Gold postponement is a futures trading mode in which traders can choose to deliver or postpone delivery on the contract trading day, and at the same time introduce a postponement compensation mechanism to stabilize the contradiction between supply and demand.
The similarity between the two is that they are both investment methods, and they are not physical transactions. So what's the difference between the two? What is the difference between gold futures and gold extension?
Comparison of differences between gold futures and gold extension
1. Trading time
Different delivery times and durations. Futures refers to a standard contract with a delivery period, so it is called futures. However, the spot deferred delivery business generally has no time limit for delivery. Domestic gold has no pricing power, and most of the market price risks occur in the evening trading hours. According to the trading system of the futures exchange, there must be no night trading period, and the trading period starts from 9: 30 am to 3: 00 pm. The trading time period is short and the risk coefficient is relatively large. At present, the opening time of Shanghai Gold Exchange is from 9: 00 pm to 2: 30 am the next day, which makes up for the market risk brought by the evening price difference. Under the effective control of the price limit, it is not easy to be forced to close the position.
2. Due delivery cost
Futures are not delivered at maturity and need to be moved, which will inevitably lead to a significant increase in the cost of moving positions. However, the Shanghai Gold Exchange's delay in setting up the delivery period of gold is not fixed. And the delivery of gold futures must be carried out by the legal representative, and the delivery must start from 3000 grams. The gold products launched by Shanghai Gold Exchange can be delivered at a minimum of 50 grams, and individuals can also carry out delivery business.
3. At present, the standardized contract for gold extension is 1 000g, which is the same as the standard weight of gold futures, but now the gold futures margin needs to be gradually increased according to the delivery date, while the gold extension margin of Shanghai Gold Exchange only needs 7%. Compared with gold futures, the transaction cost is much lower, but the risk ratio is lower.
At present, gold futures are mainly in the United States and Japan, and their gold futures are concentrated in commodity futures exchanges. The London Gold Exchange, which has the largest trading volume and scale in the international gold market, is the spot gold exchange, but the gold market maker network consisting of five major gold market makers (internationally renowned banks) and a large number of gold merchants at the next level provides the delayed delivery mode of spot gold.
The difference between futures gold and spot gold
1, trading mechanism:
Futures gold: there is a short-selling mechanism, two-way trading can make a profit, and there are profit opportunities for both ups and downs. T+0 trading system. You can open positions many times on the same day, but there is a delivery date, and you must deliver them at maturity, otherwise you will be forced to close your positions or deliver them in kind. At the same time, when the margin is insufficient, it will also be forced to close the position.
Spot gold: there is a short-selling mechanism, two-way trading can make a profit, and there are profit opportunities for both ups and downs. T+0 trading system. You can open and close positions many times on the same day, without delivery restrictions, and you can hold them indefinitely. However, when the margin is insufficient, it will be forced to close the position.
2. Transaction funds:
Futures gold: margin trading. With 10% capital, you can do 100% transactions, and the capital is enlarged by 10 times.
Spot gold: margin trading. There are differences according to the magnification of gold companies, but most of them can be operated to 100% gold with 1% capital, and the magnification is 100 times, and the multiple is calculated manually, for example; 1 standard hand = 100 ounces, and some platforms can make 0. 1 hand.
3. Trading time:
Futures gold: trading time: 9: 00 am ~165438+0: 30 pm1:30 pm ~ 3:00 pm. Due to the short trading time, it is not in line with the international gold price, and the phenomenon of gap is frequent. Investors can't enter the market in the early stage.
Spot gold: Due to the time difference, domestic transactions can be conducted from 8: 00 am on Saturday to 3: 00 am on Saturday. That is, all-day trading can be entered at any time in the market. Price continuity is better than futures. The most active trading period is between 8.00 and 24.00.
4. Increase restrictions:
Futures gold: according to different futures varieties, the daily price limit ranges from 3% to 15%.
Spot gold: no increase limit.
5. Threshold for opening an account:
Futures gold: the starting price is not less than 50,000.
Spot gold: The standard warehouse account of a general platform is US$ 5,000, equivalent to RMB above 3 yuan. Some platforms can open mini warehouses, generally around US$ 65,438+0,000.
6. Margin:
The advance deposit of investors shall not be less than 8% of the transaction amount. You only need to pay 8% margin to trade, which is 12.5 times that of leveraged trading. It is currently the most leveraged trading product in China.