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Gold

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The market has three broad categories of participants apart from brokers and the exchange administration - hedgers, speculators and arbitrageurs. Brokers will intermediate, facilitating hedgers and speculators. Hedgers are essentially players with an underlying risk in a commodity - they may be either producers or consumers who want to transfer the price-risk onto the market. Speculators are players who wish to bet on the future movement in the price of an asset. A speculator will buy and sell in anticipation of future price movements, but has no desire to actually own the physical commodity. Arbitrageurs are in the business to take advantage of a discrepancy between prices in two different markets.

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