I made a picture, which is based on the fact that it takes several months for the processing factory to purchase goods, which is equivalent to the effect of hedging with futures and options when holding spot short positions. The picture is as follows. To put it simply, when futures are hedged, futures can generally hedge the spot, and the hedging effect is good, and the income from the effect chart is basically a straight line near 0. ? When hedging options, because the options need to invest in gold, when the spot goes up, the return is negative, and the negative value is a premium, but when the spot goes down, the option hedging can enjoy more income when the spot goes down. ? The two hedging methods have their own advantages and disadvantages. When writing a paper, you should focus on it, preferably with examples and transaction data.