At present, there are many ways to allocate gold in the market. Physical gold, gold T+D, paper gold, gold ETF and futures gold are all popular gold investment methods, and the threshold is relatively low.
(1) Gold bars and gold jewelry
In the allocation of gold, it is the most direct way to buy gold bars directly or gold ornaments such as gold rings and chains in gold shops, especially gold bars, because buying gold ornaments usually requires a certain processing fee. However, buying gold jewelry directly is more suitable for collection than investment because it requires a handling fee when realizing it.
Buy and sell gold bars, ornaments, etc. Generally, it is in the form of 1: 1, that is, how much money buyers have to buy gold with relative value. This form can only be bought out, the investment is relatively large, and the handling fee is complicated. Many gold ornaments contain high process additional costs, which are easy to wear over time, so the price of gold ornaments is generally much higher than its original intrinsic value. When selling gold jewelry, the repurchase price is also much lower than the purchase price, so jewelry gold is not the first choice for investors to invest in gold.
(2) Paper gold
Paper gold is a paper transaction of gold, and investors' buying and selling are recorded in the "gold passbook account" opened by individuals in advance, but we don't want the direct gold transaction to involve the extraction and trading of physical gold, which is a unique business of China ICBC and CCB. In fact, paper gold trading is to obtain profits through speculative trading, that is, investors generally invest in paper gold by buying low and selling high to obtain the difference profit, rather than investing in gold in kind.
(3) gold T+D
The investment mode of gold T+D is similar to stock investment. Unlike stock investment, because the pricing of its products is influenced by the world, it is difficult to have a banker like the stock market in the precious metal market like gold. It does not mean that the investment risk of gold T+D is lower than other investment methods. On the contrary, the investment risk of gold T+D is relatively greater. Although investors have the opportunity to earn double profits, they also face the risk of possible short positions and losses.
Gold T+D is also called "gold quasi-futures". The exchange can postpone delivery by implementing the down payment system of 10%, which is equivalent to "gold futures" with a margin of 10%. Unlike futures, gold T+D has no expiration date, and investors can hold positions or deliver them on the day of purchase.
(4) Gold futures
Futures gold refers to a futures contract with the gold price of the international gold market as the transaction target at a certain time in the future. After the contract expires, physical delivery will be implemented, and the profit and loss of investors will be determined by the difference between import and export. Investors need to open futures accounts in futures companies for gold futures trading, just as they need to open accounts in securities companies for buying stocks.
Gold futures are similar to stocks in operation, but different from stock investment, gold futures are T+0 transactions, which can be sold on the day of purchase. Trading adopts long and short two-way trading mechanism, and the risk is comparable to "gold T+D", which is a high-risk and high-yield investment method.
(5) Gold Exchange Trading Fund
Gold ETF is a common way of gold investment, especially a financial derivative product that takes gold as the basic asset and tracks the fluctuation of spot gold price. Large gold producers entrust physical gold to fund companies, and fund companies publicly issue fund shares to investors on exchanges based on this.
At present, there are mainly gold ETFs such as Huaan Gold, Yifangda Gold, Guotai Gold and Boss Gold in China. For individual investors such as retail investors, investing in gold ETF is a low-cost investment method, which directly saves custody fees, custody fees, insurance fees and other expenses. In addition, because the gold ETF exists in the primary and secondary markets, there is also a certain guarantee in the liquidity of transactions.
What are the influencing factors of gold price?
There are three factors that affect the price of gold:
First of all, look at the supply and demand of gold. Gold is a precious metal, and its commodity nature determines that its long-term equilibrium price is mainly determined by the relationship between supply and demand. On the supply side, it is mainly the mineral and regeneration of gold. On the demand side, including consumption, industry, investment, central bank and other factors. Investment and the central bank's demand for its reserves are based on the purpose of allocation and hedging, which are mainly determined by factors such as inflation, interest rate, exchange rate and tail risk.
Second, look at the US dollar interest rate. The United States plays a very important role in the global economy, and the dollar economy and the dollar interest rate also greatly affect the global economy and the global interest rate level. Historical data shows that the price of gold is highly negatively correlated with the trend of real interest rate in the United States. If the US economy declines and the Fed cuts interest rates to stimulate the economy, it will easily lead to a global interest rate cut, which will lead to an increase in gold prices.
Third, look at speculation and emotions. Investors' risk aversion will also have a certain impact on the price trend of gold. For example, at 20 1 1, the Chinese aunt kicked the Wall Street financial crocodile and took away the gold price of nearly $2,000 an ounce. However, in the long run, the influence of risk aversion on gold price is relatively limited, because risk aversion will not continue to heat up, on the contrary, its marginal income is very diminishing.
What are the misunderstandings of gold investment?
Myth 1: Small groups follow suit and worry too much.
Seeing that the international situation is not very stable, I feel the need to buy gold as soon as possible, just like everyone else. In fact, this is not a relatively rational investment method. Paying too much attention to negative news can only make you more afraid of the market. The price trend of gold does not depend on the panic and safe-haven demand of a small number of people, but on the degree of safe-haven panic of most people in the short term. Therefore, we should not only stare at the small team around us to follow suit, but also pay attention to the whole.
Myth 2: Gold price is closely related to domestic economy. Although China's economy has developed very rapidly in recent years, at present, China has no gold pricing power. Therefore, no matter how sluggish the domestic economy is, how turbulent and complicated the situation in Hong Kong, Macao and Taiwan is, it has little impact on the price of gold. The final pricing power of gold still depends on the US-European exchanges. Investors should pay more attention to the world political and economic situation when investing in gold. It is undeniable that the countercyclical characteristics of gold make the asset allocation of gold very strong. Investors who want to get high returns and take high risks can choose "gold T+D" and "gold futures", while investors who want to get considerable returns but don't want to take too high risks can choose "paper gold" and "gold ETF", which are relatively smart choices. For example, there are many private equity funds on the Internet to choose from, and there is no subscription fee.