What Is Paper Gold?
Paper gold transactions are book gold transactions that do not involve spot gold delivery, so they are also known as "accounting gold transactions." Like investing in physical gold, "paper gold" is a way of investing in gold, so it has both long-term value preservation and gaining spread benefits.
Paper gold trading
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Paper gold transactions are book gold transactions that do not involve spot gold delivery, so they are also known as "accounting gold transactions." Like investing in physical gold, "paper gold" is a way of investing in gold, so it has both long-term value preservation and gaining spread benefits.
- Chinese name
- Paper gold trading
- Paraphrase
- Book gold trading without spot gold delivery
- Alias
- Bookkeeping Gold Transactions
Gold trading is the book gold transaction without spot gold delivery, so it is also called "book-keeping gold transaction". Like investing in physical gold, "paper gold" is a way of investing in gold, so it has both long-term value preservation and gaining spread benefits.
The profit model is to buy low and sell high to get the difference in profits. Compared with physical gold, its trading is more convenient and fast, and the transaction cost is relatively low, which is suitable for professional investors to conduct short-to-medium-term operations. The issuance of paper gold is generally issued by commercial banks, gold companies or large gold retailers with strong capital and good credit in the gold market. Gold bills of lading or gold warehouse receipts issued by exchanges, gold bonds issued by gold companies, etc.
due to
With its durable, beautiful and rare characteristics, gold has been an effective tool for people to maintain and increase value since ancient times. Look at the trading hours of paper gold.
1. The market is usually very light as early as 5-14 pm This is mainly due to the small driving force of the Asian market! Generally, the amplitude of the shock is small and there is no obvious direction. Mostly for adjustment and callback market. Generally, it is opposite to the direction of the day. For example, if the trend of the day rises, this period is mostly a small fluctuation. During this period, if the price is appropriate, you can properly purchase.
2. The European morning market is from 14 to 18 noon.
Funds will increase after Europe starts trading, and this period will be accompanied by the release of some data that has an influence on European currencies! During this period, if the price is appropriate, you can properly purchase.
3. At noon 18-20 in the evening is the noon break in Europe and the early morning in the American market. It is relatively light! This time is the noon break in Europe and it is also the eve of waiting for the start of the United States. Wait and see during this time.
4.20 o'clock to 24 o'clock are the afternoon session of the European market and the morning session of the American market! This time will be completely in accordance with the direction of the day, so the judgment of this market will be based on the general trend. Great time to ship.
After 5:24 to early morning, it is the afternoon session of the United States. Generally, a larger market has already come out at this time. This period is mostly a technical adjustment of the previous market. Should wait and see.
In fact, gold speculators in China have a time advantage that is unmatched in other time zones. They are able to seize the most volatile time period from 21:00 to 24:00. For ordinary investors, they are engaged in non-gold professional work. The period from 5 pm to 24 pm is free time, which can be used for gold investment without having to be distracted by work.
In general, the trading habit of many people is to place an order and place a stop loss at 15-18 pm. After that, there is no need to keep looking at the orders at 17:00, 17: 30-18: 00, 20: 15-21. 00 (plus one hour at winter zero), then you can watch it every 20-30 minutes. Investors who can't catch up with the afternoon will of course have to wait until the evening before trading, but it is better to wait until 20:30, this half is the time when the second market starts, that is, until the European noon break is over and the Americas open. Be very careful if important data is released.
It can be said that God has created incomparable trading hours for people in China's time zone, so that we can trade with as much concentration as possible, everyone should take good care of it.
As paper gold is traded, the subject matter of settlement and settlement after the transaction between the buyer and seller is a proof of gold ownership rather than the actual gold, so paper gold can be traded in the primary market of the Shanghai Gold Exchange or on the secondary market. transaction. Depending on the issuer of paper gold, the market in which it is traded is generally determined. That is, if a paper gold transaction is issued by a commercial bank, it will be bought and sold on the counter of a commercial bank, and the bank that issues the gold certificate will complete the transfer settlement procedures; if it is issued by an exchange, it should be issued on the exchange Domestic transactions and transfer settlement procedures in the clearing department of the Exchange.
In the paper gold transaction method, each time a gold speculator conducts gold trading transactions through a bank, it transfers money to the designated fund account, and at the same time, it transfers money to the gold passbook opened to access the gold record without gold. Physical extraction and settlement. Paper gold trading simplifies the settlement and settlement procedures after the transaction, saves transaction costs, and reduces transaction costs.
