Shen Zeng, chairman of the Shanghai Gold Exchange, said that gold options involve less equity fees and are easier to operate. Shanghai Gold Exchange hopes to gradually introduce some new financial derivatives to provide investors with more varieties of trading functions. So, which is right for you, the gold option or the gold futures? Threshold: options are significantly lower than futures. Judging from their investment thresholds, gold futures are quoted in RMB, and the trading starting point is 1 contract, that is, 1 1,000g. According to the calculation of RMB/gram, at least 10% deposit is required (with the approach of delivery period and the increase of positions, the proportion of deposit is also higher), and investors need at least about 20,000 yuan. Gold options are based on the international spot gold quotation and quoted in US dollars. The trading starting point is 20 ounces (first-phase gold) or 65,438+00 ounces (two-year gold), about 622 grams or 365,438+065,438+0 grams. Bank of China offers investors six maturities, ranging from 65,438+0 weeks, 2 weeks and 65,438+0 months, February, March and June. According to the minimum option fee of $0/0 per ounce, the threshold is $200. Operation: The operation of gold options is not complicated, but investors need some understanding. Only by signing an agreement with the bank can we know the option fee and the agreed exchange rate quotation for the corresponding period. Take China Bank put option "Erbao" as an example. The trading threshold for investors is 65,438+00 ounces. If the agreed exchange rate is 900 USD/oz (higher than the international gold price of 890 USD/oz on the agreed date), investors need to deposit 9000 USD in the bank account first. After the agreed time limit, if the gold price is lower than 900 USD/oz, investors will lose an extra 650 RMB converted at the settlement date price. If the gold price is higher than the agreed exchange rate, investors will receive option fees and interest income calculated in US dollars during the period. In addition, the purchase of option "futures gold" is also the exchange rate, term and option face value agreed by investors and banks. Investors can choose to buy futures gold during the bullish or bearish period and pay the option fee at the same time. When the term expires, the price of gold is in line with investors' expectations, so they can make a profit. Of course, only when the profit is higher than the option fee can they get the expected annualized expected return. If you look at it the other way around, the investor's option fee will be completely lost. Risk: options are slightly more earthquake-resistant than gold options, and gold futures can also be operated in both directions, which can also avoid the embarrassment that investors can do nothing when gold falls unilaterally. The biggest difference between the two is that there is no similar provision that gold futures can stop losses by paying option fees. If investors don't set a stop-loss position, they are likely to lose all because of a gap overnight. According to industry insiders, although gold option transportation has just started, as a derivative, it has flexible operation and low threshold. Compared with futures, it has more advantages when the price of gold is greatly adjusted and the market outlook is uncertain.