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This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions …. The paper examines the composition and origin of physical stocks of gold, their flows, and their market destination and … also reviews the operation of bullion and paper gold markets …
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Hedge funds are collective investment vehicles, often organized as private partnerships and resident offshore for tax and regulatory purposes. Their legal status places few restrictions on their portfolios and transactions, leaving their managers free to use short sales, derivative securities,...
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