FT World Gold Conference Held June 19 and 20 In Lugano, Switzerland

摘要

On June 19 and 20, 320 participants from 37 countries convened at the Lugano Convention Center in Lugano, which is in southern Switzerland. This was the 17th annual meeting in this series, held principally over the years in Switzerland, either in Montreaux or Lugano, with other sites including London in 1994, Istanbul in 1993, Vienna in 1991 and Venice in 1990. Although considered well attended in view of the stable gold price and new developments, such as in the Commonwealth of Independent States and Ghana, the number of participants reached the 400 mark at two previous conferences, London last year, and the most recent meeting in Lugano in 1989. Nextyearthe possible venues for the 18th annual gold conference include St. Tropez, Prague or Budapest. Impact of Gold Derivatives In his opening remarks to the opening session devoted to the impact of gold derivatives, Jean Zwahlen, member of the governing board of the Swiss National Bank, emphasized that the Swiss National Bank has no intention of selling its gold reserves, with this loyalty to gold enhancing its reputation and credibility. The gold market is the most striking example of how much good derivatives can do because, for example, the spot price for gold has moved within a relatively narrow band during the past two years partly from options. The spot price is kept in check by the clusters of option strike prices supporting the view that the option writers, such as central banks, perform stabilizing role. Any "quick fix," measures seeking to impede, suppress or prohibit certain derivative instruments, operations and strategies will be highly detrimental.