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Gold futures trading

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发表于 2018-9-29 15:47:19 | 显示全部楼层 |阅读模式
Gold futures trading is the same as general futures trading of commodities and financial instruments. Buyers and sellers first sign contracts to buy and sell gold futures and pay a deposit, stipulating the standard quantity, agreed price, and maturity date of buying and selling gold. The actual delivery is carried out on the agreed delivery date. Generally not delivered, most contracts are hedged before they expire. The futures market dominated by gold futures is the gold futures market.

Gold futures trading is the same as general futures trading of commodities and financial instruments. Buyers and sellers first sign contracts to buy and sell gold futures and pay a deposit, stipulating the standard quantity, agreed price, and maturity date of buying and selling gold. The actual delivery is carried out on the agreed delivery date. Generally not delivered, most contracts are hedged before they expire. The futures market dominated by gold futures is the gold futures market.
The trading contents of most gold futures markets in the world are basically similar, including deposits, contract units, delivery months, minimum fluctuation limits, futures delivery, commissions, daily trading volume, and commission orders.
1. Margin. Traders must open an account with the broker before entering the gold futures exchange. The trader must sign the relevant contract with the broker and bear 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 loss. When a trader participates in a gold futures trade, there is no need to pay the full amount of the contract, but only a certain amount (ie, margin) is paid as a guarantee for the broker to operate the trade, and the margin is generally set at about 10% of the total gold trade. Margin is a guarantee of confidence in the contract holder. The final result of the contract is either physical delivery or the opposite sale is closed before the contract expires. Margins are generally divided into three levels:
The first is the Initial Margin. This is the minimum margin that the broker asks the client to pay for each contract when opening a futures trade.
The second is the maintenance margin (Maintenance Margin). This is the amount of reserves that customers must always maintain. Long-term margins sometimes require an additional margin from the customer. The additional margin is the margin required by the broker to maintain its operation and balance when the market moves towards the opposite direction of the dealer's position. If the market price moves in a favorable direction for the dealer's position, the portion of the margin that exceeds the margin is the equity or income, and the dealer may also request the payment or act as an initial deposit for another gold futures transaction.
The third is the variation and the margin of profit and loss (Variation Margin). The margin paid by the clearing client to the clearing house of the exchange on the result of each trading day is used to offset the loss caused by the unfavorable price movement of the customer in the futures trading.
2. Contract unit. Gold futures, like other futures contracts, are completed by standard contract units by the number of contracts. Each standard contract unit of the New York Mercantile Exchange is 100 ounces of gold bars or 3 pieces of 1 kilograms of gold bars.
3. Delivery month. Gold futures contracts require gold to be submitted in a given month.
4. Minimum volatility and maximum trading limit. The lowest volatility refers to the minimum range of price changes each time, such as the price change of 10 cents per price; the highest trading limit, like the current daily limit and the daily limit in the securities market. The New York Stock Exchange has a maximum daily volatility of 75 cents.
5. Futures delivery. A dealer who purchases a futures contract has the right to obtain a guarantee, transport order or gold certificate with gold at any time after the earliest delivery date before the futures contract is realized. Similarly, if a trader who sells a futures contract fails to close the position before the final settlement date, it must be responsible for the delivery of gold. Investors should distinguish between the delivery date and the final delivery date of each market in the world. If there are provisions, the earliest delivery date is 15 days of the contract expiration month, and the latest delivery month is the 25th of the month. General futures contracts are traded before the settlement date.
6. Trading on the day. Futures trading can be closed in the opposite direction based on the price of the day. Day trading is a must for the successful operation of gold futures as it provides liquidity to traders. Moreover, there is no need to pay a deposit for the day's trading, as long as the open position is paid to the exchange.
7. Instructions. The order is an order for the customer to buy and sell gold to the broker, in order to prevent misunderstanding between the customer and the broker. Instructions include: behavior (buy or sell), quantity, description (ie market name, delivery date and price and quantity, etc.) and qualifications (such as limit buy, best buy).

