Gold futures are also called "gold futures contracts".Trading with goldFutures contract。Like general futures contracts, gold futures contracts also containTrading unit、Quality grade, deadline, deadlinedue date, quotation method, delivery method, minimum range of price change, limit of daily price change, etc.Gold futures contractUnit of measurementDifferent. Generally, it can be divided into two specificationsChicagograinexchangeFor example, one is 1000 grams with a purity of 995% gold futures, one of which weighs 100 troy ounces and has a purity of 995% gold futures.[1]
Gold futures are futures, just likestock investmentJust like opening an account in a securities company, gold futures trading needs toFutures companiesOpen a futures account.
Secondly, gold futures trading is in line with the national standard GB/T4134-2003,Gold contentNot less than 99.95%gold bullionIn 2008, the Shanghai Exchange stipulated that each hand of gold futures was 1000 grams.
Thirdly, it is implemented with stock investmentT+1 transactionThe difference is that gold futures areT+0Trading means buying on the same day and selling on the same day.whateverInvestment and FinancingIt's not all profit taking. Like stocks, gold trading is riskyKnowledge learningVery important
The currency symbol should first know which one to fryCurrency pair, the currency pairs are all in English, and the following are some currency symbols.Stir fry goldThe most basic thing is to know the gold symbol and its exchange rate.Make profits according to the increase or decrease of exchange rate ratio.
Market composition
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After learning the basic knowledge, let's learn what constitutes the gold market,gold marketLike other commodities, it is also composed of the most basic supply and demand parties, but gold is different from other commoditiesmarket structureVery complicated.There are not only gold suppliers and demand enterprises and individuals, but also central banks, commercial banks and various investment institutions, as well as professionalGold traderAnd engaged inAgency businessOfBrokerEtc.
The most basic component of the gold market, in which the suppliers are mainly gold mine and gold smelting enterprises, and the demanders are mainly gold product manufacturers, jewelers, etc.
Gold reserves, alsomonetary policyThe formulation and implementation agencies of are important forces influencing the gold market.When the central bank needs to increase its gold reservesgold marketWhen the central bank wants to reduce gold reserves, it is also an important supplier in the gold market.The central banks of major western countries generally focus on selling gold, while R is engaged in "loan business", more as a supplier.
commercial bank: In the gold market, commercial banks have multiple identities. The gold business of commercial banks is very complex. Some of its business is to carry out the gold business of the central bank, and some of its business is to carry out gold business on behalf of customers.From this perspective, commercial banks are important intermediaries in the gold market, and their agency business covers the gold wholesale and retail links.On the other hand, commercial banks also have some goldSelf operated business, and goldSelf dealerIdentity of.
financial investmentInstrument is also an indispensable and important investment variety in investors' portfolios.There are a large number ofGold investmentGroup of people, includinginstitutional investorandIndividual investors。The most important funds among institutional investors include the following two categories:
gold marketIntermediaries: such asGold tradingInstitute, agentBroker、Market makerEtc.Intermediaries play the role of organizing transactions, serving investors, and communicating with all parties involved in the market, to activate market transactions and give play to goldMarket functionOnly the summer solstice function.
From the composition of the gold market, we can see that the global gold supply mainly consists of three parts: firstMineral goldThis is the new gold in the world;The second is the central bank's sales of gold, that is, all countriesGold reservesThe part that flows to the market: the third isRegenerated goldIt refers to the part of gold (mainly jewelry) held by consumers that becomes money.
The demand for gold is mainly composed of two parts: one is gold processing and industrial Sichuan gold, namely the actual consumption part;Second, goldInvestment demand, including the increase of gold reserves, institutions andIndividual investorsInvestment demand.Trading plays an important role in playing the role of gold market.
Transaction
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On December 6, 2012, the domestic gold futures rose sharply and fell sharply after the listing, and closed down on the day of listing;Spot gold、Spot Silver It was also weak and closed down.
Shanghai Futures ExchangeThe most active delivery contract of gold futures in June 2012MorningIt opened significantly lower, reporting 344.35 yuan per gram. After the opening, it rose slightly to the highest point of the day, 344.9 yuan per gram, and then ran in shock;TailstockIt fell to the lowest point of the day of 342.91 yuan per gram, and finally closed at 343.6 yuan per gram, compared with the previous trading daySettlement priceDown 1.85 yuan,Decline0.54%。
Other inactive contracts ended lower.The delivery contract for December 2012, which was relatively active, closed at 337.81 yuan per gram, 0.37% lower than the settlement price of the previous trading day.
data displayThe gold futures transaction was active on the day.As of the closing, there were 9 contracts and 54686 deals,Turnover18.801 billion yuan.
Operation characteristics
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Operating characteristics: gold futures in June and December have becomeMain contract(Silver futuresIt also has similar characteristics).
Shanghai Futures ExchangeAfter the listing of gold futures varieties, the special situation that gold futures contracts in June and December alternately became the main contracts gradually formed. As of December 16, 2013, the first two main contracts were 170670 gold positions of 1406 and 1312 gold contractsopen interest2118 hands.
1. Consolidation form: It is in narrow range consolidation.
① When finishing narrow range, draw a horizontal straight line with the highest point and the lowest point of the range, and the upper side line is intervalResistance levelThe lower edge line is the support bit of the interval.
② As big asvolumeBreachResistance levelIf you want to buy, if you fall below the support level, you need to sell. If you return to the range later, it is a false breakthrough, and you need to stop erosion and close the position immediately.
2. Upward trend and upward trend line:
① Upward trend: It consists of a series of upward bands, each of which continuously creates a new high point, while the low point of the intermediate downward band will not fall below the low point of the previous downward band.
② Upward trend line: under considerationcycle timeInside, draw a straight line from the lowest point to the upper right, connect a low point before its highest point, so that the straight line does not cross any price level between the two low points, and extend the straight line to pass the highest point.
① Downward trend: It is composed of a series of downward bands, each of which continuously creates a new low point, while the high point of the rebound band mixed in the middle will not cross the high point of the previous rebound band upward.
② Downtrend line: in the time period under consideration, draw a straight line from the highest point to the lower right, connect a high point before the lowest point, so that the straight line does not cross any price level between the two high points, and extend the straight line through the lowest point.
4. 123 rule of trend reversal:
① The trend must break through the trend line drawn.
② The upward trend is no longer a new high, or the downward trend is no longer a new low.
③ In the rising trend, the trend crosses the previous short-term callback low point downward, and the trend crosses the previous short-term rebound high point upward, then the trend has been reversed.
