| With the evolution of human society and the international monetary system, gold has gone from commodity to commodity currencies and then (non-monetary gold) of twists and turns, historical status and role of gold has also undergone a change accordingly. In the era of gold as money, gold was playing a measure of value, medium of exchange, means of payment functions, reserve currency, world currency and so on; the non-monetary gold, which in1971President Nixon closed the gold window after the announcement, gold functional reserve currency functions, leaving only one. Meanwhile, gold prices reflect market conditions. Like stocks and bonds,gold becomes a hot investment item. But over the past two years, with the growing recovery in the U.S. economy, the investment function of gold appears to have weakened. In2013, the international price of gold rose in successive years experience12years later, for the first time fell by29%. Additionally, the gold reserves of the low yields, high opportunity cost of holding gold reserves and other issues, but also caused the gold reserves of central banks to manage and use the confusion. What exactly is the significance of holding gold? How to assess the financial capabilities of gold? How to invest in gold? How appropriate scale gold reserves? These issues are the focus of the past40years the study abroad gold, but did not reach a consensus.This paper reviewed gold-related literature. With the advancing process of non-monetary gold, gold-related study was gradually reduced, but research aspects of the financial attributes of gold is increasing after gold has become a hot topic of non-goods. After the non-monetary gold, gold properties mainly in two aspects,such as financial investment and reserve.This paper reviews the gold from general merchandise to the historical evolution of specific goods, analyzes the evolution of the financial functions in the process of gold convertibility, convertible and non-convertible limited conditions. Pointed out that non-monetary gold with a certain inevitability, which is the result of contradictions between rapid money supply and shortage of gold in the world economy. Meanwhile, non-monetary gold is not sufficient, gold still retains the functional reserve currency to a certain extent, this situation reflects the dollar as the international currency of the inherent flaws and problems. In recent years, by quantifying the United States, Europe and other developed countries, easing the impact of gold on the role of a country's investment allocation foreign assets rising, emerging market countries, the gold reserves of functions to be further optimized. Influence addition, the trend in commodity finance, geopolitical conflicts, various types of economic and financial crisis, the weak dollar and other factors, the investment function of gold has also been strengthened.Gold investment function mainly is in hedge, safe haven and other aspects. Special features gold investment is closely related to the special nature of price fluctuations. In this paper GJR_GARCH and Markov mechanisms converting models were analyzed gold price volatility asymmetry and long periodicity. Gold price volatility asymmetry refers to the impact of positive and negative shocks, the price of gold and the stock market showed volatility opposite, that is, when the deterioration of the macroeconomic environment, gold prices tend to rise. This highlights the effects of gold hedging. Long cyclical price fluctuations once refers to a trend will last longer. Long periodic analysis indicates the best time to buy gold when the price of gold is beginning to show a significant upward trend. Analysis of the characteristics of price fluctuations for in-depth study of investment and reserve functions laid the basis of the price of gold. In the investment function analysis, the paper gold hedging, hedging and financial hedging capabilities were tested, the effect that the investment in these three areas are prime objective existence. In the reserve function, we use comparative analysis, analysis of the variation of the United States, Europe, Japan, Britain, Switzerland and other developed countries and emerging markets such as the BRIC countries of the total gold reserves and the historical and practical reasons affecting gold reserves, comprehensive analysis of the management and use patterns States gold reserves, and the establishment of China's gold reserves management indicator system on this basis, the calculation of the optimal size of gold reserves. This paper argues that the optimal size of the short-term China's gold reserves is about2,500tons, and long-term optimal size at about5,000tons.Finally, from the national conditions, China's gold market started late, there are many gold investment is not conducive to play and functional reserve obstacles. Based on this, this paper analyzes the development of China's gold market, the problems and optimize the gold from the perspective of financial functions, proposed the establishment of China's gold market maker system, improve our business bank account deposits, China's gold reserves to optimize the management and use, etc. policy recommendations. |
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