(1) What is the spot deferred trading of gold? Delayed spot trading of gold refers to buying and selling gold with a certain margin at the spot price, and the physical delivery is delayed to any working day after the second working day. At present, there are two different types of domestic spot deferred trading modes: the first is the spot deferred trading business launched by Shanghai Gold Exchange. Quote in RMB and grams. Trading time: Monday to Friday at 10: 00 am-IL: 30 am; Noon13: 30 ~15: 30; 2 1: 00 ~ 23: 00 pm (except Friday). Second, the international spot gold trading model. Many domestic gold merchants and gold-producing enterprises learn from the operation mode of Hong Kong spot gold trading, and launch international spot delay business, such as the "golden road" business launched by Gaosaier Gold and Silver Co., Ltd. and the business directly following the international spot trading mode launched by Luen Thai Gold. This is a mature trading model in the world and is also favored by domestic gold speculators. This is also an important choice for the internationalization of China's gold market. This is a 24-hour transaction, quoted in dollars and traded in ounces. For example, the "golden road" business launched by Gaosaier Gold and Silver Co., Ltd. refers to buying and selling Gaosaier gold bars at real-time prices, and the physical delivery is delayed to any working day after the second working day. Pay 10% risk management fee at the time of transaction, and pay the balance before delivery. Before physical delivery, gold speculators can obtain the price difference at any time according to the fluctuation of gold price. The specific trading rules are 100 ounces per lot (about 3 1 10 grams); Transaction risk management fee: 65438+ 00% of the transaction amount; Handling fee: six ten thousandths of the turnover; Time: 9 am to 2: 30 am. In short, the trading mode of spot deferred trading mode is very similar to futures, that is, buy and sell, t+0 trading; Can be bullish or bearish, there is a short-selling mechanism; Leveraged trading is small and wide. Although there are many similarities in the design of trading rules between spot deferred trading and futures trading, they are essentially different, and whether to make physical delivery is one of their biggest differences. (2) What is the procedure for postponing the spot trading of gold? Spot deferred trading procedures: customer account opening, customer transaction and customer settlement. The first stage: the customer opens an account. The customer brings his ID card to the gold trading company to sign the customer account opening agreement. If it is a foreign customer, the company can send the customer agreement to the customer's location and sign the customer account opening agreement as required. After signing the customer agreement, the customer will get the transaction account number and password. Customers can choose to deposit funds in the company by cash, remittance or transfer. Once the company confirms that the funds have arrived, customers can participate in the transaction. The second stage: customer transactions. After completing the account opening procedures, customers can participate in the transaction. Gold trading companies provide two trading methods: one is online trading, which directly enters the gold real-time trading system to place orders online; The second is telephone transaction, which directly dials the entrusted telephone number of the gold trading company, enters the gold real-time trading system and places an order. The price of gold is based on the international price of precious metals in London, mainly based on the spot gold price in London market. Gold is priced in USD/oz, L USD -8. 1 12 RMB (the actual exchange rate is adjusted according to the change of the national exchange rate), 1 oz = 31.1035g. For example, the international gold price is 590 USD/oz, and the domestic gold price should be 590× 8.112 ÷ 31.1035 =153.88 yuan/g. There are two ways to place an order: multiple orders (multiple orders) More orders are optimistic about the gold market, buy at a low price first, and then sell and close the position when the price rises and there is profit. On the contrary, an empty order is to bearish on the gold market, sell it at a high price first, and then buy and add positions when the price drops and feels profitable. The third stage: customer settlement. After the customer trades, his rights and interests will change. How do customers calculate profits? Customers need to pay a certain transaction fee for each transaction, which consists of transaction fee and interest paid for overnight orders. The transaction fee is charged in one direction at 4/10000 of the total transaction amount. For example, for 20 ounces of 1, the buying price is 585 dollars/ounce and the selling price is 590 dollars/ounce, so the transaction cost is 585× 8.112× 20× 0.0004 = 37.96 yuan. If you don't close your position on the same day, you will pay a certain percentage of interest every day for orders held overnight (because it is a margin transaction, the funds can be overdrawn). If there is more than one order, you have to pay 1.4% of the total amount every day. For example, for an L lot with a price of $585 per ounce, the interest payable is: 585× 8.112× 20× 0.00014 =13.29 yuan. Empty orders need to pay 0.6% of the total amount every day, such as empty orders below $500/oz 1, and the interest to be paid is 500× 8.12× 20× 0.00006 = 4.87715. Profit calculation: Take buying at $585/ounce 1 hand of 20 ounces and closing at $590/ounce the next day as an example. The difference earned in the middle is $5/ounce, 20 ounces earned 100 dollars, and the net profit is: l00× 8.12 = 37.96 (transaction fee)-13.29 (overnight interest) -759.95 yuan. (3) Why is there a short-selling mechanism for gold spot delayed trading? Many speculators who have just come into contact with domestic futures and international spot deferred trading mode do not know much about the short-selling mechanism. Now the author gives an example to illustrate. Because in real life, most gold speculators are exposed to the relationship of cash on delivery, it is easy to form a mindset: if you want to invest in goods for profit, you must buy them at a lower price and then sell them at a price higher than the purchase price. Buying low and selling high is the most common form of commodity investment, which is easy for everyone to understand. Although selling high and buying low is not common in real life, it still exists. For example, Xiao Zhang is a noodle processor, and he will eat flour as raw material at most once every three months. The current market price of flour is 2 yuan/kg. If he predicts that the price of flour will rise to 3 yuan/Jin in three months, the factory will still be enough and there is no urgent need for flour. Lao Wu, a flour wholesaler, thought that the flour would fall to L. 6 yuan/kg after three months, so the two reached an agreement: Lao Wu sold Xiao Zhang N kg of flour at the price of 2 yuan/kg and delivered it three months later; In order to ensure the validity of the agreement, Xiao Zhang paid a deposit of 10% first. If after nearly three months, Lao Wu finds that the market price has really dropped to 1.6 yuan/kg, even if Lao Wu doesn't have flour, he can buy flour from the spot market at the price of 1.6 yuan/kg to fulfill the contract and earn the difference of 0.4 yuan/kg. In fact, this is a forward contract. When the agreement was signed, both sides felt favorable, so it was easy to close the deal. The delayed spot trading of gold is based on this principle. Gold processors and producers hold different views on the future price changes of gold, so they reach a contract for future delivery at real-time price.