5. Build a warehouse according to the 123 rule of trend reversal:
① Draw a trend line.
② In the rising trend, draw a horizontal straight line across the highest point, and then draw another horizontal straight line across the low point of the previous wave of callback.In the downtrend, draw a horizontal straight line to cross the lowest point, and then draw another horizontal straight line to cross the high point of the previous rebound.
③ If two of the three conditions of Rule 123 occur, the trend is likely to reverse. If all three conditions are met, the trend has reversed.The best time to open a position is to enter before the third condition is metStop-loss OrderSet at the highest or lowest point of rule 123.
6. 2B rule of trend reversal:
In the rising trend, if it fails to keep rising after hitting a new high, and later falls below the previous high, the trend is likely to reverse and decline.In the downward trend, if it fails to keep falling after hitting a new low, and then rises higher than the previous low, the trend is likely to reverse and rise.
Contract Operation
The whole process of futures trading can be summarized as position opening, position holding, position closing or physical delivery.
Open position refers to the new purchase or sale of a certain number of futures contracts by the trader, for example, 10 soybean futures contracts can be sold. When this transaction is the first transaction of, it is called open position transaction.In the futures market, buying or selling a futures contract is equivalent to signing a forward delivery contract.The contract that has not been closed after opening is calledOpen position contractOr open position, also called position.When opening a position, the position held after buying a futures contract is calledLong position, referred to as bull;The position held after the futures contract is sold is calledShort position, short for short.
If the trader keeps this futures contractLast Notice DayAt the end of the transaction, he had to settle the futures transaction through physical delivery. However, only a few of them carried out physical delivery.About 99% of the market participants choose the opportunity to sell the futures contracts they bought or buy back the futures contracts they sold before the end of the last trading day, that is, to hedge the original futures contracts through futures transactions with the same number of transactions in opposite directions, so as to close the futures transactions and relieve the obligation of physical delivery on time.For example, if you sell 10 contracts of soybeans in May 2000, you should buy 10 contracts before they expire in May 2000Hedge closingIn this way, a trading process will be ended once opening and closing.This is just like the financial accounting. Once the same amount of capital is transferred in and out, the account will be balanced.The act of buying back the sold contract or selling the purchased contract is called closing the position.After opening the position, the trader can choose two ways to close the futures contract: either choose an opportunity to close the position, or keep it until the last trading day and carry out physical delivery.
Futures Trader When buying and selling futures contracts, it may be profitablePossibleLoss.Then, from the perspective of the trader himself, what kind of transaction is profitable and what kind of transaction is loss? Let's take an example, for example, the purchase and sale of a single order of soybean contract.Sell the first soybean contract delivered in May of the next year at the price of 2188 yuan/ton.At this timeTrading positionIt is called the "short" position, which can be said to be a "short seller" or a short seller of a soybean contract.
When you become a bear, you have two choices.One is to keep it until the expiration of the contractShort positionAt the time of delivery, buy 10 tons of soybeans in the spot market and submit them to the buyer of the contract.If you can buy soybeans at a price lower than 2188 yuan/ton, you can make profits after delivery;On the contrary, if you buy at a price higher than 2188 yuan/ton, you will lose money.For example, if 2238 yuan/ton is paid to purchase soybeans for delivery, 500 yuan will be lost (excluding transaction and deliveryService Charge）。
Another option to be a short position is whenSoybean futuresWhen the price is favorable, hedge and close the position.In other words, if it is a seller (short), it can buy the same contract and become a buyer to close the position.If this is puzzling, consider how the above contract expires: the essence of buying soybeans from the spot market to offset the short position and submitting them to the buyer of the contract is the same.If both short and long positions offset each other, they can withdraw from the futures market.If you take a short position of 2188 yuan/ton and then take a long position of 2058 yuan/ton to buy back the original sales contract, you can earn 1300 yuan (excludingTransaction fees）。
Transaction time
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1. From 5:00 to 14:00 in the morning, the market was generally light, which was mainly due to the small driving force of the Asian market. The general shock amplitude was small, and there was no obvious direction.Most of them are adjustments and corrections.Generally, the trend is opposite to the direction of the day. For example, if the trend of the day goes up, this period of time is mostly a small and volatile decline.During this period, if the price is appropriate, you can purchase properly.
2. From 14:00 to 18:00 in the afternoon, it is the morning market in Europe.The capital will increase after the start of trading in Europe, and this period will also be accompanied by someEurocurrencyDuring the publishing period of influential data, if the price is appropriate, purchase properly.
3. From 18 to 20 in the evening, it is the noon break andAmericaIn the morning of the market, the relatively light time is the noon break in Europe, and also the eve of waiting for the start of the United States.It is advisable to wait and see during this period.
4. From 20:00 to 24:00European marketIn the afternoon and the morning of the American market, the market fluctuates the mostAmount of fundsAnd the period with the largest number of participants.This period of time will completely follow the direction of the day, so the market will be judged according to the general trend. This period of time is a good time for shipment.
5. From 24 o'clock to early morning, it is the afternoon market in the United States. Generally, the market has gone out of the big market at this time, and this period is mostly a technical adjustment to the previous market.It is advisable to wait and see.Night trading will be launched in China in April 2013, and the trading time is 9:00-02:30 (in the morning).
Benefit analysis
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Advantages of gold futures:
1. Two way trading can buy up or down.
2. ImplementationT+0The system can be bought and sold at any time during trading hours.
4. The price is open, fair, 24-hour international linkage, and not easy to be manipulated.
5. The market is centralized and fair, the futures trading price is in one region, country, and the world's major financial institutions are openTrade CentreandRegional priceThey are basically the same.
6、HedgingThe function is to offset gold by buying and selling futures contracts with the same quantity and pricePrice fluctuationLosses incurred are also called "hedging".
Investment advantages
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The gold price fluctuates greatly: according to the international gold market, the quotation is made according to the international practice.Due to various political and economic factors in the world, such as: a. U.S. dollars, b. oil, c. central bank reserves, d. war risks, as well as various emergencies, gold prices are often in violent fluctuations.This difference can be used for solid gold trading.
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Long trading service time: 24 hours a day, covering the trading time of major international gold markets.
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Short fund settlement time: multiple positions can be opened and closed on the same day (followwarrant A little like), providing more investment opportunities.
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Simple operation: with or without foundation, it is easy to see;It is simpler than stock speculation. It is not so troublesome to choose stocks. Analysis and judgment are relatively simple and closely related to the trend of the US dollar and crude oil.The world is speculating in this kind of gold, and the daily transaction is about 20 trillion dollars.The general dealer can't make waves.In this market, we only rely on our own technology.
