Results of AEG e-Discussion On Non-Monetary Gold

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Presentation transcript:

Results of AEG e-Discussion On Non-Monetary Gold UN STATISTICS DIVISION Economic Statistics Branch National Accounts Section

Non-Monetary Gold BOPCOM considered the issue relating to distortion of physical trade statistics due to the inclusion of all bullion market transactions undertaken between resident and non-resident counterparties. It has been proposed that a clarification should be made to the 1993 SNA to state that:  Unallocated metal accounts should be classified as a financial asset/liability, specifically, a deposit,  Allocated metal accounts, held outside the central bank (S.121), should continue to be regarded as ownership of the metal as a non-financial asset.

Non-Monetary Gold 20 16 - 4 7 10 13 Question Response received Total Agree Disagree No opinion 1 Do you agree that unallocated gold accounts should be classified as financial assets/liabilities? 20 16 - 4 2 Do you agree that unallocated metal accounts should be also classified as financial assets/liabilities? 3 Do you agree to include in the new SNA positive and practical descriptions of acceptable output indicators, in particular for education and health? 7 10 Do you agree that other forms of unallocated electronic commodity accounts, if such exist, should be also classified as financial assets/liabilities? 13

Non-Monetary Gold No Question Response received Total Agree Disagree No opinion 5 Do you agree that if any unallocated commodity accounts are classified as deposits, should they be classified as foreign currency deposits? 20 9 2 6 Or if any allocated commodity accounts are classified as deposits, is there a need to assign a specific deposit class? 18 - 7 Do you agree that if any unallocated commodity accounts are classified as foreign currency deposits, should the description of the classification be changed to "foreign currency and other"? 23 12 8

Non-Monetary Gold Conclusions of the e-discussion:  Overwhelming support for two proposed clarifications, namely: (i) unallocated gold accounts should be classified as financial assets/liabilities, and (ii) unallocated metal accounts should be also classified as financial assets/liabilities  On the other five proposed clarifications, there was a substantial number who did not have an opinion. In this situation, consideration will have to be given about how to proceed.

Thank You