Stock and futures are a matching trading system, that is, if there is a certain amount of buying, there must be a corresponding amount of selling. When the two quantities are not equal, the price will fluctuate according to the strength of the buying and selling volume until it goes up and down.

But gold is not such a trading system. We also know that it can be said that gold is one of the few trading varieties without national boundaries in the world, and the market anywhere in the world is the same. This global consistency has formed a hierarchical gold trading and a huge trading system.

Take our transaction as an example. We trade through members in chinese gold and silver exchange society, and members enter the gold and silver exchange at the same time (it is best not to do it unless they enter), and the gold and silver exchange hedges the remaining positions in the international market. Finally, we have to deal with five major market makers (such as HSBC and Barclays Capital) to seize the London gold market. Investor-broker-exchange or exchange-market maker bank is a simple understanding, but it is actually complicated.

Looking at a static time period, a market-making bank may lose money or make money. But time is continuous. For market-making banks, the profit and loss at a certain point is not important. What's important is that the continuous trading has formed a huge cash flow. In terms of mathematical probability, the probability of profit and loss in the market is the same.

So from the perspective of investors, it is not zero sum. Theoretically, it is possible to make a profit at the same time, and it is also possible to make a loss at the same time.

(Gambling in a village is not suitable for this understanding.)