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Two way transaction: Gold goes up, long, earn;When gold goes down, it makes money by shorting (when stocks go up, it makes money; when stocks go down, it makes money). When gold goes up or down, it makes money.
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The trend is good: speculation in gold is just emerging in China, and stocks, real estate, foreign exchange, etc. have all gone crazy at the beginning. Gold is no exception.And it is more flexible in both directions
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Strong value preservation: gold has always been one of the best value preservation products, with great appreciation potential;The increase of inflation in the world will promote the appreciation of gold.Features of gold T+D financing business: ◇ Leverage principle - low investment, high return, high capital utilization rate ◇ Bidirectional transaction - long and short mechanism, flexible investment ◇ T+0 transaction - can buy and sell on the same day, large short-term opportunities ◇ Online transaction - buy and sell at any time, convenient operationSafety ◇ No limit on price range - large arbitrage space ◇ 24-hour trading - suitable for financial investment of office workers ◇ Global market - no banker, active trading.
Gold futures: 09:00~11:30 13:30~15:00 (4 hours in total), launched in July 2013 in ChinaNight trading of gold futures, the trading time is 21:00-02:30 (early morning).The extension of China's trading time for gold futures will help protect investors from overnight trading risks.
London Gold: 24 hours continuous trading from Monday to Friday, ready to enter.
Second, transaction mode
Gold futures: 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 period, and positions can be opened and closed on the same day.
Gold futures: 15 timesLeverage ratio, that is, the material object is 1 million yuanCommodity tradingOnly 66000 yuan (high investment) is required.
London Gold: 100 times leverage ratio, 1% margin, which can reduce the investment cost toactual cost1% of the total, and 10000 (low investment) margin is required for commodity transactions with the physical amount of 1 million yuan.
Gold futures: 1000 dollars/ounce for one hand, that is, 225 yuan/gram X 1000 grams 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)
Gold London: 1000 dollars/ounce for one hand, the cost is 1000 dollars, about 6500 yuanRMB。(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
Gold futures: 5%
London King: No riselimit downThere is more profit space, and stop loss position and profit position can be set at the same time, so the risk can be controlled.
London Gold: It belongs to spot goods, and still needs reference in price guidanceCMEThe trading volume of CME is the largest in the world, with a very highdiscourse powerandPricing power。
Investment shortcomings
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1. Gold futures contracts are listed at different stages of operation,Trade Kicker The charging standards are different.Decision on time point of market entryMargin level If investorsInattentionAdditional margin, which is easy to be liquidated.
2. If you do not choose to close the position before the expiration, you must deliver when the expirationPhysical gold, which is not what ordinary investors are willing to choose.
3. It is mandatory that a natural person cannot make physical delivery of gold. If the position of a natural person customer is not zero in the delivery month, the exchange will execute the compulsory position closing from the first trading day of the delivery month.Profits from compulsory closing positions shall be dealt with in accordance with relevant national regulations, and losses incurred from compulsory closing positions shall be borne by the responsible person.
Compare with spot goods
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Like many physical transactions,Gold investmentThere are two trading and investment modes: futures and spot.Next, let's compare futures gold withSpot goldAdvantages and disadvantages of each.
Spot gold: There is a short mechanism, which can make profits through two-way trading. There are profit opportunities in both rising and falling markets.T+0 trading system.Multiple positions can be opened and closed on the same day, without delivery restrictions and unlimited holding.However, if the margin is insufficient, the position will be closed by force.
Transaction funds
Futures gold:Margin trading。With 10% of the capital, 100% of the transactions can be done, and the capital can be magnified by 10 times.
Spot gold: margin trading.According to different gold companiesMagnificationThere are also differences, but most of them can use 1% capital to operate to 100% gold, 100 timesenlarge scale, multiples are calculated by hand, for example;oneStandard hand=100 ounces, some platforms can do 0.1 hand, etc.But spot gold is not formal in the world.
Transaction time
Futures gold: trading hours: 9:00-11:30 a.m., 1:30-3:00 p.m.Due to the short transaction time andInternational gold priceLack of connection and frequent jumping.Investors cannot enter the market at the initial stage.
Spot gold: Due to time difference, domestic gold can be traded from 8:00 a.m. Monday to 3:00 a.m. Saturday.That is, all day trading, which can be entered at any time in the market.At priceContinuityIt has more advantages than futures.The most active trading period is between 8.00 and 24.00.
Futures gold: according to the variety of futuresDaily ups and downsStops range from 3% to 15%.
Spot gold: no limit on increase.
Account name threshold
Futures gold: no less than 30000 yuan at the beginning.
Spot gold: the opening of general platform standard warehouse is $5000, equivalent to more than 3WRMBThere are also some platforms that can open positions, generally about 1000 dollars.
Specific process
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Opening an account
Gold futures trading
Generally, investors should report to the members of the gold futures exchangeBrokerOpen an account, sign the Risk Disclosure Statement, Transaction Account Agreement, etc., authorize the broker to buy and sell the contract and paybond。After being authorized, the broker can conduct futures trading according to the contract terms and according to the customer's instructions.
Give instructions
The order includes variety, quantity, date, and price desired by the customer.Key directives include:
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Market order.Refers to trading at the current exchange price.
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Price limit order.This is a conditional order, which is executed only when the market price reaches the order price. Generally, the purchase price order is executed only when the market price is lower than a certain level, while the sale price order is executed only when the market price is higher than a certain level.If the market price does not reach the limit price level, the order cannot be executed.
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Stop order.This order is also an order that the client authorizes the broker to buy and sell futures contracts at a specific price.The stop order means that the customer wants to buy the futures contract at the market price once the market price is higher than a certain price;A sell stop order means that the customer wants to sell the futures contract at the market price once the market price is lower than a certain price.
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Stop price limit order.It refers to the order that the client requires the broker to sell at a limited price when the exchange price drops to a predetermined limit, or to make up at a limited price when the exchange price rises to a predetermined limit.This order combines the characteristics of stop order and limit order, but it has certain risks compared with limit order.
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Time limited instruction.The order is also a conditional order, indicating how long the broker can execute the order.Generally, unless otherwise specified, all orders are valid on the current day. If an order is not executed in the trading order on the current day, the order will become invalid or expire.
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Arbitrage instruction.This command is used to create a long position and a short position at the same time.If a long position and a short position are established for a certain amount of gold, only the expiration date of the futures contract is different.