Related knowledge In order to simplify the transaction procedures and facilitate the promotion of the business at various business outlets of commercial banks, the bank stipulates that the paper gold investment business does not directly receive cash or make physical delivery of gold. For this reason, the gold on the customer's gold account can only be bought. People sell transactions and cannot be used for the extraction or storage of physical gold.
Banks that have started gold business in 2013 generally use two methods for quotation: domestic gold price and international gold price.
According to the domestic gold price, the bank refers to the gold price of the exchange, the market supply and demand, and
The characteristics of paper gold trading are as follows:
1.Using paper gold trading methods in the gold market can save the necessary storage fees, storage fees,
The difference between paper gold trading and physical gold trading
Bookkeeping gold
It is bookkeeping gold, which not only saves storage costs for investors, but also facilitates investors' realization of cash. After the investment of real gold is purchased, you need to worry about saving and storing; when it needs to be realized, there is a cost of identifying whether it is real gold. Paper gold uses a bookkeeping method, using the international gold price and the RMB price converted from it, eliminating the inconvenience of investing in real gold.
Linked to international gold prices
Paper gold is linked to the international gold price and adopts a 24-hour uninterrupted trading model. Domestic nights correspond to European and American days, that is, when the price of gold fluctuates the most, it provides plenty of time for office workers to manage their finances.
Two trading modes
Paper gold provides two trading modes: USD gold and RMB gold, which provides corresponding opportunities for foreign currency and RMB financial management. At the same time, paper gold adopts the T + 0 delivery method. It was purchased at the time and arrived at the time, which is convenient for intraday trading and has more short-term operation opportunities than the domestic stock market. Fourth, the Bank of China's paper gold quotes currently have the most advantages among peers. The smaller bilateral spreads provide investors with opportunities to obtain more returns.
The difference between paper gold and gold T + D
At present, there are several types of domestic gold investment, for example: Shanghai Gold Exchange gold T + D gold deferred trading, paper gold of major banks, and international gold disguised trading through various channels. Only the T + D gold deferred transaction of the Shanghai Gold Exchange and the paper gold of major banks are under the supervision of relevant state departments.
From the trading time point of view, the major paper "paper gold" trading hours are 24 hours of uninterrupted trading, while the Shanghai Gold Exchange's T + D gold trading has a time period, 9:00 am to 2:30 am . In terms of handling fees, the bilateral spread of the bank spread is 0.8-1 yuan / gram; the Shanghai Gold Exchange takes 15% of the total transaction amount (about 0.48 yuan / gram). Bank gold is always traded with a high amount of capital, and the Shanghai Gold Exchange's T + D gold deferred trading adopts a margin model that requires only 10% of funds to operate. There is also a shorting mechanism, that is, you sell at high prices first. Earn the difference by buying a liquidation at a lower price.
In terms of trading channels, major banks use several trading channels such as over-the-counter transactions, telephone transactions, and online self-service terminals. The Shanghai Gold Exchange conducts online self-service terminal transactions and telephone transactions through members and member authorized agents.
Comparison of Gold T + D on Shanghai Gold Exchange and Paper Gold Trading by Banks
Capital investment (calculated at 160 yuan / gram)
Shanghai Gold Exchange | bank |
|---|
In the form of margin | Requires full investment |
20,000 yuan per kg | 200,000 yuan per kilogram |
Transaction costs (calculated at 160 yuan / gram, the following are unilateral)
Shanghai Gold Exchange | bank |
|---|
Handling fee 144 yuan | Handling fee 0.45 yuan / gram |
Exchange fee 96 yuan | 450 yuan per kilogram fee |
Handling fee of 240 yuan per kilogram | |
Return on investment (buy at 160 yuan / g for 5 kg, sell for 165 yuan / g
Shanghai Gold Exchange | bank |
|---|
Invested 100,000 yuan | RMB 800,000 |
Gross profit 25,000 yuan | Gross profit 25,000 yuan |
Transaction fee of 2437.5 yuan | Transaction fee of 4,500 yuan |
Net income 22562.5 yuan | Net income 20,500 yuan |
Return rate 22.56% | Return 2.56% |
From the perspective of transaction costs and return on investment, gold on the gold exchange has obvious advantages! In addition, the gold trading rules of the gold exchange and paper gold are also different. We all know that paper gold can only be long. In simple terms, you can only make money when the market goes up, and you can only choose to wait and see! The gold on the exchange is different because it can be shorted, which means that it can make money even if it falls! The choice of investment varieties is very important for investors! Transaction costs and trading systems are all we need to consider!
