1 thought on “Looking at the gold market from Shanghai Gold Exchange”
Darrel
Wang Yan The gold market and jewelry market are interacting, lip to teeth, and common development, and have gone through a high -speed development and extraordinary journey together for more than ten years. This article communicates with you the recent operations of the Shanghai Gold Exchange, the current global economic situation on the gold market, and the Shanghai Gold Exchange. 1. Basic situation of the Shanghai Gold Exchange Start Golden Exchange is approved by the State Council and was established by the People's Bank of China. A legal person. The exchanges officially opened on October 30, 2002. Following the principles of openness, fairness, justice, and honesty, they organized gold, silver and platinum trading of precious metals. The exchange forms of membership organizations. There are 166 members, including 8 foreign members. Members of annual output and money accounted for 90%of the country; gold smelting capacity accounted for 95%of the country. The exchange of concentrated bidding matching transactions on the exchange, while providing inter -bank inquiry transactions. At present, there are three types of transactions in three categories. Among them, gold has the spot and the extension of the spot; the silver has spot real disks and spot extension varieties; The exchange is traded for 10 hours a day, and the night market at 2:30 in the morning from 21:00 to 2:30 the next day is consistent with the trading time of major European markets in Europe and the United States. The principles of centralized, direct, and net funds are implemented. The designated clearing banks include 16 commercial banks including industry, agriculture, China, and Jianjian. The "one household and one -yard system" is implemented in the physical delivery, and 69 designated warehouses are established in 42 cities across the country to uniformly transfer and distribute gold ingots and gold bars. The exchanges identify the qualifications of standard gold ingots, gold bars and silver ingots. There are 35 gold ingots and gold companies and 20 silver ingot enterprises. 2. The recent operation of the Shanghai Gold Exchange 2012 In the first three thirds of the domestic gold price, the domestic gold price followed the trend of international gold prices, showing the trend of "first, then suppress, and re -promoting". Taking the gold AU99.95 as an example, the opening price at the beginning of the year was 326.8 yuan/gram, the highest price was 362.5 yuan/gram, and the lowest price was 312.69 yuan/gram. At the end of the third quarter, it closed at 359.48 yuan/gram at the end of the third quarter, an increase of 12.41%from the end of 2011. The first three seasons of 20112, the market of Shanghai Gold Exchange was stable, with a total gold transaction volume of 4709.04 tons, and the transaction scale decreased year -on -year. This is related to the special and rare large fluctuation market in the third quarter of this year's gold price in the third quarter of this year. The first three quarters of 20112, the market's demand for physical gold is still further enhanced. The Shanghai Gold Exchange delivered a total of 828.68 tons of gold, an increase of 13.96%year -on -year; 27.49%increased by 7.71%, showing that the processing needs of the domestic gold jewelry industry are still very strong. 3. The current influence of the global economic situation on the gold market We know that the international gold market has gone through the process of rapid development for more than 10 years. International gold prices have maintained a rapid rise after 2002. The closing price of the London market at the end of 2001 was $ 276.5/ounce, and the closing price of the London market at the end of 2011 was $ 1574.5/ounce at the end of 2011. In 10 years after 2002, the average yield of the golden year was 19.37%, and the gold compound yield was 19.00%. From 2012 to the end of the third quarter, the gold yield of the London market was 12.80%. With the rise of international gold prices, the international gold market has also been developing rapidly, especially the gold market on the market is faster. Take the US COMEX Gold Market as an example. In 2002, COMEX gold futures transaction volume was 28049.71 tons, and in 2011, it increased to 152939.30 tons, and the 10 -year transaction volume increased by 4.45 times. Similarly, the gold markets in Mainland China, India, Japan, Hong Kong, Dubai and other places have maintained rapid growth. However, the current world economy is undergoing another severe test after the financial crisis. According to the Organization of Economic Cooperation and Development Organization (OECD) in September, the European debt crisis has continued to deepen the global trade and confidence in economic prospects, and the global economic growth has become weak. Some major European countries and Japan are expected to have a negative economic growth in the third quarter, while the US economy has slowly recovered, and the economic growth rate of the economy has slowed down. The global gold market fluctuates from the background of global economic turmoil. Increasing sexuality, the end of the golden bull market is endless. However, when we deeply study the changes in the global economy and financial environment of the gold market, we can still find some basic factors that support the continued development of the gold market. 