically raised. According to T.E. Pausheva, precious metals at this stage of economic development must be considered as an object of private hoarding and a commodity: "The last function of gold as industrial consumption is the only function that has retained its relevance at the present time" 1 . “The connection between the prices of commodities and gold is broken, and gold, neither at official nor at market prices, is a measure of the value of commodities and a universal equivalent. Not a single entrepreneur, setting prices for new or old goods, connects them with the price of gold,” - this is how G.P. Solus. Researcher of world gold markets S.M. Borisov speaks about the specifics of precious metals on the example of two of the most important forms of their use - storage in state reserves and accumulation in hoarding funds. Thus, it is emphasized that the monetary functions of precious metals continue to determine their essence and features of circulation. Despite the fact that precious metals have lost the special role of money, they should not be considered as a traditional commodity. Thus, the "double essence" of DM and DC - objects of the financial and commodity markets at the same time - determines the specific features of the functioning of the DM and DC markets - state regulation of the sphere of extraction, production, use and circulation of DM and DC.

The concept of "market of precious metals and precious stones" first appeared in domestic practice in 1993 in connection with the issuance of Decree of the President of the Russian Federation of December 16, 1993 No. 2148 "On the development of the market of precious metals and precious stones in the Russian Federation." The market for precious metals and precious stones is determined by I.T. Balabanov as a sphere of economic relations between participants in transactions with precious metals, precious stones and securities quoted in precious metals and precious stones. The latter include gold certificates, bonds, futures, etc. I.T. Balabanov considers the market of precious metals and precious stones as a segment of the financial market: "The modern financial market of the Russian Federation is a seven-block system of relatively independent links." The author refers to such links the money (i.e. ruble) market, the loan capital market, the securities market, the insurance market, the real estate market, the foreign exchange market, the market for precious metals and precious stones. According to S.M. Borisova, T.E. Lump-sum, the precious metals market is a mechanism that is the most important part of the production, distribution and consumption of these assets, providing and regulating needs through the sale of mining products and the redistribution of released reserves.

The precious metals and stones market is divided into three segments:

• - production and technical;
• - commodity-raw materials;
• - financial.

As a systemic phenomenon, the precious metals market can be viewed from two points of view: functional and institutional. From a functional point of view, the market for precious metals and precious stones is a trade and financial center, where trade in them and other commercial and property transactions with these assets are concentrated. From this position, the functioning of the precious metals market should ensure the industrial and jewelry consumption of precious metals and precious stones, the creation of the state's gold reserves, insurance against foreign exchange risks, profit through arbitrage transactions and swapping. From an institutional point of view, the precious metals market is a collection of specially authorized banks, precious metals exchanges. The precious metals market as a system consists of separate sectors. A sector refers to the market for only one financial asset.

According to the Federal Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control”, the following precious metals, in addition to foreign currency and securities quoted in foreign currency, also include the following precious metals: gold, silver, platinum and platinum group metals (palladium , iridium, rhodium, ruthenium, and osmium) in any form and condition, with the exception of jewelry and other household products, scrap of such products, as well as natural precious stones: diamonds, rubies, emeralds, sapphires and alexandrites, as well as pearls.

Thus, the precious metals market consists of the following sectors:

• - gold market;
• - silver market;
• - platinum market;
• - palladium market;
• - market of articles made of precious metals;
• - the market for securities quoted in gold.

In fact, the gold market was indistinguishable from the foreign exchange market until 1968, when the exchange rates became floating, and the currencies themselves began to be traded independently of gold. An essential feature of the gold market is trading, which is tied to the location of the metal (location). Trade centers are: Loco London, Loco Zurich, Loco New York, Loco Tokyo. The world's largest gold trading center is London. This is the place to pay for standard gold contracts, i.e. the place of delivery of gold, regardless of where the transaction was concluded. Such transactions are called "Loco London", i.е. with delivery in London.

• Solius G.P. Crisis and evolution of the international monetary system of capitalism: materials of the international symposium. Leningrad, 1974. Part II. pp. 42-43.
• Balabanov I. T. Precious metals and precious stones: operations in the Russian market. M.: Finance and statistics, 1998. P. 5.
• Borisov S.M. Gold in the economy of modern capitalism. M.: Finance and statistics, 1984.S. 17.

The precious metals market consists of the following sectors:

the gold market

the silver market

the platinum market

the palladium market

the market for products made of precious stones. metals

the market for securities quoted in gold

It can be defined as the sphere of economic relations between participants in transactions with precious metals, precious stones quoted in gold. The latter include gold certificates, bonds, futures.

As a systemic phenomenon, the precious metals market can be viewed from two points of view: functional and institutional.

