Learn some financial knowledge every day
Learn a little financial knowledge every day
Gold
Gold is a simple form of chemical element gold (Au), which is a soft, golden and corrosion-resistant precious metal. Gold is one of the rarer, more precious and highly valued metals. Generally, gold in the world is measured in ounces. In ancient China, gold was measured in ounces, which is a very important metal. It is not only a special currency for reserve and investment, but also an important material for jewelry industry, electronics industry, modern communication, aerospace industry and other departments.
there are two kinds of demand for gold: entity demand and investment demand. The former is mainly for jewelry, storage and industry, while the latter is mainly for various gold trading products such as paper gold, gold options and futures. To a large extent, the investment demand determines the trend of gold price, which is much larger than the physical demand, and the annual global gold supply is roughly the same as the physical demand. The demand for physical gold has little impact on the price of gold, but the investment demand of gold has a greater impact on the price of gold.
the factor of inflation. Gold is regarded as an effective tool to fight inflation. For this problem, we might as well look at it from another angle, that is, although gold is expensive at the reference interest rate level, it does not bear interest. This is a serious injury to gold itself. Although it can preserve its value, it does not generate income. In a low interest rate environment, the advantage of gold is more prominent, but with the increase of interest rates, this advantage will be weak or even disappear.
hedging function. The so-called prosperity antiques, gold in troubled times, the more turbulent the world situation, the greater the demand for gold. But how to understand their relationship is very important.
The commodity attribute of gold is based on its natural attribute and its own value. Jewelry, handicrafts and collectibles made of gold have always been symbols of social status and wealth. It is also easy to be processed into ultra-thin gold foil, micron gold wire and gold powder and easily plated on the surfaces of other metals, pottery and glass, which makes it widely used in industry and modern high-tech industries, such as electronics, communications, aerospace, chemical industry, medical care, architecture, decoration and other fields.
the monetary attribute of gold Marx said that money is not gold and silver, but gold and silver are money. Because of its high value, stability and portability, it has been used as currency for a long time. Currency attribute) The currency attribute of gold is mainly reflected in its hedging function, anti-inflation and dollar pricing. If the international economic situation is not good and geopolitical problems occur, the credit currency will depreciate, so gold will rise because of safe-haven buying and demand. For example, the depreciation of mainstream currency inflation will stimulate the anti-inflation function of gold and lead to the rise of gold price. International gold prices are denominated in US dollars, while gold and the dollar is negatively related to the rise of US dollars and the fall of gold, and vice versa. Because the dollar is negatively correlated with non-US currencies such as euro, pound and Australian dollar, gold will also rise and fall together with non-US currencies.
financial attributes
the financial investment attributes of gold are mainly reflected in: hedging, speculative arbitrage
investment appreciation. Gold financial contracts can be used for hedging to avoid the risk of price fluctuation of physical gold. Gold financial contracts can be used for speculative arbitrage trading, capturing the price difference to obtain profits, and can also be used as a tool to hedge the US dollar, stock market and other varieties.