1 is that the global central bank attaches more importance to gold reserves, and has continued to buy gold in recent years. According to the World Gold Association report, the global central bank officially changed from gold net to net buyer in 2010. At that time, the global central bank's gold net purchased 73.6 tons. In 2011, the total amount of money purchased by the central bank in 2011 reached 430 tons. In 2012, the global central bank's purchase funds continued to be active. In the second quarter, the global central bank's purchase deposit reached 157.5 tons of record, which was more than the same period in 2011. In the third quarter, the central bank continued to purchase 97.6 tons of gold. The United States has maintained 8133.5 tons of gold reserves in the world. Many American politicians have recently expressed their attitude to gold more. Europe is a traditional gold -selling country. However, after the outbreak of the European debt crisis, despite the financial difficulties in many countries, these deep crisis countries have not sold a little gold, even if they apply for assistance, they still retain the gold reserves. There are many countries that have increased their holdings in emerging economies. Russia has been increasing its holdings since 2006. In 2011, it has increased 95 tons of gold. In the first half of 2012, it increased by 35 tons of gold. Its gold reserves have reached 918.0 tons, accounting for 9.2%of its foreign exchange reserves. India India. India. , Turkey, Mexico, Thailand, Kazakhstan, South Korea, the Philippines and other countries have greatly increased their holdings of gold in recent years. Many experts believe that the central banks of emerging market countries will continue to purchase gold in the future and further strengthen their own domestic financial markets, while developed countries are almost unlikely to sell gold in large quantities. From the perspective of the overall perspective, in the period when the international currency system changes and the diversification of foreign reserves, the future global central bank will still be the main holders of gold. At the same time, the tone of the continued development of the gold market was determined. The current world economy still needs a relatively loose currency environment. After the global financial crisis, the United States implemented a three -wheeled quantitative and loose monetary policy in November 2008, November 2010, and September 2012 to stimulate the economy. Interest rates are unchanged, which fundamentally increases global currency liquidity. In Europe, the European debt crisis not only caused the European economy to decline, but also endangered the security of the euro. The European Central Bank Council decided to implement the bond purchase plan of the "Direct Monetary Transaction" (OMTS) in September, that is, under strict conditions, the government bonds issued by the euro area heavy bonds are not provided under strict conditions, in order to use a loose monetary policy to save the caught The euro of crisis. Similarly, the phenomenon of slowing economic growth in developing countries also needs to use loose monetary policy to boost economic growth. At present, with the intensification of world economic imbalances under the international monetary system, the global central bank will release more liquidity due to considerations such as saving the European debt crisis or stimulating the economic development of the country. At present, the world economy still needs a relatively loose currency environment for support, which is objectively beneficial to the development of the gold market. The market as an asset allocation tool is vast in the early stage. Gold and stocks, real estate, bonds and other assets are very low -reorganization. It is an excellent variety of decentralized risks, optimizing asset portfolios, and avoiding investment asset risks. At the same time Focus on investors. Many scholars have proposed that the proportion of gold assets in investors' large -scale asset allocation can account for 5%to 10%of total assets. At present, the proportion of gold allocation in global investor assets is very low, and the future demand for gold asset allocation will increase. In short, the current global economic growth, government high debt issues, global central banks have continued to buy gold in recent years, the current world economic development relies on a relatively loose currency environment and the improvement of gold's currency attributes, gold as the market prospect of asset allocation market Factors such as vast and gold -absorbing functions are beneficial to medium- and long -term gold prices. In the future, medium and long -term gold prices can still find some good reasons. The development of the global gold jewelry market still has huge space. 