synonymLondon Gold(London gold) generally refers to spot gold
Spot gold refers tophysical settlement For examplebullion，Gold coinAnd so on.andSpot goldIt is only a virtual book transaction, not physical delivery.It is reflected in your passbook that you have several grams of gold, which is just a bookkeeping symbol and cannot be withdrawnPhysical gold。It just makes a difference by buying and selling.The former can maintain and increase the value, but it takes time.Gold bars are not safe at home. You can rent a safe in the bank.The latter does not involve physical objects, so there is no potential safety hazard, but we should also grasp and focus on the transactionquotation。
Spot gold(also calledInternational spot goldandLondon Gold）YesSpot transactionMeans after the transaction is concludeddeliveryOr delivery within a few days.Spot gold is an international investment product. Each gold company establishes a trading platform toLeverage ratioFormal orientation ofMarket makerThe investment and wealth management project formed by online trading depends on the specification of spot gold, and the investment on the market as of 2013bullion, gold coins, gold bricks, etc., from a few grams to a few kilograms, the smaller the size, the lower the threshold, but the additional processing fees for small products will be relatively more.
Schematic diagram of gold market
term of investment
Real time quotation 24 hours a day, the price has international transparency, no investment period, no banker.
Return on investment
Spot gold
Gold is used internationallySettlement currency, genusHard currency，HedgingStrong, global since 2008inflation, accelerating the rise of gold price, and the RMB continues to rise against the US dollar. Therefore, the rise of gold's RMB price indicates that gold is appreciating. If the US dollar continues to fall, gold will continue to rise.
Easy transaction
Gold is both a commodity and a currency. It does not need a real name system, has no border restrictions, and is universally used.
cost
In 2013, the cost of spot gold was $50 per hand, and the agents under each platform charged another $20-50 in commission, which is often heard as "5+2, 5+5".
flexibility
The flexibility of spot gold depends on the seller's resale mechanism. The speed of settlement of resale payments varies according to the seller. It is better to choose a seller with a contract mechanism.
Introduction to Investment
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characteristic
1： Two way operation, up and down can be operated!
Spot gold trading The biggest feature of the stock fund warrant is the short mechanism, which is incomparable.That is to say, you can make money even when the market is falling.Spot gold investmentThe advantage is that there is no hold up, and there is no opportunity for investors without falling gold prices.
2： Margin trading, 1:100 leverage, small to large:
The amount of capital is magnified by 100 times, and the trading volume of gold investment is 100 ounces (1 ounce=31.1035 grams), which means that investors can have the trading right of one hand (100 ounces) of gold with only 1 ounce of capital, and then take the gold exchanged with 1 ounce of capital to the gold market to trade, earn the price difference, so as to realize the characteristics of small capital and big business!
IIIIn the T+0 trading mode, you can buy on the same day and sell on the same day. When you find that the market is unfavorable, you can turn around immediately to reduce losses.Or close the position immediately after making profits.Trading time 19 to 20 hours a day, especially suitable for office workers, working in the daytime and trading at night.
4、 Market openness: the international spot gold market is open to the world with high transparency. The daily trading volume is several trillion dollars, and it is difficult to find a banker.Strong analyticity, suitable for technical analysis.
5： Strong value preservation: gold is the best value preservation commodity with great appreciation potential;The increasing inflation in the world will promote the hedging function of gold, thus promoting gold trading.
6、 Rare: The earth's gold stock is about 137400 tons, and the gold stock on the ground is increasing at a rate of 2%. The annual supply of gold is about 4200 tons. Due to the rapid development of global industry and jewelry industry, the demand for gold is rising in a straight line!
Transaction issues
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After several years of efforts, Chinagold marketIt has achieved rapid development.However, the outline of the whole gold market is not very clear because China's gold market has not been opened for a long time.For example, Shanghai Gold Exchange does not directly face individual investors. Individual investors must pass the membership units of the Gold Exchange if they want to join.At the same time, some well-known domestic spot merchantsJinhangDirect introduction to Hong Kongmarket maker , learn from international spotDelayed transactionThe settlement mode provides a more flexible delayed settlement business.As the development of the gold market is in the process of exploration and the relevant laws and regulations are not perfect, there are inevitably someGold tradingThe company does not live up to its name and operates in violation of regulations, so,Stir fry goldThey must carefully choose a safe gold trading company.
