"You Can't Pump It... But You Can Bid It Out Of Someone's Hands" - Goldman Unveils Its Most Comprehensive Look At The Gold Market Ever

The following is excerpted from a comprehensive primer from Goldman Sachs Precious Metals team providing an overview of the global gold market and the core mechanisms that drive gold prices.

I. Global Market Structure: Where Gold Trades

Gold trades globally, but two markets dominate price formation: London and New York.