The global gold market is mainly distributed in Europe, Asia and North America. Europe is represented by the gold markets in London and Zurich; Asia is mainly represented by Hong Kong; North America is mainly represented by new york, Chicago and Winnipeg. Spot gold trading in London gold market (commonly known as "London gold") and gold futures in New York gold market are the main sources of pricing power. Although the London gold market is dominated by spot trading, the gold derivative market has been built on the basis of the spot market by paying the deposit and delaying delivery, which has become the most important trading method in the international gold market, and the trading volume is much larger than the futures varieties.

One: two-way operation

With the short-selling mechanism, you can also make money when the market falls. The advantage of spot gold investment is that it is not stuck. If the price of gold hadn't fallen, you wouldn't have made any money. The risk behind it is completely controlled by the investors themselves. The advantage of the existence of international spot is its two-way operability, which means you can make a profit and make money. Everyone here must not understand, how is it possible? I haven't heard of making money when prices fall. Let me make an analogy with you here. Gold investment is two-way, which determines that gold can make money when it goes up and down, as long as everyone is in the right direction. I won't talk about the rally. Everyone knows how it is impossible to make money when it goes up. I'd say it's down. For example, a pack of cigarettes in your store now costs 17 yuan, but you know that this brand of cigarettes may drop to 15 yuan in a few days, so you can buy a pack of cigarettes in the store now and return it to the store when it drops to 15 yuan in a few days. Of course, you have to have acquaintances in the store to make you have credit, and international spot gold can make you owe first.

Two: small and wide;

When the amount of funds is enlarged by 100 times, that is, the spot gold is invested first (100 oz 1 oz = 3 1 .35g), investors can own/kloc-0 with only 1 oz of funds.

There are many people in China who are trading stocks now. Among the many investors whose funds are not covered, how many are there? It should be said that there are very few. Once the funds are locked up, it will usually be more than one year. They can only make a profit when the share price rises. If you keep falling, you can only wait or reduce your position (cut meat), and investors are more passive. However, spot gold "T+0" has a short-selling mechanism. Once the market reverses after multiple orders enter the market, you can even out multiple orders and short the backhand. This will not only make up for the lost money, but also make a profit. Investors will be more active and flexible, and don't have to wait passively for the market like stocks.

3. Trading time 19 is 20 hours a day, especially suitable for office workers, who go to work during the day and trade at night.

4. Market openness: The international spot gold market is open to the whole world, with high transparency, and the daily trading volume is several trillion dollars, so it is difficult to have a banker. Strong analytical ability, suitable for technical analysis.

5.T+0 transaction: buy on the same day and sell on the same day. If you find that the market is unfavorable, you can immediately turn around and reduce losses. Or close the position immediately after making a profit. Gold fluctuates greatly. Quote according to the international gold market and international practice. Due to various international political and economic factors, as well as the impact of various emergencies, the price of gold is often in violent fluctuations, and we can make use of this price difference to conduct firm gold trading.

Six: strong value preservation: gold has always been the best commodity with great appreciation potential; Now the global inflation intensifies, which will promote the safe-haven function of gold, thus promoting the trading of gold.

7. Rarity: At present, the global gold stock is about137,400 tons, and the above-ground gold stock is increasing at a rate of 2%. The annual supply of gold is about 4200 tons. At present, due to the rapid development of global industry and jewelry industry, the demand for gold has soared!

Trend analysis of gold market

August 2006 5438+0-February 2005 International Gold Price Trend (Figure)

Comparison between spot gold and other investment products;

(1) The difference between gold investment and stock investment

(1) Gold investment can be put into trading only by margin, which can be large or small.

② Gold investment can be traded 24 hours (T+0) and stocks can be traded in a limited time (T+D).

Gold investment has profit opportunities regardless of price fluctuations, with unlimited profit ratio and controllable loss amount. And stocks only have a chance to make a profit when the price rises.

④ Gold investment is influenced by the global economy and will not be artificially controlled. And stocks are easily controlled.

⑤ Stock investment and trading need to be selected from many stocks, and spot gold investment is only a project, which saves time and effort.

(2) the difference between gold investment and futures investment

There is a difference between gold futures contracts and forward contracts. First of all, gold futures are the sale of standard contracts, which both buyers and sellers must abide by, while forward contracts are generally signed by buyers and sellers according to their needs. The content of each forward contract is different in terms of gold fineness grade and delivery rules. Secondly, the transfer of futures contracts is more convenient and can be bought and sold at market prices, while the transfer of forward contracts is more difficult, and it cannot be transferred unless a third party is willing to accept the contract; Thirdly, most futures contracts close their positions before the expiration, which has certain speculative and investment value, and the price fluctuates greatly, while forward contracts generally deliver physical objects after the expiration. Finally, gold futures trading is conducted on fixed exchanges, while forward trading is generally conducted over the counter.

