I. Introduction of varieties
(1) physical gold. Physical gold trading includes transactions such as gold bars, gold coins and gold ornaments, with holding gold as an investment. It is certain that the investment is high, and the actual rate of return is the same as other methods, but the amount involved will be low (because the invested funds will not play a leverage effect), and it can only be profitable when the gold price rises.
1. The buying and selling prices of decorative gold are quite different, so it is not suitable for investment. Gold bars and coins are the best choice for real gold investment because they do not involve other costs. However, it should be noted that holding gold does not generate interest income.
2. Gold coins. There are two kinds of gold coins, namely pure gold coins and commemorative gold coins. The value of pure gold coins is basically the same as the gold content, and the price fluctuates with the international gold price, which has the functions of beauty, appreciation, strong liquidity and preservation. The more gold coins there are, the more memorable they are, and the more difficult it is for ordinary investors to identify their value. Therefore, investors are of high quality, mainly satisfying the collection of coin collectors, and the investment value-added function is not great.
3. Gold bars and nuggets. The main forms of physical gold in the gold spot market are gold bars and ingots, as well as gold coins, gold medals and jewelry. Gold bars include low-purity placer gold and high-purity strip gold, and generally weigh 400 ounces. Market participants mainly include gold producers, refiners, central banks, investors and other demanders. Among them, gold traders buy and sell in the market, brokers earn commissions and spreads from them, and banks finance them. The spot price difference of gold is generally 0.5- 1 USD per ounce. Spot investment in gold has two defects: it has to pay for storage and security, and there is no interest income from holding gold. Therefore, by buying and selling futures to temporarily transfer ownership, you can avoid handling fees and gain income. Each futures contract is 100 ounce. Central banks are generally unwilling to make profits by transferring ownership, so the gold lending market came into being.
Generally speaking, the main purpose of physical gold is to preserve the value, which occupies a large amount of funds, is slow to realize, has complicated liquidation procedures and high handling fees. Its characteristics determine that it is suitable for investors with long-term investment, collection and gift needs, and short-term operation may not achieve the expected rate of return. Investors get real gold, which can resist the risk of inflation, but they have to pay certain appraisal and storage fees in terms of color and weight. At present, the repurchase procedures are complicated and the cost is high. It is suitable for investors with sufficient funds but no time to learn to operate.
(2) paper gold, also known as "bookkeeping gold"
Paper gold trading is a service provided by banks without the intervention of physical gold. Investors don't need to trade through physical trading and delivery, but use bookkeeping to invest in gold. Because it does not involve the delivery of physical gold, the transaction cost can be lower. "Paper gold" can only be bullish, profit from the rise in gold prices, and cannot be short. The image is "an armchair strategist". Generally, physical transactions are not carried out, but the price fluctuation of gold is used to buy low and sell high to earn the spread income. Its liquidity is strong, and there is no need for fees such as custody and appraisal. Suitable for investors who have some research on the gold market and have time to watch the market. However, there are still some differences in paper gold products launched by different banks. The main differences are in the following four aspects: at first glance, the quotation standards for products based on "paper gold" provided by banks are not the same. Take the "Huang Jinbao" business of Bank of China, which first launched the "paper gold" business, as an example. It is based on the quotation in the international market and obtained by converting the real-time exchange rate into RMB quotation. Second, look at the transaction spread. The transaction price difference charged by different "paper gold" products of banks is not exactly the same. The unilateral trading spread of BOC's "Huang Jinbao" business is 0.4 yuan/gram. Among ICBC's "gold connoisseur" business, "physical gold" business has the lowest commission rate. Different from other products, the handling fee charged by "physical gold" in the transaction is determined according to the transaction price, that is, 0.2 1% of the transaction amount. Compared with the products of the other two major banks, the handling fee for the "account deposit" business of CCB is slightly higher, and the current handling fee standard is the unilateral spread of 0.5 yuan/gram. Third, look at the trading threshold. For investors, the trading threshold is also a consideration for investing in gold. Among the "paper gold" businesses provided by several banks, ICBC has the lowest threshold of RMB account gold and USD account gold, and the initial investment of RMB account gold is 10g, which means that investors can start rolling gold around 1.600 yuan, and then1g. The "dollar account fund" is measured in ounces. The initial investment of investors is 0. 1 ounce, which is about US$ 60, and the RMB does not exceed that of 500 yuan. When additional investment is made, ICBC makes cumulative investment in the unit of 0.0 1 ounce. Bank of China's "Huang Jinbao" business and CCB's "account fund" business are not high. These two banks stipulate that. Fourth, look at the convenience of trading. Choosing a suitable "paper gold" investment product naturally cannot ignore the convenience of the product in the transaction process. Convenience can be considered from many aspects such as transaction channels and transaction settings. At present, most of the "paper gold" businesses launched by the three banks can be traded as long as they hold the bank account and open a gold trading account in the bank. Among them, if you hold an ICBC dollar account, you can also omit the step of opening an account and trade directly with the account. However, investors should be reminded that if they want to open ICBC's "physical gold" business, they need to open a gold trading account at a specific branch of the gold exchange and pay the account opening fee in 60 yuan.
