Information on the thesis

The aim of dissertation is to define main factors affecting real and nominal prices of gold and silver on the world market and in Ukraine. Evolution of world markets of precious metals under the conditions of financial globalization was analyzed and practical guidance of usage of precious metals in the investment and as part of the foreign exchange reserves was defined.

Conjuncture on the world gold and silver markets was analyzed and conclusions about the role of precious metals in the investment were drawn. The analysis of precious metals role in the economy of state shows that regardless
of demonetization these precious metals continue to be actively used as a financial asset and for inflation hedging too. The structure and change of demand and supply for precious metals in different sectors is examined. The dynamic of real
and nominal prices for the precious metals in the world market is considered.
The features of the correlation between gold and silver are determined and analyzed.

Analysis of gold reserves has demonstrated that after the world financial crisis volume of this precious metal in the foreign exchange reserves has increased significantly, proving that after the financial crises central banks decided to return to the usage of gold as “safe haven”.

An analysis of factors influencing the price fluctuations of gold and silver has been conducted. The conclusions regarding prospects for the usage of gold and silver as a financial asset were drawn. Based on the econometric evaluation was proved that US economy has strong impact on the world prices of gold and silver. From January 1999 till December 2007 prices of precious metals were significantly affected by the US dollar index and oil prices. From January 2008 till December 2015 impact of oil prices on gold prices was no longer significant, in contrast, according to the results obtained, impact of the inflation level in USA become significant on the gold prices. Also was shown a positive correlation between the index of economic globalization, changes in the volume of gold reserves and the fluctuations in the gold and silver world prices. Impact of index of financial globalization for countries with different level of income on gold and silver prices was calculated. Based on the econometric evaluation was proved that there is a significant positive impact of dynamic of financial globalization in countries with high income and upper middle income on growth of world gold prices; impact of financial globalization in countries with lower middle income on gold prices is significant but negative.

Keywords: financial globalization, economic globalization, world markets of precious metals, demonetization, gold standard, gold reserves.