for global economic trends and the gold market. Overall, the main findings suggest that in the near future, motives other … than inflation hedging will be the main drivers of gold market dynamics. Growth in emerging economies, which are among the … largest sources of gold demand, and financial market uncertainty, will be the most important ones. In particular, even if the …

document a high level of financial integration before the gold standard period, with estimated transaction costs far lower than … historically-observed “gold” and “silver points” (i.e., the costs to bullion arbitrage). We review the assumptions of the classical … gold-point arbitrage model and conclude that TAR-computed thresholds cannot be interpreted as transaction costs in the …