Physical gold: it is real and accessible gold, mainly gold bars, gold bars, gold coins and gold jewelry. After the personal business of China gold market is liberalized, residents can purchase such products through member banks, gold shops and professional gold companies. The advantage of this kind of investment is that it can resist the danger of inflation and enjoy the benefits brought by the rise of gold prices. The disadvantage is that it takes up a lot of money, there is no interest income in storing physical gold, and it has to pay storage fees, so the liquidity is relatively poor.
Physical gold is mainly suitable for investors who are conservative and need precious gold for long-term investment. If it is only for the purpose of preserving value, investors are advised to buy investment gold bars, such as the high gold bars of China Merchants Bank (600036 stock market, stock bar) and the gold bars of Shanghai Gold Exchange. Commemorative gold handicrafts or gold jewelry are expensive, illiquid and highly discounted when realized due to additional expenses.
Paper gold, also known as "bookkeeping gold". Paper gold trading is a kind of "virtual gold speculation" service provided by banks, such as "Huang Jinbao" of China Bank and "Gold Expert" of Industrial and Commercial Bank of China. Investors don't need to trade through physical sale and delivery, but use bookkeeping to invest in gold, and use the price fluctuation of gold to buy low and sell high to earn the spread income.
The advantages of this kind of investment are good liquidity and strong liquidity; The disadvantage is that you can only be bullish and profit from the rise in gold prices, not short. And "paper gold" trading banks will charge spreads. Take ICBC's RMB account fund as an example. When the spread is 0.8 yuan and the median price is 180.4 yuan, the buying price is 180.4 yuan and the selling price is 179.6 yuan. Only when the price of gold rises above 0.8 yuan can there be gains, relatively speaking. "Paper gold" is suitable for short-and medium-term investors who have little money and have some research on the gold market.
Au(T+D) deferred settlement business of Shanghai Gold Exchange. Deferred delivery business is a trading mode in which traders can choose to deliver or postpone delivery on the contract trading day, and at the same time introduce deferred compensation mechanism to stabilize the contradiction between supply and demand, which can be called "quasi-gold futures". Individual investors can participate in the transaction through the member banks of the gold exchange.
The advantage of this kind of investment is that the leverage is obvious, and the transaction can be completed with a down payment of 7%- 10%, and a short-selling mechanism is provided, which makes the selection of transactions more flexible, while the disadvantage is poor liquidity and complicated trading rules. Deferred settlement business is suitable for professional investors with strong risk tolerance and certain knowledge of gold trading. Recently, the Gold Exchange launched an improved contract of deferred delivery Au(T+N), which is a supplement and continuation of the existing spot deferred trading variety Au (T+D).
See which of the above investment methods is more suitable for you, and then selectively see where to open an account, including banks and gold investment companies. . .
It will take more than three years for a stock investor to make a smooth transition to futures trading. The most important thing is the short-selling mechanism and the understanding of leverage. When we analyze problems, we need a kind of screening ability, which can only be perceived after a long period of groping in the market. It is difficult to describe it in specific language and needs risk awareness.
Individual investors need more professional knowledge to participate in gold futures. The development of professional knowledge will conflict with spot trading knowledge, and now the knowledge of institutional investors needs to be improved. What we are doing now is to predict the price of future varieties, not now, because most spot investors use the current product price trend to predict the future price. Many times, this incomplete matching and integration will lead to misjudgment.
Gold is special. There are only two successful gold futures exchanges in the world, one is Comdex in the United States and the other is Japan. The proportion of transactions in the world is different. We can do gold futures, but we can't put all derivatives and derivatives of gold on gold investment products to solve the problem. In addition to delivery, there is also a price issue, and now it is a shadow price. The pricing power of the global gold market lies in European and American countries. At present, China has almost no right to speak in the world gold market. Because there is no large trading volume, the price can only be the shadow price of European and American countries. Shadow price will lead to great transaction risk problems, such as time limit, and other products are different. If this happens, the gold exchange has opened a night market now. I wonder if the gold futures exchange will open a night market in the future. Generally, the price of gold fluctuates greatly at night in Beijing time, while the gold market in China opens in the morning, when the price of gold is relatively stable. This is a big problem, because the risk of investors is open, and our fate is in the hands of the United States. There are no particularly successful gold futures cases in Asia, the gold futures market in Hong Kong is basically gone, and the gold futures market in Singapore is also very small. Gold hedging and contract price changes are very good. Some investors say that I am bullish on gold futures for a long time, and I don't need to do spot work, which is very expensive. I can make orders directly on futures and hold them for a long time. The trading volume of the gold market is very, very small, which refers to the futures price corresponding to the London gold trading price. The real price discovery function of spot gold is not very strong. After a long study, we did find this problem. Whoever has a large scale will have the initiative.
At present, there is no particularly large spot market for gold futures in China, and there is no right to speak internationally, so I am cautiously optimistic about the varieties of gold futures trading.
Spot is also affected by futures. If you are experienced, capable and invest in gold, and you have participated in financial derivatives investment or stock investment for many years, then you can go there to find a battlefield and speculate. Otherwise, it is still a stock.