Although Shanghai Gold Exchange also launchedSpot goldDelayed settlement business (t+D), but due to itsgold marketNo andWorld Gold MarketConnection,transaction modeIt is not flexible enough to attract investors.General spot traders and many investors prefer to choose international spot gold trading, mainly because it takes longer to trade andService ChargeIt is cheaper. For example, some large spot traders mostly conduct international spot transactions through some financial companies in Hong Kong.In the past two years, some large spot merchants and gold merchants in mainland China have also begun to refer to Hong KongGold tradingThe operation mode of the company provides the delayed delivery business of spot goods.
Hong Kong is a gold trading center with real gold market, intangible market and futures market at the same time, ranking one of the four gold trading centers in the world. According to gold analystsZhang YaoxiSpeech;As early as the 1970s, several major gold merchants of the London Precious Metal Exchange and the Zurich Gold Exchange established branches in Hong Kong, established the London gold market in Hong Kong, and allowed market participants to delay settlement through special credit arrangements, involving borrowing gold or dollars, basic margin and price change margin,This prompted Hong Kong's precious metal market to further develop into a unique spot precious metal delayed settlement market.
Today, the spot gold market in Hong Kong is booming and the trading activities are in order,Hong Kong Gold and Silver Trading GroundIt manages the trading platform in the market. It is an industry self-discipline organization with a history of more than 100 years. It has been shouldering the function of the manager of the spot gold trading market in Hong Kong, and has standardized the operating behavior of the platform with a strict membership system.Although the state has no clear law to support the establishment of privateJinhangandgoods in stockBusiness developmentmarket maker , but there was no objection.From the perspective of the development of the Hong Kong gold market, this system is very beneficial to expanding the impact of the gold market and meeting the diversified needs of investors for gold trading methods.The market maker system has made an important contribution to making Hong Kong the world's third largest gold trading center, but its shortcoming is that there may be integrity risks due to the lack of national credit guarantee.Whether to deny it completely or to strengthen supervision and promote development is the answer that needs to be given by decision-makers.Policymakers also hope to have a deeper understanding of whether this dual market structure is large through a period of developmentgold marketGo a new way.
Since the state does not oppose it, investors can moderate intermediary, but they should learn how to correctly select a company with reliable creditGold tradingA companyStir fry goldHow to choose a gold trading company should mainly consider the following three issues:
First, convenience.Select the nearby gold trading company to closely examine the company's strength and operating conditions, so as to facilitate consultation at any time and share professional and instant information;At the same time, in case of disputes, it is convenient to solve them on the spot.
Second, capital security.Investors are most concerned about the security of funds.Due to the lagging construction of laws and regulationsMarket systemA prominent problem is the integrity problem.Many citizens lament that there are too many dishonest phenomena, and they are uneasy without national credit guarantee.
Third, the level of service.As afinancial products , which is highly professional.For investors who have never set foot in this industry or have not systematically learned and studied this variety, it is unrealistic to hope that they can grasp its operation rules in a short time. Therefore, the service level of financial companies will affect whether investors can maintain their fundsincrementIt is of great significance.
Account opening process
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1. The investor signed an account opening agreement with the formal platform he visited
Cash gold account opening
2. The investor obtains the formal platform trading account and password that he/she inspects
3. Investors download the formal platform for their investigation
5. The investor remits the account opening funds into the designated account of the formal platform he/she inspects through bank transfer
6. Operate after the account funds are received
Certificates required for account opening
A valid ID card or passport of the investor and a soft card of personal bank in China（passbook）
Disbursement procedure
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1. The investor downloads the application form for withdrawal from the official website of the formal platform he/she inspects;
2. The investor shall fill in and sign the form and fax it to the formal platform for his/her investigation;
3. The formal platform for self inspection will contact the investors for identity verification within a short time after receiving the application for withdrawal;
4. After confirmation, the formal platform investigated by itself will transfer the funds to be transferred to the domestic bank account associated with the investor when opening an account.
influence factor
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Inflation, global financial market, state of war countries, domestic reserves (due to non renewable resources, insufficient domestic reserves will also affect prices).