In terms of trading channels and trading methods, BOC and ICBC adopt multi-channel trading methods such as network trading, telephone banking and online banking; At present, CCB's "account fund" business can only be traded over the counter. It is worth mentioning that, in order to facilitate investors' trading operations, there are "transaction entrustment" settings on the trading interfaces of BOC and ICBC. If investors have no time to take into account the market conditions, making full use of the entrustment function can bring a lot of convenience to your "speculation". The way of transaction entrustment is mainly to set the selling price or buying price in advance, or to set the "two-way entrustment". The entrustment of BOC is valid before 3 am every day (at this time, the bank will suspend trading for a period of time for liquidation), and the entrustment time of ICBC is 120 hours after entrustment.
Trading varieties Paper gold trading unit The starting point of local currency gold trading is 10g, the minimum trading unit is 1g, and the starting point of foreign currency gold trading is 0.1g. The minimum trading unit is 0.0 1 ounce quotation bit (RMB)/gram or USD/ounce. The minimum price fluctuation is 0.0 1 yuan/gram. The maximum price fluctuation limit shall not exceed 7% of the settlement price of the previous trading day. The delivery month of the contract is1-65438+February trading time. Counter trading time: 9: 00- 17: 00. There is no delivery time limit on the last trading day. There is no limit to the delivery date. There is no transaction fee for the minimum trading margin. 0.8 yuan/gram delivery method is contract transaction code AU.
Listed foreign exchange banks
(3) Gold mine. Margin trading varieties: Au(T+5) and Au(T+D).
1, Au(T+5) transaction refers to the installment payment with a fixed settlement period of 5 working days (including the transaction day). The buyer and the seller set up a sales contract with a certain proportion of deposit (65,438+0.5% of the total contract amount). The contract cannot be transferred, only a new warehouse can be opened. The net position of an expired contract, that is, the position of a sales contract with the same delivery period, must be delivered in kind. If one of the buyers and sellers breaches the contract, the other party must pay a penalty of 7% of the total contract amount. If both parties breach the contract, both parties must pay 7% penalty to the Gold Exchange.
2.Au(T+D) transaction refers to the immediate deferred settlement business through margin. The buyer and the seller establish a sales contract with a certain percentage of deposit (65,438+00% of the total contract amount). Unlike Au(T+5) transaction, this contract can be settled without physical delivery, and buyers and sellers can buy and sell the held contract according to market changes. During the holding period, there will be a delay fee of two ten thousandths of the total contract amount every day (the payment direction depends on the situation of the delivery declaration on the same day, for example, if the customer holds a purchase contract and the delivery declaration on the same day is that the received quantity is more than the delivered quantity, then the customer will get a delay fee, and vice versa). If the position is held for more than 20 days, the exchange will charge an overdue fee of 0. 1 ‰ on each trading day (at present, the cash is withdrawn first). If the buyer and seller choose physical delivery to close the position, the contract will be converted into full transaction. After the successful delivery declaration, if one of the buyers and sellers breaches the contract, it shall pay a penalty of 7% of the total contract amount to the Gold Exchange. If both parties breach the contract, they must pay 7% penalty to the Gold Exchange.
