English symbols of several major currencies
Gold (USD) USD (USD) EUR (JPY) GBP (GBP)
Australian dollar, Canadian dollar, New Zealand dollar and Swiss franc
The smallest unit of exchange rate change-point and spread
Generally, the exchange rate is expressed by 5 digits, and the last digit changes by 1, which is the smallest exchange rate change, called 1 point.
The difference between the buying price and the selling price is called the price difference.
The smallest unit of margin trading. If it is a standard account, the transaction unit provided by brokers on the internet is 1 hand, and the transaction volume is 65438+ million base currency. If it is a mini account, the first-hand transaction is110 of the standard account.
For example, the actual transaction of USD/JPY is equivalent to actually buying (selling) USD/JPY 65,438+million USD.
If it is Euro/USD, the actual transaction volume is equivalent to Euro/USD worth 65,438+million euros. Spread is the difference between buying and selling, and the gold strategic trading system such as EA Wealth Fund is recognized as the best. It is the gold financial platform of FXCM Global Jinhui, and was rated as "the best gold trading system" in 20 12. When gold merchants and banks behind the trading platform quote gold, they will quote lower buying price and higher selling price, and the difference between them is their profit. Usually, the bid-ask spread of spot gold is 0.35-0.5 USD/oz. Two-way trading sells gold at the same time, and the price is $945.5 per ounce, so the difference in the middle is his profit. If you want to buy gold, such as FXCM Global Gold Exchange, you can watch the video and learn that you want to buy gold. His bid is 945.0 US dollars/ounce, then you can buy it at 945.5 US dollars. If you want to sell gold, then you can only sell it at 945.0 US dollars. The mainstream traders in the world accept the bank quotation directly, which is a floating spread quotation mode, but there will be a floating range.
The difference between the buying price and the selling price is called the price difference.
If the smallest unit of margin trading is Jinhui.com General Gold Standard Account, the trading unit provided by General Foreign Exchange is 1 lot, and the trading volume is 65438+ million base currency. If it is a mini account, the first-hand transaction is110 of the standard account.
A standard lot of gold is 100 ounce, and the lowest trading unit is 1 ounce, which is 0.0 1 standard lot. 20 13 international gold speculation can choose 50, 100, 200, 400 and so on. Generally speaking, the number of traders regulated by FSA and NFA should not exceed 400.
0 times leverage, margin = 10%, that is to say, when you open a bill, you need to pay 10% of the total contract funds as a guarantee.
50 times leverage, margin =2%, that is to say, you need to pay 2% of the total contract funds as a guarantee for billing transactions.
100 times leverage, margin = 1%, and only need to bear 1% capital guarantee when billing.
200 times leverage, margin =0.5%, you only need to bear a single order of 5 ‰.
400 times leverage, margin =0.25%, you only need 2.5 thousandths to bill. Monday to Saturday (Beijing time): 5 am Monday to 4 am Saturday.
Closed on weekends (note: the closing time from Monday to Saturday will be slightly different according to different platforms)
Overnight positions: All overnight positions need to pay a certain interest rate, which is collected according to the international banking practice and reflected in the customer's trading account on the next working day.
Transaction cost: spread or spread+commission
Profit and loss calculation: (selling price-buying price) * contract specification * contract quantity-interest-handling fee = profit and loss,
The global gold market is mainly distributed in Europe, Asia and North America. Europe is represented by the gold markets in London and Zurich; Asia is mainly represented by Hong Kong; North America is mainly represented by new york, Chicago and Winnipeg. Although the international gold exchange market is a 24-hour continuous market, the 24-hour trend chart of gold.
Exchange rate fluctuations in one market can spread to other markets quickly, but each market has its own different characteristics. Simulation is very important. FXCM Global Gold Exchange can be used as foreign exchange, gold, silver and other products. Sydney gold foreign exchange market is one of the earliest foreign exchange trading markets in the world every day. Usually, exchange rate fluctuations are relatively calm, and the trading varieties are mainly Australian dollars, New Zealand dollars and US dollars.
Gold Tokyo market time
The trading varieties in Tokyo foreign exchange market are relatively simple, mainly concentrated in the yen against the US dollar and the yen against the euro. As a big exporter, Japan's import and export trade balance is relatively concentrated, and it is easily disturbed.