Factors affecting gold price
Before the 1970s, gold prices were basically determined by governments or central banks of various countries, and gold prices were relatively stable internationally.In the early 1970s, the gold price was no longer directly linked to the US dollar. The gold price was gradually marketized, and there were more and more factors affecting the change of gold price. For example, Yilong Financial Statistics showed that it could be divided into the following aspects:
Supply factor
Supply factors mainly include:
(1) Gold stock on the ground
Spot gold
There are about 137400 tons of gold in the world, and the stock of gold on the ground is still growing at a rate of about 2% every year.
(2) Annual supply and demand
The annual supply and demand of gold is about 4200 tons, and the newly produced gold accounts for 62% of the annual supply.
(3) New gold mining cost
The average total cost of gold mining is slightly less than 260 dollars/ounce.Due to the development of mining technology, the cost of gold development has continued to decline over the past 20 years.
(4) Political, military and economic changes in gold producing countries
Any political and military turmoil in these countries will undoubtedly directly affect the amount of gold produced in that country, and then affect the world's gold supply.
(5) The central bank's gold selling
The Central Bank is the largest holder of gold in the world, officiallyGold reserves36458 tons, accounting for 42.6% of the total surface gold stock at that time. By 1998, the official gold reserve was about 34000 tons, accounting for 24.1% of the total gold stock that has been mined.In terms of production capacity, this is equivalent to 13 years of world gold mine output.Because the main use of gold isReserve assetsGradually change into metal raw materials for jewelry production, or to improve the national balance of payments, or to restrainInternational gold priceTherefore, the gold reserve of the central bank has declined greatly in terms of absolute quantity and relative quantity in the past 30 years. The decline in the quantity is mainly due to the selling of gold reserves in the gold market.
Demand factors
The demand for gold is directly related to its use.
(1) Changes in the actual demand for gold (jewelry industry, industry, etc.).
Generally speaking, the development speed of the world economy determines the total demand for gold. For example, in the field of microelectronics, gold is increasingly used as a protective layer;In the fields of medicine and architectural decoration, although the progress of science and technology has led to the continuous emergence of gold substitutes, gold has its special metal propertiesrequirementIt still shows an upward trend.
In some areas, due to local factorsDemand generationSignificant impact.For example, due to the financial crisis, India and Southeast Asian countries, which have always had a large demand for gold jewelry, have significantly reduced their gold imports since 1997World Gold CouncilData shows that the demand for gold in Thailand, Indonesia, Malaysia and South Korea fell by 71%, 28%, 10% and 9% respectively.
Gold reservesIt has always been used by the central bank as an important means to prevent domestic inflation and regulate the market.For ordinary investors, gold is mainly invested ininflationTo achieve the purpose of hedging.In the situation of economic downturn, gold insurance against monetary assets has led to an increase in demand for gold and gold prices.For example, in the three dollar crises after World War II, the U.SBalance of payments deficitThe trend is serious. The amount of dollars held by various countries has increased significantly, the market's confidence in the value of the dollar has shaken, and investors have snapped up a large number of gold, which directly led toBretton Woods systemBankruptcy.In 1987, the United StatesdeficitIncrease, instability in the Middle East, etcInternational gold priceSubstantial increase.
(3) Speculative demand.
speculatorAccording to the international and domestic situation, taking advantage of the gold price fluctuation in the gold market and the trading system of the gold futures market“sell short”Or "replenish" gold, artificially creating the illusion of gold demand.In the gold market, almost every big decline is accompanied by short-term gold borrowed by hedge fund companies, sold in the spot gold market and COMEXGold futures tradingA large number ofEmpty positionofWhen the gold price fell to a 20-year low in July 1999,Commodity Futures Trading CommissionThe data released by (CFTC) shows that the speculative short position in COMEX is close to 9 million ounces (nearly 300 tons).After triggering a large number of stop loss selling, the gold price fell, and the fund company took the opportunity to make up profits. When the gold price rebounded slightlyHedgingForward selling suppressed the further rise of gold price, and at the same time, it gave fund companies new opportunities to re-establish short selling positions, forming a downward pattern of gold prices at that time.
Other factors
(l) US dollar exchange rate impact.