The specific process is as follows:

The first is to open an account. Investors generally open an account with the member brokers of the Gold Futures Exchange, sign the risk disclosure statement, the Transaction Account Agreement, etc., and authorize the broker to buy and sell the contract and pay the deposit. Once the broker is authorized, the futures trading can be carried out in accordance with the client's instructions in accordance with the terms of the contract.
The second is to issue instructions. The instructions include the item, quantity, date, and price of the customer's wishes. The key instructions are:
1. Market order. Refers to trading at the price of the exchange at the time.
2. Limit order. This is a conditional order, which is only executed when the market price reaches the command price. The general bid price order is executed only when the market price is lower than a certain level, and the selling price order is executed only when the market price is higher than a certain level. If the market price does not reach the limit price level, the order cannot be executed.
3. Stop price order. The Directive is also an order for a client authorized broker to buy or sell a futures contract at a specific price. The purchase price stop order means that the customer wants to buy the futures contract at the market price once the market price is higher than a certain price; a stop price order means that the customer wants the market price to be lower than a certain price immediately. Sell ​​futures contracts at market prices.
4. Stop the limit order. Refers to the customer's request for the broker to sell at a limit price where the exchange price falls within the predetermined limit, or to increase to within the predetermined limit. This directive combines the characteristics of the stop price order and the limit order instruction, but has certain risks relative to the limit order.
5. Time-limited instructions. The instruction is also a conditional instruction that indicates how long the broker can execute the instruction. In general, unless otherwise stated, the order is valid on the current day. If an order is not executed on the trading day of the day, the order expires or expires.
6. Arbitrage instructions. This command is used to create both long and short positions. If a long position and a short position are established for a certain amount of gold, only the maturity date of the futures contract is different.
The third is the execution and result notification: after the broker receives the transaction order issued by the client, the order is quickly transmitted to the futures trading office. When the order is executed, that is, the sale is successful, the notice will be returned to the broker. The broker generally verbally informs the investor about the execution: price, quantity, duration and position. Then notify the investor in writing the next day.

Analysis of gold futures trading methods
The following table shows the market for gold futures trading on the New York Mercantile Exchange on April 8, 1993.
The standard amount of gold futures trading is 100 troy ounces, and the trading volume for a contract is 100 troy ounces.
The smallest unit of change: 1 ounce.
(1) listed as the highest price per ounce of gold in the first quarter;
(2) listed as the lowest price per ounce of gold in the first quarter;
(3) listed as the delivery month;
(4) listed as the highest price per ounce of the day;
(5) listed as the lowest price per ounce of the day;
(6) listed as the closing price of the day;
(7) listed as the difference between the price of the day and the price of the previous day;
(8) The number of contracts that have been classified as outstanding.
In the third example, the delivery month is June, the highest price for the quarter is 1 ounce = 418.50 USD, the lowest price is 1 ounce = 327.10 USD, the highest price for the day is 1 ounce = 340.80 USD, and the lowest price for the day is 1 ounce = 337.20 USD The closing price for the day was 1 ounce = $336.90. The closing price on April 8 was $0.80 lower than the closing price on April 7, and 78,110 contracts were outstanding.
Gold futures, like general commodity futures, adopt a daily mark-to-market settlement method. If the initial deposit is 4% of the transaction volume, then the deposit for a futures purchase in June is 1347.6 US dollars (4% × 336.9 × 100). If the maintenance deposit is 70% of the initial deposit, it is 943.32 USD. It is noted that the closing price on April 8 is $0.80 lower than the closing price on April 7. Futures buyers lose $80 (0.80 x 100) on the day, which is deducted from their deposit. If the closing price on April 8 is $0.80 higher than the closing price on the 7th, the buyer's deposit is increased by $80, and the buyer can withdraw the $80 from his deposit account. This daily mark-to-market settlement system enables the profit and loss of futures trading to be realized immediately. This is the main difference between gold futures contracts and forward contracts.
Gold futures trading is essentially a trading margin system, so it is suitable for gold speculative trading and hedging transactions.
For example, speculators of a gold trade predicted that gold futures prices rose based on relevant information. He decided to buy it first, and sell it after the price rises. On April 8th, I bought a gold futures for June delivery at a price of 1 ounce = 336.9 US dollars, with a total value of 33690 US dollars (336.9 × 100). By May 8, the gold futures price for June delivery rose to 1 ounce. = $356.9, the speculator immediately decided to sell a June.

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