Gold has played an important role in the development of the international monetary system. Until 1971, when the Bretton Woods system collapsed, gold had been the main reserve and payment instrument. Yet, gold, although eliminated from the international monetary system, has not lost its importance. It is still a part of the central banks' reserves and it has become an investment asset, both for private and corporate investors.

For the last few years, the gold market has attracted not only investors seeking diversification of risk, but also speculators, which, to a great extent, results from the introduction of derivatives to the gold market. This is confirmed by the developments observed on the gold markets in 2002 and in the first half of 2003. Price fluctuations during this period prove that gold is not just a safe investment anymore, but it is becoming an object of speculative transactions.