New York Gold Futures
Result notification
When the broker receives theTrading InstructionsAfter that, the order was quickly sent to the futures trading hall.When the order is executed, the purchase and sale is successful. The relevant notice will be returned to the broker, who generally orally informs the investor of the implementation: price, quantity, term and position.Then notify investors in writing the next day.
influence factor
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major factor
Gold supply and demand
As gold has both commodity, monetary and financial attributes and is a symbol of assets, gold price is not only affected byCommodity supply and demandIs also very sensitive to economic and political changes,oil crisis , financial crisis, etc. will cause the price of gold to rise and fall sharply.In addition, the change of investment demand on gold price also hassignificant impact 。
worldgold marketThe relationship between supply and demand determines the long-term trend of prices.
Historically, before the 1970s, the world gold price was basically stable with little fluctuation.The sharp fluctuation of world gold only happened after the 1970s.For example, in 1900, the United States implementedgold standardAt that time, an ounce of gold was $20.67, and the gold standard was maintained until the Great Depression. In 1934, Roosevelt raised the price of gold to $35 an ounce.Established in 1944Bretton Woods systemIt is actually a "convertible goldDollar standard”, due to thisMonetary systemIt can have a positive impact on the post-war economic reconstruction. The gold price remained at $35 until 1970.
In the past 30 years, the price of gold has fluctuated violently, with the lowest price of $253.8 per ounce (July 20, 1999) and the highest price of $1920.76 per ounce (14:30 on September 6, 2011).From 1979 to early 1980, the gold price fluctuated most violently.November 26, 1979 (according toNYMEXFutures price) was 390 dollars/ounce, but less than two months later, on January 18, 1980, the gold price had risen to 850 dollars/ounce, becoming the highest point in 30 years.Then, in a year and a half, the price fell back below $400, and in the following 20 years, the price was basically below $400, especially between $300 and $200. The price below $300 lasted for four years, from January 1998 to March 2002.From the end of March 2002, the price of gold recovered to above US $300. On December 1, 2003, it returned to US $400. On December 1, 2005, the price exceeded US $500/ounce, on April 10, 2006, it exceeded US $600/ounce, and on May 11, 2006, it reached a peak of US $723.
gold futures
The incentive for the sharp fluctuation of gold price was in the 1970sBretton Woods systemThe disintegration of.In 1973, the Nixon Administration announced that it would no longer commit to the convertibility of the US dollar for gold. The gold price was completely decoupled from the US dollar and began toFree float。Since then, the fluctuation of gold price has reflected the balanced influence of gold currency and commodity attributes to the greatest extent.As gold has the function of world reserve, it is widely used in the reserve of public and private assets as an asset with long-term reserve value.Of which goldOfficial reservesIt accounts for a large proportion. The world has mined about 150000 tons of gold, the reserves of central banks are about 40000 tons, and personal reserves are more than 30000 tons.Therefore, the changes in the world's official gold reserves will directly affect the changes in world gold prices.In the 1970s,Floating exchange rate systemAfter stepping onto the historical stage, the monetary function of gold was weakened asReserve assetsThe function of has been strengthened.National officialGold reservesThe increase directly led to the sharp rise of world gold prices after the 1970s.
In the 1980s and 1990scentral bankStart to look at gold againforeign exchange reserveRole in.The increasing independence and marketization of the central bank make it more emphasis on the return of reserve asset portfolio.In this context, there is noInterest incomeThe position of gold (in addition to getting a little profit from participating in the lending market) has declined.Some central banks decided to reduce gold reserves. As a result, the amount of gold reserves in 1999 was 10% less than that in 1980. It was the selling of gold by major countries that led to the low price of gold at that time.
The Washington Accord (CBGA1), a gold sales agreement reached by major western countries, stipulates that the annual gold sales of CBGA members should not exceed 400 tons, setting a ceiling on the total amount of gold put on the market. At the same time, some countries, especiallyAsiaCountries are adjusting their foreign exchange reserves - increasing the proportion of gold in foreign exchange reserves.
The US dollar exchange rate is one of the important factors that affect the fluctuation of gold price.
Since the gold market price is denominated in US dollars, the appreciation of the US dollar will cause the price of gold to fallDepreciation of the dollarIt will also push up the price of gold.The strength of the US dollar will have a very significant impact on gold prices.However, in some special periods, especially when the gold trend is very strong or very weak, the gold price will also get rid of the influence of the dollar and go out of its own trend.
The strength of the US dollar generally represents the domestic marketeconomic situationGood. Domestic stocks and bonds in the United States will be sought after by investors. Gold is regarded as the valueStorage meansIts function is weakened;The decline of the US dollar exchange rate is often related to inflation and the downturn of the stock market. The hedging function of gold is reflected again. When the US dollar depreciates and inflation intensifies, it will often stimulate the increase of gold hedging and speculative demand.August 1971 and February 1973,U.S. governmentIt has twice announced the devaluation of the US dollarExchange rateDue to the sharp decline and inflation, the gold price rose to the highest level in history at the beginning of 1980, breaking through 800 US dollars/ounce.
Looking back at the history of the past 20 years, the US dollar against other Western countriesStrong currency, thenworld marketThe gold price will fall. If the dollar depreciates slightly, the gold price will gradually rise.There is 80% inverse correlation between gold price and US dollar trend in the past decade.
Oil supply and demand
Since the prices of the world's major oil spot and futures markets are all marked in dollars, the rise and fall of oil prices reflect the relationship between world oil supply and demand on the one hand, and the change of the dollar exchange rate on the other handInflation rateChanges.Oil price and gold price indirectly interact.
Through the worldCrude oil priceComparing the trend with the trend of gold price, it can be found that the world gold price and the crude oil futures price rise and fallpositive correlationRelationship time is more.
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The world political turmoil, war and major political and war events in the world will affect the gold price.The government spends a lot for war or to maintain the stable growth of the domestic economy, and a large number of investors turn to gold preservation investment due to political turmoil. All these will expand the demand for gold and stimulate the gold price to rise.Such as World War IIUS Vietnam War, 1976Thai coup1986“Iran Gate”Events have all caused the gold price to rise to varying degrees.Another example is the "9.11" incident in 2001, which made the gold price soar toMaximum price。
Other factorsIn addition to the above factors affecting the gold price, the intervention activities of the world financial organizationsPolicies and regulations, will also benefit the worldGold priceThe trend of has a significant impact.