4. The Shanghai Gold Exchange has continuously innovated and served in service . For a long time, the Shanghai Gold Exchange has continuously improved service levels and interested innovation to meet the needs of the market. Starting from March 1, 2012, the transaction fee of gold, silver, and platinum varieties will be unified by 0.5 per 10,000, of which AU (T D) handling rate of gold extension contracts is reduced from 0.03%to 0.025%, a decrease of 16.7%; The fee rate of gold spot varieties decreased from 0.045%to 0.04%, a decrease of 11.1%, to continuously promote market prosperity. In 2012, the Shanghai Gold Exchange continued to increase the system investment in accordance with the system construction plan. While improving the existing system, the development and construction of the new system was stepped up. At present, the construction of the 2.5 -generation system is nearing completion. It will provide strong support for the expansion of market function expansion and product innovation, and provide effective guarantee for the sustainable and healthy development of the exchange. The Shanghai Gold Exchange will rely on the development and construction of the third -generation system in the next few years to continuously innovate and develop the various businesses of the exchange. The Shanghai Gold Exchange is working with the Stock Exchange to study and develop the gold ETF with the real gold contract with the Shanghai Gold Exchange as the target and the listing and trading on the stock exchange; the Shanghai Gold Exchange actively explores and cooperates with the foreign exchange trading center to launch the inter -bank gold gold Inquiry market. At the same time, the Shanghai Gold Exchange is increasing marketing and investor education, and continuously improving the market position of the exchange. The current period of my country is in a critical period of economic structure transformation, and it is also an important period for implementing the spirit of the 18th National Congress of the Communist Party of China. The 18th National Congress of the Communist Party of China pointed out: It is necessary to hold high the great banner of socialism with Chinese characteristics, guide Deng Xiaoping's theory, the "three representatives" important ideas and scientific development concept as the guidance, emancipate the mind, reform and opening up, condense strength, overcome difficulties, unswervingly follow along along The road of socialism with Chinese characteristics has moved forward and struggled to build a well -off society in an all -round way. Among them, the goal of "fully building a well -off society" will provide huge opportunities for the development of my country's gold jewelry industry. looking forward to the future, the Shanghai Gold Exchange will take the goal of promoting the "well -off society" under the leadership of the People's Bank of China, adhere to the "steady progress, stable words first", emancipate the mind, and continuously increase the construction of the trading system construction. , Continuously explore business innovation, continuously improve risk control capabilities, and effectively ensure the healthy and stable operation of my country's gold market and accelerate the reform and development of my country's gold market. We must better serve the development of the real economy in the gold jewelry industry, better support and meet the various new needs in the development of the gold jewelry industry, and do a good job of background service for the transformation and development of the gold jewelry industry. 2012 China Jewelery and Jade Shou Jiejian Yearbook
Wang Yan
The gold market and jewelry market are interacting, lip to teeth, and common development, and have gone through a high -speed development and extraordinary journey together for more than ten years. This article communicates with you the recent operations of the Shanghai Gold Exchange, the current global economic situation on the gold market, and the Shanghai Gold Exchange.
1. Basic situation of the Shanghai Gold Exchange
Start Golden Exchange is approved by the State Council and was established by the People's Bank of China. A legal person. The exchanges officially opened on October 30, 2002. Following the principles of openness, fairness, justice, and honesty, they organized gold, silver and platinum trading of precious metals.
The exchange forms of membership organizations. There are 166 members, including 8 foreign members. Members of annual output and money accounted for 90%of the country; gold smelting capacity accounted for 95%of the country.
The exchange of concentrated bidding matching transactions on the exchange, while providing inter -bank inquiry transactions. At present, there are three types of transactions in three categories. Among them, gold has the spot and the extension of the spot; the silver has spot real disks and spot extension varieties; The exchange is traded for 10 hours a day, and the night market at 2:30 in the morning from 21:00 to 2:30 the next day is consistent with the trading time of major European markets in Europe and the United States.
The principles of centralized, direct, and net funds are implemented. The designated clearing banks include 16 commercial banks including industry, agriculture, China, and Jianjian. The "one household and one -yard system" is implemented in the physical delivery, and 69 designated warehouses are established in 42 cities across the country to uniformly transfer and distribute gold ingots and gold bars. The exchanges identify the qualifications of standard gold ingots, gold bars and silver ingots. There are 35 gold ingots and gold companies and 20 silver ingot enterprises.
2. The recent operation of the Shanghai Gold Exchange
2012 In the first three thirds of the domestic gold price, the domestic gold price followed the trend of international gold prices, showing the trend of "first, then suppress, and re -promoting". Taking the gold AU99.95 as an example, the opening price at the beginning of the year was 326.8 yuan/gram, the highest price was 362.5 yuan/gram, and the lowest price was 312.69 yuan/gram. At the end of the third quarter, it closed at 359.48 yuan/gram at the end of the third quarter, an increase of 12.41%from the end of 2011.