China's paper gold trading steps
Since the beginning of the year, gold has risen more than 40%, approaching $ 1,400 per ounce. More and more citizens are not only buying gold for jewellery, they are also using it as a value-added and anti-inflation financial product. Mr. Yan, who lives in Futian, is worried about where to buy gold. "Every day the price of gold is different. Buying early is cost-effective." Mr. Yan said, "But I don't know where to buy and which product is appropriate." Gold can be purchased through all channels. Industry insiders told reporters that there are many types of products that can be invested in gold, not only physical gold, but also other gold products, such as paper gold and gold funds. Recommended reading
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Gold fixed investment from 200 yuan
Metal performance in 2011 will differentiate severe inflation or spread global gold will benefit from it. It is expected that China's gold demand will double in 2013. Standard banks say that the price of silver may reach $ 40 next year and fall below 80. Gold prices in Asian markets fluctuate higher Physical gold analysis
Low physical gold threshold
Features: Low investment starting point and high collection value
In a jewelry store, the reporter met a citizen who was buying gold bars from salespeople. It is understood that the end of the year is the peak season for physical gold sales. In addition to self-use, gift giving and other uses, there are also some citizens who bought to invest. According to reports, physical gold includes gold bars, gold coins, gold ornaments, and so on.
In addition to gold stores, each bank has also launched its own physical gold products, such as ICBC's "Ruyi Bullion", ABC's "Treasures of the World" series of gold, and CCB's "Universal Gold". The prices are also different.
The reporter learned at ICBC that the bank's "Ruyi gold bar accumulation" was particularly sought after. Zhou Xiang, product manager of the Asset and Liability Management Department of ICBC Shenzhen Branch, told reporters that this business is similar to the gold investment method of fund investment. Customers build up the ICBC Ruyi Fund accumulation account on a regular basis or take the initiative to Accumulate. For accumulated Ruyi gold, customers can either choose to redeem and get cash, or they can pick up physical gold bars at ICBC (601398, stock bar), which is very suitable for individual customers to make small and continuous gold investments.
The bank's financial planner suggested that investors should choose to buy 9999 gold bars instead of gold jewelry when buying physical gold. Because the purity of gold jewelry cannot be guaranteed, and the cost of hand-made is added at the same time, the unit price is generally higher than that of gold bars, but the repurchase is evaluated at the current price of gold, and the ability to maintain value cannot be compared with gold bars. Therefore, the best investment in gold is to buy gold bars directly from the bank, because the bank's gold is guaranteed on the one hand and the sales are more standardized on the other.
Convenient paper gold trading and low threshold
Features: Low starting point, fast cash flow, low transaction costs
"Paper gold" is a financial investment product in which an investor opens a gold account in a bank and buys and sells shares in the account. The customer's gold share is recorded in the account, without extracting physical gold. The customer only needs to grasp the market trend and earn the difference by buying low and selling high. Most banks have opened this business. Because it does not involve the settlement of physical gold, transaction costs can be lower.
It is understood that the threshold for paper gold investment is low, generally 10 grams, which is suitable for small and medium investors who like stable income and have a certain ability to judge the price of gold.
According to Zeng He, a financial planner at the Shenzhen Branch of the Bank of China, paper gold transactions are only recorded in the customer's bank account after the purchase and sale of paper gold, and the physical delivery of gold cannot be performed. She reminded that various virtual gold accounts are also different. For example, "Golden Treasure" does not accept customers' applications for short selling, short selling or exceeding their account balance. However, another product of the Bank of China, "Two-way Po", can accept customers' short-selling transactions applications with sufficient margin.
ICBC's financial planner said that paper gold has three advantages over physical gold: a low starting point, quick cash realization, and low transaction costs. He gave an example: the transaction cost of paper gold is 0.8 yuan / gram, while the unilateral transaction cost of physical gold is as high as 10-20 yuan / gram.
"Paper gold" is also called book gold. It buys and sells gold through the book system and gains from the rise in gold prices. Because "paper gold" investment has a lower threshold, it is more suitable for entry players in gold investment. For example, the "paper gold" business of the bank's own brand can be invested with a minimum of 10 grams. Based on the gold price of 346 yuan / gram, about 3460 yuan can be invested in "paper gold". However, only a few banks, such as ICBC, China Construction Bank, Bank of China, China Merchants Bank and CITIC Bank, provided "paper gold" transactions.
In general, investors participating in "paper gold" trading can only profit from the rise in gold prices by selling high and selling low. On the basis of "paper gold", the Bank of China has increased the "two-way gold treasure" business and increased the short function of "paper gold".
