投资与理财——黄金（下）
黄金与其他投资方式的比较
(1)黄金与银行储蓄的比较。银行储蓄收益远低于国际黄金投资的回报率。受资本账户管制和金融市场不发达的影响，目前我国国内投资品种十分有限。居民的主要投资是储蓄、股市、汇市、债市和基金等方面。
Comparison of Gold and Other Investment Methods
(1) Comparison of gold and bank savings. The return on bank savings is far lower than the return on international gold investment. Affected by capital account control and underdeveloped financial market, my country's domestic investment varieties are very limited at present. The main investment of residents is savings, stock market, foreign exchange market, bond market and funds and so on.
(2)黄金与国债的比较。尽管国债投资风险较小，但收益率远不如黄金。国债也是国内热门的投资品种。2004年全国银行间债券市场44种国债现货交易的平均收益率是-1.049%; 1999- 2004 年全国银行间债券市场所有回购品种的年平均收益率是1.678%，风险指标是1.490%。我国的黄金交易赢利与国债收益都是免税的。一般而言，国债和回购品种的年平均收益率较相应期限的存款利率高一定比例，因为国债和主要回购品种的风险要高于存款的风险。
(2) Comparison of gold and national debt. Although treasury investments are less risky, their yields are far lower than gold. Treasury bonds are also popular domestic investments. In 2004, the average yield of 44 kinds of treasury bond spot transactions in the national interbank bond market was -1.049%; from 1999 to 2004, the annual average yield of all repurchased products in the national interbank bond market was 1.678%, and the risk index was 1.490%. my country's gold trading profits and treasury bond income are tax-free. Generally speaking, the annual average yield of treasury bonds and repurchase varieties is higher than the deposit interest rate of the corresponding term, because the risks of treasury bonds and major repo varieties are higher than the risks of deposits.
(3)黄金与股票的比较。近几年黄金投资回报率上升，股市投资回报率下降。从股市的情况来看, 1999一2004 年上证综合指数的平均收益回报率是18.57%,风险指标是51.03%。尽管其收益高，但风险更高，意味着尽管有较高的平均收益回报率，但部分投资者或部分年份的回报率可能为负数。
(3) Comparison of gold and stocks. The return on investment in gold has risen in recent years, while the return on investment in the stock market has declined. From the perspective of the stock market, the average return rate of the Shanghai Composite Index from 1999 to 2004 was 18.57%, and the risk index was 51.03%. Despite its high returns, it is more risky, meaning some investors or some years may have negative returns despite a high average return.
黄金投资的方式
目前，国际上的黄金投资主要有以下几种方式:投资金条、投资金币、黄金管理账户、黄金凭证、黄金期货和黄金期权。
1.投资金条
我国目前个人投资黄金的主要方式是投资金条，金条分为两种:普通金条和纪念金条。
(1)金条的规格。按国际惯例，进入市场交易的金条在精炼厂浇铸成型时必须标明其成色和重量，以及精炼厂的名字和编号；
(2)金条的铸造和包装。一般情况下，投资者往往要购买知名度较高的精炼公司制造的金条，以后在出售时会省去不少费用和手续。如果是不知名企业生产的，黄金收购商就要收取分析费用；
(3)金条交易的计量单位。国际黄金市场比较常用的计量单位是金衡盎司。金衡盎司是专门用于贵金属商品交易的计量单位，与常衡盎司有所不同，1常衡盎司等于28.3495克，而1金衡盎司等于31.1035克；
(4)金条的价格。普通金条的价格与纪念金条的价格有所不同。纪念金条的发行价格为:成本 10%的增值税 5%的消费税 利润，而普通投资型金条的价格是在黄金现货价格的基础上加上一定的加工流通费。因此，纪念金条比普通投资型金条的价格要高；
(5)金条的投资渠道。一是场内交易，即黄金生产企业、黄金饰品企业、黄金经纪商等;二是场外交易,主要是一些中小企业和个人投资者在商业银行、金行等进行的金条交易。
At present, the main way for individuals to invest in gold in my country is to invest in gold bars. Gold bars are divided into two types: ordinary gold bars and commemorative gold bars.
(1) Specifications of gold bars. According to international practice, gold bars entering the market must be marked with their fineness and weight, as well as the name and serial number of the refinery when they are cast in the refinery;
(2) Casting and packaging of gold bars. Under normal circumstances, investors tend to buy gold bars made by well-known refining companies, which will save a lot of fees and procedures when selling them in the future. If it is produced by an unknown company, the gold buyer will charge an analysis fee;
(3) The unit of measurement for gold bar transactions. The most commonly used unit of measurement in the international gold market is the troy ounce. The troy ounce is a unit of measure specially used for precious metal commodity trading, which is different from the regular ounce. 1 regular ounce is equal to 28.3495 grams, while 1 troy ounce is equal to 31.1035 grams;
(4) The price of gold bars. The price of regular gold bars differs from the price of commemorative gold bars. The issue price of commemorative gold bars is: cost 10% value-added tax 5% consumption tax profit, while the price of ordinary investment gold bars is based on the spot price of gold plus a certain processing and circulation fee. Therefore, the price of commemorative gold bars is higher than that of ordinary investment gold bars;
(5) Investment channels for gold bars. One is on-site transactions, that is, gold production companies, gold jewelry companies, gold brokers, etc.; the other is over-the-counter transactions, which are mainly gold bar transactions conducted by some small and medium-sized enterprises and individual investors in commercial banks, gold banks, etc.
