黄金市场入门：市场规模和结构

Contents Executive summary3 Gold is a scarce asset with a large market4 Financial gold is synonymous with bullion4 Gold’s liquidity is on a par with other major assets 5 Gold is a small but meaningful fraction ofinvestable assets6 Gold’s role in international reserves has grown7 Supply and demand are diverse – supportingmarket stability8 Executive summary The gold market is notable for both its long history and its significant scale. Gold’s roleas a consumer good and an investment asset is shaped by its scarcity, the durability ofits above-ground stock, and its usefulness to individuals and institutions alike. Thisprimer outlines the market’s size, structure, and essential characteristics, providing afoundation for understanding gold’s ongoing relevance in the global economy,financial portfolios and official reserves. •A US$31tn market:approximately220,000tof goldare availableabove ground–making gold scarce but large enough to enable a wide range of participants, fromconsumers and investors to central banks •A deep and diverse financial market: investable gold, mostly in bullion form,amounts to more thanUS$15tn−US$9tn in physical bars, coins, gold ETFs andover-the-counter holdings by private investors; US$5tn managed by central banksand other official institutions, and nearly US$1.5tn in derivatives •Institutional-grade liquidity: gold traded a recordUS$361bn per dayonaverage in 2025, equivalent to 3,000t exchanging hands daily– London is a keytrading hub with more than US$160bn in over-the-counter volumes per day,mostly in the form of spot contracts, while COMEX leads in derivatives trading,followed by the fast-growing Shanghai Futures Exchange •An under-owned strategic investment: gold makes up3%of global financialassets (excluding central bank reserves); however, it is not uniformly distributedand remains significantlyunder‑allocatedin many investor portfolios •A core foreign reserve asset: central banks and official institutions collectivelyhold nearly39,000t of gold, worthUS$5tn, equivalent to26%of global allocatedreserves as of 2025. For developed countries, the average share of gold is largerat 30%, and although emerging markets are catching up, they still hold around15% •Its diverse structure supports stability: gold’s dual demand from consumptionand investment, combined with its geographically far-reaching mine supply and asignificant contribution from recycled gold, creates a natural balance for themarket and limits outsized shocks. Gold is a scarce asset witha large market Nearly 220,000t of gold, valued at US$31tn,have been mined throughout human history. Scale is one of the standout attributes of the goldmarket. The totalabove ground stockis large in bothphysical and financial terms: almost 220,000t of goldhave been mined throughout history, valued atapproximately US$31tn at the end of 2025.1A usefulway to visualise this is the ‘gold cube’: if the entireabove‑ground stock were melted down it would fit intoa cube with sides of roughly 22.5 metres (74 feet)(Figure1). Of this: •Jewellery accounts for 44% (97,650t, US$14tn)•Central banks and other official institutions hold18% (38,670t, US$5tn) as reserves•Bars and coins represent 21% (46,950t, US$7tn)2•Physically-backed gold ETFshold 2% (4,025t,US$0.6tn)•We estimate that over-the-counter (OTC) holdingsby institutions and high net worth investors areapprox. 5% (up to 10,000t, US$1.5tn)•The remainder, consisting primarily of technologyand other industrial applications, amounts to 10%(22,600t, US$3tn).3 Financial gold issynonymous with bullion The total investible gold market is worth US$15tn,comprising physical investment (US$14tn) andderivatives (US$1.5tn). Importantly, the stock is permanent. Gold is virtuallyindestructible, so unlike many industrial commodities,historical production continues to exist as potentialinventory in some form−held as jewellery, coins, bars,central bank reserves, or in other applications. The physical investment gold market is comprised ofseveral key components, starting with bars and coins:tangible forms of investment bullion commonly heldby individuals and institutions. Next, physically-backedgold ETFs offer investors exposure to gold without theneed to own the metal directly, making these apopular choice for those seeking convenience andliquidity. This persistence means the market is not solelydetermined by new mine production, but also by alarge existing stock that can respond to changes inprice, risk and preferences (i.e., the flow of goldbetween various parts of the market). The stock also grows slowly – by around 1.8% per yearthrough newly mined metal – reinforcing gold’sscarcity over time.4This gradual growth alsocontributes togold’s long-run performanceand itexplains why short‑run changes in demand, oftenthough investment flows, can have meaningful effectson price. In addition, OTC gold investment stands out as aparticularly important segment. OTC holdings,estimated to as high as 10,000