The development of an investment plan related to the career future of his old friend Shen Bi made Andrew quite brainy. The problem is that the start time of the investment plan is November 1, 1975, and in Andrew's previous memory, in the second half of next year, the price of gold will stop falling and rise, and the investment time will appear. At this point in time, for Shen Bi's investment assessment period, there is a gap of more than half a year.

In this gap period of more than half a year, how to arrange investment projects is a problem that Andrew is worried about. Andrew, who had no solution for a while, had no choice but to use the clumsiest method of elimination, enumerating several conventional investment projects on paper, and then listing investment judgments separately.

Investing in the stock market: The current stock markets of several countries that Andrew is familiar with are not very prosperous, and if you invest for more than half a year, the return on investment is too low to be considered.

Investing in real estate: the time span is not enough, give up.

Invest in foreign exchange: The recent exchange rate is relatively stable, and there is no room for investment.

Investing in gold: The price of gold in the real gold market is now in a downward channel, and the time to buy has not yet appeared, and it cannot be bought down. There is no shorting mechanism in the real gold market at present.

There are few good opportunities for several conventional investment projects. Andrew, who was helpless, took a pen on the paper and bored the cross-cutting item by item, when the cross-cutting action reached the last paragraph, "short-selling mechanism", these four words, gave Andrew a little inspiration.

Indeed, in Europe and Asia, investment in gold is only traded in the real gold market, and there is no short-selling mechanism.

However, since the second half of last year, New York has begun to try to develop gold futures, and the world gold market developed in 1974 after the US government lifted the ban on private ownership and trading of gold.

This new variety of gold investment, since it can be hedged, there is also an opportunity to buy the price of gold short!

This can't be blamed for Andrew's narrow-minded investment vision, mainly because Andrew has not yet had an introduction to gold futures in the economic study course, forming a thinking inertia. Prior to the early 70s of the last century, any progress in the gold market was made on the basis of spot trading of physical gold. The gold market is not only a real gold trading market, but also a market with a unitary structure.

However, the introduction of gold futures contracts led to a revolution. Since then, two parallel markets have emerged. Each of them developed in their own direction, resulting in a binary structure in the gold market, in which the physical gold spot market and the contract forward market coexisted.

In this two-dollar market structure, gold buying and selling transactions and investment activities with real gold as the underlying are carried out in the real gold spot market. The risk trading and profit activities generated by market risk management are carried out in the gold forward contract trading market. Due to the difference between the two, in the world, the market division model is generally adopted.

Although, from the memory of his previous life, Andrew understands some of the basic information of gold futures in later generations, and knows that gold futures have a "shorting mechanism". However, Andrew does not understand the rules of gold futures trading in New York! After all, the gold futures trading in New York is a new variety of gold investment projects that have just been created in this era. There is no ready-made experience to learn from. Neither the economics course at Oxford University nor the actual trading experience in the London gold market can be used for reference.

It seems that we have to make two plans, first, contact HSBC Shen Bi and ask HSBC if it has personnel who are familiar with gold futures trading in New York and a dedicated channel for trading. If not, you can only go to the gold futures exchange in New York, personally step on the point, observe and learn, understand the specific gold futures trading rules, and then decide how to operate in the future.

Having made up his mind, Andrew contacted Shen Bi and asked Shen Bi whether HSBC had the corresponding personnel and channel conditions for the new direction of the investment plan and investment in New York gold futures.

Knowing Andrew's inquiry, Shen Bi immediately arranged to inquire about specific matters in HSBC. However, the response to the inquiry was blank, and HSBC did not have the personnel and trading channels that were familiar with gold futures trading in New York.

However, Shen Bi still obtained a simple report on gold futures trading in New York through a friend of Citibank.

From this simple report on New York gold futures trading, Andrew has a preliminary understanding of the trading rules of the New York Gold Futures Exchange and the trading scale of last year.

It seems that I also got the gold futures exchange in New York to step on the spot in person, observe and learn.

