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Le marché parisien de l'or de 1941 à 2009 : histoire et finance

Abstract : The monetary law of September 1939 forbids possession, trade, import and export of gold in France. Aclandestine market was then created in 1941 and operates until January 1948. The law of February 2nd, 1948turned back the liberty to the gold trade in France. Thus, an official market was opened at the Paris StockExchange. After 56 years of existence, it was closed in July 2004. Since then, the gold market in France is anover the counter market where price is fixed by the Compagnie Parisienne de Réescompte. In spite of this veryrich history, the Paris Gold Market from 1941 has never been studied scientifically before. In order to explorethis market, our thesis is divided in two distinct parts. The first one concerns the historical analysis. We presentthe evolution of the market in parallel with the historical events which describe it by different natures: aclandestine market from 1941 to 1948 (chapter 1), an official market from 1948 to 2004 (chapters 2 and 3) andan over the counter market from 2004 until now (chapter 4). The second part of the thesis analyzes the financialaspects of the Paris gold market. The results of the chapter 5 show that the efficient market hypothesis seems notto be validated. In the chapter 6, we find that gold quoted at Paris (ingot and napoleon coin) are less profitablethan stocks in the long-term. Nevertheless, they have the same level of risk than these latters and are four timesmore risky than bonds. Contrarily to the Anglo-Saxon literature, we find, in the chapter 7, that gold is not a goodhedge against inflation in France. At the same time, gold quoted at Paris is favorable in the diversification ofFrench portfolios only in the periods when its price has an upward trend.
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Thi Hong Van Hoang. Le marché parisien de l'or de 1941 à 2009 : histoire et finance. Gestion et management. Université d'Orléans, 2010. Français. ⟨NNT : 2010ORLE0503⟩. ⟨tel-00569210⟩

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