There are three main types of gold prices in the world: market prices, production prices and quasi -official prices. All kinds of gold prices are derived from this. . Market price The market price includes spot and futures prices. These two prices are both connected and different. Both prices are restricted and interfered by various factors such as supply and demand, and the change in the price determination mechanism is very complicated. Generally speaking, the spot price and futures price are similar, so the direction and amplitude of the two are basically the same. However, due to the convergence of the market trend, the basis of gold (that is, the difference between the spot price of gold and the price of futures) will continue to decrease with the approach of the futures delivery period. At the delivery period, the futures price and the spot price of the transaction are equal. Theoretically, the futures price should stably reflect the cost of holding the spot price plus the holding period of a specific delivery period. Therefore, the price of the gold futures should be higher than the spot price, and the futures price should be higher than the futures price, and the basis is negative. However, the factors that determine the spot price and futures prices are intricate, such as: the near and long -term supply of gold, including the size of the annual output of the gold, the selling of gold reserves of central banks in various countries; (The jewelry industry, industry, etc.) changes, gold recovery and reuse, etc.; The stability, inflation rate, expected annualized interest rate, and some emergencies of the world and countries are the main factors that affect investors' psychology, and then then The trend of gold price; speculators use gold price fluctuations and emergencies, and various types of hedge funds enter the market to make waves, and artificially create the illusion of supply and demand. All this may make the supply and demand relationship of gold in the world's gold market unbalanced, and the phenomenon of distorted the relationship between spot and futures price occurs. At this time, due to the inadequate of gold, the cost of holding futures cannot be compensated. , Resulting in the phenomenon of the spot price higher than the futures price, the futures price is higher than the long -term futures price. With the establishment of the gold market such as the Hong Kong gold market, the gold market around the world has become a continuous whole, and the transaction continues for 24 hours. Due to the role of the above factors, the gold prices in the world market often change drastically. Only medium and long -term average prices, because of the various speculative factors, are a market price that objectively reflects gold under the influence of gold under supply and demand. For example, in the 45 gold auctions between the International Monetary Fund from 1976 to 1980, the average price of dollars per ounce was achieved. The price was very close to the average of the London gold pricing market in the same period. . Production price The production price is based on the production cost of establishing a obvious stable price foundation in the market price. Based on the current exchange rate, the average total cost of gold mining is slightly lower than $ 260 per ounce (in 1986, the cost of gold in South Africa was about $ 258 per ounce). In fact, with the advancement of technology, the cost of finding mine, mining, and refinement has been decreasing, and the cost of gold is declining. Statistics from the World Gold Association show that the world's new gold is about 2,600 tons each year, and the annual demand for gold is greater than 300 tons of mining volume -500 tons. However, due to the large -scale gold -throwing behavior of the central banks of various countries since 1996, the price of gold in the international market has been diarrhea all the way from the high position of $ 418/ounce, and even to the US dollar/ounce. The producer suffers huge losses. . The official price is a price used by the central bank as a related event with official gold. In the official price, it is divided into mortgage prices and bookkeeping prices. The official total reserves of central banks in the world (central banks in various countries are often the largest holders of gold in various countries) in 1998, about 34,000 tons. Calculated by production capacity, this is equivalent to the 13 -year -old world gold ore output, and it accounts for 13,7400 tons of all golden stocks that have been mined. This is an important reason for determining the quasi -official gold price. 1, mortgage price. This was generated by Italy in 1974 to borrow from Federal Germany and use its own gold as mortgage. The determination of mortgage prices is of great significance in the history of modern gold. On the one hand, each ounce of gold that meets the International Monetary Fund is equal to 35 special withdrawal rights, and on the other hand, it also meets the needs of central banks holding gold. In fact, this price is a combination of gold that is not "re -monetized" by the United States for "re -monetization" and Europe's "non -monetization" requirements for gold. When borrowing, gold is used as mortgage, gold is priced at the market price, and then discounts, the gold price is preserved to a certain extent, because a large amount of gold is mortgage. If the price of gold falls, the interest period of the borrowing period must be higher than the expected annualized interest rate of the Bank of London. 2, accounting price. It was proposed after the Bretton Forest system was disintegrated in August 1971. Due to the strong attraction of market prices, there is a huge difference between the market price and the official price, and because of the needs of its official gold reserve pricing, all countries have increased their own gold official prices, so The price of quasi -official accounting. There are three main methods in the operation: (L) Like different discount standards (based on market price or 30%discount) with market prices, according to different foundations to determine the gold price (divided into 3 in 3 (divided into 3 pieces The average monthly. The average of the month at the end of the month). (2) Taking the purchase price as the basis for pricing. (3) In some countries, it is determined by historical official prices. For example, the US dollar/ounce set by the United States in March 1973, and some countries are determined by the International Monetary Fund for $ 35/ounce in 1969. The official price has become a more important gold price in the world gold transaction.
