First of all, the speculation of gold and silver is mainly divided into physical silver gold, silver gold T+D, paper gold and spot gold (commonly known as London gold).
1. silver and gold T+D:. The transaction is divided into three time periods with the leverage ratio of 1: 10 to 1: 15, which is a two-way transaction. Its characteristics are: installment trading, traders can choose the same day delivery or indefinite extension of delivery.
The margin system introduces T+D trading, which has the characteristics of leverage amplification. A remarkable feature of the margin system is that it uses less money to make larger transactions, and the margin is generally 10% of the contract value, so traders who can bear certain risks are expected to get excess returns. At this point, T+D trading and futures trading are very similar. At present, only Shanghai Futures Exchange is allowed to list gold futures contracts.
Different from futures trading, deferred trading introduces the concept of "neutral warehouse", which refers to a trading method in which market participants obtain deferred fee income by meeting the settlement demand of settlement declared price difference with funds (or in kind).
When the result of settlement declaration is that the received quantity is greater than the delivered quantity, the neutral warehouse enters the market in the form of physical delivery, recovers the payment, and obtains long positions according to the settlement price of the day; When the result of settlement declaration is that the delivery quantity is greater than the receipt quantity, the neutral warehouse enters the market in the form of funds to receive gold and obtain short positions at the settlement price of the day.
The purpose of gold T+D trading is not to obtain physical objects, but to avoid price risks or arbitrage, and generally does not realize the transfer of commodity ownership. The basic function of gold T+D market is to provide producers and operators with the means of hedging and avoiding price risks, and to form a fair price through fair and open competition.
This is unmatched by stock futures.
2. Paper gold: Paper gold is a unique business of China Industrial and Commercial Bank of China. Paper gold is a paper transaction of gold, and the transaction record of investors is only reflected in the "gold passbook account" opened by individuals in advance, and does not involve the withdrawal of physical gold. The profit model is to buy low and sell high, so as to obtain the difference profit. Paper gold is actually profitable through speculative trading, rather than investing in physical gold. Also known as physical gold passbook, it is in the form of 1: 1, and can only be bought in one direction.
3. Physical gold is easy to understand, that is, buying and selling physical gold by buying and selling gold bars and gold ornaments. Physical gold: in the form of 1: 1, that is, no matter how much gold you buy in any currency, you can only buy up, but you can't buy down, which is a big investment and complicated procedures and expenses.
4. Spot gold: This is the most talked about form of gold investment. Spot gold is also called speculative London gold or international gold. The leverage ratio is about 1: 100 (the highest is 1:400), and it is bidirectional. However, it is a gray area in China and is not protected by national laws.
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