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46890 2010 年 09 月 08 日 15:40 Reading (loading. ..) Comments (0) Category: Personal Diary
World Introduction gold market
1, the international gold market introduction
(1) London gold market
the London gold market has a long history, its history can be traced back 300 years ago. 1804, by London and Amsterdam, the Netherlands became the center of world gold trading, the London gold market in 1919, formally established in the morning and afternoon every day the two gold pricing. Goldsmith set out by the five day market price of gold, the price has affected trading in New York and Hong Kong. The main supplier of gold market is South Africa. Before 1982, mainly engaged in the London gold market gold spot trading, April 1982, the gold futures market opened in London. Currently, London is still the world's largest gold market.
feature of the London gold market trading system is rather special, because no actual market place in London, the transaction is through the invisible way - the major gold dealers completed the sales network of contacts. Trading members by the most authoritative and some of the top five gold dealers recognized five major gold dealers are eligible to buy gold formed a company or shop, and then processed by the various manufacturers, small and medium sized companies, such as chain stores and composition. Transaction by the gold dealers buying and selling according to their, quote bid and offer price.
the London gold market is characterized by flexibility, another very strong. The purity of gold, weight and so can choose, if the customer sell in more distant areas. Gold dealers will quote shipping and insurance premiums, etc., in accordance with customer requirements quoted futures price. The most popular way to London gold trading is the customer can not cash settled, you can buy gold stock, due simply to pay interest rates as agreed to, but now customers can not get physical gold. The trading in gold, but in the accounting loss on the numbers game, until the contrary customers operating position is closed.
London gold market on the trading system also has several deficiencies. First: As the price of each payment are Nett Daily, and sometimes chaotic market price of gold,
mulberry bag, even gold dealers do not know what the gold price is reasonable, and had to stop the offer, the London gold trading will cease; second London market customers is absolutely confidential, so the lack of effective position of the gold trade statistics.
(2) Zurich gold market
Zurich gold market, developed after World War II the international gold market. As the Swiss banking system and the special auxiliary service system of the gold trade for gold trading provides a free and confidential environment, with Switzerland and South Africa also has preferential agreements, 80% of South Africa won the gold, and the former Soviet Union gold also gathered here, making the Swiss not only the world's largest transit point for new gold, is the world's largest private gold storage center. Zurich gold market in the international gold market, second only to London.
Zurich gold market has no formal organizational structure, three major banks in Switzerland: Swiss banks, Credit Suisse and Union Bank of Switzerland, responsible for the liquidation balance sheet, the three major banks to customers not only act as trading, and gold trading is that the three banks themselves Principal activities. Zurich gold pool (Zurich Gold Pool) established three major banks in Switzerland on the basis of informal consultations, the Government is not under the jurisdiction of the Commonwealth as a dealer with a mixture of settlement system plays an intermediary role in the market.
Zurich gold market is not price fixing system, every trading day in any given time, according to the agreed day of trading gold supply and demand, the price for Zurich Huang Jinguan price. Day based on the gold price fluctuations in the price limits are not restricted.
(3) the U.S. gold market
gold market in New York and Chicago, the mid-20th century, 70 developed, mainly because in 1977, a dollar decline, the Americans (mainly corporate based) for hedging and investment in value-added benefit, making Gold futures developed rapidly. Currently the New York Mercantile Exchange (COMEX) and the Chicago Mercantile Exchange (IMM) is the world's largest gold futures trading center. The two exchanges on the gold spot market price of gold a significant influence.
the New York Mercantile Exchange (COMEX), for example, the exchange itself does not participate in futures trading, only to provide a venue and facilities and to enact legislation to ensure that parties to the transaction in a fair and reasonable under the premise of the transaction. The Institute on the spot and futures gold weight, fineness, shape, upper and lower price volatility, transaction date, transaction time are very detailed and complex description.
(4) Hong Kong gold market
Hong Kong gold market over 90 years of history. Its formation is the establishment of the Hong Kong Gold & Silver Exchange for the signs. In 1974, the Hong Kong Government to withdraw the control of import and export of gold, after the development of Hong Kong's gold market fast. Since the time difference on the gold market in Hong Kong just to cover New York, Chicago and London market closed the gap before the market opened, can a coherent Asia, Europe and the United States, a complete world gold market. Cause of its superior geographical conditions the attention of the European gold dealers, gold dealers in London five, three major Swiss banks have set up branches in Hong Kong. They settled in London gold trading activities to Hong Kong, and gradually formed an invisible local
present, the Hong Kong market, gold market consists of three components: ① Hong Kong, gold and silver trade market, the dominant supplier to the Chinese capital, a fixed trading place, the main specifications for the 99 trading standard gold bullion, is an open outcry trading, Spot transactions; ② London gold market to foreign capital as the main business, there is no fixed market place; ③ gold futures market, is a regular market, the nature of the New York and the United States Chicago Mercantile Exchange gold futures nature is the same The. Regular way trading, system is relatively sound, can make up for lack of Gold and Silver Exchange.