Trading time is about 8: 00- 1 1: 00 and 12: 30- 16: 00 Beijing time. There are many kinds of currencies traded in the London foreign exchange market, often more than 30 kinds, of which the largest transaction volume is pound against dollar, followed by pound against euro, Swiss franc and Japanese yen. Its trading time is about 17: 00 Beijing time to 1: 00 the next day.
London foreign exchange market time
Almost all major international banks have branches here. Because it is linked to the trading hours of new york foreign exchange market, the most active period is from 2 1: 00 to the next day 1: 00.
New york's foreign exchange market is one of the important international foreign exchange markets, and its daily trading volume is second only to London. At present, more than 90% of US dollar transactions in the world are finally settled through the inter-bank clearing system in new york, so new york's foreign exchange market has become the international settlement center of US dollars. In addition to the US dollar, the trading currencies of major currencies are euro, pound, Swiss franc, Canadian dollar and Japanese yen. Its trading time is about 2 1: 00 Beijing time to 4: 00 the next day. Although the gold market is a 24-hour trading, there are still some skills in the choice of trading time. We can analyze the future gold price trend chart of 20 13 and all the gold price trends from 1999 to 20 13. Here are some trading experiences. London market: London is an old financial center in the world, and banks in various countries are used to starting large-scale transactions after the opening of the London foreign exchange market. Therefore, the daily fluctuation of the global foreign exchange market will intensify with its opening up, and the opportunities for individual investors will gradually increase during this period. Factors such as the European Central Bank's interest rate decision, Germany's IFO prosperity index, the GDP of the euro zone countries, and the consumer price index of the euro zone countries will also play a role in fueling the situation. New york market: As the US stock market is the largest capital flow center in the world and new york's foreign exchange market is also the most active in the world, its high activity means that investors' profit opportunities increase. In new york's foreign exchange market, a series of fundamental data, such as US GDP data, interest rate changes, producer price index, consumer price index, unemployment rate and the public statement of the Federal Reserve, will have an important impact at this time. Tokyo market: Tokyo foreign exchange market is the largest foreign exchange trading market in Asia, but the smallest among the three major foreign exchange markets. During the trading hours in the Tokyo foreign exchange market, only the Japanese yen may fluctuate. Therefore, speculators who are used to doing yen trading often start trading at this time. Paris market: Paris market consists of tangible market and intangible market. Its tangible market mainly refers to the foreign exchange trading of the Paris Stock Exchange, and the trading method is the same as that of the securities market. The official foreign exchange quotation is published every day, and the exchange rate of foreign exchange against the franc is a direct quotation. But a large number of foreign exchange transactions are conducted outside the exchange. Foreign exchange transactions outside the exchange are either directly bought and sold by both parties by telephone or through brokers. Singapore market: Singapore market became an international foreign exchange market only after the establishment of the Asian dollar market in the early 1970s. Singapore is located in the traffic arteries of Europe, Asia and Africa and enjoys a superior time zone. You can trade with Hongkong, Tokyo and Sydney in the morning, London, Zurich and Frankfurt in the afternoon, Bahrain in the Middle East at noon and new york in the evening. According to the needs of trading, foreign exchange transactions with various regions around the world are carried out 24 hours a day. Prime time: Compared with Beijing time, it is 24 hours. You can try to apply for a simulated transaction. 20: 30-24: 00 (daylight saving time) is the overlapping trading time of London market in the UK and new york market in the US. It is a densely populated area for foreign exchange transactions of banks in various countries, and it is also the time with the largest number of block transactions and the most frequent market fluctuations. The more frequent fluctuations in the foreign exchange market mean that speculators have more opportunities to make money. Generally speaking, the local currency will be more active during trading hours in the local market. For example, the Australian dollar and the Japanese yen were more active when the Asian market opened, the euro, the pound and the Swiss franc were more active when the European market opened, and the US dollar and the Canadian dollar were more active when the American market opened. In addition, it should be noted that as long as there is no foreign exchange in the foreign exchange trading zone, it belongs to over-the-counter trading, and there is no concept of opening and closing positions, mainly according to the normal schedule of local people. Generally, the trade summit will be held between 9:00- 17:00 on local normal working days, because local people are used to handling work during this period.