From a functional point of view, the market for precious metals and precious stones is a trade and financial center, where trade in them and other commercial and property transactions with these assets are concentrated. From this position, the functioning of the precious metals market should ensure the industrial and jewelry consumption of precious metals and precious stones, the creation of a gold reserve of the state, insurance against foreign exchange risks, and profit through arbitrage transactions.

From an institutional point of view, the precious metals market is a collection of specially authorized banks, precious metals exchanges.

ETFs is one of the cheapest and easiest ways to enter the gold market. buying gold ETF, you do not become the owner of this precious metal as such, you simply receive the equivalent of its value.

Advantages:

· profit can be made even with a minimal increase in gold prices

· high liquidity - the ability to buy or sell within a few minutes

· there are no problems and expenses in connection with the storage of coins or bars

· the shares are backed by real physical gold stored in reliable world banks.

Disadvantages:

· trade only on foreign exchanges, so the transfer and withdrawal of funds is carried out with a delay. Foreign exchange payments may be at risk in the event of changes in foreign exchange regulations.

· It is necessary to master the work with the terminal of the trading platform

· With excess amounts and frequent purchases and sales, the cost of the exchange commission can actually reduce profitability.

11. Financial market as a system of relationships between economic entities.

The financial and monetary sector as an independent element of the monetary economy forms financial market.

World financial market is a set of national and international markets that ensure the direction, accumulation and redistribution of monetary capital between market entities through financial institutions in order to achieve a normal ratio between supply and demand for capital.

The monetary sector, which includes financial and credit, is a specific market with its turnover and income. The global financial market provides society Financial services, supplying him at the right time and in the right place with money. In other words, money is a specific commodity in the financial market. As a commodity, money circulates in such sectors of the world financial market as credit, securities, foreign exchange, insurance, etc. (Fig. 23).

The world financial market in its economic essence is a system of certain relations and a kind of mechanism for collecting and redistributing financial resources on a competitive basis between countries, regions, industries and institutional units.

The financial market consists of a number of sectors: investment, credit, stock, insurance, currency.

Financial intermediaries- the main agents of the financial market.

financial intermediaries, i.e., organizations that accept money for storage for a certain percentage or collect it for other reasons, lend it for a higher percentage to those individuals and legal entities that need investment resources, and also pay insurance policies and pensions. The emergence of financial intermediaries is a long process. Currently, they provide stable financing for economic and social needs, save money and accelerate the development of production.

12. Classification of financial market entities by functions.

By function:

Issuers

issuers - characterize the subjects of the financial market, which attract the necessary financial resources and resources for the issue of securities. They act exclusively as a seller of securities with an obligation to fulfill all the requirements arising from the terms of their issue;

Investors

investors - characterize the subjects of the financial market who invest their money in different kinds securities in order to receive income, which is formed due to the receipt by investors of interest, dividends and an increase in the market value of securities.

· Institutional investors

Institutional investor(English) institutional investor) - a legal entity acting as a holder Money(in the form of contributions, shares) and investing them in securities, real estate(including rights to real estate) for the purpose of making a profit.

· Financial intermediaries

The global financial market is served financial intermediaries, i.e., organizations that accept money for storage for a certain percentage or collect it for other reasons, lend it for a higher percentage to those individuals and legal entities that need investment resources, and also pay insurance policies and pensions.

13. Financial recipients and donors.

Donor- a legal or natural person providing material, financial, organizational and other charitable assistance to non-profit organizations on a voluntary disinterested basis.

14. The regulatory role of the state in the organization of the financial market to perform a public function.

In ensuring the normal functioning of any modern economic system, an important role belongs to the state. The state throughout the history of its existence, along with the tasks of maintaining order, legality, organizing national defense, performed certain functions in the economic sphere. State regulation of the economy has a long history - even during the period of early capitalism in Europe, there was centralized control over prices, the quality of goods and services, interest rates and foreign trade. AT modern conditions any state regulates the national economy, with varying degrees of state intervention in the economy.

The role of state regulation especially increases in the conditions of the economic crisis. World experience has shown that a way out of the crisis is possible only with the strict centralization of state power and the implementation of non-trivial measures to ensure economic growth. This was the case with Western European countries in the post-war period, and with Latin American countries (Chile, Argentina, Brazil) more recently.

State regulation of the financial market and money circulation is one of the most important and most difficult tasks of the state. A well-thought-out and properly organized financial policy is the most important factor in the successful development of the economy of any country. One of the main causes of the current crisis in our country is the ill-conceived policy of the state in the field of finance.

Financial market - market short-term, medium-term and long-term loans and stock values, i.е. shares, bonds and other securities.

The main segments of the financial market are: money capital (credits) market, securities market, foreign exchange market.