The first three seasons of 20112, the market of Shanghai Gold Exchange was stable, with a total gold transaction volume of 4709.04 tons, and the transaction scale decreased year -on -year. This is related to the special and rare large fluctuation market in the third quarter of this year's gold price in the third quarter of this year.
The first three quarters of 20112, the market's demand for physical gold is still further enhanced. The Shanghai Gold Exchange delivered a total of 828.68 tons of gold, an increase of 13.96%year -on -year; 27.49%increased by 7.71%, showing that the processing needs of the domestic gold jewelry industry are still very strong.
3. The current influence of the global economic situation on the gold market
We know that the international gold market has gone through the process of rapid development for more than 10 years. International gold prices have maintained a rapid rise after 2002. The closing price of the London market at the end of 2001 was $ 276.5/ounce, and the closing price of the London market at the end of 2011 was $ 1574.5/ounce at the end of 2011. In 10 years after 2002, the average yield of the golden year was 19.37%, and the gold compound yield was 19.00%. From 2012 to the end of the third quarter, the gold yield of the London market was 12.80%. With the rise of international gold prices, the international gold market has also been developing rapidly, especially the gold market on the market is faster. Take the US COMEX Gold Market as an example. In 2002, COMEX gold futures transaction volume was 28049.71 tons, and in 2011, it increased to 152939.30 tons, and the 10 -year transaction volume increased by 4.45 times. Similarly, the gold markets in Mainland China, India, Japan, Hong Kong, Dubai and other places have maintained rapid growth.
However, the current world economy is undergoing another severe test after the financial crisis. According to the Organization of Economic Cooperation and Development Organization (OECD) in September, the European debt crisis has continued to deepen the global trade and confidence in economic prospects, and the global economic growth has become weak. Some major European countries and Japan are expected to have a negative economic growth in the third quarter, while the US economy has slowly recovered, and the economic growth rate of the economy has slowed down. The global gold market fluctuates from the background of global economic turmoil. Increasing sexuality, the end of the golden bull market is endless. However, when we deeply study the changes in the global economy and financial environment of the gold market, we can still find some basic factors that support the continued development of the gold market.
1 is that the global central bank attaches more importance to gold reserves, and has continued to buy gold in recent years. According to the World Gold Association report, the global central bank officially changed from gold net to net buyer in 2010. At that time, the global central bank's gold net purchased 73.6 tons. In 2011, the total amount of money purchased by the central bank in 2011 reached 430 tons. In 2012, the global central bank's purchase funds continued to be active. In the second quarter, the global central bank's purchase deposit reached 157.5 tons of record, which was more than the same period in 2011. In the third quarter, the central bank continued to purchase 97.6 tons of gold. The United States has maintained 8133.5 tons of gold reserves in the world. Many American politicians have recently expressed their attitude to gold more. Europe is a traditional gold -selling country. However, after the outbreak of the European debt crisis, despite the financial difficulties in many countries, these deep crisis countries have not sold a little gold, even if they apply for assistance, they still retain the gold reserves. There are many countries that have increased their holdings in emerging economies. Russia has been increasing its holdings since 2006. In 2011, it has increased 95 tons of gold. In the first half of 2012, it increased by 35 tons of gold. Its gold reserves have reached 918.0 tons, accounting for 9.2%of its foreign exchange reserves. India India. India. , Turkey, Mexico, Thailand, Kazakhstan, South Korea, the Philippines and other countries have greatly increased their holdings of gold in recent years. Many experts believe that the central banks of emerging market countries will continue to purchase gold in the future and further strengthen their own domestic financial markets, while developed countries are almost unlikely to sell gold in large quantities. From the perspective of the overall perspective, in the period when the international currency system changes and the diversification of foreign reserves, the future global central bank will still be the main holders of gold. At the same time, the tone of the continued development of the gold market was determined.