The "paper gold" business of ICBC and Bank of China both provide transactions in USD and RMB, while other banks only provide RMB or USD transactions. Investors open these "paper gold" businesses. Banks do not charge account opening fees. They open account functions directly at bank counters and can conduct transactions through online banking, telephone banking, and other channels. Each bank's own-brand "paper gold" fee is charged in the form of spreads, and the difference between the rates is relatively small, about 0.1 yuan / gram. For example, the one-sided spread of the ordinary "Golden Treasure Bank" of the Bank of China is 0.4 yuan per gram, and the "two-way Golden Treasure" is divided into different levels of preferential rates according to the transaction volume of customers. The single transaction volume is more than 10 kilograms, and the spread is only 0.25 yuan / gram. The trading volume of CCB customers reached 5 kg, and the preferential rate for unilateral spreads could be as low as 0.3 yuan / gram.
BOC s USD spreads are charged at US $ 3.46 per ounce. Both ICBC and CITIC Bank implement this rate, which translates to approximately RMB 0.37 per gram after conversion.
In addition, many banks represent the "physical gold" system of the Shanghai Gold Exchange, such as Industrial Bank, China Merchants, Minsheng, Huaxia, Ping An, and Everbright Bank. . Investors who make "physical gold" investments on the books need to open a dedicated gold account at the correspondent bank.
The minimum trading volume of "physical gold" on the book is 100 grams, which is higher than the "paper gold" products of commercial banks' own brands. The transaction fee is charged at a fixed percentage of the transaction amount. Depending on the customer level and the size of the transaction volume, the transaction fee rate is approximately 0.08% -0.21% of the transaction amount.
Gold funds are highly liquid
Features: High mobility, simple and safe
Recently, the term "gold fund" has attracted much attention. The first gold fund was publicly issued on December 10. According to reports, the "gold fund" is invested in exchange-traded funds supported by physical gold. It closely tracks the international gold price trend, provides investors with high-quality gold investment tools, and enables domestic investors to easily enter the gold investment market from the capital market. Insiders pointed out that due to the simple product structure, convenient trading channels, and low transaction costs, gold funds are more suitable for ordinary gold investors to participate, and institutional investors will also configure.
Mr. Song Qing, director of the International Business Department of the first gold fund, Nuo An Gold Fund, said frankly, "Our goal is to provide domestic investors with instrumental products and develop a liquid, safe and simple financial instrument for domestic investors, which can quickly Enter the gold market. "He said that investors can subscribe through a number of banks and other consignment channels and Nuoan Fund direct sales channels.
List of some gold products of banks
Bank Product Type Investment Threshold Purchase Channel
Bank of China (601988, shares) Gold 10g gold paper counters, online banking, telephone banking
Bank of China two-way treasure paper gold 1g online client
ICBC account gold paper from 10g counter, online banking, telephone banking, mobile banking
ICBC Ruyi Gold accumulates physical gold from 200 yuan per month over the counter, online banking
China Construction Bank (601939, shares) Dayun gold physical gold from 5 grams counter
Agricultural Bank (601288, share it) 20g of physical gold bullion handed down from the counter
China Merchants Bank (600036, share it) 100 grams of physical gold / paper gold for lucky money, counter, online banking, telephone bank automatic voice
(This form is for reference only, and product details are subject to release by each bank)
Expert reminder
Investment in physical gold needs to pay attention to repurchase channels
Agricultural Bank of China financial adviser reminded that the most important thing to invest in physical gold is to pay attention to repurchase channels. If there is no repurchase channel, if the old gold bar is to be recovered and realized, the income will be greatly affected. When buying, investors should ask the bank if it can buy back gold, that is, after the bank buys gold, it can sell it back to the bank, so that it can be realized when the price of gold rises or funds are needed.
The reporter learned that many banks and gold shops only recycle gold bars that they sell, and do not repurchase gold products purchased by investors at other banks and gold shops. There are also some banks that no longer recycle after extracting physical gold. Investors should ask carefully before buying.
For consumers who are interested in investing in gold, some professionals analyze that gold still has a lot of room for appreciation in the future. At the same time, he also reminded consumers that now regular investment gold bars are generally sold through gold stores and some banks, "buying gold in informal gold shops is riskier."
Getting started with paper gold trading
Paper gold novices can learn a few suggestions:
1. Basic knowledge is necessary,
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3. It is best to choose a good agent. At the regular level, word of mouth is slowly settling, so the operations are very regular. No commissions and other fees, timely service and professional quality, and the security of your funds is also guaranteed
4. It is important to set a stop loss control position when trading.
5. It is normal to maintain a good mentality and profit. (Note: You also need to know some basic foreign exchange knowledge.)
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