(5) London Gold Exchange Gold fixing
1919 年 9 月 12 日 11 am, produced a first set of gold plates,
handbags online, gold was set at 4 pounds 8 shillings an ounce, 9 pence. First few days of the purchase is carried out by telephone, and later decided to Luoxi Er in Si Weixin Street office, the bank held a formal meeting. Twice a day, fixing the price of gold today, 10:30 am and 3:00 pm.
London gold fix price is unique, different from other gold market, which traders for the market to buy or sell gold only a single offer. It provides a standard price, is widely used in production, consumers and central banks as the central parity. There are 5 banks to participate in fixing members, each time when pricing a representative to attend their parties. In the process of fixing them by telephone with its own traders to keep in touch.
the beginning of each fixing, Chairman (since 1919 began to serve as representatives of banks from the Luoxi Er,) to the other four declared a representative of the open, they were reporting to their own trading floor, and then then the price to convey to their customers. Banks under the orders they received, indicating their representatives announced that they are buying at that price or sell. As long as both the price and sell to buy another, it will ask the BRIC they need the number of transactions.
only if the price to buy or only sell, or trade imbalance in the number of BRIC, prices will fluctuate, so the above procedure to re-again, until you get a balance so far, so the President announced that given disk. If the number of transactions announced within the 25 fix, if necessary, the pricing process will continue until the buyer and seller are satisfied. Usually only takes 15 minutes or less time, but sometimes more than one hour.
customers to leave in advance of the pricing order. You can also learn about the whole process of pricing changes in prices and are subject to change orders, until the fixing up. To ensure that any changes in order to let the President know that quickly, each representing a side of the table has a small flag, when they heard came from the Chamber to change his trade request to immediately lift it. As long as there is holding the flag, the President would not announce a price fixing.
London Stock Exchange is now priced in the five representatives are:
Deutsche Bank, Hongkong and Shanghai Bank - Midland Bank, Luo Xier bank, Credit Suisse First Boston, Bank of Canada Scotiabank
(6) Tokyo Tokyo
gold market gold market was established in 1982, is the only Japanese government formally approved the gold futures market. Members of the vast majority of Japanese companies. Yen per gram of gold market bid, the fineness of gold settled standard of 99.99%, weight of 1 kg is 1000 grams per transaction contract.
(7) Singapore, Singapore
gold the gold was established in November 1978, the current gold spot and 2,4,6,8,10 often operate in the 5-month futures contracts, the standard payment of 100 ounces of 99.99% pure gold, with circuit breakers limit.
2, the world gold market trading service model
in all successful in the gold market, gold trading services to institutions and places are different in fact, the specific division up, there is no fixed market place can be divided into an invisible market, the London gold market and gold market in Zurich representatives, can be called European; a gold in the commodity exchange trading business within the United States-New York Mercantile Exchange (COMEX) and the Chicago Mercantile Exchange (IMM) as the representative may be called American; some of the gold market Gold Exchange in specific transactions, Gold and Silver Exchange of Hong Kong and Singapore, as the representative of the gold exchange, may be called Asian.
(1) European gold trading
these gold market gold transaction is not a fixed place. In London gold market, the market is by Daikin business, a subsidiary of the linkages between the components, gold dealers and customers by telephone, telex and other transactions; In Zurich gold market by the three banks and is responsible for billing customers on behalf of the liquidation sale. London and Zurich markets buyers and sellers are more confidential, and trading volume are also difficult to estimate true.
(2) American Huangjin Wen Yi
these gold market is actually built on the basis of the typical futures market, similar to its trading transactions in the market for other commodities. Futures Exchange, as a non-profit organization itself does not participate in the transaction, but for the transactions space, equipment, and formulate relevant laws and regulations, to ensure that transactions are fair and impartial, rigorous monitoring of transactions.
