It is understood that the domestic gold market was actually in a semi-closed state before the domestic delayed settlement business appeared. Shanghai T+D business is only open to corporate members, and individual investors cannot participate. However, other gold investment varieties lag behind the international market, and the enthusiasm of investors is low, so it is difficult to promote the trading varieties.

Therefore, some overseas investment institutions aim at the huge domestic potential market and the gap of low investor awareness, and vigorously attract funds for foreign investment. Such overseas investment institutions have mushroomed in Shanghai, Jiangsu and Zhejiang provinces. These overseas institutions usually set up consulting companies in China in the name of investment consulting, and extensively develop agents and spread sales networks to attract domestic investors to invest; Domestic investors can obtain the user name and password as long as they open an account in their designated institutions and then remit the cash needed for the transaction; After that, investors only need to send trading instructions in the designated downloaded trading system to complete the transaction. Investment is not delivered in kind, but leveled directly in the external market. Another mode of gold investment outside the market is to open an account in the name of an individual for overseas investment through relevant underground channels or well-connected international futures brokerage companies. Investment is not a physical delivery, but also a direct profit in the external market, or a price hedge with the spot gold trading of the Shanghai Gold Exchange. This seemingly stable trading method actually makes a large amount of domestic funds flow out.

At present, only a few domestic institutions are allowed to participate in the international gold market. But not on behalf of other institutions and individual investors to invest in the international gold market. Many companies that invest in gold outside the market are actually playing the edge ball; At the same time, investors have to face problems, such as poor management, bankruptcy, inability to perform contracts, and brokers acting for their own interests, which harms the interests of customers, such as day trading. Once the above-mentioned illegal acts occur, investors can neither be protected by China laws nor be effectively protected by overseas laws. So, don't be tempted by the beautiful coat on the outer plate.

Risk 2: Operational risk control

Most investors basically do their own investment operations, so investment psychology plays an important role in investors' cognition and operation.

1, "greed"

Greed itself is not a mistake. The key issue is not greed, but greed. Enough is enough, greed is greed, and greed regardless of reality becomes greed. There is a metaphor that is very vivid. Investing is like eating fish. Turn around and don't take off the tail. Just eat fish. If you don't covet to buy at the lowest point and sell at the highest point, then investing is a relaxed and natural thing. Investing is the same as playing chess. It is a wise choice to give up some local gains and losses and seek the initiative and advantage of the overall situation. When the point is already very low, you can only see the risk but not the opportunity, or when the point is already very high, you don't know how to control the risk and blindly pursue the profit. Can only get small profits and lose the overall situation, lose the overall situation.

2. "fear"

After some investments fail, investors often form a certain degree of fear, which is an important psychological misunderstanding that causes the next investment failure. For example, after deep lock-in, investors will become more sensitive the next time they buy stocks. When the Zhuang family shakes their positions, they often panic and sell at a loss. Similarly, investors who have just released a dark horse in the low position will become more reluctant to sell next time, and it is easy to miss another real shipment opportunity.

3. "Gambling"

The main purpose of many investors is to make money. It is understandable that they are eager to make money and get rich. The key is that the purpose of investment is to focus on the future income, and the significance of investment includes the time factor. Therefore, after experiencing failure, they should adjust their mentality and methods instead of rushing to earn back their losses, which may lead to more serious losses.

Experts suggest that "take profit" and "stop loss" should be strictly set, and don't take chances. There must be clear wishes before placing an order: bullish and bearish, long-term and short-term, take profit and stop loss, etc. But we can't be completely limited to this, because the market is changing at any time, and the most important thing is to adjust the mentality with the market.

Risk 3: real money repurchase risk

The value of physical gold lies in wealth storage and capital preservation. Investing in physical gold seems to make people feel "there are goods in hand, but they don't panic." If you invest in physical gold, you need to make a profit by buying and selling gold according to the fluctuation of gold price.

For investors, the biggest obstacle to investing in gold is poor repurchase channels. It is understood that foreign gold repurchase accounts for about 20% of the total demand, but in China, the ratio is still in single digits. During the period of national distribution and marketing, all gold was repurchased by the People's Bank of China. However, after the opening of the gold market, the People's Bank of China cancelled this business. Gold repurchase has become a "heart disease".

Lu, secretary general of China Gold Association, said that the poor channel of gold repurchase is a problem in the process of gold marketization in China, and it will take some time and the efforts of relevant institutions to improve it.

On the one hand, solving this problem requires some support from national policies. On the other hand, some gold merchants are also needed to do related promotion. On September 20, 2006, Xihanzhi (Beijing) International Gold Co., Ltd. and Gao Deyi and Gold and Silver Products Co., Ltd. signed a cooperation agreement on mutual authentication and resale of standard gold bars, which is the first case in China.

Risk 4: Network technology risk

Network risk, network trading business and a lot of risk control work are all completed by computer programs and software systems, so the technology and management security of electronic information systems have become the most important technical risks in the operation of network trading. This risk not only comes from uncertain factors such as computer system downtime and disk array destruction, but also comes from digital attacks and computer virus destruction outside the network.

Gold investment, like other investment methods, has risks and rewards, and the above risks are only part of it. Others, such as government actions, wars, natural disasters, national economy and exchange rate fluctuations, will lead to the loss of principal and income. While facing huge profits, investors should also adjust their mentality and guard against huge risks.

Investors must adapt to the market, and the market never sympathizes with the tears of losers.