The current world economy still needs a relatively loose currency environment. After the global financial crisis, the United States implemented a three -wheeled quantitative and loose monetary policy in November 2008, November 2010, and September 2012 to stimulate the economy. Interest rates are unchanged, which fundamentally increases global currency liquidity. In Europe, the European debt crisis not only caused the European economy to decline, but also endangered the security of the euro. The European Central Bank Council decided to implement the bond purchase plan of the "Direct Monetary Transaction" (OMTS) in September, that is, under strict conditions, the government bonds issued by the euro area heavy bonds are not provided under strict conditions, in order to use a loose monetary policy to save the caught The euro of crisis. Similarly, the phenomenon of slowing economic growth in developing countries also needs to use loose monetary policy to boost economic growth. At present, with the intensification of world economic imbalances under the international monetary system, the global central bank will release more liquidity due to considerations such as saving the European debt crisis or stimulating the economic development of the country. At present, the world economy still needs a relatively loose currency environment for support, which is objectively beneficial to the development of the gold market.
The market as an asset allocation tool is vast in the early stage. Gold and stocks, real estate, bonds and other assets are very low -reorganization. It is an excellent variety of decentralized risks, optimizing asset portfolios, and avoiding investment asset risks. At the same time Focus on investors. Many scholars have proposed that the proportion of gold assets in investors' large -scale asset allocation can account for 5%to 10%of total assets. At present, the proportion of gold allocation in global investor assets is very low, and the future demand for gold asset allocation will increase.
In short, the current global economic growth, government high debt issues, global central banks have continued to buy gold in recent years, the current world economic development relies on a relatively loose currency environment and the improvement of gold's currency attributes, gold as the market prospect of asset allocation market Factors such as vast and gold -absorbing functions are beneficial to medium- and long -term gold prices. In the future, medium and long -term gold prices can still find some good reasons. The development of the global gold jewelry market still has huge space.
4. The Shanghai Gold Exchange has continuously innovated and served in service
. For a long time, the Shanghai Gold Exchange has continuously improved service levels and interested innovation to meet the needs of the market. Starting from March 1, 2012, the transaction fee of gold, silver, and platinum varieties will be unified by 0.5 per 10,000, of which AU (T D) handling rate of gold extension contracts is reduced from 0.03%to 0.025%, a decrease of 16.7%; The fee rate of gold spot varieties decreased from 0.045%to 0.04%, a decrease of 11.1%, to continuously promote market prosperity. In 2012, the Shanghai Gold Exchange continued to increase the system investment in accordance with the system construction plan. While improving the existing system, the development and construction of the new system was stepped up. At present, the construction of the 2.5 -generation system is nearing completion. It will provide strong support for the expansion of market function expansion and product innovation, and provide effective guarantee for the sustainable and healthy development of the exchange. The Shanghai Gold Exchange will rely on the development and construction of the third -generation system in the next few years to continuously innovate and develop the various businesses of the exchange. The Shanghai Gold Exchange is working with the Stock Exchange to study and develop the gold ETF with the real gold contract with the Shanghai Gold Exchange as the target and the listing and trading on the stock exchange; the Shanghai Gold Exchange actively explores and cooperates with the foreign exchange trading center to launch the inter -bank gold gold Inquiry market. At the same time, the Shanghai Gold Exchange is increasing marketing and investor education, and continuously improving the market position of the exchange.
The current period of my country is in a critical period of economic structure transformation, and it is also an important period for implementing the spirit of the 18th National Congress of the Communist Party of China. The 18th National Congress of the Communist Party of China pointed out: It is necessary to hold high the great banner of socialism with Chinese characteristics, guide Deng Xiaoping's theory, the "three representatives" important ideas and scientific development concept as the guidance, emancipate the mind, reform and opening up, condense strength, overcome difficulties, unswervingly follow along along The road of socialism with Chinese characteristics has moved forward and struggled to build a well -off society in an all -round way. Among them, the goal of "fully building a well -off society" will provide huge opportunities for the development of my country's gold jewelry industry.
looking forward to the future, the Shanghai Gold Exchange will take the goal of promoting the "well -off society" under the leadership of the People's Bank of China, adhere to the "steady progress, stable words first", emancipate the mind, and continuously increase the construction of the trading system construction. , Continuously explore business innovation, continuously improve risk control capabilities, and effectively ensure the healthy and stable operation of my country's gold market and accelerate the reform and development of my country's gold market. We must better serve the development of the real economy in the gold jewelry industry, better support and meet the various new needs in the development of the gold jewelry industry, and do a good job of background service for the transformation and development of the gold jewelry industry.
2012 China Jewelery and Jade Shou Jiejian Yearbook