The division method and type of the international gold market

The Gold Market is a trading center where buyers and sellers buy and sell gold. It provides spot and forward transactions. It allows traders to conduct physical transactions or option futures transactions for speculation or hedging. It is a complete financial market system in various countries. important parts of. With the development of the currency system, the gold market is a trading center where buyers and sellers buy and sell gold. It provides spot and forward transactions and allows traders to conduct physical transactions or option futures transactions for speculation or hedging. An important part of the complete financial market system of various countries.　　With the development of the currency system, gold has gradually lost its currency function as a medium of exchange and value measurement, but it still maintains certain currency characteristics in terms of international trade, international debt and debt settlement, and international reserves.　　 1. According to the role and scale of the gold market, it can be divided into: dominant market and regional market. The dominant gold market refers to the internationally concentrated gold trading market, whose price level and trading volume have a great impact on other markets. The most important ones are the London Gold Market, Zurich Gold Market, New York Gold Market, Chicago Gold Market and Hong Kong Gold Market. A regional market refers to a market with limited transaction scale and concentrated in a certain area, and has little impact on other markets. It mainly meets the needs of industrial enterprises, jewelry shops, investors and general purchasers in the country or neighboring countries for gold trading. , Its radiation and influence are relatively limited. Such as Tokyo, Paris, Frankfurt Gold Market and so on.　　2. According to different transaction types and methods, it can be divided into: spot trading market and futures trading market. Gold spot transactions are basically spot transactions, which are delivered immediately after the transaction or within two days. The subject matter of the transaction is mainly gold bars, gold ingots and gold coins, as well as jewellery and so on.　　The main purpose of gold futures trading is hedging, which is a supplement to spot trading. After the transaction is completed, no immediate delivery is made. Instead, both parties to the transaction first sign a contract, pay a deposit, and then deliver on the scheduled date. Its main advantage is that a large amount of futures can be mastered with a small amount of funds, and the price of the contract can be passed on in advance, which has a leverage effect. The futures contract can be realized on any business day and has liquidity; it can also be bought and settled at any time, with greater flexibility; it can also choose different forms of entrustment in use, and it can also carry out arranging between different markets. Flexibility etc.　　 Some gold markets in the world only have spot transactions, and some only have futures transactions, but most of them have both futures and spot transactions.　　 3. According to whether there is a fixed place, it can be divided into: invisible gold market and tangible gold market. The invisible gold trading market mainly refers to the fact that there is no special trading place for gold trading, such as the London gold market, which is mainly formed through a network of contacts formed between gold merchants; the Zurich gold market where banks mainly buy and sell gold; and the local London invisible in Hong Kong market. The tangible gold market mainly refers to a market in which gold transactions are traded in a certain fixed place. Among them, it can be divided into a gold market with a dedicated and independent gold trading place and a gold market located in a commodity exchange. The former is such as the Hong Kong Gold and Silver Exchange, the Singapore Gold Exchange, etc.; the latter is such as the New York Commodity Exchange. The New York Gold Market in the Comex is located in the Chicago Gold Market in the Chicago Mercantile Exchange (imm) and the Winnipeg Gold Market in the Winnipeg Mercantile Exchange in Canada.　　4. According to the degree of transaction control, it can be divided into: free trading, restricted trading market and domestic trading market.　　 Free trading market refers to a gold market where gold can be exported and imported freely, and both residents and non-residents can freely buy and sell, such as the Zurich Gold Market. Restricted trading market refers to a market where the export and import of gold are controlled, and only non-residents are allowed to buy and sell gold freely. This mainly refers to the gold market in countries that implement foreign exchange control, such as London gold before the removal of all foreign exchange controls in the United Kingdom in October 1979 market.　　The domestic trading market refers to a market that prohibits the import and export of gold, and only allows residents, not non-residents to buy and sell gold, such as the Paris Gold Market.　　In recent years, the miniaturization of gold trading in the gold market has developed rapidly. Various forms of physical gold are diverse and light in quantity, which greatly facilitates small amounts of funds to invest in gold in the market. Trading methods in the gold market are also diversified, such as trading of gold certificates and certificates, which actually represents the trend of vouchers for gold trading. Generally speaking, the establishment and development of the gold market requires certain conditions, such as: 　　 (1) The country or region must have developed economic conditions and a complete credit system; 　　 (2) The country or region must implement a free foreign exchange system, Allow gold to be bought and sold freely; 　　(3) At the same time, a sound legal foundation and a stable political and economic environment are also required; 　　(4) a good software and hardware environment, developed transportation, and complete infrastructure. Previous: Comparison of gold and other investment products Next: Analysis of gold trend on October 30