Physical gold is mainly suitable for investors who are conservative and need precious gold for long-term investment. If it is only for the purpose of preserving value, investors are advised to buy investment gold bars, such as the high gold bars of China Merchants Bank (600036 stock market, stock bar) and the gold bars of Shanghai Gold Exchange. Commemorative gold handicrafts or gold jewelry are expensive, illiquid and highly discounted when realized due to additional expenses.
Paper gold, also known as "bookkeeping gold". Paper gold trading is a kind of "virtual gold speculation" service provided by banks, such as "Huang Jinbao" of China Bank and "Gold Expert" of Industrial and Commercial Bank of China. Investors don't need to trade through physical sale and delivery, but use bookkeeping to invest in gold, and use the price fluctuation of gold to buy low and sell high to earn the spread income.
The advantages of this kind of investment are good liquidity and strong liquidity; The disadvantage is that you can only be bullish and profit from the rise in gold prices, not short. And "paper gold" trading banks will charge spreads. Take ICBC's RMB account fund as an example. When the spread is 0.8 yuan and the median price is 180.4 yuan, the buying price is 180.4 yuan and the selling price is 179.6 yuan. Only when the price of gold rises above 0.8 yuan can there be gains, relatively speaking. "Paper gold" is suitable for short-and medium-term investors who have little money and have some research on the gold market.
Au(T+D) deferred settlement business of Shanghai Gold Exchange. Deferred delivery business is a trading mode in which traders can choose to deliver or postpone delivery on the contract trading day, and at the same time introduce deferred compensation mechanism to stabilize the contradiction between supply and demand, which can be called "quasi-gold futures". Individual investors can participate in the transaction through the member banks of the gold exchange.
The advantage of this kind of investment is that the leverage is obvious, and the transaction can be completed with a down payment of 7%- 10%, and a short-selling mechanism is provided, which makes the selection of transactions more flexible, while the disadvantage is poor liquidity and complicated trading rules. Deferred settlement business is suitable for professional investors with strong risk tolerance and certain knowledge of gold trading. Recently, the Gold Exchange launched an improved contract of deferred delivery Au(T+N), which is a supplement and continuation of the existing spot deferred trading variety Au (T+D).
Compared with spot gold trading, gold futures trading is not only lower in transaction cost, but also in the form of margin trading, so the leverage of margin trading can achieve "small and broad" and create more profit opportunities for investors. Short selling and various arbitrage operations can also be carried out through gold futures trading, which is difficult for investors to do in the gold spot market. Similarly, compared with stock trading, when investors engage in gold futures trading, no matter how the market price fluctuates, they have profit opportunities and can realize hedging on the same day. In addition, trading gold futures is not only tax-free, but also the handling fee is much lower than stock trading. In the early days of gold futures trading, the gold futures market was very active, because many investors regarded gold futures as a "training ground" for the upcoming stock index futures, and investors only needed to keep a small amount of margin to trade.
Make some supplements on the deep foundation, that is, make spot gold.