Gold spot margin trading is represented by the London spot market, and there is no fixed trading place. As the counterparties of global market participants, the five largest gold merchants in London (Luo, Jin Baoli, Wandaji, Wanjiada and Meisi Pacific), when investors buy gold, they only need to pay a certain percentage of spot deposit, and the rest of the money needs to pay a certain percentage of interest on a daily basis compared with loans from banks. Gold futures margin trading, represented by the New York Mercantile Exchange and NYSE, has a fixed trading place, and the trading target is not spot gold itself, but a standardized gold trading contract, which stipulates that both parties to the transaction will deliver gold in kind at an agreed price at a certain time in the future.

Is the gold deferred settlement transaction launched by Shanghai Gold Exchange also a margin business?

This is also a margin transaction, but only for its members. This kind of margin trading is different from London spot margin trading and American futures gold margin trading. It is a spot gold transaction. Different from the spot market in London, it has a fixed trading place, only as a trading medium for investors, matching investors to trade, and the exchange itself does not participate in gold trading. Different from the American futures market, the subject matter of American gold futures is a standardized gold trading contract, while the delayed delivery of gold in Shanghai Gold Exchange is spot gold trading.

Selected Notes of Gold and futures account. The contents (including signature) of the account opening contract filled out by professional futures account institutions must be filled out by myself. According to the latest regulations, account holders are required to provide digital headshots, ID cards and photocopies (reverse copies of new ID cards), and the price difference between gold futures contracts and forward contracts.

There is a difference between gold futures contracts and forward contracts.

First of all, gold futures are the sale of standard contracts, which both buyers and sellers must abide by, while forward contracts are generally signed by buyers and sellers according to their needs. The content of each forward contract is different in terms of gold fineness grade and delivery rules.

Secondly, the transfer of futures contracts is more convenient and can be bought and sold at market prices, while the transfer of forward contracts is more difficult, and it cannot be transferred unless a third party is willing to accept the contract;

Thirdly, most futures contracts close their positions before the expiration, which has certain speculative and investment value, and the price fluctuates greatly, while forward contracts generally deliver physical objects after the expiration. Finally, gold futures trading is conducted on fixed exchanges, while forward trading is generally conducted over the counter. "Gold futures" and "gold options" are both gold derivatives. What are the differences and similarities between the two products? Should individual investors choose "gold futures" or "gold options" to invest?

The investment threshold "golden option" is low.

The object of "gold futures" trading is gold contracts with various maturities provided by futures exchanges. The quotation is provided in RMB, and the starting point of the transaction is 1 contract, that is,1000g. Generally, the standard of deposit collection for individuals investing in gold futures contracts is 1 1% of the contract value. The latest contract is in June 2008. If individual investors buy and sell gold futures, they need to invest at least 24,000 yuan, and the daily trading is limited to 5%. "Gold Option" deals with spot gold in the international market, and the quotation is provided in US dollars. The starting point of the transaction is 20 ounces of gold, which is 622 grams. Individuals need to pay a certain option fee to invest in gold options, and the term of options provided by banks includes six kinds ranging from one week to six months. For the right of the shortest period, the option fee is generally 10 USD/oz, so investors need to invest 200 USD to invest in gold options, and there is no limit to the rise and fall of "gold options" investment.

Buy up and buy down.

"Gold futures" and "gold options" are essentially a kind of forward contract, which promises to buy or sell a certain amount of gold at a certain price in the future. For individual investors, these two businesses can't be actually delivered, so the way to make a profit is to take advantage of the changes in contract prices and get the spread income from them. Compared with spot trading, these two trading methods have leverage amplification function, and they can choose bullish gold or bearish gold in contract selection, so their trading is suitable for a wider market environment.

Risks need to be vigilant.

Because they are two different products, "gold futures" and "gold options" face different investment risks. When investing in gold futures, individual customers will face the risk of being forced to close their positions due to insufficient margin balance. The customer may lose all the funds in the account. Because the price change of domestic gold futures market is influenced by the fluctuation of international market, and the price of gold in new york market often fluctuates greatly at night, it is inevitable that the price trend of gold in domestic futures exchanges will jump, and the risk of investors' holding positions will increase. When trading gold options, the customer, as the option buyer, has determined the biggest loss at the beginning of the transaction, that is, the option fee paid to the bank. No matter how the gold price changes in the future, the biggest loss of customers has been determined. As long as the market fluctuation is beneficial to the customer within the validity period of the option (including the expiration date), the customer can choose to sell the option and lock in the profit without worrying about large reverse fluctuation.

