What paper gold transactions?

The paper gold is generally issued by the gold market, financial strength, credit a good level of commercial banks, gold or large-scale gold issued by retailers, such as commercial banks issued gold deposit certificates of deposit, bills of exchange of gold and gold passbook accounts, the Shanghai Gold The bills of lading issued by the Stock Exchange of gold or gold warehouse receipts, gold gold bonds issued by enterprises, and so on. As the paper gold trading when buyers and sellers after the closing liquidation settlement of the subject matter is a gold certificate of ownership rather than physical gold, the paper gold in Shanghai Gold Exchange with a market transaction, or trading in the secondary market . General paper gold, as the issuer and determine the type of market in the transaction. That is, if the paper gold trading is issued by commercial banks to issue, on the counter in the commercial banks on the sale of the transaction by gold certificates issued by the bank transfer settlement procedures; if the issue is issued by the Exchange should be in the Exchange Traded Stock Exchange Exchanges and Clearing Department for transfer of ownership settlement procedures. In the way of paper gold trading, gold speculators each bank through the sale of gold transactions, the designated funds account for the money transfer and payment at the same time in the opening of the gold on the books for the transfer of gold to access records without the need for gold Extraction and in-kind settlement. Paper gold trading after closing the way to simplify the delivery of the liquidation process, saving transaction costs, reducing transaction costs. In order to simplify trading procedures to facilitate the operations of commercial banks in various business outlets to promote, the bank provided for paper gold investment does not directly receive cash or in kind for gold extraction delivery, to that end, the customer account of gold on gold sales can only make people buy A transaction, not in kind for gold extraction or storage. In the paper gold trading transactions, as banks and individual investors does not occur between the extraction of gold and the settlement of clearing the second delivery, and thus a reduction in the fineness of gold transactions entered into, the weight of testing procedures, and so on, to simplify the gold Physical delivery of the process, thereby speeding up the transfer speed of the gold trade. At the same time, customer account passbook gold deposit payment transactions can be sold, can also be used as collateral or margin to the bank to apply for the loan of gold, so the introduction of paper gold trading will be on the trading of individual investors to participate in a great Convenience. The price of paper gold trading marked into bid and offer price, bid and offer price is the price difference between paper gold trading point of difference. The purchase price for the bank to its customers used to buy gold price, selling price of gold sold by banks on their clients used the price. Wong Kam-po is not due to the sale of gold for delivery, save the gold transport, storage, testing, to identify some of the steps, and so on, so the additional cost of trading is better than less, that is, the purchase price and the difference between the selling price should be small Gold is trading at the post. At present, domestic commercial banks to start operating the paper gold transactions that U.S. commercial banks in Shanghai Gold Exchange Traded Stock Exchange benchmark price, tax, transport insurance, custody and so on-site storage of the second transaction, as well as the cost of clearing bank fees are Purchase price and the difference between the selling price reflected the bank no longer be charged to investors in other transaction costs, while banks do not pay depositors to keep interest payments.