The US dollar exchange rate is also one of the important factors affecting gold price fluctuations.Generally, in the gold market, when the dollar rises, the gold price falls;The law that gold prices rise when the dollar falls.The strong US dollar generally means that the domestic economic situation in the United States is goodbondWill be sought after by investors, gold as valueStorage meansIts function is weakened;The decline of the US dollar exchange rate is often related toinflation, stock market downturn, etcHedgingThe function is reflected again.This is because the depreciation of the US dollar is often related to inflation, and the high value of gold will often stimulate the increase of gold preservation and speculative demand when the US dollar depreciates and inflation intensifies.In August 1971 and February 1973, the US government twice announced the devaluation of the US dollar. Under the influence of such factors as the sharp decline of the US dollar exchange rate and inflationGold priceIt rose to the highest level in history, breaking through 800 dollars/ounce.Looking back at the history of the past 20 years, if the US dollar was strong against other western currencies, the gold price fell in the international market. If the US dollar depreciated slightly, the gold price would gradually rise.
When a country adopts loosemonetary policyWhen the interest rate drops, the country'smoney supply Increase, increase the possibility of inflationGold priceThe rise of.For example, the low interest rate policy of the United States in the 1960s led to the outflow of domestic funds, and a large number of dollars flowed into Europe and JapanNet positionAs a result, there was concern about the value of the dollar, so they began to sell dollars in the international market, snapped up gold, and finally led toBretton Woods systemThe disintegration of.However, after 1979, the impact of interest rate factors on gold prices became weaker and weaker.
For example, the eleven interest rate cuts by the Federal Reserve in 2002 did not have a great impact on the gold market.Only in the "9.11" incident did the gold market benefit.
In this regard, long-term and short-term analysis should be made, and it should be determined according to the degree of inflation in the short term.In the long runInflation rateIf it changes within the normal range, it has little impact on the fluctuation of gold price;Only in the short term, when prices rise sharply, causing panic, and the unit purchasing power of money declines, will the gold price rise significantly.Although the world has entered the era of low inflation since the 1990s, the use of gold as a symbol of monetary stability is shrinking.Moreover, as a long-term investment tool, the gold yield is increasingly lower thanbondAnd stocks, etcsecurities。However, in the long run, gold is still an important means to fight against inflation.
(4) The impact of international trade, fiscal and foreign debt deficits on gold prices.
Debt, a worldwide problem, is not only unique to developing countries.In the debt chain, not onlyDebtor countryInsolvency itself leads to economic stagnation, which further worsens the vicious circle of debtCreditor countryIt will also face the risk of financial collapse due to the breakdown of its relationship with debtor countries.At this time, all countries will reserve a large amount of gold in order to keep their own economies from being hurt, causing the marketGold pricerise.
(5) International political turmoil, war, etc.
Major international political and war events will affect gold prices.The government pays for war or to maintain the stability of the domestic economy, and a large number of investors turn to goldHedgingInvestment will expand the demand for gold and stimulate the price of gold to rise.Such as World War IIUS Vietnam War, the Thai coup in 1976, the Iran Gate incident in 1986, etc., all made the gold price rise to varying degrees.For example, the terrorist attack on the World Trade Center in September 2012 made the price of gold soar to nearly $300.
(6) The impact of the stock market on the gold price.
Generally speaking, the stock market falls and the gold price rises.This mainly reflects investors' expectations of the economic development prospect. If everyone is generally optimistic about the economic prospect, a large amount of funds will flow to the stock market, and the stock market investment will be enthusiastic, and the gold price will fall.
In addition to the above factors affecting the gold price, the intervention activities of international financial organizations and the policies and regulations of national and regional central financial institutions will also affect the worldGold priceThe change of has a significant impact.
The main reasons for the trend of gold price in the past 30 years and the recent sharp decline can be seen from the following aspects:
First, goldMonetary systemThe loss of dominance in.In the 1970s, with theBretton Woods systemThe collapse of goldMonetization, the commodity attribute is gradually strengthened;In April 2000, Switzerland abolished the gold standard through a referendum,Non monetization of goldThe degree of.The new round of decline of gold price is the further decline of gold's monetary attribute and the further enhancement of its commodity attribute.So goldMonetary functionThe decline ofInternational gold priceMaintain the general background of 30-year decline.