(4) Gold futures. Generally speaking, buyers and sellers of gold futures sell and buy back contracts with the same number as the previous contracts before the contract expires, that is, close positions, and do not really deliver real money and silver. The profit or loss of each transaction is equal to the difference between two contracts in opposite directions. This way of buying and selling is what people usually call "speculating in gold". Gold futures contract trading only needs a margin of about 10% of the transaction amount as the investment cost, with high leverage and a small amount of funds to promote large transactions. Therefore, gold futures trading is also called "margin trading". The trading contents of most gold futures markets in the world are basically similar, mainly including margin, contract unit, delivery month, minimum fluctuation limit, futures delivery, commission, daily trading volume and commission order.
1, deposit. Traders must open an account with brokers before entering the gold futures exchange. Traders should sign relevant contracts with brokers and undertake the obligation to pay the deposit. If the transaction fails, the broker has the right to close the position immediately and the trader has to bear the relevant losses. When traders participate in gold futures trading, they do not need to pay the full amount of the contract, but only need to pay a certain amount (that is, margin) as a guarantee for brokers to operate the trading. The margin is generally set at about 65,438+00% of the total amount of gold transactions. The deposit is a guarantee for the confidence of the contract holder, and the final result of the contract is either physical delivery or transaction before the contract expires. Margin is generally divided into three levels: first, the initial margin. This is the minimum deposit that brokers require customers to pay for each contract when opening futures trading. The second is to maintain the deposit for a long time. This is the amount of reserves that customers must always maintain. Long-term margin sometimes requires customers to provide additional margin. Additional margin refers to the margin required by brokers to maintain their operation and balance when the market changes in the opposite direction to the trader's position. If the market price moves in the direction favorable to the trader's position, the part that exceeds the margin is equity or income, and the trader may also request to raise the money or use it as the initial margin for another gold futures transaction. The third is the range of changes in contingencies and profits and losses. The margin paid by the settlement customer to the clearing institution of the exchange according to the results of each trading day is used to compensate the loss caused by the unfavorable price trend of the customer in futures trading.
2. Contract unit. Gold futures, like other futures contracts, are completed by multiplying the number of contracts by the standard contract units. Each standard contract unit of new york Stock Exchange is 100 ounce gold bars or three 1 kg gold bars.
3. Delivery month. Gold futures contracts require the submission of gold with a specified purity in a certain month.
4. Minimum volatility and maximum trading limit. The minimum range refers to the minimum range of each price change, such as the range of each price change is 10 cent; The maximum trading limit is like the daily limit and the daily limit in the securities market. The new york Stock Exchange stipulates that the maximum daily volatility is 75 cents.
5. Futures delivery. Traders who purchase futures contracts have the right to obtain gold guarantees, transport bills or gold certificates at any time after the earliest delivery date before the futures contracts are realized. Similarly, traders who sell futures contracts that fail to open positions before the final delivery date must bear the responsibility of delivering gold. The delivery date and final delivery date of each market in the world are different, so investors should distinguish them. If agreed, the earliest delivery date is 15 of the month when the contract expires, and the latest delivery month is 25th of the month. Generally speaking, futures contracts will be closed before the delivery date.
6. Trading on the same day. Futures trading can be closed in the opposite direction according to the price change of the day. Intraday trading is a necessary condition for the successful operation of gold futures, because it provides liquidity for traders. Moreover, there is no need to pay a deposit for the day's trading, only when the open contract is finally paid to the exchange.
7. description. An order is an order from a customer to a broker to buy and sell gold, in order to prevent misunderstanding between the customer and the broker. Description includes: behavior (whether to buy or sell), quantity and description (i.e. market name, delivery date, price and quantity, etc.). ) and restrictions (such as purchase restriction and preferential price purchase).
(5) gold options. Option is the price agreed by the buyer and the seller in the future, and it has the right but no obligation to buy a certain number of targets. If the price trend is favorable to both buyers and sellers of options, they will exercise their rights and make profits. If the price trend is unfavorable to it, it will give up the right to buy, and only the cost of purchasing options at that time will be lost. At present, there are not many gold option markets in the world, because the investment tactics of gold option trading are numerous and complicated, and it is not easy to master.