There are three main types of gold prices in the world: market prices, production prices and quasi -official prices. All kinds of gold prices are derived from this.
. Market price
The market price includes spot and futures prices. These two prices are both connected and different. Both prices are restricted and interfered by various factors such as supply and demand, and the change in the price determination mechanism is very complicated. Generally speaking, the spot price and futures price are similar, so the direction and amplitude of the two are basically the same. However, due to the convergence of the market trend, the basis of gold (that is, the difference between the spot price of gold and the price of futures) will continue to decrease with the approach of the futures delivery period. At the delivery period, the futures price and the spot price of the transaction are equal. Theoretically, the futures price should stably reflect the cost of holding the spot price plus the holding period of a specific delivery period. Therefore, the price of the gold futures should be higher than the spot price, and the futures price should be higher than the futures price, and the basis is negative. However, the factors that determine the spot price and futures prices are intricate, such as: the near and long -term supply of gold, including the size of the annual output of the gold, the selling of gold reserves of central banks in various countries; (The jewelry industry, industry, etc.) changes, gold recovery and reuse, etc.; The stability, inflation rate, expected annualized interest rate, and some emergencies of the world and countries are the main factors that affect investors' psychology, and then then The trend of gold price; speculators use gold price fluctuations and emergencies, and various types of hedge funds enter the market to make waves, and artificially create the illusion of supply and demand. All this may make the supply and demand relationship of gold in the world's gold market unbalanced, and the phenomenon of distorted the relationship between spot and futures price occurs. At this time, due to the inadequate of gold, the cost of holding futures cannot be compensated. , Resulting in the phenomenon of the spot price higher than the futures price, the futures price is higher than the long -term futures price.
With the establishment of the gold market such as the Hong Kong gold market, the gold market around the world has become a continuous whole, and the transaction continues for 24 hours. Due to the role of the above factors, the gold prices in the world market often change drastically. Only medium and long -term average prices, because of the various speculative factors, are a market price that objectively reflects gold under the influence of gold under supply and demand. For example, in the 45 gold auctions between the International Monetary Fund from 1976 to 1980, the average price of dollars per ounce was achieved. The price was very close to the average of the London gold pricing market in the same period.
. Production price
The production price is based on the production cost of establishing a obvious stable price foundation in the market price. Based on the current exchange rate, the average total cost of gold mining is slightly lower than $ 260 per ounce (in 1986, the cost of gold in South Africa was about $ 258 per ounce). In fact, with the advancement of technology, the cost of finding mine, mining, and refinement has been decreasing, and the cost of gold is declining. Statistics from the World Gold Association show that the world's new gold is about 2,600 tons each year, and the annual demand for gold is greater than 300 tons of mining volume -500 tons. However, due to the large -scale gold -throwing behavior of the central banks of various countries since 1996, the price of gold in the international market has been diarrhea all the way from the high position of $ 418/ounce, and even to the US dollar/ounce. The producer suffers huge losses.
. The official price
is a price used by the central bank as a related event with official gold. In the official price, it is divided into mortgage prices and bookkeeping prices. The official total reserves of central banks in the world (central banks in various countries are often the largest holders of gold in various countries) in 1998, about 34,000 tons. Calculated by production capacity, this is equivalent to the 13 -year -old world gold ore output, and it accounts for 13,7400 tons of all golden stocks that have been mined. This is an important reason for determining the quasi -official gold price.
1, mortgage price. This was generated by Italy in 1974 to borrow from Federal Germany and use its own gold as mortgage. The determination of mortgage prices is of great significance in the history of modern gold. On the one hand, each ounce of gold that meets the International Monetary Fund is equal to 35 special withdrawal rights, and on the other hand, it also meets the needs of central banks holding gold. In fact, this price is a combination of gold that is not "re -monetized" by the United States for "re -monetization" and Europe's "non -monetization" requirements for gold. When borrowing, gold is used as mortgage, gold is priced at the market price, and then discounts, the gold price is preserved to a certain extent, because a large amount of gold is mortgage. If the price of gold falls, the interest period of the borrowing period must be higher than the expected annualized interest rate of the Bank of London.
2, accounting price. It was proposed after the Bretton Forest system was disintegrated in August 1971. Due to the strong attraction of market prices, there is a huge difference between the market price and the official price, and because of the needs of its official gold reserve pricing, all countries have increased their own gold official prices, so The price of quasi -official accounting. There are three main methods in the operation: (L) Like different discount standards (based on market price or 30%discount) with market prices, according to different foundations to determine the gold price (divided into 3 in 3 (divided into 3 pieces The average monthly. The average of the month at the end of the month). (2) Taking the purchase price as the basis for pricing. (3) In some countries, it is determined by historical official prices. For example, the US dollar/ounce set by the United States in March 1973, and some countries are determined by the International Monetary Fund for $ 35/ounce in 1969. The official price has become a more important gold price in the world gold transaction.