(1) Shanghai Gold Exchange
At present, the Shanghai Gold Exchange mainly provides standard gold investment products, such as four spot trading products of Au99.95, Au99.99, Au50g and Au 100g, and three spot deferred delivery products of Au(T+5), Au(T+D) and Au(T+N). Among these varieties, the contracts of Au99.99 and Au 100g are represented by ICBC, Industrial Bank, Shenzhen Development Bank, Huaxia Bank and Fudian Bank, and are for individual investors. Au99.95 is a standard gold ingot transaction for members and institutional investors; Delayed delivery varieties are bought and sold in the form of margin, and a small amount of funds can be used to participate in the transaction, which has a leverage effect.
(2) Shanghai Futures Exchange
Shanghai Futures Exchange successfully launched gold futures on June 5438+1October 9, 2008, adding new trading varieties to China gold market. 1000g per standard lot, quoted in "RMB/gram". General gold futures trading margin ratio is listed as 7%. Individual investors must sign an agreement with a futures brokerage company and go through relevant formalities before they can participate in futures trading. In addition, individual investors cannot make physical delivery of gold futures and must close their positions before the delivery date.
Compared with the contract specifications of the most active the New York Mercantile Exchange in the world, the contract specifications of 100 ounces (about 3110.35g) gold futures and mini gold futures contracts are 50 ounces (about1555.18g), while the contract specifications of Chicago Board of Trade (CBOT) are 50 ounces.
(3) Secondary Gold Trading Center
The basic situation of several secondary gold trading centers in China is listed. It can be seen that these secondary gold trading centers are mainly located in areas with relatively concentrated gold mines and two major gold producing areas, as well as cities with relatively concentrated gold processing and sales, so as to meet the needs of small and medium-sized gold mining enterprises, gold processing units and individual investors for gold trading.
(4) Commercial banks
At present, the gold business operated by commercial banks mainly includes physical gold, paper gold, gold options and RMB/USD wealth management products linked to gold. Physical gold business is engaged in investment gold bars (gold medals) and commemorative gold bars (gold medals); Paper gold business is a gold account opened by investors in the bank, earning the difference by buying and selling gold. This kind of gold business does not involve physical gold delivery, and buying and selling gold is only book transfer; Gold option business is one of the derivative trading tools, which has certain risks. If investors judge the trend of gold price accurately, they can make money by shorting more. The RMB/USD wealth management business linked to gold is characterized by capital preservation and repayment, and the investment income is linked to the rise and fall of gold price.
In addition, in addition to the gold trading varieties launched by the above-mentioned main channels, there are the "Jinmantang 1" gold investment collective fund trust plan launched by China Banknote Guo Ding Investment Co., Ltd. and United Nations Investment Trust Co., Ltd. in June 2007, the investment gold coins (panda-made gold coins) and commemorative gold coins issued by the central bank since June 1979, and the gold listed companies have publicly issued them to the public.