One: the delivery time is different

Spot gold is a spot contract, and you can apply for delivery after the transaction; Gold futures are forward contracts and need to be delivered in a certain delivery month.

Two: different trading hours

Gold spot is a closed-loop system of 24-hour continuous trading; There is a fixed time limit for gold futures, and the trading time of domestic gold futures is limited to 9: 00 am-11:30 pm 1:30-3:00 pm.

Three: Different risks

Spot gold is less risky than gold futures. The reason is that the spot can be traded 24 hours a day, and the position can be closed at any time to lock the profit and loss. However, due to the limitation of trading time, there is a huge gap between the closing price and the opening price of gold futures the next day, and the risk has undoubtedly increased a lot, which is well reflected in the chart.

Four: the income is different

The profit of gold spot is greater than that of gold futures, because the leverage ratio of spot is 100, while the leverage ratio of futures is only about 10. That is to say, the same dollar may earn 100 yuan in the spot market and only 10 yuan in the futures market. Of course, risks and benefits are directly proportional.

Five: the market is different

Spot gold is an external market in which governments, central banks and institutional companies all trade. The information is completely transparent and the transaction volume is huge. There is no possibility of controlling the village, and it depends entirely on the investor's profitability. The futures market is an internal market with insufficient trading volume. In addition, the government's many restrictions on the futures market have increased the possibility of inside information and provided an opportunity for bookmakers.

Similarity comparison:

1. Margin trading

Gold spot and gold futures are both margin trading, which is a small and wide process, and huge wealth can be dominated by certain funds.

Two: T+0 transaction

Both gold spot and gold futures can quickly close their positions after opening positions to maximize their own judgment on the market.

Three: Two-way transaction

Both gold spot and gold futures can be operated in two directions, and they can buy bullish and sell bearish, thus increasing effective trading opportunities and maximizing the use of funds and wealth.

(3) The difference between gold deposit and paper gold transaction.

Paper gold is a kind of wealth management business launched by several domestic banks. For example, Bank of China and Industrial and Commercial Bank of China launched paper gold wealth management products in big cities such as Beijing, Shanghai, Shenzhen and Chengdu. You can only make a firm offer, that is, buy as much gold as you have. They are calculated by grams. Starting from 10 grams, you can't "sell orders", which means you can only make money when the price of gold rises.

Paper gold trading reflects the buying and selling situation through books, and gains trading profits through gold investment. Compared with physical gold trading, paper gold trading has no additional transaction costs such as storage fees, transportation fees and appraisal fees, and the investment cost is lower. At the same time, it will not encounter the dilemma of "easy to buy but difficult to sell" in physical gold trading. Margin investment is a way of speculating in gold. Although it may be profitable quickly, it is also quite risky. Similar to futures trading, amplification trading means high risk, and there is the risk of being forced to lighten or close positions. This trading model is only suitable for some professional individual investors to invest. Then, for generally cautious investors, paper gold is undoubtedly the best choice. However, the current gold price has reached the highest level in history, and no one knows what will happen in the future, so for now, the investment risk of paper gold has surpassed that of spot gold.

Influencing factors of spot gold:

Before the 1970s, the price of gold was basically determined by governments or central banks of various countries, and the international price of gold was relatively stable. In the early 1970s, the price of gold was no longer directly linked to the US dollar, and the price of gold gradually became market-oriented, and the factors affecting the price change of gold increased day by day. Specifically, it can be divided into the following aspects:

1, supply factor:

Supply factors mainly include:

(1) Gold stocks on the ground

At present, there are about 137400 tons of gold in the world, and the above-ground gold stock is still growing at an annual rate of about 2%.

(2) Annual supply and demand

The annual supply and demand of gold is about 4,200 tons, and the newly produced gold accounts for 62% of the annual supply.

(3) New gold mining costs

The average total cost of gold mining is slightly less than $260 per ounce. Due to the development of mining technology, the cost of gold development has been declining in the past 20 years.

(4) Political, military and economic changes in gold-producing countries.

Any political and military turmoil in these countries will undoubtedly directly affect the gold production of this country, and then affect the world gold supply.

(5) The central bank sells gold.

