Sean Ross 2016年三月16日
2016年2月，中國政府宣佈推出一個新的人民幣計價的黃金價格方案。在這個消息發佈不久之前的12月，217噸黃金被存儲到中國的金庫中，上海證交所的黃金需求在股票暴跌之後開始複蘇。這僅僅是中國想讓上海代替倫敦成為世界黃金交易中心的另一個案例。
從2008年之後金融媒體開始越來越關註倫敦黃金價格和黃金交易。首先，經濟大蕭條和隨之而來的央行措施破壞了人們對法定貨幣的信任。黃金價格開始暴漲。國際政府，尤其是中國，在美國國債危機中開始大規模儲存黃金以支持他們的紙幣。之後在2014年，主要銀行機構被發現通過倫敦系統操縱黃金價格。倫敦的黃金中心地位首次出現了不確定現象。
世界黃金價格制定者
世界黃金價格制定者開始於1919年，當時五個黃金交易機構成立了市場集團。這五家公司旨在提高黃金交易市場的流動性和一致性。每個公司都是做市商，與其他公司合作根據最近的供應和需求數據建立有效的市場價格。
直到2004年，倫敦黃金市場做市商還在早上和下午使用電話會議制定當天市場的價格。白銀、鉑金和钯金也使用同樣的系統定價。
成員銀行屬於倫敦金銀市場協會（LBMA）。作為客戶交易黃金訂單的代理並進行自身交易。
許多投資者認為系統過時和存在内部交易，他們的擔心在2014年得到了證實，當時五家成員銀行因操控價格在紐約聯邦法院被起訴和罰款。
2008年到2015年黃金價格走勢
進入2008年，黃金價格在經歷了三個巨大漲幅之後達到836.50美元。黃金價格在經濟衰退期間增長緩慢，甚至在10初跌到728.50美元。黃金價格在2009年8月到2011年8月出現了成本增長，曾經一度超過1800美元。
現貨黃金價格在經歷了相對穩定的2012年之後大幅下跌。黃金價格在2013年1月初為1644美元，而年中時則跌到1203.25美元。直到2015年初，瑞士是黃金的主要買家。
之後，中國成為主要買家，或者說至少是最穩定的買家。從2015年2月到年末黃金開始從英國淨流出到中國。結果是倫敦的黃金交易量開始減少，倫敦黃金交易量從2011年到2015年下降超過50%。
未來倫敦黃金的不確定性
倫敦在成為世界黃金價格制定者之前就是世界黃金中心。Goldsmiths公司成立於1300年，可能是西方最早的金銀監管機構。英格蘭銀行成立於1649年，在接下來的300年都是世界上最主要的黃金交易所。
這些遺產現在都處於危險中。歐盟中的許多人希望倫敦從買家到賣家的直接市場變成電子黃金交易市場。倫敦金銀市場協會已經宣佈將建立這樣一個中心。其他公司主張建立一個以塊連接為基礎的交易所，實際上是用比特幣交易黃金。現在倫敦和倫敦金銀市場協會需要做出一系列的重大改革以抵制亞洲競争對手。
London's Effect On Gold Prices
By Sean Ross | March 16, 2016
In February 2016, Chinese authorities announced plans to launch a new yuan-denominated gold price-fixing scheme. The news came just after a huge 217-metric-ton shipment of gold was placed in Chinese vaults in December 2015, a strong revival of gold demand in the wake of the Shanghai stock market calamities earlier in the year. This is just one more sign that China wants Shanghai to replace London as a global center of gold trading.
The financial media has increasingly focused on gold prices and gold trading – and, by extension, London – since 2008. First, the Great Recession and the ensuing response from central banks eroded trust in fiat currencies. Gold prices shot through the roof. National governments, especially China's, rushed to fill their vaults with more bullion to back up paper money in the event of a US. Treasury crisis. Then in 2014, major banking institutions were found to be manipulating gold prices through the London system. London's future status as the leading gold hub is now uncertain for the first time in hundreds of years.
The London Gold Fix
The London gold fix started in 1919, when five huge gold-trading institutions organized themselves into a market collective. Led by N.M. Rothschild & Sons, the five companies aimed to increase liquidity and uniformity across gold-trading markets. Each company acted as a market maker, collaborating with the other players to establish an effective market price based on the most recent supply and demand order figures.
Since 2004, London's gold market makers have used morning and afternoon telephone conference calls to set global spot prices for the day. This is the same system used for silver, platinum and palladium bullion.
Member banks belong to the London Bullion Market Association (LBMA). Each acts as an agent, trading gold orders made by its customers, and as a principal, making trades on its own behalf.
Many investors have long considered the system antiquated and ripe for rigging and insider dealings – concerns that turned out to be justified in 2014, when five member banks were sued and fined for price manipulation in a New York federal court.
The Gold Price Journey: 2008-2015
Entering 2008, gold spot prices were at a modern record of $836.50 after three years of substantial gains. Gold grew slowly during the heart of the recession, even dropping to $728.50 by that October. Prices doubled between August 2009 and August 2011, exceeding $1,800 an ounce.
Spot prices fell sharply following a relatively stable 2012. This was also when London started seeing a mass exodus of bullion. Gold sat at $1,664 per ounce entering January 2013 and declined to $1,203.25 by the middle of the year. Switzerland was the predominant buyer until early 2015.
Then, China assumed the mantle of chief buyer, or at least the most consistent. There were net outflows from the United Kingdom to China every month between February 2015 until the end of the year. The result is a much softer gold market in London. In terms of monthly net clearings, the volume of gold trade in London fell by more than 50% between 2011 and 2015.
London's Uncertain Gold Future
London was an international gold hub long before it established an official gold fix. The Worshipful Company of Goldsmiths, founded in 1300, was probably the first gold and silver regulatory body in the Western world. The Bank of England was established in 1694 and spent the next 300 years as the primary international gold exchange.
That legacy is now in jeopardy. Many in the European Union want London to move its direct buyer-to-seller gold market toward an electronic gold exchange. The LBMA already announced plans to build such a hub. Other gold companies argue for a blockchain-based exchange – essentially a Bitcoin for gold. It's likely that London and the LBMA will need some serious reforms to keep Asian competitors at bay.
本文翻譯由兄弟財經提供
文章來源：http://www.investopedia.com/articles/investing/031616/londons-effect-gold-prices.asp