Traders are entering goldfutures exchangeBefore that, you must open an account with a broker.The trader shall sign relevant contracts with the broker and undertake the obligation to pay the margin.If the transaction fails, the broker has the right to immediately close the position, and the trader shall bear the relevant losses.When the trader participates in gold futures trading, it does not need to pay the full amount of the contract, but only needs to pay a certain amount (i.e. margin) as the guarantee for the broker to operate the transaction. Generally, the margin is set atGold tradingAbout 10% of the total amount.The deposit is a guarantee for the contractholderThe guarantee of confidence, the final result of the contract is eitherphysical settlement , or when the contract expiresPrevious workInstead, buy and sell the position.
The deposit is generally divided into three levels:
New York Gold Futures
First, the initial margin.This is the minimum margin that the broker requires customers to pay for each contract when opening futures trading.The second is the maintenance margin.This is what customers must always keepreserve fundamount of money.Long term margin sometimes requires customers to provide additional margin.The additional margin is when the market changesdealer The margin required by a broker to maintain its operation and balance when a position moves in the opposite direction.If the market priceDealer positionWhen moving in a favorable direction, the part that exceeds the margin is the equity or income, and the dealer can also request to withdraw the money, or use it as the initial stage of another gold futures transactionDeposit。 The third is variation margin.Clearing customers by eachTrading dayResultantexchangeOfClearing institutionThe margin paid is used to offset the loss caused by the adverse price trend of customers in futures trading.
Gold futures contracts require that gold of specified quality be submitted in a certain month.
Minimum amplitude
minimumamplitudeIt refers to the minimum range of each price change, for example, the price changes by 10 cents each time
Maximum transaction limit
The maximum transaction limit, likestock marketUp limit and down limit on.The New York Stock Exchange sets a maximum daily fluctuation of 75 cents.
Futures delivery
PurchaseFutures contractThe dealer of, has the right to obtain the gold ownership at any time after the earliest delivery date before the futures contract is realizedguarantee, transport bill or gold certificate.Similarly, if the dealers selling futures contracts fail to close their positions before the final delivery date, they must bear the responsibility of delivering gold.The delivery date and final delivery date are different in different markets in the world, and investors should distinguish them.If any, the earliest delivery date is the 15th day of the contract expiration month, and the latest delivery month is the 25th day of that month.Generally, futures contracts are closed before the delivery date.
day trading
Futures trading can be conducted in the opposite direction according to the price change of the day.day trading It is necessary for the successful operation of gold futures, because it provides liquidity for traders.In addition, there is no need to pay margin for trading on the same day, as long as it is paid to the exchange at the endOpen position contractOnly when.
Instruction introduction
An order is an order given by a customer to a broker to buy or sell gold, in order to prevent misunderstanding between the customer and the broker.Instructions include: behavior (whether to buy or sell), quantity, description (i.e. market name, delivery date, price and quantity, etc.) and restrictions (such as buying at a limited price, buying at the best price), etc.
Stop loss technique
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Although gold futures also adopt margin system and two-wayTransaction mechanismHowever, there are still obvious differences between gold futures and other futures.Therefore, investors also have tricks to find when setting up stop loss plans in gold futures trading.
First, becauseGold priceDay ofVolatilityRelatively low. The average daily volatility of gold price in the past 10 years is 1.58%. Therefore, according to the historical volatility of gold priceStop winningPosition or stop loss position is set on the dayFluctuation rangeNear the upper limit.
Stop loss of gold futures
If the intraday gold price increases by 1.6%, investors in short-term trading can consider changing their positions when the increase reaches 1.5%Profit taking。Medium long lineInvestors can combine the preset risk profit ratio withInvested fundsFor example, investors entering the futures market for the first time can put about 30% of their capital into the market, set the profit/loss ratio as 3 to 1, and stop loss when the loss reaches 30% of the expected profit.
Finally, because the most active time of transactions in the international market is oftenBeijing TimeAt night, if there is a big impact on the marketEmergencies, it may increase the intraday fluctuation of global gold price, and the next daydomestic marketThere is often a big jump in the opening.Therefore, for investors holding overnight positionsThePlanned stop loss is combined with sudden stop loss.It is worth noting that many investors often choose to rush into the market to win the profits brought by the adverse market in order to recover the loss funds as soon as possible after the stop loss. The result of this operation will often lead to greater losses, which should be avoided in gold futures trading as far as possible, because investors in theContrarian operationRisk inMuch greater thanExpected earnings。
Mode analysis
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The following table shows the quotation of gold futures trading on the New York Mercantile Exchange on April 8, 1993.
The standard volume of gold futures trading is 100Troy ounceThe transaction volume of each contract is 100 troy ounces.
New York Gold Futures
Minimum unit of change: 1 oz.(1) Listed as the highest price of gold per ounce in the first quarter;
(2) Listed as the lowest price of gold per ounce in the first quarter;
(3) Listed as the delivery month;
(4) List as the highest price per ounce on that day;
(5) List as the lowest price per ounce on that day;
(7) List the difference between the price of the current day and the price of the previous day;
(8) List as the number of outstanding contracts.
Take the third example, the delivery month is June, the highest quarterly price is 1 ounce=418.50 dollars, the lowest price is 1 ounce=327.10 dollars, the highest price of the day is 1 ounce=340.80 dollars, the lowest price of the day is 1 ounce=337.20 dollars, and the closing price of the day is 1 ounce=336.90 dollars.The closing price on April 8 was 0.80 dollars lower than that on April 7, and 78110 contracts were still outstanding.
Gold futures are also like ordinarycommodity futures Similarly, takeMark the market day by daySettlement method.Set StartdepositIt is 4% of the trading volume, so the deposit of a futures in June on the purchase delivery date is 1347.6 dollars (4% × 336.9 × 100). If the maintenance deposit is 70% of the initial deposit, it is 943.32 dollars. The table indicates that the closing price on April 8 is 0.80 dollars lower than the closing price on April 7.The futures buyer lost $80 (0.80 × 100) on that day, which should be deducted from his deposit.If the closing price on April 8 is $0.80 higher than the closing price on April 7, the buyer's deposit will increase by $80, and the buyer can withdraw the $80 from his deposit account.This kind of market surveillanceSettlement systemThe profit and loss of futures trading will be realized immediately.This is the gold futures contract andForward contractThe main difference between.
Gold futures trading is essentially a trading margin system, so it is suitable for goldSpeculative tradingAnd hedging transactions.
