国际贵金属现货市场与期货市场关系研究

The Link Between the International Spot and Futures Markets for Precious Metals

新冠肺炎疫情持续扩散蔓延,全球经济遭受重创,国际贵金属市场波动加剧,期现价差出现异常波动。本文从国际贵金属市场的形成与发展入手,梳理场外现货市场与场内期货市场的不同,研究两个市场之间的内在联系,并通过对近期国际贵金属期现价差波动的分析,进一步揭示彼此的联系。

The global economy was hit hard by the Covid-19 pandemic and that led to abnormal fluctuations in the international precious metals market.Starting with the formation and development of the international precious metals market,this paper examines the differences between the OTC spot market and the exchange-traded futures market.It also assesses the internal links between the two markets,and further reveals their relations by analyzing the recent fluctuations in the futures price difference on the international market.