(6) gold stocks. The so-called gold stocks refer to listed or unlisted stocks issued by gold mining companies to the public, so they can also be called gold mining company stocks. Because buying and selling gold stocks is not only investing in gold mining companies, but also indirectly investing in gold, this investment behavior is more complicated than simply buying and selling gold or buying and selling stocks. Investors should not only pay attention to the operating conditions of gold mining companies, but also analyze the price trend of the gold market.
(7) Gold Fund. Gold fund is the abbreviation of gold investment fund. The so-called gold investment fund is a kind of fund organized by fund sponsors and subscribed by investors. Fund management companies are responsible for specific investment operations, with gold or gold derivatives as the investment medium. It is managed by an investment committee composed of experts. The investment risk of gold fund is relatively small, and the income is relatively stable, which has the same characteristics as well-known securities investment funds.
(VIII) Introduction to London gold trading: London gold trading is not the name of gold, but the name of a gold trading method. Named after its origin in London. London gold market is not a real trading place, but an invisible market connected by the sales networks of major gold merchants. The London gold exchange is often called the European gold exchange. Represented by London Gold Exchange Market and Zurich Gold Market. Investors' transaction records are only reflected in the "gold passbook account" opened by individuals in advance, and there is no need to withdraw physical gold, which saves the steps of transportation, storage, inspection and identification of gold, and the difference between the buying price and the selling price is smaller than that of physical gold. There is no fixed place for this kind of gold trading. In the London gold market, the whole market is composed of the interconnection between major gold merchants and their subordinate companies, and transactions between gold merchants and customers are conducted by telephone and telex. In Zurich gold market, the three major banks buy and sell for customers and are responsible for settlement. Gold Pricing Mechanism in London Gold Market The gold pricing in London is carried out in the "Golden House". The so-called "golden house" is not a house built with gold. It's an office specializing in gold trading at the company headquarters in Lochiel. From 19 19 September 12, the representatives of the five major gold banks in London met for the first time in the "Golden House", and the pricing system of the London gold market was formed, which continues to this day. The five major gold banks set gold prices twice a day at 10: 30 am and 3: 00 pm respectively. At this time, the gold merchants will first suspend the quotation, and the chief representative of Lochiel will set a suitable opening price according to the price of the New York gold market after the London market was closed the night before and the price of the Hong Kong gold market that morning. Representatives of the other four companies sat around the "golden house" and immediately reported the opening price to the trading room of their respective companies. The trading rooms of each company immediately trade according to this price, and inform their customers of the latest gold price by telephone or telex, and present their prices on the computer system terminals of their trading rooms through Reuters. When each representative receives the order business, he will add up all the trading orders to see whether they are buying more or selling more, or whether the buying and selling are balanced, and then tell the chief representative of Lochiel Company the data information in simple jargon to adjust the price. If the opening price is too high and there are no buyers in the market, the chief representative will lower the price of gold; If the opening price is too low, it will raise the price of gold until a seller appears. Pricing transactions set new prices based on this relationship between supply and demand. The final price of pricing is the transaction price. The length of pricing depends on the market supply and demand, ranging from less than 15 minutes to 1 hour. After that, the new price will soon be passed on to traders all over the world.
At present, the five pricing banks in the London Stock Exchange are: 1, Deutsche Bank 2, HSBC-Mitterrand Bank (HSBC) 3, British Rothschild Investment Bank 4, Bank of America 5 and Maple Leaf Bank of Canada. The top five gold merchants in London and the top three banks in Zurich all enjoy a good reputation in the world, and traders' confidence is based on this. London gold trading rules: 1. London gold is priced in dollars and measured in British ounces. Gold quotation is subject to Dow Jones international quotation, mainly based on the spot gold price in London market. One ounce is equal to 3 1. 106 grams. The daily price is * * * USD/1 ounce of gold. For example, the market marked the figure of 632.03/, which was $632.03 per ounce of gold. 2. The minimum trading volume of local Loco-London gold is one hand/single/single. One hand is equal to 100 ounce. It is equivalent to about three kilograms of gold. 3. Margin trading. Only a small amount of margin is needed to make large transactions. The amount of funds is about 50 times. It is an opportunity for small and medium investors. The minimum deposit required by North Company is 50,000 Hong Kong dollars. 4. Trading on the same day. You can trade on the day you open an account, and you can trade many times. T+0 5。 Two-way trading is possible. You can buy up or down. You can buy it or sell it first. Therefore, no matter how the price of gold moves, investors always have room for profit. 6. Instant buying and selling. As long as the price is in the market, the transaction can be completed immediately. There is no question of someone taking orders. Don't worry about not buying it, and don't worry about not selling it. 7. Gold trading can set its own safety line, that is, it can set its own stop loss point and take profit point when delivering documents. Therefore, in practice, the risk of gold trading can be reduced to less than 10% per day. That is, less than the biggest one-day decline of stocks. At the same time, because there is no daily limit for gold trading, the daily increase of gold trading can be greater than 10%. It is not uncommon for the daily increase to reach 100%.