For example, someGold tradingOfspeculatorAccording to the relevantInformation predictionThe price of gold futures rose.He decided to buy at a low price and sell at a high price.On April 8, I bought a gold futures for delivery in June, the price was 1 ounce=336.9 dollars, and the total value was 33690 dollars (336.9 × 100). By May 8, the price of gold futures for delivery in June had risen to 1 ounce=356.9 dollars, and the speculator immediately decided to sell a gold futures for delivery in June.
Table The Nymex gold futures trading 100 troy ounces per ounce of U.S. dollar price monthly delivery futures.Hedge the original purchase of itsNet profit2000 US dollars (35690-33690). If speculators think that the price of gold futures will continue to fall, they will sell at a high price, and buy at a low price after the price falls to hedge the original transaction for profits.
（ 1 ）
（ 2 ）
（ 3 ）
（ 4 ）
（ 5 ）
（ 6 ）
（ 7 ）
（ 8 ）
Maximum price
minimum price
month
Maximum price
minimum price
Closing price
change
Unsettled contract
four hundred and ten
three hundred and twenty-five point eight zero
four
three hundred and thirty-nine point four zero
three hundred and thirty-six
three hundred and thirty-seven point six zero
-O.80
one thousand two hundred and twenty-two
three hundred and thirty-nine point four zero
three hundred and thirty-nine point four zero
five
-
-
three hundred and thirty-eight point two zero
-0.80
ten
four hundred and eighteen point five zero
three hundred and twenty-seven point one zero
six
three hundred and forty point eight zero
three hundred and thirty-seven point two zero
three hundred and thirty-six point nine zero
-0.80
seventy-eight thousand one hundred and ten
four hundred and twenty-six point five zero
three hundred and twenty-eight point five zero
eight
three hundred and forty-one point five zero
three hundred and thirty-eight point six zero
three hundred and forty point two zero
-0.80
thirteen thousand nine hundred and sixteen
three hundred and ninety-five
three hundred and thirty point six zero
ten
-
-
three hundred and forty-one point five zero
-O.80
two thousand five hundred and three
three hundred and eighty-three
three hundred and thirty-one point seven zero
twelve
three hundred and forty-four point seven zero
three hundred and forty-one point one zero
three hundred and forty-two point eight zero
-0.90
one hundred and fifty-five thousand and four
three hundred and seventy-six
three hundred and thirty-three point eight zero
two
three hundred and forty-four point five zero
three hundred and forty-four point four zero
three hundred and forty-four point three zero
-0.90
five thousand eight hundred and fifteen
three hundred and sixty
three hundred and thirty-five point two zero
four
three hundred and forty-six
three hundred and forty-five point five zero
three hundred and forty-five point nine zero
-0.90
four thousand seven hundred and twenty
three hundred and eighty-three
three hundred and thirty-two point eight zero
six
-
-
three hundred and forty-seven point two zero
-1.00
three thousand one hundred and twenty-three
three hundred and eighty-five point five zero
three hundred and forty-one point five zero
eight
-
-
three hundred and forty-eight point eight zero
-1.10
three thousand and one hundred
three hundred and fifty-two
three hundred and forty-four
ten
three hundred and fifty
three hundred and fifty
three hundred and fifty point six zero
-1.10
one thousand two hundred and seven
three hundred and fifty-six point seven zero
three hundred and forty-three
twelve
-
-
three hundred and fifty-two point five zero
-1.20
three thousand five hundred and forty-one
If he doesn't take any precautions, goldspot priceUp, hisproduction costsImprove,product priceWithout change, his profits will decrease, or he will operate at a loss.In order to prevent this from happening, the jewelry manufacturer, while signing the sales contract, decided toCommodity ExchangePurchase gold futures with delivery date in August.The manufacturer successfully hedged the spot transaction through futures trading, preventing the risk of gold spot price rising, production cost increasing and profit declining.
date
Spot market
futures market
May 10th
June expected
1 ounce=$340
Buy 1000 oz
$340000
1 ounce=$345
Buy 10 August delivery futures contracts
$345000 per 100 oz
May 20
1 ounce=$360
Buy 1000 ounces
Expenditures $360000
Loss $20000
1 ounce=$365
10 8-day delivery futures contracts sold
$365000
Profit $20000
Content introduction
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Futures and cash
Differences in margin trading
Spot margin trading
Gold spot margin tradingwithLondonSpot marketAs a representative, it has no fixed trading place. The five largest gold merchants in London (Luo Fuqi, JinbaoliWandaKI, VANKADA, MOS Pacific)Market participantsWhen investors buy gold, they only pay a certain proportion of cash deposit, so the remaining payment for goods is relative to thebank loans, so a certain proportion of interest should be paid on a daily basis.Gold futures marginTrading in the United StatesNew York Mercantile ExchangeandNew York Mercantile ExchangeAs a representative, there is a fixed trading place, whose trading object is not the spot gold itself, but the standardized gold purchase and sale contract, which stipulates that the trading parties will carry out gold at the agreed price at a certain time in the futurephysical settlement 。
This is also a margin transaction, but only for its members.This margin trading is associated with spot margin trading in London and US futuresGold margin tradingIt's all different. It's a kind of spotGold trading。Different from the London spot market, it has a fixed trading place and only serves as an investorTrading medium, matching transactions between investors, and the exchange itself does not participate in gold trading.Unlike the U.S. futures market, the trading of U.S. gold futuresSubject matterIt is a standardized gold purchase and sale contract, while the delayed delivery of gold in Shanghai Gold Exchange is a spot gold transaction.
There is a difference between gold futures contracts and forward contracts.
First of all, gold futures are the purchase and sale of standard contracts, which must be observed by both buyers and sellers. Forward contracts are generally contracts signed by both buyers and sellers according to their needs. The contents of each forward contract are as followsFineness of goldThe level and delivery rules are different;
Secondly, futures contracts are easy to transfer, and can be bought and sold according to the market price, while forward contracts are difficult to transfer, and cannot be transferred unless a third party is willing to accept the contract;
Third, most futures contracts are closed before the expiration, and there is a certain degree of speculation andinvestment value, the price is also fluctuating, and the physical delivery of forward contracts is generally after the expiration.Finally, gold futures trading is carried out in a fixed exchange, andForward transactionIt is generally conducted off-site.
