First, define:
Paper gold: As the name implies, it is a piece of paper. You bought this paper at the current price of gold marked on it. When the price of gold rises, the price of the paper you hold will also rise, and then you can earn the difference by selling it. Note that the sale does not involve physical objects.
Futures gold: refers to a futures contract with the gold price in the international gold market at a certain time in the future as the trading target. The profit and loss of investors buying and selling gold futures is measured by the difference between entry and exit. Note that if the contract is not closed after the expiration, it will be delivered in kind.
Second, the trading mechanism:
Paper gold: one-way trading, that is, only when the price of gold rises can you make money; Leverless mechanism; There is no delivery date, it can be held permanently, and now it can be traded 24 hours a day, with convenient procedures.
Futures gold: two-way trading, both ups and downs, as long as you look at the direction, both ups and downs can make money; There is also leveraged trading, which is generally 1: 10, that is, when you buy 10 gram of gold, you actually only spend 1 gram of gold; T+0 trading, that is, the position can be closed at any time after opening, which is different from the position of stock 1 day; There are restrictions on ups and downs; The trading time is the same as the domestic futures trading market, 4 hours a day.
Third, the theme:
Because there is no physical object involved, the subject matter is the disk price, and paper gold is at least 10 gram of gold at a time.
The subject matter of futures gold is more detailed, because it may involve physical objects:
I. Delivery unit
The trading unit of the gold standard contract is each lot1000g, and the delivery unit is 3000g per warehouse receipt. Delivery must be an integer multiple of each warehouse receipt.
Second, the quality regulations
(1) The gold used in the physical delivery of this contract must meet the national standard GB/T 4 134-2003, in which the gold content is not less than 99.95%.
(2) Appearance and block weight. The gold delivered shall be ingots, each weighing1000g or 3000g.
(3) The overflow of each warehouse receipt shall not exceed 1%, and the increase or decrease clause of each ingot shall not exceed 0.1g..
(4) The gold of each warehouse receipt must consist of the same commodity with the same manufacturer, brand, registered trademark, quality grade and shape.
(5) The gold in each warehouse receipt must be a registered brand recognized by the Exchange and must be accompanied by a quality certificate issued by the manufacturer.
(6) After the warehouse receipt has passed the inspection, it shall be issued by the delivery warehouse designated by this Exchange.
4. Handling fee:
Paper gold: A handling fee of 0.4-0.5 yuan is charged per gram, and large households have a discount.
Futures gold: no more than two ten thousandths of the transaction amount.
Comparison of advantages and disadvantages of verbs (abbreviation of verb);
Paper gold: the advantage is that it saves the transportation fee, storage fee and appraisal fee required for the sale of physical gold. A lower investment threshold of 2000 yuan can be achieved, and it can be traded 24 hours a day, which is more in line with the characteristics of gold price fluctuation.
Disadvantages: high handling fee, large capital occupation, long investment cycle and high opportunity cost.
Futures gold: advantage, two-way trading, low capital utilization rate, T+O trading.
Disadvantages: the handling fee is high, there is a delivery date, and the trading time is 4 hours all day. During trading hours, the market is unusually dull, and gaps often appear the next day, and overnight orders are very risky.
An intransitive verb opens an account:
Paper gold: accounts can be opened in China, ICBC and CCB, and your transaction records are only reflected in the "gold passbook account" opened by individuals in advance.
Futures gold: Open an account in Dalian Commodity Exchange Market or Shanghai Commodity Exchange Market and its affiliated futures companies, and have an independent trading account number, password and trading software.
Attachment: All domestic gold markets are not independent, including Shanghai TD gold, which are based on the prices of external markets. Often the domestic external market tends to be stable during the day and the trade fair is more active at night, so the time when domestic gold is located fluctuates little, but futures gold does not open at night. When the market opened the next day, futures gold was a gap, which was not conducive to investors. Although TD gold has a night market, it also has a gap. Although paper gold is traded 24 hours like the peripheral market, the capital occupancy rate is too high, and it is one-way trading with slow fluctuation, so it can only be invested in large cycles, such as 8- 15 years.
You can contact me if you don't understand anything.