Gold purchased through the link, even the designated delivery brand, cannot complete the process of warehousing after leaving the warehouse without its quality certificate. The buyer's customer needs to pay the full amount to buy gold at delivery.
For the delivery of gold futures, "warehouse selection" and "warehouse selection" are implemented, that is, the buyer can freely choose the area where gold is delivered and stored, and the seller can freely choose the area where gold is delivered and stored. The Exchange designates the vault as a specific vault where the buyer and the seller pay gold in the area selected by the buyer and the seller. The existing delivery warehouses designated by Shanghai Futures Exchange are Bank of Communications (60 1328, stock bar), Industrial and Commercial Bank of China (60 1398, stock bar) and China Construction Bank (60 1939, stock bar). After the buyer gets the warehouse receipt, he can deposit and withdraw money anywhere just like holding a bank passbook.
For gold futures delivery, you should also be familiar with the provisions of Shanghai Futures Exchange on gold delivery settlement and invoice process:
A delivery and settlement of gold futures: the delivery and settlement price of gold futures is calculated according to the weighted average price of trading volume in the last five trading days of the contract. At the time of delivery and settlement, the buyer and the seller shall make settlement according to the delivery and settlement price of the contract.
B. settlement: the payment of the buyer and the seller shall be settled according to the standard weight (net weight) of the warehouse receipt. The exchange only settles accounts with members, and the payment of the buyer's customers must be transferred through the buyer's members, and the payment of the seller's customers must be transferred through the seller's members.
C payment formula: delivery payment = standard warehouse receipt quantity × standard weight (net weight) of each warehouse receipt × delivery settlement price.
D. delivery invoice: an ordinary invoice should be issued when delivery is made. When gold futures are delivered in kind, ordinary invoices will be issued specifically for gold delivery settlement and short-term settlement. The delivery rules of other futures products listed on Shanghai Futures Exchange stipulate that "investors who cannot deliver or accept special VAT invoices shall not deliver". In fact, only legal persons can issue VAT invoices, that is to say, natural persons and other enterprises that cannot deliver and accept special VAT invoices cannot make physical delivery. However, the process of physical delivery of gold is different, and the seller only needs to deliver ordinary invoices specially used for gold delivery settlement and foreign exchange settlement.
Invoice circulation: the seller's non-brokerage members or customers issue ordinary invoices to the exchange, and the exchange issues special invoices (invoice copies) for gold settlement to the buyer's non-brokerage members or customers, and provides special invoices (settlement copies) for gold settlement to the seller's non-brokerage members or customers, and the stub of special invoices for gold settlement is kept by the exchange. The transmission of invoices and documents between customers and exchanges must be carried out through member units.