(3) Asian Huangjin Wen Yi
these gold transactions generally have a special place gold trading, while the gold spot and futures trading. Trading membership system, only companies that meet certain requirements before they can become a member and banks, and the number of members there is a very strict quota control. Although members of the trading floor into a small number, but the credibility is very high. Gold and Silver Exchange of Hong Kong as an example: the floor by members of the open outcry trading, the oral form of closed transactions. Business Yan Shouxin the use of gold inside, little irregularities happen.
In fact, all of these exchanges and payments, bank proprietary trading, or valet only specific forms of trading and operational differences, the essence of its operation are the same, are different as far as possible to meet the world gold trade the needs of the facilities for the gold transactions.
3, the gold market participants
participants in the international gold market can be divided into international gold dealers, banks, hedge funds and other financial institutions, the various corporate bodies, private investors and plays a significant role in the gold futures trading brokerage firms.
(1) international gold dealers (market makers): The most typical is the London gold market on the five gold, their own gold trading for all market makers, as with many of the world's major gold and gold dealers have extensive contacts, and its affiliated companies and with many individual shops and gold customer contact, therefore,
paul smith wallet, the five gold Chamber of Commerce in accordance with their understanding of the situation constantly quoted bid and offer price of gold. Of course, the gold market maker is responsible for the risk of price fluctuations.
(2) Bank: they can be divided into two categories, one is only acting for clients trading and settlement, can not participate in its sale of gold, to Zurich, represented by three major banks, they act as producers and investors broker, intermediary role to play in the market. There are also some self-made business, such as the Gold Exchange of Singapore (UOB), the members have a number of dealers.
(3) Hedge funds: In recent years, international hedge funds, especially hedge funds active in the United States, international financial markets everywhere. In the gold market, down nearly every large company with the Fund to borrow short-term gold in the spot gold market sell-off and in the New York Mercantile Exchange Gold Exchange to build a large number of loan-to-light (empty) position related. Some large hedge funds use and the political, business is often inextricably linked to the financial sector relative to the earlier capture changes in economic fundamentals, the use of management funds to buy a huge space and short selling to accelerate changes in the price of gold market and profit.
(1) a variety of legal institutions and private investors: This includes both the company sells gold. If the major gold and gold producers, specializes in buying gold consumption (such as the various industrial enterprises) business of gold products, gold jewelry line as well as private collectors and other options, including gold trading business, specializing in investment companies, individual investors etc.; species diversity, large number. But from the market risk preference points, and can be divided into risk aversion and risk preferences were: the former wish to avoid risk, to reduce the risk of market price fluctuations to a minimum, including gold producers, gold consumers, the latter is a variety of hedge funds and other investment companies, hoping to obtain benefits from the price change. The former want to preserve the gold, and shift risk; who want to profit and willing to bear the market risk.
(2) brokerage firm (Broker's Firm): is specialized in proxy for gold trading non-exchange member, and the brokers commission. Some brokerage firms will be called exchange brokerage firms (Commission House). New York, Chicago and Hong Kong gold market, many brokerage firms are active, they themselves do not own gold, just send in the trading room floor on behalf of gold trading agent for clients, charge customers a commission.
4, world gold reserves of the temporal distribution of gold
Earth thousands of years of human civilization throughout history, were dug from the planet to total about more than 150,000 tons of gold, which more than 150,
paul smith bag,000 tons of gold is currently about 40% of which is used as the flow of financial nature Reserve assets, there are areas of the world financial flows, the total is about more than 60,000 tons. Of which over 30,000 tons of gold is the various countries of the official financial strategic reserves, more than 20,000 tons of gold on the private sector and international private companies have gold reserves of private finance; and the other 60% of the gold is there a general commodity status , eg, in jewelry products, historical relics, electronic chemicals and other industrial products. Note that this is about 60% of gold, much of which can be readily converted to private and non-governmental forces have financial assets, financial flows involved in the field.
(1) of the current distribution of world gold ratio
survive in the world according to the World Gold Council (World Gold Council) data, as of October 2003, official gold reserves in the world top 40 countries are as follows (with the current data compared with little change):
from the World Gold Council official gold reserves of countries to provide information, gold is still in many countries the main body of the official reserves of the financial strategy. Now published around the world total of official gold reserves of 32,700 tons, about equal to the current 13 times the world annual production of gold. Of which more than 1,000 tons of official gold reserves of countries and organizations: the United States, Germany, France, Italy, Switzerland and the International Monetary Fund. And organizations in these countries, the U.S. gold reserves up for 8149 tons, the official gold reserves of the world total of 24.9%. The top ten countries in Western official gold reserves of the world's official gold reserves of States over 75% of the total.
up to one hundred tons of gold reserves of more than 32 countries, regions or organizations, mainly in Europe and North America, Asia and Africa account for only a few; less than 10 tons of gold reserves of countries, regions or organizations, there are 47 basic both located in Asia, Africa and Latin America, and its total gold reserves of the United States accounted for only 1.43%. From this data we can see strong national political and economic power is also much of its gold reserves, indicating that gold reserves are still a sign of comprehensive national strength.
