黄金交易市场你必须知道的交易手法（The gold trading market you have to know about trading practices）.docVIP

黄金交易市场你必须知道的交易手法（The gold trading market you have to know about trading practices） The gold trading market you have to know about trading practices At present, there are two efficient Chinese gold derivatives, namely gold futures of Shanghai Futures Exchange (hereinafter referred to as the Shanghai gold futures, code: Au) and the Shanghai gold exchange gold backwardation trading products (hereinafter referred to as Au (T + D)). They have long and short two-way trading, financial leverage and good liquidity trading characteristics, more importantly, they are long-term gold and quasi spot price benchmark, the price linkage is quite strong, and the trading unit. Judging from the trend of the past year, there are many market opportunities, worthy of attention. The term arbitrage discussed here refers to statistical arbitrage or speculative arbitrage. Gold refers to the statistical arbitrage when investors think different gold futures (or futures and spot contracts) were mispriced, spreads appear irrational fluctuations, through the buy low and sell high operation; when the spread toward the desired direction, bilateral positions to profit. Because the contract between the premium is not a recognized reasonable standard, so investors can not completely determine whether he will spread toward the desired direction, but there is a greater chance of winning in probability, so it is different from the no arbitrage model of pure, also need to take market risks. Spread analysis The key to arbitrage success is to capture reasonable spreads. Reasonable spread is a relative concept. In the early stage of market development, because of the lack of arbitrage traders, the market is in disorder, and the pricing is often out of balance, which leads to the surprising profits of carry trade. The following system combing gold futures arbitrage opportunities since listing. The following analysis uses the October 2008 pre contract gold contract Au0812 and Au (T + D) spreads. Au0812 contrac