Monetary gold is gold owned by the authorities (or by others who are subject to the effective control of the authorities) and held as a reserve asset. Other gold (non-monetary gold), possibly including commercial stocks held for trading purposes by authorities who also own monetary gold, that is owned by any entity in this Manual as any other commodity. Transactions in monetary gold occur only between monetary authorities and their counterparts in other economies or between monetary authorities and international monetary organizations. Monetary Gold is a reserve asset for which there is no outstanding financial liability.