Secondly, the major western economic powers sold gold, resulting in a relatively abundant supply of gold.Because of theGold reservesThe long-term value is undervalued. For example, the gold purchased in 1970 was only about $35 per ounce, and the gold sold for exchange increased thefinancial assetsValue and quality become inevitable choices.Switzerland is preparing to sell about 1300 tons of gold, accounting for about half of its gold reserves.Britain is also preparing to sell about 415 tons of gold, equivalent to 58% of its gold reserves;The International Monetary Fund also plans to liquidate 10% of its gold reserves.
Third, since the 1990s, the economy of the United States and western countries has generally maintained a good development situation, with little inflationary pressure and investment in goldHedgingThe demand ofGold pricerise.
In addition, the electronic development of goldInternational settlementThe role of means has declined, but the cost of reserves is the highest.The birth of the euro also made the euro areainternational reserve Structure changes,European Central BankExplicitly declare that it willGold reservesDown to about 15%.All these have affected the role and demand of gold, and the decline of gold price is inevitable.
Such as oil, commonly known as“Black gold”If the price of oil rises, this will also lead to a rise in the price of gold.
technical analysis
The physical property of gold is stable, the global reserves are limited, and it is used as national treasury reserves by all countries, with the premise of preserving value.
Investment comparison
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Futures comparison
First, transaction time
Futures fund:09:00~11:30 13:30~15:00 (4 hours in total).
London Gold:Monday to Friday, continuous trading for 24 hours, ready to enter.
Second, transaction mode
Futures fund:Two way trading, T+0 trading system, with delivery period restrictions, must be delivered or closed on the delivery date.
London Gold:Two way trading, T+0 trading system, there is no delivery deadline, and positions can be opened and closed on the same day.
Third, investment cost
Futures fund:15 times the leverage ratio, that is, only 66000 yuan (high investment) is required for commodity transactions with the physical amount of 1 million yuan.
London Gold:100 times the leverage ratio and 1% margin can reduce the investment cost to 1% of the actual cost, and 10000 yuan (low investment) margin is required for commodity transactions with the physical amount of 1 million yuan.
Fourth, investment income
Futures fund:$1000/ounce for one hand, that is, 225 yuan/g X 1000 g X 6.6%=14850 yuan/hand (cost)
Selling at 1400 dollars/ounce, that is, 300 yuan/gram, will earn (300-225) X 1000=75000 (earnings)
Yield: 75000/148500=505%, i.e. 5 times.(Medium input, medium income)
London Gold:It costs about 6500 yuan (US $1000/ounce) to buy one hand.(Cost)
If sold at 1400 dollars/ounce, the profit will be: (1400-1000) X 100=40000 dollars=264000 RMB.(Income)
Yield: 264000/06500=4060%, i.e. 40 times.(Low investment, high return)
Fifth, price limit
Futures fund:5%
London Gold:There is no up and down limit, and the profit space is larger. At the same time, stop loss and profit positions can be set, and the risk can be controlled.
London Gold:Unilateral charge, difference: 5/10000, 50 dollars, or 325 yuan, is required for the first transaction.
Seventh, investment prospects
Futures funds:After the financial crisis, global currency devaluation, quantitative easing in the United States, European debt crisis, political turmoil in the Middle East, inter Korean conflict, bullish gold, bull market pattern.
London Gold:After the financial crisis, global currency devaluation, quantitative easing in the United States, European debt crisis, political turmoil in the Middle East, inter Korean conflict, bullish gold, bull market pattern.
Profit mode
Generally speaking, precious metal trading is mainly achieved by buying long and selling short. That is, if you predict that the future trend will rise, you will buy long orders, and if you predict that the future trend will fall, you will sell short orders. As long as the future trend is consistent with your prediction, you can make profits. The shortest process is just a few minutes. It depends on how you operate.Of course, if you don't want to spend your energy on research in order to save energy, you can also find some more professional platforms to operate with their statements, such as Fortune Capital. The trading mode of this capital market is more direct and fast than the traditional stock trading mode, which can quickly expand the profit space through leverage. If the operation is stable, you can realize at least 20% of the principal income per month.90% of the transactions in the world's top secondary market adopt the spot transaction mode, so you can refer more.