In addition, the gold reserves in the total reserves in the country's financial strategy also shows the ratio of gold is still the subject of national strategic reserves, gold reserves are still valued by the world's developed countries. U.S. gold reserves in their national strategies in the proportion of total reserves as high as 56.7%,
mulberry bags, while the other developed countries such as Germany 37.6%, France 47.1%, Italy 47.8%, Switzerland 38.2%, 46.6% in the Netherlands is also highlighted with gold reserves important role.
need of special attention, some countries implemented in accordance with their actual policy of the gold to the people. Such as India, the Indian government although only 357.8 tons of gold reserves, total reserves in the national strategy in the ratio is not high, only 7.8%. However, according to statistics, India's total gold reserves of the private sector at least 1 million tons of silver reserves of at least 11 people tons. Now, India is still the world's largest gold consumer market, the gold consumption up to 600-800 tons per year. India is not producing Jinda Guo, the majority of its annual consumption of gold is purchased from the international market. With the Indian economy in recent years, rapid development, import quantity of gold also increased.
Chinese official gold reserves of approximately 600 tons (in 2004, so far no large change in quantity), accounting for 2% of the international financial reserves less gold reserves and the ratio of total international reserves are significantly lower. However, the figure of 600 tons of Chinese official data, according to empirical inference, 600 tons may not be accurate figures, from a variety of factors actually have the official gold reserves larger than 600 tons, about 1,000 tons of gold reserves so.
(2) affect the world price of gold is currently the main factor is the private market forces
study various types of gold, the first analysis to be the world's official gold reserves, the main reason is that gold reserves from the official data is released be transparent, easy to research and analysis, but also to understand the gold in the national government's official position of the eyes. But gold investors easily lead to misunderstanding, misconception that the current market price of gold by the official institutions of the left and right, this understanding in the community and the general theory is very popular among researchers.
investing in gold must first understand is that, although a large part of total world gold reserves in the country is the hands, but this is not the mainstream of current world gold market, the current world trend of the price of gold is not by national governments about the will of the governments of the sale of gold will buy gold or gold prices will not change the trend.
now lead the world gold market participation is civil. Mainly various types of investment funds, which are the dominant force commodity market funds, there is a large international consortium, the big banks, big insurance companies, the largest number of people there is the following types of gold investment broker The distribution of links in the world of retail gold investors. The gold market on the strength of private investment constitutes the current world gold trading volume of more than 95%.
world gold price is now determined by the market forces around the world people.
(3) the role of gold is still irreplaceable
1999 the birth of the new euro currency system, the European Central Bank's statement of 15 countries, reaffirmed the gold is still recognized as financial assets, specifically gold currency reserves of the system accounted for 15%. This is gold, the return of the monetary and financial functions. Gold can still be following the internationally accepted U.S. dollars, euros, pounds, yen after the fifth-largest international settlement currency. Now can be regarded as a quasi-monetary gold.
today's gold can be divided into the gold commodity gold and financial nature. Gold in addition to the above financial purposes, the current gold jewelry products main purpose is to industry, decorative statues, architectural decorations, gold appliances, electronics, dental, Gold and other industrial gold. Long-term gold as a monetary metal and is strictly controlled, resulting in use of current gold commodity is still very small, the important role of gold is still reflected in the financial and monetary functions, the latter with the International Financial System Reform in the international monetary system, non-monetary gold of the conditions, increasing the gold from the palace, a temple to the people, by the dignitaries of the privilege has become a public owned.
gold became free to own and freely traded commodity, gold from the national treasury to the homes of ordinary people, its mobility is greatly enhanced, gold transaction size increases, so for the gold market's development,
designer handbags, development of a realistic economic environment . Non-monetary gold of the last two decades has been the development of the world gold market is a period. Gold started the stage dominated by the currency attribute the currencies and commodities to the scene of the stage of development of the dual attributes of goods to the development of the gold market also contributed to the rapid development of the financial gold market.
economist John Maynard Keynes once said of the role of gold: ?? gold is still a special commodity with the financial attributes!
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