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What is the difference between "arbitrage", "hedging" and "speculation" in gold futures investment varieties?
Arbitrage refers to the transaction that earns the difference, and speculation is this way.

Arbitrage is similar to speculation.

Hedging means holding spot or wanting to buy spot. But we don't want to lose money because of the uncertain fluctuation of the market, and sell or buy in the opposite direction in the futures market to achieve the role of maintaining value. Also called risk hedging. The essence is also speculation, but its function is not to earn the difference, but more like investment.