15. The state as a subject of infrastructure and a subject of organization of the financial market. national payment system.

National payment system is a collection of money transfer operators in Russia. The project to create in the Russian Federation its own payment system, which could become an alternative to international payment systems, was initiated by President Dmitry Medvedev. The draft law on the "National Payment System", which is currently under consideration by the State Duma, contains requirements for the activities of money transfer operators and the procedure for transferring electronic money. The document obliges service operators to use the payment infrastructure only on Russian territory. This means that information about payments that take place in Russia should not be transferred abroad. Accordingly, Visa and MasterCard will have to create their own processing centers in the Russian Federation.

The law also provides for requirements for the status of electronic money market operators. Such an operator must be a credit institution, and not necessarily a bank. A special status has been established for operators - a non-bank credit institution with an authorized capital of at least 18 million rubles.

16. general characteristics, the process of issuing and circulation of government short-term and long-term bonds.

The decision to issue bonds in each specific case is made by the general meeting of the company's participants.
The decision on the issue of bonds shall determine the form, terms and other conditions for the redemption of bonds.
The Company has the possibility of early redemption of bonds at the request of their owners. At the same time, the decision to issue a bond must determine the cost of redemption and the period not earlier than which they can be presented for early redemption.
The bond must have a par value. The nominal value of all bonds issued by the company must be more than one million five hundred thousand rubles. The issue of bonds by the company is allowed after full payment of the authorized capital of the company.
The company has the right to issue bonds secured by a pledge of certain property of the company, or bonds secured by collateral provided to the company for the purposes of issuance by third parties, and bonds without collateral.

17. Bonds of an internal currency loan. Federal bonds.

Bonds of the internal government foreign currency loan are an atypical instrument for the government bond market. The fact is that these bonds are denominated in US dollars, which should have referred them to the category of external loan instruments. However, these bonds are an internal loan instrument.

Bonds of an internal foreign currency loan were issued in May 1993 as an instrument for repaying the internal debt in foreign currency under the obligations of the USSR to commercial banks, charitable foundations, joint ventures, foreign trade organizations, state enterprises and cooperatives on their foreign currency accounts, which were "frozen" in accounts with the Vnesheconombank of the USSR as of January 1, 1992.

Federal loan bonds (OFZ)- bonds issued by the Ministry of Finance of the Russian Federation. These bonds are coupon bonds, that is, they provide for interest payments on coupons. For some OFZ issues, partial repayment of the face value (debt amortization) is envisaged on certain dates. These bonds fall into the category of government bonds. By maturity, OFZs can be short-term, medium-term or long-term. Place of trade - Moscow Exchange. Type of income - fixed or variable coupon rate. They are of the following types:

18. Bonds of the state savings loan. Russian Eurobonds.

Bonds of the state savings loan - bonds designed to attract funds from the population in the process of non-inflationary financing of the state budget deficit.
The issue of OGSS is carried out in accordance with the General Conditions for the Issue and Circulation of Bonds of the State Savings Loan of the Russian Federation, approved by the Decree of the Government of the Russian Federation (Aug. 10, 1995). The total amount of government savings loan bonds issuance is determined by the Ministry of Finance of the Russian Federation within the limit of the state internal debt established by the federal law on the federal budget for the corresponding financial year. The issue of bonds of the state savings loan is carried out in the form of separate issues. Legal entities and individuals can be holders of state savings loan bonds. The Ministry of Finance of the Russian Federation approves the terms of individual issues of government savings loan bonds (issue volume, circulation period and maturity date, face value, size or procedure for determining the coupon rate, frequency of interest income payment, placement procedure).

Eurobond(also in financial slang "Eurobond" - from English. eurobond) - a bond issued in a currency that is foreign to the issuer, placed with the help of an international syndicate of underwriters among foreign investors for whom this currency is also foreign.

Eurobonds- international debt instruments issued by borrowers (international organizations, governments, local authorities, large corporations interested in obtaining funds for long term- from 1 year to 40 years (mostly from 3 to 30 years) when receiving a long-term loan on the European financial market in any Eurocurrency.

Eurobonds have coupons that give the right to receive interest at a specified time. They may be dual denominated, where interest is paid in a currency other than the currency of the loan.

Eurobonds can be issued with fixed or floating interest rates

19. Sources of formation of funds of state corporations. Directions for the use of corporate funds.

In accordance with Article 7.1 of the Federal Law of January 12, 1996 No. 7-FZ “On Non-Commercial Organizations” (hereinafter referred to as the Federal Law “On Non-Commercial Organizations”), a state corporation is a non-membership non-profit organization established by the Russian Federation on the basis of a property contribution and created for the implementation of social, managerial or other socially useful functions.