The central bank is the largest gold holder in the world. 1969 The official gold reserve was 36,458 tons, accounting for 42.6% of the total surface gold stock at that time. By 1998, the official gold reserve is about 34,000 tons, accounting for 24. 1% of the total mined gold stock. According to the current production capacity, this is equivalent to the world gold mineral output 13. Because the main use of gold has gradually changed from an important reserve asset to a metal raw material for jewelry production, either to improve the balance of payments or to curb the international gold price, the central bank's gold reserves have declined greatly in absolute and relative quantities in the past 30 years, and the decline in quantity mainly depends on the sale of gold reserves in the gold market. For example, the large-scale selling by the Bank of England, the Swiss National Bank and the International Monetary Fund to reduce gold reserves has become the main reason for the recent decline in gold prices in the international gold market.

2. Demand factors:

The demand for gold is directly related to its use.

(1) Changes in the actual demand for gold (jewelry industry, industry, etc. ).

Generally speaking, the development speed of the world economy determines the total demand for gold. For example, in the field of microelectronics, gold is increasingly used as a protective layer; In the fields of medicine, building decoration and so on, although the progress of science and technology makes gold substitutes appear constantly, the demand for gold is still on the rise because of its special metal properties.

In some areas, local factors have a great influence on the demand for gold. For example, due to the financial crisis, India and Southeast Asian countries, which have always had a great demand for gold jewelry, have greatly reduced their gold imports since 1997. According to the data of the World Gold Council, the demand for gold in Thailand, Indonesia, Malaysia and South Korea decreased by 7 1%, 28%, 10% and 9% respectively.

(2) the need to preserve value.

Gold reserves have always been regarded by the central bank as an important means to prevent domestic inflation and regulate the market. For ordinary investors, investing in gold is mainly for the purpose of preserving value under inflation. During the economic downturn, due to the insurance of gold relative to monetary assets, the demand for gold increased and the price of gold rose. For example, in the three dollar crises after World War II, due to the serious balance of payments deficit in the United States, the dollar held by various countries increased greatly, the market's confidence in the value of the dollar was shaken, and investors snapped up gold in large quantities, which directly led to the bankruptcy of the Bretton Woods system. The depreciation of 1987 dollars, the increase of the deficit in the United States and the instability in the Middle East also contributed to the sharp rise in international gold prices.

(3) Speculative demand.

According to the international and domestic situation, speculators use the fluctuation of gold price in the gold market and the trading system in the gold futures market to "short" or "replenish" gold in large quantities, artificially creating the illusion of gold demand. In the gold market, almost every plunge is related to hedge fund companies borrowing short-term gold to sell in the spot gold market and establishing a large number of short positions on the COMEX gold futures exchange. When the price of gold fell to a 20-year low of 1999 in July, the data released by the Commodity Futures Trading Commission (CFTC) showed that COMEX's speculative short position was close to 9 million ounces (nearly 300 tons). When a large number of stop-loss selling was triggered, the price of gold fell, and the fund company took the opportunity to make up the position and make a profit. When the gold price rebounded slightly, the hedging forward selling from manufacturers suppressed the further rise of the gold price, and at the same time gave the fund company a new opportunity to re-establish short positions, forming a downward pattern of the gold price at that time.

3. Other factors:

(l) the impact of the dollar exchange rate.

The exchange rate of US dollar is also one of the important factors that affect the fluctuation of gold price. Generally, when the dollar in the gold market rises, the price of gold will fall; When the dollar fell, the price of gold rose. 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; The decline in the exchange rate of the US dollar is often related to inflation and the stock market downturn, and the value-preserving function of gold is once again reflected. This is because the depreciation of the dollar is often related to inflation, and the high value of gold will often stimulate the preservation of gold and the increase of speculative demand in the case of the depreciation of the dollar and the intensification of inflation. In August of 197 1 and February of 1973, the US government announced the depreciation of the US dollar twice. Influenced by the sharp drop in the exchange rate of the US dollar and inflation, the price of gold rose to the highest level in history at the beginning of 1980, exceeding $800 per ounce. Looking back on the history of the past 20 years, if the dollar strengthens against other western currencies, the price of gold in the international market will fall. If the dollar depreciates slightly, the price of gold will rise gradually.

(2) The monetary policies of various countries are closely related to the international gold price.

