CONTENTS Chapter 1 Shanghai Gold Exchange Market / 53 I. Market Summary / 53 II. Major International Markets / 58 III. Following the Central Government and the PBC CPC Committee / 60 IV. International Market Development / 64 Chapter 2 Shanghai Futures Exchange Market / 67 I. Overview of SHFE Gold Markets / 67 II. Market Price / 71 III. Market Building / 74 IV. Future Plans / 75 Chapter 3 Commercial Banks’ Gold Businesses / 77 I. Gold Trading at SGE / 77 II. OTC Gold Trading / 78 III. Overseas Gold Trading Volume / 81 Chapter 4 Gold Supply and Demand / 83 I. Gold Supply Structure / 84 II. Gold Demand Structure / 87 Chapter 5 International Market / 89 I. Global Gold Market Summary / 89 II. Jewellery / 93 III. Investment / 98 IV. Supply / 109 Appendix / 115