The Financial Post reports in its Friday, Aug. 15, edition that while gold continues to serve as a trusted store of value for investors and central banks alike, the institutions underpinning the global gold market remain largely private, opaque and under-regulated. A Financial Times dispatch to the Post reports that the European Central Bank recently warned that under extreme events, the gold market poses financial stability risks. It said: "Vulnerabilities have arisen because commodity markets tend to be concentrated among a few large firms, often involve leverage and have a high degree of opacity deriving from the use of OTC (over-the-counter) derivatives. ... Disruptions in the physical gold market could increase the risk of a squeeze." Gold remains a cornerstone of financial security for institutions and individuals alike. However, the system supporting its trade has not kept pace with the globalization and digitization of financial markets. As central banks continue to increase their gold reserves, it is worth asking whether we can afford to leave the rules of the gold market in the hands of private institutions such as the London Bullion Market Association and London Precious Metals Clearing Limited.