Analysis of the Precious Metals Market in Russia as a Component of the Global Financial Market in Modern Conditions

  • M. E. KonovalovaEmail author
  • O. Y. Kuzmina
  • E. S. Nedorezova
  • S. Y. Salomatina
  • A. M. Mikhaylov
Part of the Contributions to Economics book series (CE)


The world precious metals market is an integral part of the global financial market, which determines its stability. It is mainly connected with historical development features of the financial market, where formation was related to circulation of precious metals. The world market still has high potential for growth that is especially relevant to Russia, which has high natural potential, advanced technologies for extraction and production of metals. It creates competitive advantage in the world market. The key players of this financial segment are commercial banks, which use resources of the precious metals market for diversification of its risks. It provides stability and sustainability of a bank segment. The purpose of the contribution is to study the process of formation of the precious metals market in Russia as a component of the global financial market and to identify problems, hindering its further development. The precious metals market in Russia is not completely formed and developed as there are some restrictions, which retard its development. The authors carried out the comparative analysis of gold and paper money as forms of cash equivalent of different historical eras. It allowed establishing the role of the precious metals market as a part of the financial market, which laid the basis for financial architectonics and provided financial market stability. The price fluctuations in the world precious metals market during 2000–2015 were analyzed, and the dependence of prices of various metals was defined. Based on these facts, the authors made a conclusion on the derivative character of asset prices of the precious metals market from gold prices. The key problems, hampering development of the precious metals market in Russia, were shown. The institutional imperfection of this financial segment is the most important.


Precious metals Precious metals market Price correlation Central bank Commercial banks 


  1. Duncan, K.: Foley: Adam’s Fallacy: A Guide to Economic Theology. Belknap Press, London (2008)Google Scholar
  2. Fisher, I.: The Purchasing Power of Money: Its Determination and Relation to Credit, Interest, and Crises. The Macmillan Company, New York (1920)Google Scholar
  3. Friedman, M.: A Program for Monetary Stability. Fordham University Press, New York (1960)Google Scholar
  4. Gangopadhyay, K., Jangir, A., Sensarma, R.: Forecasting the price of gold: an error correction approach. IIMB Manage. Rev. 28(1), 6–12 (2016)Google Scholar
  5. Gokmenoglu, K.K., Fazlollahi, N.: The interactions among gold, oil, and stock market: evidence from S&P500. Procedia Econ. Finance 25, 478–488 (2015)CrossRefGoogle Scholar
  6. Hayek, F.A.: Monetary Theory and the Trade Cycle. Jonathan Cape, London (1929, 1933)Google Scholar
  7. Henckens, M.L.C.M., van Ierland, E.C., Driessen, P.P.J., Worrell, E.: Mineral resources: Geological scarcity, market price trends, and future generations. Resour. Policy 49, 102–111 (2016)CrossRefGoogle Scholar
  8. Hicks, J.R.: Value and Capital. The Social Framework, Oxford (1939)Google Scholar
  9. Hume, D.: A Treatise of Human Nature. Philosophical Texts, Oxford (1738, 2000)Google Scholar
  10. Keynes, J.M.: The General Theory of Employment, Interest and Money. Palgrave Macmillan, London (1936)Google Scholar
  11. Locke, J.: Essay Concerning Human Understanding. The Baffet, London (1690)Google Scholar
  12. North, D.: Discourses Upon Trade. Printed for Tho. Basset, London (1691)Google Scholar
  13. Ntim, C.G., English, J., Nwachukwu, J., Wang, Y.: On the efficiency of the global gold markets. Int. Rev. Finan. Anal. 41, 218–236 (2015)CrossRefGoogle Scholar
  14. Oktay, B., Öztunç, H., Serin, V.: Determinants of Gold Reserves: An Empirical Analysis for G-7 Countries. Procedia Econ. Finance 38, 8–16 (2016)CrossRefGoogle Scholar
  15. Patinkin, D.: Money, Interest and Prices: An Integration of Monetary and Value Theory. Harper & Row, New York (1956)Google Scholar
  16. Polanyi, K.: Primitive, Archaic and Modern Economics: Essays of Karl Polanyi—Garden City. Anchor Books, N.Y. (1968)Google Scholar
  17. Ricardo, D.: On the Principles of Political Economy and Taxation, 1st edn. John Murray, London (1817)Google Scholar
  18. Schumpeter, J.A.: Vergangenheit und zukunft der sozialwissenschaften. - Zukunft der Sozialwissenschaften. Duncker & Humblot, Munich (1915)Google Scholar
  19. Smith, A.: An Inquiry into the Nature and Causes of the Wealth of Nations. Oxford Paperbacks, Oxford (1776, 2008)Google Scholar
  20. Sverdrup, H., Koca, D., Ragnarsdottir, K.V.: Investigating the sustainability of the global silver supply, reserves, stocks in society and market price using different approaches. Resour. Conserv. Recycl. 83, 121–140 (2014)CrossRefGoogle Scholar
  21. Ziaei, S.M.: Effects of gold price on equity, bond and domestic credit: evidence from ASEAN. Procedia—Soc. Behav. Sci. 40, 341–346 (2012)CrossRefGoogle Scholar

Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • M. E. Konovalova
    • 1
    Email author
  • O. Y. Kuzmina
    • 1
  • E. S. Nedorezova
    • 1
  • S. Y. Salomatina
    • 1
  • A. M. Mikhaylov
    • 1
  1. 1.Samara State University of EconomicsSamaraRussia

Personalised recommendations