Also, this article establishes that a state corporation is created on the basis of federal law, and the property transferred to the state corporation by the Russian Federation is the property of the state corporation.

According to the law, the sources of formation of the property of a state corporation are the property contribution of the Russian Federation and other sources, including regular and (or) one-time receipts (contributions) from legal entities, for which the obligation to make these contributions is determined by the federal law on the establishment of a corporation. The property of a state corporation is owned by the corporation itself.

20. Financing of budgetary services. Principles of organization of finances of budgetary institutions.

The concept of “budgetary service” (or simply “service paid for from public funds”) in this case should differ from the traditional Russian understanding of this term, since the very idea and model of performance-based budgeting are based primarily on corporate theory and practice corporate finance management.

–

Rigid distinction between budget financing and self-earned funds, for each group an estimate is made for their spending. If there is a shortage of budgetary funds, the organization is allowed to use funds from entrepreneurial activities, but their reimbursement from the budget is not provided.

21. The structure of financial relations of budgetary organizations. Financial resources of budget organizations.

For budgetary organizations whose activities are related to the social sphere, unlike non-profit organizations, the main source is budget financing. second origin – income from entrepreneurial activities, which should be sent to expand activities. The basis of financial planning is the estimate of income and expenses. The founders of budgetary organizations are the state authorities of the country, subjects or local self-government.

Budgetary organizations are classified according to a number of criteria:

depending on the functions performed by the type of activity: public administration, municipal administration, judiciary, international activities.

depending on the sources of funding: at the expense of the federal budget, at the expense of the subjects, at the expense of local budgets.

by sources of funds formation: providing paid services, not providing.

The peculiarities of the finances of budgetary institutions are: exclusive connection with the budget, the result is a shortfall in budget funds, which leads to underfunding of the organization's expenses; can provide paid services, due to this forms part of its own funds; lack of independence in spending funds, the state controls the economical and rational use of budgetary funds.

Basic principles of organizing finances of budgetary institutions:

Target use of funds;

Rigid distinction between budget financing and self-earned funds, for each group an estimate is made for their spending. If there is a shortage of budgetary funds, the organization is allowed to use funds from entrepreneurial activities, but their reimbursement from the budget is not provided

22. Formation of the institution of self-regulation in the Russian Federation.

SRO-V modern russia non-profit organizations that unite to protect and lobby their interests.

There is a transfer of part of the functions to the organizations themselves, which are engaged in self-regulation.

The most common market models in which there is no SRO at all are Austria, Bolgiya, Brazil, Hungary, Germany, India, Spain, Denmark…

Countries with a single SRO include New Zealand, Poland, Korea

There are many SROs in the USA, Japan, Canada, Norway.

SROs arise:

On a functional basis (for example, brokerage, dealer activity, etc.)

On a product basis (for example, issue-grade securities)

By attachment to a specific market (for example, the stock exchange)

By infrastructure serving specific markets

SRO began to perform other functions besides self-regulation - the functions of the organization.

The need for the emergence of various kinds of unions, etc. was due to:

Large-scale privatization in the Russian Federation

· Absence on stock exchanges of attributes of the civilizational market (registrars, depositaries….)

Information vacuum

The emergence of shares of enterprises of various industries

Difficulties in determining the real price of shares

The role of SRO has changed at different stages of market development:

· At the stage of inception, they were engaged in professional education, exchange of work experience, lobbying the interests of professional market participants, etc.

· Values ​​change after SROs receive official status. At this stage, they protect their members and deal with issues of ethics, that is, the responsibilities of members of organizations.

1996 - Law on the securities market

For the first time, it was said about the right of professional market participants to unite in SROs. The rights and obligations of SROs were developed

SRO in Russia: NAUFOR, PAUFOR, NLU, NFA, NVA

23. NAUFOR. NFA. PARTAD. NLU.

NAUFOR (National Association of Stock Market Participants) is an all-Russian organization that unites companies with licenses of professional participants in the securities market and is self-regulating. Branches of NAUFOR are located in fourteen large Russian cities.

Formed in 1995 in Moscow.

Participants in the precious metals market

Operations in the precious metals market

Regulation of the precious metals market in the Russian Federation

Precious metals market - this is the sphere of economic relations between participants in transactions with precious metals, precious stones quoted in gold

The precious metals market can be viewed from two points of view:

With functional point vision The market for precious metals and precious stones is a trade and financial center where their trade and other commercial and property transactions with these assets are concentrated. From this position, the functioning of the precious metals market should ensure:

industrial and jewelry consumption of precious metals and precious stones;

creation of a gold reserve of the state;

currency risk insurance;

making a profit through arbitrage transactions.

