For the ECB, this meant that its goal remained the same – maintaining price stability. However, achieving that goal suddenly became much more difficult. It had to reach deeper into its toolbox than it ever had before. It had to find new ways to use existing tools, and even invent entirely new ones. All this made some people uneasy.
London gold market is the biggest as well as the oldest gold market in the world. In 1804, London replaced Amsterdam to become the world’s gold trading center; in 1919, London gold market was formally founded; and in 1982, London futures market for gold declared its foundation. Currently, the London gold market is trading at a per week volume of 2-3 billion U.S.