Second, the pricing method of gold:
1, weight unit of gold:
The main units of measurement for measuring the weight of gold are: ounces, grams, kilograms (kilograms), tons, etc. The commonly used unit of gold measurement in the world is ounce, and the world gold price we often see is denominated in ounce. 1 ounce = 31.103481gram At present, grams are generally used as the unit of measurement for gold in China. Although China adopts the metric system, the unit of measurement of gold in China is different from the customary unit of measurement "ounce" agreed in the international market. Domestic investors must first get used to this difference in measurement units when investing in gold.
2. Gold purity measurement:
The purity of gold and its products is called "fineness". There are two kinds of fineness marks of gold products in the market: one is percentage, such as G999, and the other is K gold, such as G24K, G22K, G18K. In China, the imprint and identification card of gold products are stipulated. Generally, it is the manufacturer's code, material name, content stamp, etc. They are all necessary, and products without marks are unqualified. The same is true internationally. But for some very small products, it is also allowed to be unmarked.
3. The method of expressing gold purity with "K gold":
According to the national standard GB 1 1887-89, the gold content per carat (abbreviation of English carat and German carat, often written as "K") is 4. 166%, so the gold content of each deposit is (national standard in brackets):12k =
4, the method of expressing the purity of gold in words:
Some gold ornaments or gold bars are marked with words, which stipulate that the gold content is not less than 990‰, usually indicating that the weight of gold is divided into 1000 parts. For example, 99.99% of gold coins are marked with 9999 and 58.6% with 586. For example, the gold traded in Shanghai Gold Exchange is mainly 9999 and 9995 gold.
Third, the characteristics of gold investment:
1. Comparative advantage in taxation. Gold can be regarded as the lightest investment project in the world. The tax items included in the transaction process are basically only the customs declaration fee when gold is imported. In contrast, many other investment products have some taxes that investors can easily ignore. For example, if you invest in stocks, if you need to transfer stocks, you must pay a certain percentage of stamp duty to the state. In this way, the profit will be reduced in proportion. If it is a large-scale business or a long-term calculation, this part of the cost can be described as expensive. For example, if you invest in real estate, you have to pay the corresponding tax when you buy it, and you have to pay the land use tax after you get the real estate. When you feel that the house price reaches a certain level and can be sold for profit, the government will levy a certain percentage of value-added tax in order to curb the speculation of real estate. In this way, after paying taxes, the income is really different from before. Before making any kind of investment, it is necessary to analyze the return rate of the invested project (return on investment = net investment income/initial investment amount). The net income of investment involved here is the income after tax. Maybe you start to feel that you have made a lot of money, but after paying a certain percentage of taxes, your income may make you feel very pitiful. Especially in some countries with high taxes, tax calculation before investment becomes extremely important, otherwise you may make wrong investment decisions.
2, the convenience of property transfer if you have a house and a piece of gold. When you plan to give it all to your children, you will find that it is easy to transfer money, just let the children move away, but it is much more difficult to house. Housing, like stock and equity transfer, must go through the transfer procedures. If it is an inheritance, you need a lawyer to prove the identity of the legal heir and pay a certain inheritance tax, so your property will be greatly reduced. From this perspective, these assets are not as liquid as gold. In a country with an open gold market, anyone can buy gold openly and transfer it freely like a gift, without any obstacles similar to the registration system. Moreover, the gold market is very huge, and there are any forms of gold trading at any time.
