The Role of Gold in the International Monetary System and Gold Based Financial Instruments

Abstract

Gold, that has been existed in each period of the finance history, is directly used as an exchange tool and a substantial reserve for the financial system. Besides it has been a saving and investment tool amongst the investors. Today it still remains on the agenda within various financial tools. The reason of preparing this study is the development achieved in Turkey recently, relating the Gold Bonds/Gold Certificates which is one of the gold based financial instruments contributing to the economic growth via “gold under mattress” belonged to the individual investors. Initially “the concept of gold” and then “the role of gold in the international monetary system” are mentioned in the study afterwards “gold trading markets” are briefly presented. By clarifying “the gold based financial instruments”; the study is finalized by results and conclusion chapter.