With institutional point view of the precious metals market is a collection of specially authorized banks, exchanges of precious metals.

The precious metals market includes a set of various relationships between market entities at the stage of exploration, mining, processing, etc., to the final production of precious metal products.

Precious metals include gold, silver and platinum group metals: platinum, palladium, rhodium, ruthenium, iridium, osmium. According to their purpose, precious metals play a dual role:

they are intended for industrial use (technics, electronics, medical equipment, prosthetics, etc.);

they are the subject of investment (making coins, jewelry), are used as treasures, reserves.

In fact, the gold market was indistinguishable from the foreign exchange market until 1968, when the exchange rates became floating, and the currencies themselves began to be traded independently of gold.

An essential feature of the gold market is trading, which is tied to the location of the metal (location). Trade centers are: Loco London, Loco Zurich, Loco New York, Loco Tokyo.

The world's largest gold trading center is London. This is the place of payment for standard gold contracts, that is, the place where the delivery of gold is made, regardless of where the transaction was concluded. Such transactions are called "Loco London", that is, with delivery in London.

The precious metals market consists of the following sectors:

gold market;

silver market;

platinum market;

palladium market;

market of articles made of precious metals;

market for securities quoted in gold.

2. Participants in the precious metals market

The main market participants are:

gold mining companies, mines, mines and mines, associations of gold producers.

The main amount of gold is supplied to the market by gold mining companies, which, through this activity, form an important category of market participants. According to the scale of production, they are divided into small companies who do not have the opportunity to deal directly with brokerage houses, and to huge companies doing business in all areas of the gold market. The latter conduct their operations on a scale large enough for instantaneous price changes, as a result of which their activities are under the close influence of other market participants. Gold refining and refining businesses also operate in the wholesale market, both for the purpose of maintaining their production processes and for the purpose of periodically buying and selling gold on behalf of their clients;

professional dealers and intermediaries.

These are mainly banks and specialized companies. They buy gold at their own expense and then resell it to other banks. Sometimes banks buy metal to increase their reserves.

Gold bullion firms act both as brokers for buyers and as primary dealers, holding their own positions in the precious metal trading to profit from price movements. The London Bullion Market Association (LBMA), representing the interests of participants in the wholesale market, divides them into two categories: market makers and ordinary participants. There are currently 14 market-formers and 48 regular ones officially registered.

Firms acting as ordinary market makers are obliged to quote the price of the metal during the whole working day at the request of their customers and other market makers. At the same time, market makers quote both the purchase price and the sale price of the metal (bid price and offer price). Ordinary dealers generally set prices only for their agents and are not required to set market prices.

Currently, only two purely brokerage companies operate on the interbank market of precious metals. These are TFS – Tradition Financial Services, London Premex AG, Zurich. Unlike the main market participants - market maker banks - brokers do not provide their quotes and do not have the right to hold open positions. For their services, brokers receive a commission on “spot” transactions - this is five cents per ounce. Other participants include major financial and trading companies, precious metal trading companies, and metal refining and refining firms;

Central banks. On the one hand, they act as large investors with a large amount of metal, on the other hand, their function is to establish the rules of the game in the gold and financial markets. At the same time they are the largest sellers and buyers of metal.

The US central bank, the US Federal Reserve System, has the greatest influence. Further behind it is the central bank of Germany - the Bundesbank (Dutch Bundesbank) and the UK - the Bank of England (Bank of England, also called the Old Lady).

The central banks of other countries also play a significant role in the precious metals market, since they store a significant part of their country's national reserves in the form of gold. Due to the large size of these reserves, the actions of central banks can have a decisive influence on the gold market. In the old days, central banks accounted for about 1/5 of the purchases of all gold entering the market, but since 1971, after the possibility of exchanging US dollars for gold disappeared, banks turned into net sellers.

The Bank of England belongs to a group of Central Banks that, firstly, trade gold for their own account and, secondly, release gold on the market in order to receive some financial profit on their gold reserves. The Bank of England and the Bank for International Settlements also operate in the market on behalf of other Central Banks;

precious metal exchanges there are no directly specialized exchanges of precious metals.

In a number of countries (primarily in the United States) there are exchanges where futures for gold and other precious metals are traded. The main objective of this trade is to hedge prices for precious metals;

investors - In addition to the industrial consumption of cash bullion, there is also investment demand, for example from pension funds and private investors. They are designed for certain types of ingots and coins. The role of investors especially increased after 1971.

Investors, with the exception of individuals, can also be suppliers. A special role in this case is played by various funds and international organizations.