Time was short, Andrew informed Shen Bi, first, let him contact the United States through HSBC's connections, and arrange an opportunity to study on the spot at the New York Commodity Futures Exchange. Second, Shen Bi was asked to arrange two assistants for trading operations to fly to New York the day after tomorrow to learn about the gold futures trading situation in New York, so that after the cooperation was launched, he would help operate the gold futures trading.

For learning to understand gold futures trading, Andrew is still very attentive, this is a very good new investment variety, can give full play to the memory of the past life of the golden finger.

During the day's preparations, Andrew arranged his own affairs. And Shen Bi, on his side, also eagerly contacted the United States and arranged to go to the New York Mercantile Futures Exchange to study on the spot, and the two trading assistants were also arranged in advance.

On October 6, Andrew and two assistants from HSBC flew to New York, USA.

The next day, after arriving in New York, Andrew proposed to go to the New York Mercantile Exchange to see the situation first. After that, the three of them, accompanied by the reception staff arranged by Shen Bi, went to the site of the commodity futures exchange together and observed the actual operation mode of futures trading. He also asked for a detailed introduction to the gold futures trading rules and related information.

Back to the hotel, take a break to adjust the physical condition, the three of them agreed, tomorrow morning and afternoon, each to learn about the gold futures trading rules and related information. In the afternoon, we went to the commodity futures exchange to observe the gold futures trading operation.

After a night's rest, on the morning of his second day in the United States, Andrew began to read the introduction of gold futures trading rules and related information in his room.

The New York Mercantile Exchange (COMEX) itself does not participate in the trading of futures, but only provides a venue and facilities, and enacts some regulations to ensure that the two parties to the transaction are traded in an open and fair manner.

All gold traded in New York must be traded on the New York Stock Exchange through open outcry. Any trader has the opportunity to trade at the best possible price, and like other futures exchanges, the New York Mercantile Exchange has extremely complex rules for both futures and futures contracts. Its futures contracts are specified in units of 100 gold ounces, with a minimum price movement of 10 cents per ounce.

Gold futures are also known as "gold futures contracts". A futures contract that trades with gold as the trading object. Like any futures contract, a gold futures contract contains a trading unit, a quality grade, a maturity, a last expiration date, a quotation method, a delivery method, a minimum price change, and a daily price change limit of 5%.

Gold futures: 15 times the leverage ratio, there is a short mechanism, two-way trading profits, there are profit opportunities in the ups and downs, and the implementation is a T+0 trading method. 4/10,000 trading fee + broker commission.

Gold futures trading must first open a futures account with a member futures company, and then sign the risk "Disclosure Statement", "Trading Account Agreement", etc., and authorize the broker to buy and sell contracts on behalf of the broker and pay margin. Once authorized, the broker can trade futures in accordance with the client's instructions in accordance with the terms of the contract.

In the morning, I finished reading the introduction of gold futures trading rules and related information. After understanding the rules of gold futures trading. Andrew compared gold trading in the London gold market to gold futures trading in New York, which is more convenient and has lower transaction costs. The trading method is similar to that of foreign exchange trading.

Andrew decided to use the $1 million he carried with him to test the waters of gold futures trading on the New York Mercantile Exchange to see if there would be any unexpected problems in the actual trading operation.

Andrew contacted his successful investment company and arranged for two gold trading operators of the company to come to New York the morning after tomorrow to learn and understand the trading process of gold futures.

In the afternoon, I went to the commodity futures exchange as scheduled to observe the gold futures trading operation. The trading operation of gold futures is basically clear. In the evening, Andrew contacted Shen Bi and informed him of his plans. He also asked him to help him contact familiar New York Mercantile Exchange member futures companies and reputable futures brokers. When you contact you again tomorrow evening, let me know the details.

After contacting Shen Bi, Andrew, who felt that he had learned something, decided to relax himself and informed the two assistants to let them relax tomorrow. After all, after three days of tiring travel from Hong Kong to New York, even young people are tired.

PS: Dear book friends, please collect, ask for recommendations!