Difference from options
"Gold Futures" and“options on gold”They are both gold derivatives products. What are the differences and similarities between the two products,Individual investorsShould we choose "gold futures" or "gold options"
Low investment threshold "gold option"
The trading object of "gold futures" is the gold contracts of various periods provided by the Futures Exchange. The quotation is provided in RMB, and the starting point of trading is one contract, i.e. 1000 grams.Personal investmentThe margin charging standard of gold futures contracts is generally 11% of the contract value. The most recent contract is the contract in June 2008. Individual investors need at least 24000 yuan to buy and sell, and the daily trading is subject to a limit of 5%.The object of "gold option" transaction isinternational marketOfSpot gold, quote indollarYes, the starting point of the transaction is 20 ounces of gold, or 622 grams.Individual investment in gold options needs to pay a certain option premium. The options offered by the bank include six options ranging from one week to six months. In terms of the shortest one week option,Option premiumGenerally, it is 10 dollars/ounce, so investors need to invest 200 dollars to invest in gold options. There is no limit for "gold options" investment.
"Gold futures" and "gold options" are essentially buying and selling a forward contract, which stipulates to buy or sell a certain amount of gold at a certain price in the future.For individual investors, neither of these two businesses can be actually delivered, so the way to make profits is to useContract priceChanges in, fromPrice differenceprofit.Because of these twotransaction modeCompared with spot trading, it has the function of leverage amplification, and can choose bullish gold or bearish gold in contract selection, so its trading is applicable tomarket environmentMore extensive.
Be alert to risks
Because they are two different products, "gold futures" and "gold options" face differentinvestment risk。When investing in gold futures, individual customers will face insufficient margin balance and beCompulsory liquidationRisk.The customer may lose all the funds in the account.Because the price change of the domestic gold futures market is affected by the fluctuation of the international market, and the gold price often fluctuates sharply in the evening New York market, it is inevitable that the price of gold in the domestic futures exchange will go shortTransaction riskIncreased.andGold Option TradingWhen the customer acts asOption buyerThe maximum loss has been determined at the beginning of the transaction, that is, the option premium paid to the bank.No matter how the gold price changes in the future, the customer's biggest loss has been determined.As long as the option is valid (includingdue date）If market fluctuations are beneficial to customers, customers can choosePut optionLock in profits without worrying about the sharp reverse fluctuations.
"Gold option" is suitable for medium-term position
In combination with the international market, gold derivative transactions often combine gold futures and gold options.With the domesticgod Derivatives As the market continues to mature, individual investors can try to participate in the transaction of "gold futures" or "gold options".Relatively speaking, the "gold option" has higher investment flexibility, stronger leverage function, and is more suitable for use when the gold price fluctuates significantly, and is suitable for investors who intend to hold medium-term positions in gold.
Technical Term
one
two
Opening price: the transaction price of the first transaction of the day
three
Closing price: the closing price of the last transaction of the day
four
Maximum price: the highest transaction price of the day
five
Lowest price: the lowest transaction price of the day
six
Bulls: investors who are optimistic about rising in a period of time
seven
Short: investors who are optimistic or negative in a period of time
eight
Open high: the opening price is above the closing price
nine
Opening price: the opening price is equal to the closing price
ten
Open low: the opening price is below the closing price
eleven
Hold on: after buying gold, the price drops and cannot be sold
twelve
Trend: the market price moves in the same direction for a period of time, that is, the trend
thirteen
Rising trend: the market price has been moving towards a new high for a period of time
fourteen
Downtrend: the market price has been moving towards a new low price for a period of time
fifteen
Consolidation: the market price fluctuates within a limited range
sixteen
Pressure point, pressure line: The point (or line) at which prices stop rising or falling after hitting a high point (or line) in the process of rising is called pressure point (or line)
seventeen
Support point, support line: In the process of price decline, stop falling or rising after hitting a low point (or line). This point (or line) is called support point (or line)
eighteen
Breakthrough: price breaks through the rising trend line
nineteen
Below: The price falls below the downtrend line
twenty
Reversal: the price moves in the opposite direction of the original trend, including upward reversal and downward reversal
twenty-one
The bottom: the price starts to rise from the lowest point when the bottom is reached successfully
twenty-two
Bottom: the lowest part of the price long-term trend line
twenty-three
Head: the highest part of the price long-term trend line
twenty-four
High price zone: at the end of the bull market, this is the best selling point for medium and short-term investment
twenty-five
Low price zone: at the beginning of the bull market, it is the best buying point for medium and short-term investment
twenty-six
Strong buying: strong desire of buyers in market transactions causes price rise
twenty-seven
Heavy selling pressure: the seller scrambles to sell in the market transaction, causing the price to fall
twenty-eight
Line cheating: the main force or large investors use the market psychology to cheat on the trend line and make retail investors make wrong decisions
twenty-nine
Overbuying: the market price continues to rise to a certain height, the buyer's strength is basically strong, and the price is about to fall
thirty
Oversold: the market price continues to fall to a certain low point, the seller is basically working hard, and the price is about to rise
thirty-one
Position opening/position building: When the operation of the market is consistent with its own analysis or investors feel it is the time to enter, they can consider entry trading.
thirty-two
Bullish: buy more orders
Bullish: short order
one
two
Closing position: closing position is the position order sold. It needs to place a reverse order. If the position opened previously is a bullish position, it should be closed by a sell order after reaching the target price.The opposite is true
three
Lock:gold marketIt is traded 24 hours a day, but it is impossible for people to stay awake 24 hours a day. When investors are uncertain about the trend of the market, or need to leave the computer to see the market, or when the funds in the account can no longer withstand large fluctuations in the market, they can consider locking positions,Leave the market for a period of time - of course, you can also choose to stop profits and losses by listing orders, which is when investors are particularly confident about the direction of the market.Do not lock the warehouse at other times.
four
Closing: In the case of closing the position, closing the position can only be done if there is enough margin in the account. Otherwise, you must make up the margin. If you are unwilling to make up the margin, you can force closing the position, that is, both empty orders and multiple orders are forced to be closed.
five
Add position: When the market direction is confirmed, investors can consider adding positions if they are sure that the trend can continue, but if their position bottom is guaranteed, do not consider the position bottom is too shallow.
six
It is often the case that placing orders and cancelling orders are done separately. If you need to take a break after 1:30 p.m. or have something to go out temporarily, you can choose to place orders. The placing orders are also called price limit orders, which means you want to buy or sell at what price, and then report the price to the system to wait for a deal to be concluded. At the same time, you also need to report a deadline for placing orders;Cancellation is to cancel the list that has been listed.
seven
Cancellation of price limit order: investors can consider canceling the order set previously and wait for the outbreak of the market when they close their positions in advance or predict that the market will significantly exceed the target price.If the investor fails to cancel the order in time, the order is still valid when he/she closes his/her position in advance. Once the target price is reached, the order will become effective immediately, and then a new position will be opened.