"Golden option" is suitable for medium-term positions.

Combined with the international market, gold derivatives trading often combines two trading methods: gold futures and gold options. With the maturity of the domestic gold derivatives market, individual investors can try to get involved in the trading of "gold futures" or "gold options". Relatively speaking, the "golden option" has higher investment flexibility and stronger leverage, and is more suitable for use when the price of gold fluctuates greatly, and is suitable for investors who intend to hold gold in the medium term. Opening price: closing price of the first transaction of the day: closing price of the last transaction of the day: highest closing price: highest closing price of the day: lowest closing price of the day: bulls: investors who are bullish for a period of time: investors who are bullish for a period of time: opening price today is higher than yesterday's closing price: opening price today is the same as yesterday's closing price: opening price today. The price is locked below yesterday's closing price: the price falls after buying gold, and the trend cannot be thrown out: the market price moves in the same direction for a period of time, which is an upward trend; The market price keeps moving towards the new high price for a period of time; The market price keeps moving towards the new low price for a period of time; The market price fluctuates within a limited range; Pressure point; Pressure line: the price is in the process of rising and rising. Stop rising or falling after reaching a certain high point (or line). This point (or line) is called the support point of the pressure point (or line). Support line: in the process of falling, the price stops falling or rising after hitting a certain low point (or line). This point (or line) is called support point (or line) breakthrough: the price crosses the upward trend line and falls below the upward trend line; The price fell below the downtrend line and reversed; The price moves in the opposite direction to the original trend, which is divided into upward reversal and downward bottoming; After the successful bottoming process of seeking the lowest price point, the price turns from the lowest point to the bottom; The lowest part of the long-term price trend line is the head; The highest part of the long-term price trend line is the high-priced area; When the bull market is over, it is the best selling point and low price area for short-term investment; at the beginning of the bull market, it is the best buying point for short-term investment. Strong buying. In market transactions, the buyer's desire is strong, resulting in heavy selling pressure. In the market transaction, sellers compete to sell, which leads to the price drop. Cheating: Main players or large households cheat on the trend line by using market psychology, which makes retail investors make wrong decisions and overbought. The market price continues to rise to a certain height. The buyer's strength is basically hard, and the price is about to fall and oversold: the market price continues to fall to a certain low point, and the seller's strength is basically hard, and the price is about to rise. When the market operation conforms to their own analysis or investors think it is time to enter the market, they can consider entering the market. Bullish: buy more orders, bearish: short orders and close positions: closing positions means selling your positions. You need to place an order in reverse. If the position opened before is bullish, it should be closed by selling orders after reaching the target price. On the contrary, it is just the opposite: the gold market trades 24 hours a day, but people can't stay awake all the time. When investors are uncertain about the market trend, or need something to leave the computer and can't see the market, or the funds in the account can't stand the fluctuation of the market, they can consider locking their positions and leaving for a period of time-of course, they can also choose to hold orders to take profits and stop losses, which is when investors are particularly sure about the market direction. Don't lock the warehouse at other times. Unlock: in the case of locking the warehouse, the warehouse can only be unlocked if there is enough deposit in the account, otherwise it can only be unlocked if the deposit is paid. If you don't want to pay, you can force the liquidation, that is, both empty orders and multiple orders are forced to close. Jiacang: When the market direction is determined, investors can consider jiacang if they are sure that the trend can continue, but if their positions are guaranteed and the positions are too shallow, they should not consider it. We often encounter such a situation. If we have to rest after 1: 30 in the evening or have something to go out temporarily, we can choose a pending order, which is also called a limit order, that is, at what price you want to buy and sell, and then report this price to the system for trading, and at the same time report a deadline for pending orders; Cancel the list. You are about to cancel the suspended list. Cancel the limit order: when investors close their positions in advance or predict that the market will greatly exceed the target price, they can consider canceling the previously set pending orders and wait for the market to break out. If the investor fails to cancel the pending order in time, closing the pending order in advance is still valid. Once the target price is reached, the pending order will take effect immediately, and then a new position will be opened for you.