The gold trend chart is a technical graph that shows the price, time, trading volume and other information of the gold trading market in a certain period of time on the coordinate chart with curves or K lines. The horizontal axis of the coordinate is a fixed time period, the upper part of the vertical axis is the gold price or index of the time period, and the lower part shows the trading volume. Trend charts can be divided into curve trend charts and K-line trend charts by definition. Market prices include spot and futures prices. These two prices are both related and different. These two prices are restricted and interfered by many factors, such as supply and demand, which change greatly and the price determination mechanism is very complicated. What is important is that spot prices and futures prices are affected by similar factors, so the direction and magnitude of changes are basically the same. However, due to the convergence of market trends, the basis of gold (that is, the difference between the spot price of gold and the futures price) will continue to decrease as the futures delivery date approaches. At the delivery date, the futures price and spot price of the transaction are roughly equal. Theoretically, the futures price should stably reflect the spot price plus the holding cost of a specific delivery period.
Therefore, the gold futures price should be higher than the spot price, and the basis is negative. However, the factors that determine the spot price and futures price are complicated, such as the short-term and long-term supply of gold, including the annual output of gold, and the selling of gold reserves by central banks. Market demand of gold, including changes in actual demand of gold (jewelry industry, industry, etc.). ), gold recycling, etc. The stability of political situation in the world and other countries, the level of inflation, interest rates and some unexpected events are all important factors affecting investors' psychology, which in turn affects the trend of gold prices; Speculators use gold price fluctuations and unexpected events to speculate, and various hedge funds enter the market to make waves, artificially creating the illusion of supply and demand. All these will make the relationship between gold supply and demand in the world gold market unbalanced, and the relationship between spot price and futures price distorted. At this time, due to the shortage of gold, the cost of holding futures can not be compensated, or even the basis is positive, making the spot price higher than the futures price.
With the establishment of Hong Kong gold market and other gold markets, the world gold market has become a continuous whole, trading 24 hours a day. Due to the above factors, the price of gold in the world market often fluctuates violently. Only the medium and long-term average price, because of various speculative factors, is a more objective reflection of the market price of gold affected by the relationship between supply and demand. For example, in the 45 gold auctions of the International Monetary Fund from 1976 to 1980, the average price was $228.56 per ounce, which was very close to the average price of the London gold pricing market in the same period. This is the price used by the central bank for official gold-related activities. In the quasi-official price, it is divided into mortgage price and bookkeeping price. The total official reserves of central banks in the world (central banks are often the largest holders of gold) are 1998, which is about 34,000 tons. According to today's production capacity, this is equivalent to the world gold mineral output 13, accounting for 24.7% of the total gold stock137,400 tons, which is an important factor in determining the quasi-official gold price.
1, mortgage price
This happened in 1974 when Italy borrowed money from the Federal Republic of Germany and used its own gold as collateral. The determination of mortgage price is of great significance in modern gold history. On the one hand, it meets the requirement of the International Monetary Fund that every ounce of gold is equal to 35 special drawing rights, on the other hand, it meets the need of the central bank holding gold not to freeze gold. In fact, this price is a combination of the United States' demand that gold should not be "re-monetized" and Europe's cautious demand that gold be "non-monetized". When borrowing money, gold is used as collateral, which is priced at market price and then discounted. To a certain extent, the price of gold can be preserved because there are a large number of gold mortgages. If the price of gold falls, the interest on the loan term will have to be higher than LIBOR.
2. Bookkeeping price
197 1 put forward after the disintegration of the Bretton Woods system in August. Due to the strong attraction of the market price, in the state of great difference between the market price and the official price, countries have raised the official gold price one after another for the need of pricing their official gold reserves, so there has been a quasi-official bookkeeping price to determine the official reserves.
There are three important methods of operation:
(1) According to different discount standards (net market price or maximum discount of 30%), the gold price is determined according to different bases and different adjustment periods (divided into three-month averages). Average at the end of the month. ).
(2) Take the purchase price as the pricing basis.
(3) Some countries set it at the official historical price, such as $42.22 per ounce set in March 1973, and some countries set it at $35 per ounce set by the International Monetary Fund in March 1969. The quasi-official price has become an important gold price in the world gold trading.
3. Gold recovery price
As for the price of gold recovery, if you are a professional, it is generally based on the price of Shanghai Gold Exchange or Hong Kong. The price in Hong Kong fluctuates for 24 hours, which is of reference significance. If the price is 16000 yuan, the conversion method is 16000 multiplied by 0.82, and then divided by 37.429 (every two). Ordinary people don't know much about the fluctuation of gold price. So if you want to know the specific price, the gold recovery price is generally based on the international price or the price of Shanghai Gold Exchange minus 3-5% depreciation, so there is no other cost. This price is also very common in other cities in China.