0 1 gold futures document
02 gold futures contract elements and participation requirements
1. List of contract elements
Remarks: The latest standards are subject to the announcement of the Exchange.
2. Trading time
Futures are traded at night. The specific trading time is:
Call auction time: 20: 55335420: 59.
Section 1: 21:00335402: 30;
Section 2: 9: 00335410:15;
Section III10: 30335411:30;
Section 4 13: 303354 15: 00.
(Except for special circumstances such as holidays)
3. Conditions for participation
Gold trading must open a futures account. The basic conditions for an individual investor to apply for opening a futures account are: citizens who have reached the age of 18 and have full civil capacity.
In addition, because the futures market implements the investor suitability system, investors' risk tolerance must be evaluated, and related varieties can only be traded if they match the risk characteristics of products;
The product risk level of gold futures is R3;
Investors with C3 risk tolerance can participate in gold futures trading.
The product risk level of gold option is R4;
Investors with C4 risk tolerance can only participate in gold option trading after meeting the capital conditions, trading experience and knowledge test conditions.
Appropriate risk level and matching of popular science futures investors;
How much does it cost to make primary gold futures (margin)
Futures trading margin calculation formula = transaction price * margin ratio * trading unit * number of lots.
Example:
Why did investors buy first-hand gold futures at a price of 370.66 yuan? Assuming the profit margin is 15%, then:
Trading margin = 370.66 *15% *1000 *1= 55,599 yuan.
How volatile is the futures market? How soon can I get back to Ben?
Price fluctuation table of the previous period
The formula is as follows:
Fluctuation profit and loss = minimum price change * trading unit, that is, fluctuation profit and loss of gold futures = 1000*0.02=20 yuan.
So, how many times do futures trading have to fluctuate before it can return to its original value? 1 Next fluctuation.
Return mainly refers to offsetting transaction costs, and futures transaction costs are mainly transaction costs (the amount of investor protection fund is very small, so it is not included for the time being).
Gold settlement parameters
Total handling fee of gold futures main force = exchange handling fee (10 yuan/hand, fixed). The commission of the futures company (up to 5 times of the handling fee of the exchange) is freely closed, so the commission of the futures company plays a decisive role in the handling fee of gold futures. If the futures company only charges 1 cent, the gold handling fee can be as low as 10438+0 yuan. If the commission of futures companies is increased by five times, the maximum commission of gold futures can reach 50 yuan, which cannot be ignored over time. Therefore, in order to reduce transaction costs, investors must choose futures companies with low commissions. If the minimum handling fee is agreed with the futures broker before opening an account, that is the above calculation standard (exchange 1).
03 overview of gold
Gold, also known as gold, is soft and easy to forge and extend. Gold has high reflectivity and low emissivity in the infrared region. Alloys containing other elements in gold can change the wavelength, that is, the color.
Gold has excellent chemical corrosion resistance and discoloration resistance. The chemical stability of gold is extremely high, it is extremely stable in alkali and various acids, and it does not oxidize or change color in air. It is obviously insoluble in hydrogen, oxygen and nitrogen. Oxygen does not affect its high-temperature characteristics, and 1000 does not melt, oxidize, discolor or lose, which is the most remarkable difference between gold and all other metals.
Gold is a metal discovered and used earlier by human beings. Because it is rare, special and precious, it has been regarded as the first hardware since ancient times, and it has the title of "king of metals" and enjoys a reputation unmatched by other metals. Because of its status, gold used to be a symbol of wealth and luxury, used in financial reserves, currency, jewelry and so on. With the development of society, the economic status and commodity use of gold are constantly changing, its financial reserve and functions of money are being adjusted, and its commodity function is returning. With the rapid development of modern industry and high technology, the use of gold in these fields is gradually expanding. So far, the use of gold in international reserves, currency, jewelry and other fields still occupies a major position.
In the gold market, the price is set in dollars. The appreciation of the dollar will push the price of gold down, while the depreciation of the dollar will push the price of gold up. The strength of the dollar will have a very significant impact on the price of gold. However, in some special periods, especially when the trend of gold is very strong or weak, the price of gold will also get rid of the influence of the dollar and go out of its own trend.
A strong dollar generally means that the domestic economic situation in the United States is good, domestic stocks and bonds in the United States will be sought after by investors, and the function of gold as a means of value storage will be weakened; However, the decline of the dollar exchange rate is often related to inflation and the stock market downturn. The value-preserving function of gold is once again reflected. When the dollar depreciates and inflation intensifies, it often stimulates the preservation of gold and the increase of speculative demand.
3. Oil supply and demand relationship
Since the world's major oil spot and futures markets are priced in US dollars, the fluctuation of oil prices reflects the relationship between world oil supply and demand on the one hand, and the change of US dollar exchange rate and world inflation rate on the other. Oil price and gold price indirectly influence each other.
By comparing the trend of international crude oil price and gold price, we can find that there is a positive correlation between international gold price and crude oil futures price in more time.
4. International political turmoil, war
Major international political and war events will affect the price of gold. The government spends a lot of money on war or maintaining the stable growth of domestic economy, while political turmoil and a large number of investors turning to gold preservation investment will expand the demand for gold and stimulate the price of gold to rise.
5. Employment data
Since the unemployment rate and the number of non-agricultural employees are directly linked to the current monetary policy implemented by the Federal Reserve, the quality of the data directly affects the market's expectation of changes in monetary policy, thus affecting the foreign exchange and gold markets.
6. Other factors
In addition to the above factors that affect the price of gold, the intervention activities of international financial organizations and the policies and regulations of central financial institutions in China and the region will also have a significant impact on the trend of world gold prices.
A summary of the historical trend of 05 gold futures
Shanghai gold futures market has experienced three stages since its listing:
The first stage: bull market
Term: 2008 -20 1 1 year.
Rising range: lowest price 148.89 points/highest price 398.08 points, * * * 249. 19 points.
Reasons for the rise: after the subprime mortgage crisis in the United States, zero interest rate was implemented and quantitative easing policy was started, and the dollar was weak. During this period, Europe experienced a debt crisis.
The second stage: bear market
Duration: 20 1 1 year -20 15 years.
Down: the highest price is 398.08 points/the lowest price is 2 16.80 points, namely 1.8 1.28 points.
Reasons for the decline: The Federal Reserve is considering ending QE policy ahead of schedule and suppressing gold. Rumors of selling gold reserves in Cyprus have led to the breaking of the technical form, and the bearish remarks of international investment banks such as Goldman Sachs have intensified the downward atmosphere.
The third stage: bull market
Duration: 20 15 -2020
Range of increase: the lowest price is 2 16.80 points/the highest price is 454.08 points, accounting for 237.28 points.
Reasons for the rise: the world economy shows signs of recession; Many central banks implement loose monetary policy, and the market is worried about inflation; Many countries have increased their gold reserves.
Historical trend chart of gold price in the previous period
From the historical trend of gold in each month, it can be seen that the probability of gold price falling back in February-April is higher, and the probability of gold price rebounding in May, June and July is higher. Under normal circumstances, the probability that the price of gold will rise sharply from August to September is high, and the upward trend will often last until the end of the year.
Related Q&A: What is the fluctuation point of silver and gold futures? The gold futures price is 1000g/ lot, the minimum fluctuation price is 0.0 1 yuan /g, and a fluctuation price of 0.0 1 000 * 0.01=10 yuan. Silver futures 15kg/lot, the lowest fluctuation price 1 yuan/kg, and the fluctuation price of 1 is 15 * 1 = 15 yuan.