Capital position means that investors can voluntarily decide to buy or sell futures contracts according to market conditions and personal wishes before the expiration of physical delivery or cash delivery. However, investors (bulls or bears) did not sell or buy futures contracts with the same delivery month and quantity in reverse operation. In the futures operation of gold and other commodities, whether buying or selling, all new positions are called opening positions. After the operator opens a position, he holds a position in his hand, which is called a capital position.