2.投资金币
金币有两种，即纯金币和纪念性金币。纯金币的价值基本与黄金含量一致，价格也基本上随国际金价波动。纪念性币主要为满足集币爱好者收藏，投资增值功能不大，但其具有美观、鉴赏、流通变现能力强和保值功能，所以仍对一些收藏者有吸引力。
2. Invest in gold coins
There are two types of gold coins, pure gold coins and commemorative gold coins. The value of pure gold coins is basically the same as the gold content, and the price basically fluctuates with the international gold price. Commemorative coins are mainly for the collection of coin collectors, and have little value-added investment function, but they are still attractive to some collectors because of their beauty, appreciation, strong liquidity and value preservation functions.
3.黄金管理账户
黄金管理账户是指经纪人全权处理投资者的黄金账户，属于风险较大的投资方式，关键在于经纪人的专业知识和操作水平及信誉。一般来讲，提供这种投资的企业具有比较丰富的专业知识，收取的费用不高。同时,企业对客户的要求也比较高，要求的投资额比较大。
3. Gold management account
Gold management account refers to the gold account in which the broker handles the investor's full control. It is a risky investment method. The key lies in the broker's professional knowledge, operational level and reputation. Generally speaking, the companies that offer this type of investment have relatively rich expertise and do not charge a high fee. At the same time, the requirements of enterprises to customers are also relatively high, and the required investment is relatively large.
4.黄金凭证
这是国际上比较流行的投资方式，银行和黄金销售商提供的黄金凭证，为投资者避免了储存黄金的风险。发行机构的黄金凭证上面，注明投资者有随时提取所购买黄金的权利。投资者可按当时的黄金价格，将凭证兑换成现金以收回投资,还可通过背书在市场上流通。投资黄金凭证时要对发行机构支付一定的佣金，与实金的存储费大致相同。国内的“中华纸黄金"等都属于黄金凭证。
4. Golden certificate
This is a relatively popular investment method in the world. The gold certificates provided by banks and gold sellers avoid the risk of storing gold for investors. On the gold certificate of the issuer, it is stated that the investor has the right to withdraw the purchased gold at any time. Investors can convert the certificate into cash at the current gold price to recover the investment, and can also circulate in the market through endorsement. When investing in a gold certificate, a certain commission is paid to the issuer, which is roughly the same as the storage fee for real gold. Domestic "Chinese paper gold" are all gold certificates.
5.黄金期货
一般而言，黄金期货的购买者和销售者都在合同到期日前出售和购回与先前合同相同数量的合约，也就是平仓，无须真正交割实金。每笔交易所得利润或亏损，等于两笔相反方向合约买卖差额。这种买卖方式是人们通常所称的“炒金”。黄金期货合约交易只需10%左右交易额的定金作为投资成本，具有较大的杠杆性，少量资金推动大额交易。所以，黄金期货买卖又称“定金交易”。
5. Gold futures
Generally speaking, both buyers and sellers of gold futures sell and repurchase the same number of contracts as the previous contract before the expiration date of the contract, that is, close the position, without actually delivering real gold. The profit or loss earned on each transaction is equal to the difference between the purchase and sale of two contracts in opposite directions. This way of buying and selling is what is commonly referred to as "specializing gold." Gold futures contract transactions only require a deposit of about 10% of the transaction value as the investment cost, which has a large leverage, and a small amount of funds promotes large-value transactions. Therefore, gold futures trading is also called "deposit trading".
6.黄金期权
期权是买卖双方在未来约定的价位，具有购买一定 数量标的的权利而非义务。如果价格走势对期权买卖者有利，则行使其权利而获利;如果价格走势对其不利，则放弃购买的权利，损失只有当时购买期权时的费用。由于黄金期权买卖投资战术比较多并且复杂，不易掌握，目前世界上黄金期权市场不太多。
6. Gold Options
Option is a price agreed by buyers and sellers in the future, with the right but not the obligation to buy a certain amount of the underlying. If the price moves in the option buyer's favor, exercise his right to make a profit; if the price moves unfavorably, he gives up the right to buy, and the loss is only the cost of buying the option at that time. Due to the many and complex investment tactics of gold options trading, it is not easy to master, there are not many gold options markets in the world at present.
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素材来源于《投资与理财》——第3版 电子工业出版社
图片来源于百度
翻译来源于谷歌翻译
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