3. The best mortgage in the world. Many people have encountered the situation of poor capital turnover. There are usually two ways to solve this dilemma. The first is pawn, and the second is borrowing money. Whether the loan can be realized depends entirely on your credit level, and it is uncertain whether you can get enough money. At this time, gold investors can pawn gold and then redeem it. There are many things that can be pawned, besides gold, there are antiques, calligraphy and painting. However, because there are quite a lot of fakes of antiques, calligraphy and painting and other investment products on the market, it is much easier to pawn gold in this respect, and only a report on purity testing is needed. Because gold is an internationally recognized item, it does not need to be borne by buyers. Generally, pawn shops will give gold a short-term loan of up to 90%, while the maximum loan amount for bearer stocks, jewelry, gold watches and other items will not exceed 70%. But there is a certain difference between using gold as collateral in banks. For example, banks in Hong Kong are not used to accepting gold as collateral, perhaps because they don't want to check, or because of the customs. However, in France, a place with a deep gold culture, banks welcome loans in gold, and the loan ratio can reach 100%.
4. Gold can preserve its value for a long time. Under the destruction of time, the physical properties of commodities will be constantly destroyed and aged. Whether it is a real estate or a car, unless it has been used by a celebrity, it will depreciate in different degrees after years of tempering. Gold will lose its luster because of its own characteristics, but its texture will not change at all. The surface will return to its original appearance after being cleaned with liquid medicine. Even if gold falls into his guest star "Yellow Water", it can still recover its original appearance after a series of chemical treatments. It is precisely because gold is a permanent substance and its value is recognized internationally that it has been playing an important economic role since ancient times.
Gold is the best weapon to fight inflation. In recent decades, the currencies of various countries have shrunk dramatically due to inflation. When it shrinks to a certain extent, money is like waste paper. At this time, people are in panic, and any political turmoil will cause people to snap up all kinds of treasures to protect themselves. For example, in some countries in South America at that time, when people got paid, the first thing to do was to go to the store to buy all kinds of treasures and daily necessities. Large denomination paper money can't even afford an egg, which is a true portrayal of that era. Gold will rise with inflation. Therefore, investing in gold is the best way to avoid being eroded by inflation.
6. It is difficult for the gold market to have any regional stock market, which may be artificially manipulated. But this will not happen in the gold market. The gold market is basically a global investment market. In fact, no consortium is strong enough to manipulate the gold market. There are also some market-making behaviors, one market opens, but when other markets start trading, these unreasonably raised prices will still fall back, once again reflecting the actual supply and demand relationship of gold. It is precisely because the gold market is difficult to make a market that it provides great protection for gold investors.
7. There is no time limit and you can trade in the Hong Kong gold market at any time. The trading time is from 9: 00 am to 2: 30 am the next day (3: 30 am in winter), and investors can trade Hong Kong gold and local London gold. Hong Kong gold market closed, London reopened, followed by the United States, and gold can be traded 24 hours a day. Investors can make profits and close positions at any time, or they can open positions at any time when the price is right. On the other hand, there is no stop-loss board and stop-loss market in the world open market of gold, which makes the investment in the gold market more secure, and there is no need to worry about not being able to close the position and stop the loss in extraordinary times.
Fourth, the difference between gold investment and other investments.
(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, and stocks can be traded in a limited time.
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 choose from many stocks, while gold investment and trading only need to study and analyze one project, saving time and effort. ⑥ Gold investment transactions do not need to pay any taxes and fees, while stocks need to pay stamp duty.
(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.
(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. The gold mine is China's "Shanghai Gold" and the world's "London Gold". Security deposit, in layman's terms, for example, a stone of 10 yuan can be owned and used with a security deposit of 1 yuan, so that if you have 10 yuan, you can own a stone of 10 yuan. If the price of each stone rises by 1 yuan, it will become 65433. Margin trading is to use this leverage principle to make money. 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 small-scale way to speculate in gold, which can be traded in both directions, that is, no matter whether the price is up or down, as long as it is done in the right direction, there will be opportunities for profit. In today's unstable economy and the stock market crash, this is undoubtedly the best investment method.