In North America, there is a tendency for investors to turn into speculators, who, through tools such as trading gold with collateral, futures and options, try to make profits for short periods of time using price action, without physical consumption or delivery of gold. Asian investors, unlike American and European ones, tend to physically accumulate gold in bars of various forms and consider investing in gold as a means to get out of critical financial situations;

industrial users - jewelry production, industrial enterprises, refineries.

A large part of the gold refining clientele is made up of various industries that require gold with various specific characteristics. For the needs of the electronics industry, gold of 999.99 purity may be consumed, while the needs of jewelers may be limited to gold in the form of sand for its subsequent remelting. While industries often purchase precious metals through brokerage firms that hold gold in consignment warehouses, in some cases it is the brokerage firms that refine and refine the gold on behalf of and on behalf of their clients.

The financial market consists of the money market and the capital market. This is due to the different nature of the financial resources serving fixed and working capital. The money market circulates funds that ensure the movement of short-term loans. In the capital market, there is a movement of long-term savings.

The stock market operates within the financial market. On it, the object of trade is securities, the value of which should be determined by the assets behind them. The securities market serves both the money market and the capital market. But securities serve only a part of the movement of financial resources (besides them, there are also intra-company and inter-company loans, direct bank loans, etc.).

Thus, the financial market consists of two parts - the money market and the capital market. The stock market included in it is a segment of both of these markets. The movement of funds in the financial market has a direction from savers to users. Through the financial market, financial resources can be transferred from one sector of the economy to another. In total, 4 sectors are distinguished: households, commercial firms, the public sector and financial intermediaries. Most of the capital of households is formed from their own funds. It is here that the main surplus of financial resources is formed, directed to finance commercial firms, the state and placed in financial institutions (investment funds, banks, etc.). The greatest need for financial resources is experienced by the largest sector - the state. It is the largest borrower in the financial market, but also acts as the largest lender to households, businesses and financial intermediaries. There is also intra-sector movement of funds. However, these cash flows “mutually repay”, because in the end, the amount of savings (financial assets) is equal to the amount of investments (financial liabilities).

A characteristic feature of the development of market relations is the rapid development of the financial market and all its links. The modern financial market is a seven-block system of relatively independent links. A link is a market for a certain group of homogeneous financial assets. Such links of the financial market include the money market, the loan capital market, the real estate market, the foreign exchange market, and the precious metals market.

Precious metals market as a component of the financial market

The precious metals market consists of the following sectors:

• gold market
• silver market
• platinum market
• palladium market
• market for jewelry items. metals
• gold market

It can be defined as the sphere of economic relations between participants in transactions with precious metals, precious stones quoted in gold. The latter include gold certificates, bonds, futures.

As a systemic phenomenon, the precious metals market can be viewed from two points of view: functional and institutional.

From a functional point of view, the market for precious metals and precious stones is a trade and financial center, where trade in them and other commercial and property transactions with these assets are concentrated. From this position, the functioning of the precious metals market should ensure the industrial and jewelry consumption of precious metals and precious stones, the creation of a gold reserve of the state, insurance against foreign exchange risks, and profit through arbitrage transactions.

From an institutional point of view, the precious metals market is a collection of specially authorized banks, precious metals exchanges.

The precious metals market includes a set of various relationships between market entities at the stage of exploration, mining, processing, etc., to the final production of precious metal products.

Precious metals include gold, silver and platinum group metals: platinum, palladium, rhodium, ruthenium, iridium, osmium. According to their purpose, precious metals play a dual role:

• they are intended for industrial use (technics, electronics, medical equipment, prosthetics, etc.);
• they are the subject of investment (making coins, jewelry), are used as treasures, reserves.

In fact, the gold market was indistinguishable from the foreign exchange market until 1968, when the exchange rates became floating, and the currencies themselves began to be traded independently of gold.

An essential feature of the gold market is trading, which is tied to the location of the metal (location). Trade centers are: Loco London, Loco Zurich, Loco New York, Loco Tokyo. The world's largest gold trading center is London. This is the place of payment for standard gold contracts, that is, the place where the delivery of gold is made, regardless of where the transaction was concluded. Such transactions are called "Loco London", that is, with delivery in London.

Functions of the precious metals market

Gold acts: as a currency asset that performs a number of functions of money; as an ordinary commodity, with its own cost of production, subject to the laws of supply and demand, as well as speculation.

The largest volume of trade in precious metals is observed in the international interbank gold market. The interbank market of non-cash metal includes a wide range of trading operations:

1) Operations of the "spot" type are carried out on a spot basis, that is, with the date of crediting and debiting on the second business day after the day the transaction was concluded. All other metal purchase and sale transactions are called “outright” transactions (outright - “wrong transactions”).

The Loco-London spot price serves as the basis for calculating the prices underlying all other transactions.