Variety comparison
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International exchange market
futures
Firm offer of foreign exchange
Spot gold
shares
Deposit savings
Insurance
real estate
Investment amount
1%-2.4%
5%-10%
100%
1%
100%
100%
100%
50%-100%
Transaction time
24-hour transaction
4-hour transaction
24 Small transactions
24 Small transactions
4-hour transaction
Working day time
Working day time
8-hour transaction
Profitability opportunities
High risk of two-way transaction and rapid interest return
Rapid return on two-way transactions
Gains, profits and losses
Two way profitability and rapid interest return
Gains, profits and losses
Interest income
Less than deposit
Gains or gains will be regarded as hedging
Transaction procedures
The quickest instant transaction will not be impossible
It is quick and simple. It only needs to go through the buying and selling procedures. It is usually completed in a few minutes
Online banking or telephone banking can be used except for counter transactions
Order placing entrustment of online trading system can also be entrusted by telephone
Quickly and easily handle procedures other than buying and selling when increasing shares or distributing dividends
Handling at bank counter or self-service terminal
Entrusting brokers is simple
It is very complicated and there is no unified standard. Each link has to go through the corresponding procedures
cost
5/10000
Higher depending on the variety
Large price difference
0.5-1 point difference
5/10000
Interest tax 20%
Time cost
Various taxes
Degree of accusation
Trading volume reaches trillions of dollars, transaction cannot be controlled
The turnover is extremely small, and it is most seriously controlled by large investors
Trading volume reaches trillions of dollars, which cannot be controlled
The turnover amounts to trillions of dollars, and it is impossible to be a dealer
Unreal information, high level control, large policy intervention
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The initiative is in the insurance company
Large policy intervention
technical analysis
The technical analysis graph is the most reliable without artificial change
Technical analysis graphics can be changed artificially with poor credibility
The technical analysis graph is the most reliable without artificial change
The technical analysis graph is the most reliable without artificial change
Evaluation is not easy
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Evaluation is not easy
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participant
Global financial institutions National government institutions Non financial institutions Retail investors International trade exchange
Domestic investors conforming to the regulations of the Exchange
Global financial institutions National government institutions Non financial institutions Retail investors International trade exchange
Global financial institutions National government institutions Non financial institutions Retail investors International trade exchange
Domestic investors conforming to the regulations of the Exchange
Ordinary people can
Domestic investors conforming to the regulations of the Exchange
A large number of fund holders and experts in this field are jointly involved
Risk level
The risk control measures are the most perfect. The price limit order stop loss order guarantees the transaction
High risk, immature market, imperfect risk control measures
It is difficult to make profits and easy to fix
Must guard against "black platform" fraud
High risk, such as being locked up by high price, time of funds
Inflation devalues the principal
In case of unexpected need, no reward
The risk is quite high. Once the investment direction is wrong, the investment may not be recovered for a long time, and the losses will be heavy
Characteristics of gold futures
1. Two way operation
In addition to buying and holding, spot gold can also be short, so no matter how long or short the market is, it can make profits, giving global investors considerable operational flexibility.This is also the main reason why the spot gold market can compete with the gold futures market.
2. Lever trading
The spot gold has the lever effect.If investors invest in spot gold in Hong Kong, the specification of first-hand London gold is 995 pure gold 100 ounces, and the market is about 130000 dollars.In the case of Hong Kong, only $1000 is needed for the deposit of London gold, and you can enjoy the rise and fall of 100 ounces of gold, with the lever multiple exceeding 100 times.
3.24 hour trading, transparent market
The spot gold is traded around the world 24 hours a day, and the market is not closed.If investors have access demand, they can trade in the global market as long as they have accounts in other markets.In addition, the spot gold market is large, transparent and transparent.
4. Buying and selling on the same day
The gold market fluctuates greatly.Investors do not need to wait for two days (T+2) after the trading day to sell the spot gold. They can buy the spot gold on the same day and sell it on the same day. When they find that the market is unfavorable, they can immediately change direction to reduce losses. Profits can also be immediately closed, and they can attack and retreat.platform