When a country adopts a loose monetary policy, due to the reduction of interest rates, the country's money supply increases, which increases the possibility of inflation and will lead to an increase in the price of gold. For example, the low interest rate policy in the United States in the 1960 s led to the outflow of domestic funds and a large number of dollars flowed into Europe and Japan. As the net dollar position held by countries increased, they began to worry about the value of the dollar, so they began to sell dollars in the international market and snap up gold, which eventually led to the collapse of the Bretton Woods system. However, after 1979, the influence of interest rate factors on gold price is weakening day by day.

For example, the Federal Reserve cut interest rates 1 1 times this year, but it did not have a great impact on the gold market. Only in the "9. 1 1" incident did the gold market benefit.

(3) The influence of inflation on the price of gold.

In this regard, long-term and short-term analysis is needed, and it depends on the degree of inflation in the short term. In the long run, if the annual inflation rate changes within the normal range, it will have little impact on the fluctuation of gold prices; Only in a short period of time, the price rises sharply, causing people to panic, and the purchasing power of monetary units declines, will the price of gold rise sharply. Although the world has entered the era of low inflation since 1990s, the use of gold as a symbol of currency stability is shrinking. Moreover, as a long-term investment tool, gold has a lower yield than bonds, stocks and other securities. But in the long run, gold is still an important means to deal with inflation.

(4) The influence of international trade, finance and foreign debt deficit on gold price.

Debt is a worldwide problem, not just a unique phenomenon in developing countries. In the debt chain, not only the debtor countries can't repay their debts, which leads to economic stagnation, but also the economic stagnation further aggravates the vicious circle of debt. Even creditor countries are in danger of financial collapse because of the breakdown of relations with debtor countries. At this time, in order to maintain their own economy from harm, countries will reserve a large amount of gold, which has caused the price of gold to rise in the market.

(5) International political turmoil, war, etc.

Major international political and war events will affect the price of gold. The government pays for the war or in order to maintain domestic economic stability, a large number of investors turn to gold to invest, which will expand the demand for gold and stimulate the price of gold to rise. For example, World War II, the Vietnam War, 1976 coup in Thailand, and 1986 Iran-contra incident all caused the price of gold to rise to varying degrees. For example, the terrorist attacks on the World Trade Center in September this year caused the price of gold to soar to nearly $300 this year.

(6) The influence of the stock market on the price of gold.

Generally speaking, the stock market falls and the price of gold rises. This mainly reflects investors' expectations of economic development prospects. If everyone is generally optimistic about the economic prospects, a lot of money will flow to the stock market, and the investment enthusiasm in the stock market will be high, and the price of gold will fall.

In addition to the above-mentioned factors affecting 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 changes in the world price of gold.

The trend of gold prices in the past 30 years and the sharp drop in recent years can be mainly understood from the following aspects:

The first is the loss of the dominant position of gold in the monetary system. In the 1970s, with the collapse of the Bretton Woods system, gold was basically monetized, and its commodity attributes were gradually enhanced. In April 2000, the Swiss referendum abolished the gold standard, and the degree of non-monetization of gold further deepened. The new round of decline in the price of gold is a further decline in the monetary attribute of gold and a further enhancement of the commodity attribute. Therefore, the decline of gold and monetary function is the background of the international gold price falling for 30 years.

Secondly, the major western economic powers sell gold, resulting in a relatively abundant supply of gold. Because the long-term value of gold reserves in European countries is underestimated, for example, the gold purchased by 1970 is only about $35 per ounce, so it is an inevitable choice to sell gold for foreign exchange and improve the value and quality of financial assets in various countries. Switzerland is ready to sell about 1300 tons of gold, accounting for about half of its gold reserves. Britain is also preparing to sell about 4 15 tons of gold, equivalent to 58% of its gold reserves; The International Monetary Fund also plans to realize 10% of its gold reserves.

Third, since the 1990s, the economies of the United States and western countries have generally maintained a good development trend, with little inflationary pressure and weak demand for investment in gold preservation, making it difficult to stimulate the price of gold to rise.

In addition, with the development of electronic technology, the role of gold in international settlement has declined, and the reserve cost is the highest. The birth of the euro also changed the international reserve structure of the euro zone, and the European Central Bank explicitly announced that it would reduce the gold reserve to about 15%. All these have affected the role and demand of gold, and the decline of gold price is inevitable.

● The main reasons for the continuous rise of gold prices in recent years:

World political turmoil

Terrorism is prevalent.

Dollar Devaluation American "twin deficits"

The price of crude oil fluctuated greatly.

Central banks continue to increase gold reserves.

Frequent natural disasters: tsunami, hurricane

Economic instability: financial scandals, continuous strikes

High-risk infectious diseases spread widely: SARS and bird flu.

QQ 39 13550 18