高通胀背景下我国居民黄金投资方式研究

Research on the Way for China's Residents to Invest in Gold in the Light of High Inflation

近年来我国居民投资保值需求日益强烈,黄金的投资属性日益显现,我国居民逐渐将其作为在高通胀背景下进行投资保值的重要工具。本文通过分析国内外黄金交易市场的情况、黄金价格与CPI之间的相关性,并重点从保证金交易及杠杆作用、做空机制及费用成本、市场流动性及投资氛围、实物交割和交易时间等方面对上海期货交易所黄金期货交易与上海黄金交易所黄金延期交易进行了对比分析。文章提出,我国个人投资者进行黄金投资应根据自身情况选择最适合自己的交易方式并提高自身素质;应建立全额保证金的交易理念;应坚定投资保值理念,避免将"保值"变为"投机"。

In recent years, with the change of internal and external situation, the demand of investment for China＇s residents is increasing; the investment nature of gold is attracting more attention; and gold has become the most important tool of investment in the light of high inflation. The author analyzes the domestic and foreign gold market, the relationship between CPI and the gold price, and especially the differences between the Gold Futures traded in Shanghai Futures Exchange （SFE） and the Gold Deferred Spot traded in Shanghai Gold Exchange （SGE） in terms of margin trading and leverage, short selling and cost, market liquidity and the environment of investment, delivery and trading time. At last, the author puts forward some issues that China＇s individual investors should pay attention to. First, these investors should choose the most appropriate way of trading and improve their own quality; second, they should establish the trading idea of 100% margin; and third, they should adhere to the principle of investment in case of changing investment to speculation.