Local London refers to 400 ounces of gold bars with a purity of 99.5% stored in the underground vault of London. Refers to the spot international gold. The difference between London gold and futures gold. Difference between delivery time and duration. Futures refers to a standard contract with a delivery period, so it is called futures. However, there is no time limit for the delivery of London gold. Second, the difference between market makers and exchanges. Futures trading generally requires centralized matchmaking trading in futures exchanges. Exchanges must be members to trade, and ordinary customers must trade through member agents. At present, the global gold futures are mainly in the United States and Japan, and their gold futures are concentrated in commodity futures exchanges. International spot gold, also known as London gold, is named after its earliest origin in London. London gold is often called the European gold exchange. Represented by London Gold Exchange Market and Zurich Gold Market. Investors' transaction records are only reflected in the "gold passbook account" opened by individuals in advance, and there is no need to withdraw physical gold, which saves the steps of transportation, storage, inspection and identification of gold, and the difference between the buying price and the selling price is smaller than that of physical gold. The London Gold Exchange, which has the largest trading volume and scale in the international gold market, does not have a centralized matchmaking exchange. Instead, a network consisting of five gold market makers (London's top five gold merchants: Luo, Jin Baoli, Wandaji, Wanjiada and Meisi Pacific) and a large number of gold merchants at the next level provides spot gold settlement mode, and three famous international banks in Zurich: UBS, Credit Suisse and UBS are responsible for buying and selling for customers. The top five gold merchants in London and the top three banks in Zurich enjoy a good reputation in the world, and traders' confidence is based on this. Third, the price formation mechanism is different. London gold trading price is quoted by gold market makers. The customer decides whether to trade with the market maker according to the market maker's quotation. The price formation mechanism of futures trading is the price formed by centralized bidding of all traders in the exchange. 4. Whether the transaction object is specific. "Whether the trading object is specific" is the biggest difference between futures and spot models. When investors participate in futures trading on the futures exchange, their trading objects are not specific. Any investor who makes a reverse trading declaration on the exchange may be his trading object, and the exchange is the intermediary guarantee link for matching transactions between these non-specific traders. At this point, futures and stock markets are completely similar, both of which are non-specific exchange models.

In the market maker trading mode, the trading object is fixed, and the trading object of investors is the market maker. As long as the market maker quotes the buying and selling price, the investor accepts the price and makes a trading decision, the transaction can be reached according to the prior contract agreement between the two parties. After the transaction is concluded, both parties must perform the contract, which is a transaction behavior under the constraints of normal commercial contracts. The most common trading method of market makers is the foreign exchange quotation trading of banks. The trading object of any foreign exchange trading customer is a bank, and the trading object is specific.