technical analysis
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Technical analysis is an investment method to capture the price trend based on the disk phenomenon and by means of technical charts.AndFundamental analysisIn contrast, technical analysis is a way to study price changes from the phenomenon, just like experienced sailors who judge where there is according to the change of water flowreefWhere is it safer to sail? For example, people can judge whether it will rain according to the changes of visible clouds.Technical aspectsThe phenomenon analyzed is the panel information with the price change as the core.
one
two
（1） Argument on the Theoretical Basis of Traditional Technical Analysis
Since its birth, technical analysis has suffered from many complaints, the most important of which isObjectionsIt is a question about the theoretical basis of technical analysis. The theoretical basis of the technical analysis theory of is basically derived from the three assumptions of "Dow Theory". Later, in the works of technical analysisJohn Murphy Of《Technical analysis of futures market》The theoretical basis of technical analysis is sublimated to:market priceReflect everything, prices run in a trend, and history will repeat itself.Over the years, some people have questioned these three assumptions of technical analysis, such as "market price reflects everything"Subtext"The market is always right", and someInvestment MasterFor example, Buffett's understanding of the nature of the market is that "the market is always wrong". The success of these people makes many people doubt whether this assumption of technical analysis is tenable;However, some people also think that it is untenable for prices to operate in a trend way, such as“Random walk”Theoretical schools believe thatfinancial marketThe price of is trendless, and negates it from the data by means of mathematical probability;As for the third article, "history repeats itself", it is not recognized by people.
one
two
（2） Re understanding of the theoretical basis of technical analysis
This book believes that the technical analysis is based on the principle of "phenomenon reflects essence". The phenomenon in the financial market is price change, and the essence isLaw of valueandLaw of supply and demandFund flow under promotion.The theoretical basis of technical analysis is summarized as follows:
Andnatural phenomenaIn contrast, the price in the financial market is actually asocial phenomenonThe essence of price is the essence of people,Social lawAndnatural lawThe biggest difference is that unlike natural laws, social laws can be accurately calculated by mathematical methods. Social laws are more vague, but not irregular.In the ancient Chinese saying of Zhan, "great beauty lies in form". God resides inside and the form is obvious outside.In modern language, the so-called "form" is "phenomenon", and "spirit" is essence.The change of phenomenon means the change of essential characteristics. The change of cognition and understanding of market essence can only be a gradual change from phenomenon (outside) to essence (inside), rather than a reverse leap.
When applied to futures, the "phenomenon" isPrice structureOr price pattern, which can be seen directly on the panel.The essencefutures pricesBehindrelation between supply and demand, law of valueeconomic cycle It cannot be seen directly when waiting on the disk.futures marketThe price is changing rapidlymargin system Funds forLeverageNext, investors must pay close attention to any changes in the market, and maintain a sensitive response, just as sailors must be highly vigilant in the face of panic waves at sea.This requires investors to take timely measures according to the changes of price phenomenon, rather than taking action after first studying and understanding the real reasons behind the phenomenon.
Novice Plan
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The trend of gold and the stock market is generally in the opposite direction. Gold is a risk aversion product. The sharp fall of the stock market and more capital flowing to gold are one of the factors that lead to the rising gold price.
The novice should consider three aspects when formulating a gold futures trading plan: fundamental analysis, technical analysis andfund management。It is more important for beginners to learn how to survive than to make money at the initial stage, and the key to survival is to master effectiveFund management methodAnd set stop loss scheme.
First of all, it is forbidden to operate with full positions. It is better to use less than 1/3 of the total funds for overnight positions of single varieties.
Secondly, stop loss should be strictly implemented.The intraday fluctuation range of gold price is less than 2%. According to the historical fluctuation characteristics of gold price, investors can set the stop loss level near the upper limit of the daily fluctuation range.For short-term trading investors, if the daily volatility exceeds 5%, they should take profits from their positions.For medium - and long-term investors, first of all, they need to judge the market trend, and then design the investment proportion according to the amount of their own funds. Investors in the initial market can invest about 30% of their funds in the market, set the profit/loss ratio at 3:1, and stop losing when the loss reaches 30% of the expected profit.
One copyTransaction planIn the case of a transaction, it is necessary to first judge the leading marketFundamental planeWhat is the factor? Then analyze the market's expectation of it and how the expectation is reflected in the price.Technically, what price should be set for yourself to enter the market, what price should be set for profit taking, what price should be set for stop loss, and how many positions should be setIntraday tradingstillTrend TradingWhat should we do when we encounter sudden changes in the disk.
It is very important to develop a trading plan, which should be strictly implemented in the trading process.
Standard contract
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Transaction type
gold
Trading unit
1000 g/hand
Bidder
RMB/g
minimum price change
0.02 yuan/g
Maximum daily price fluctuation limit
Not more than ± 3% of the settlement price of the previous trading day
Contract Month
January December
Transaction time
9:00-11:30 a.m. 1:30-3:00 p.m
Last Notice Day
The 15th day of the contract delivery month (postponed in case of legal holidays)
Closing Date
Five consecutive working days after the last trading day
Delivery grade
Domestic gold ingots with gold content not less than 99.95% and standard gold ingots produced by qualified suppliers or refineries recognized by London Bullion Market Association (LBMA) recognized by the Exchange.(See the annex for specific quality regulations).
delivery points
Exchange designated delivery vault
Minimum transaction margin
4% of contract value
delivery methods
physical settlement
Transaction code
AU
Listed Exchange
Shanghai Futures Exchange
Demand supply
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According to the global gold supply and demand data, the gold supply is expected to exceed the demand, as shown in Figure 6.Gold in the first quarterSupplyandrequirementThe gap is very small, and the supply of gold in the second quarter and the third quarter exceeded the demand for gold more.
Figure 6
In addition, from golddemand structure Look, 2011Gold jewelryDemand, industrial and dental demand and investment demand accounted for 43%, 10% and 37% of gold demand respectively.In 2011, the demand for gold investment has approached the demand for gold jewelry.The price of gold continues to rise, which may lead to investment demandconsumer demandAre reduced.Therefore, from the perspective of gold supply and demand data, it does not support the sharp rise of gold prices.
The last bourse has basically completed the formulation of relevant rules for continuous trading, and has publicly solicited market opinions.On the basis of soliciting opinions, the Exchange will officially release it to the public.For night capital remittance and transfer involved in continuous transactionstrading system RenovationEmergency supportThe Institute is also coordinating relevant parties to actively prepare for the work.
Shanghai Futures Exchange officially announced that the night trading of gold and silver futures will officially start on July 5, 2013.