The standard volume of a transaction in gold on a spot basis on the international market is 5,000 troy ounces, or 155 kg; in silver - 100 thousand troy ounces (called one LEK, 50 thousand troy ounces - half LEK), or about 3 tons; in platinum, 1000 troy ounces. The behavior of each bank in the market is determined, first of all, by its client base, that is, the presence or absence of client orders for the purchase and sale of precious metals.

2) Operations of the “swap” type (swap-“exchange”) is the purchase and sale of metal with the simultaneous presence of the reverse side of the transaction. The standard swap deal is 1 ton, or 32,000 ounces.

There are the following types of swaps:

1. Time swap (financial swap) - buying and selling of the same amount of metal on spot terms versus buying and selling on forward terms. The interest rate on financial swaps is the difference between the dollar deposit and gold deposit rates.

Rates on gold swaps are lower than on dollars for the same period. This is because a gold deposit is cheaper than a dollar deposit.

2. Swaps by the quality of the metal - this is the simultaneous purchase and sale of metal of one quality (for example, 999.9 fineness) against the sale and purchase of gold of another quality (for example, 999.5 fineness). The party selling higher quality gold will receive a premium.

3. Location swaps are the buying and selling of gold in one location (eg London) against the sale and purchase of gold elsewhere (eg Zurich). Since, depending on market conditions, gold can cost more in one place, in this case one of the parties receives a compensating premium.

3) Deposit operations. They are held when it is necessary to attract metal to the account or, conversely, place it for a certain period. Deposit rates for gold are lower than deposit rates for foreign currency (the difference is about 1.5%), which is explained by lower liquidity compared to the currency.

Interest on a gold deposit is usually paid in foreign currency (sometimes in gold) and is calculated as follows:

Quantity of metal * current spot market price * interest rate * number of days

The amount of interest for the use of the deposit is credited to the account of the counterparty that provided the metal as a deposit on the day of expiration of such a deposit.

4) Option - the right (but not the obligation) to sell or buy a certain amount of gold at a certain price on a certain date or during the entire agreed period.

An option that can be exercised on any day during the life of the contract is called an American option. An option that can only be exercised on the expiration date of the contract is called a European option. There are two types of options:

• Sell ​​option (put option). It gives the option buyer the right to sell the metal at the strike price or refuse to sell it.
• Buy option (call option). It gives the option buyer the right to buy the metal at the strike price or refuse to buy it.

Such transactions are used for hedging. The principle of hedging is as follows.

If an investor hedges himself against future price increases, he must either buy a call option or sell a put option; if the investor hedges himself against a decrease in price, he must either buy a put option or sell a call option.

Dealers use combinations of options in their work. There are the following option strategies:

a) Straddle is an option strategy in which one call option or one put option is bought or sold with the same strike price and expiration date, provided that the dealer believes that no shocks and strong price changes are expected in the market in any, not to the other side.

b) Strangle is an option strategy in which one call option and one put option are bought or sold with different strike prices but the same expiration date. This strategy is most suitable for "calm" markets with low price volatility (variability), but subject to strong fluctuations.

c) Bull spread - upward spread. This is an option strategy where you buy and sell two put options or two call options with different strike prices. The strategy reflects the dealer's opinion about the future growth of prices for precious metals, but to a limited extent. By selling an option with a simultaneous purchase, the dealer gets the opportunity to reduce the cost of paying the premium for a more expensive option.

All options can be divided into three categories:

• An in-the-money option is an option whose exercise price is more profitable than the current forward price calculated at the time of its exercise.
• Option without winning (at the money).
• Option with a loss (out of the money).

For example, a call option with an exercise price of $400 and an expiration date of one month would be considered "in the money" if the forward price of gold calculated from the existing this moment rates on gold and foreign currency deposits for a period of one month will be above 400 dollars. And if the current forward price of such an option is about $400, then the option is considered "at the money", if it is lower - "out of the money".

At the time the option contract is entered into, the buyer pays the seller a premium, which is the price of the option. The premium has two components: intrinsic value and time value. The intrinsic value is the difference between the current forward price of the metal and the strike price of the option when it is a winning option. Time value is the difference between the premium and the intrinsic value.

The value of the option premium depends on: the spot price for the metal; execution prices (strike price); period before the expiration of the option; existing interest rates for currency and metal; specific value - "degree of market volatility" ("volatility").

With the help of options, the investor gets the opportunity to build various hedging strategies.

5) A futures contract is an agreement between counterparties on the future supply of metal, which is concluded on the exchange. The execution of all transactions is guaranteed by the Clearing House of the exchange.

In world practice, futures contracts for gold are traded on several exchanges: Comex (New York); Nimex (New York), trading in platinum; Simex (Singapore); Current (Tokyo); Luxembourg Gold Exchange.

