The Paris gold market is essentially a domestic one, although since 1987 the freedom to trade physical gold outside France's frontiers has existed. However, an individual fiscally domiciled in France is liable to an eight per cent resale tax on bullion.
Turnover is much less than in the 1950s and 1960s when the French were regarded as the greatest hoarders of gold in Europe and the French price could influence the international market. Indeed, by contrast, the French market since the mid-1980s has been characterised by sustained dishoarding of physical metal by French investors.
A daily price fixing takes place at 12.15 pm in the basement of the Paris Bourse (Stock Exchange). This session fixes prices for 12½ kg (400 ounce) good delivery bars, French kilobars and the most common gold coins, such as the 20 franc Napoleon, the US Double Eagle, the Mexican Centenario, and the Krugerrand.
Fixing members are the CPR Or, Crédit du Nord, and Cookson - CLAL. CPR Or negotiates about 70% of the French gold in the bullion market.
Turnover is much less than in the 1950s and 1960s when the French were regarded as the greatest hoarders of gold in Europe and the French price could influence the international market. Indeed, by contrast, the French market since the mid-1980s has been characterised by sustained dishoarding of physical metal by French investors.
A daily price fixing takes place at 12.15 pm in the basement of the Paris Bourse (Stock Exchange). This session fixes prices for 12½ kg (400 ounce) good delivery bars, French kilobars and the most common gold coins, such as the 20 franc Napoleon, the US Double Eagle, the Mexican Centenario, and the Krugerrand.
Fixing members are the CPR Or, Crédit du Nord, and Cookson - CLAL. CPR Or negotiates about 70% of the French gold in the bullion market.
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