Scheme of carrying out futures operations:

• The broker on the phone informs the client about what is happening on the stock exchange.
• A client places an order with a broker to buy or sell futures contracts, specifying the quantity and price level.
• The broker immediately informs the client about the execution of the order, fills out a card indicating the execution time, after which the transaction data is entered into the central computer of the clearing house.
• After the closing of the exchange, the client is sent an extract on the status of his account and transactions made.
• The client pays for the services of a brokerage firm, a clearing house and an exchange (12 US dollars per one futures contract).

One gold contract includes 100 ounces of gold and is required to deposit a margin of 1.5 thousand US dollars.

Futures contracts are not used for real delivery, but for hedging and speculation. Speculation is based on fluctuations in the futures price. A speculator will receive a win on a futures contract if he: buys it at a lower price and subsequently sells it at a higher price; will sell the contract at a higher price and subsequently buy it back at a lower price.

With the help of futures contracts, the hedger can hedge against future changes in the price of gold. If the hedger is insuring against a fall in the price of gold, then he should sell the futures contract. And if an investor is insuring against an increase in the price of gold, because he plans to buy it after some time, he must purchase a futures contract.

6) Forward transactions provide for the actual purchase or sale of metal for a period exceeding the second business day. The purpose of entering into a forward transaction by the buyer is to insure against future increases in the price of the metal in the spot market. The purpose of concluding a forward transaction by the seller is to insure against a decrease in the metal price in the spot market in the future.

When determining the price of a forward contract, it is necessary to take into account the following:

• the seller of the forward contract undertakes to deliver gold after the expiration of the period specified in the transaction. This allows him to place gold on deposit within the term of the contract and receive a certain percentage. Therefore, the forward price should be reduced by this percentage;
• refusing to sell gold on the spot market, on the day the forward transaction is concluded, the investor loses interest on the foreign currency deposit, which could have been received by placing money from the sale of gold in the bank. Therefore, the forward price must be increased by this amount.

In the gold market, not only the price of the metal fluctuates periodically, but also interest rates on gold loans and deposits. Therefore, in practice, there is a need to insure against such changes. One of the hedging instruments is the forward rate agreement - FRA. This is an agreement between two counterparties, according to which they undertake to exchange, at a certain date in the future, payments based on short-term interest rates, one of which is fixed and the other is floating. FRA appeared in the early 80s as a qualitative moment in the development of interbank interest rate contracts. The purpose of the FRA opinion is to hedge the interest rate. Gold FRAs have not been widely used on the market.

Regulatory documents regulating the operation of the precious metals market in Russia

The main regulatory document for working on the precious metals market is the Federal Law "On Precious Metals and Precious Stones", which entered into force on April 7, 1998. (http://www.rdmk.ru/info/law/index.html) In accordance with the articles of the Law, precious metals acquired in accordance with the procedure established by the legislation of the Russian Federation may be in federal ownership, the property of constituent entities of the Russian Federation, municipal property, as well as owned by legal entities and individuals.

Refined precious metals enter the civil circulation in accordance with the rights of the owners established by the relevant licenses and agreements.

Together with the Government of the Russian Federation, the State Duma, the Laws "On Production Sharing" were prepared and adopted, which allows investors to make a profit in our country, both in monetary terms and in kind, and export them; the Law “On the removal of VAT from the circulation of precious metals” was adopted; "On the reduction of fees for subsoil".

According to the Law of the Russian Federation "On currency regulation and currency control", currency values, except for foreign currency and securities quoted in currency, also include the following precious metals: gold, silver, platinum and platinum group metals (palladium, iridium, rhodium, ruthenium and osmium ) in any form and condition, with the exception of jewelry and other household products, as well as scrap of such products, as well as "natural precious stones - diamonds, rubies, emeralds, sapphires and alexandrites ... as well as pearls ..."

In connection with the entry into force of Bank of Russia Ordinance No. 1283-U dated May 28, 2003 "On the Procedure for Setting Account Prices for Refined Precious Metals by the Bank of Russia", effective July 7, 2003, the Bank of Russia introduced the following procedure for setting discount prices for refined precious metals ( gold, silver, platinum and palladium).

Every business day, the Bank of Russia calculates discount prices based on the current fixing values ​​for gold, silver, platinum and palladium on the London Spot Metal Market, reduced by a discount equal to the average cost of supplying international market each type of precious metals, and are recalculated into rubles at the official exchange rate of the US dollar to the Russian ruble, effective on the day following the day the discount prices are set.

Discount prices are applied for accounting purposes in credit institutions starting from the calendar day following the day they are set and remain in effect until the new discount price values ​​come into effect.