纸黄金

与黄金挂钩的投资产品（或纸黄金）也在大量涌现。

Gold-linked investment products , or paper gold , are also multiplying .

目前国内做市商模式主要由银行纸黄金和一般金商的做市商模式组成。

The present market-making mode in China mainly finds its expression in the paper gold and ordinary gold merchants .

如果说银行纸黄金交易模式还需要什么补充，那应该是空头操作机制。

If any supplement is necessitated for the trading mode of paper gold , that will be bear operation mechanism .

具备空头机制的银行纸黄金交易将是投资人通往黄金衍生品市场的更好试验田。

The paper gold with bear mechanism is regarded as the best investment vehicle for investors when they tap gold derivatives market .

而对于散户投资者来说，大多数商业银行都提供纸黄金网上交易产品，这类产品一般没有实物黄金作为支持。

And for retail investors , most commercial banks offer paper gold online trading products , which are typically not backed by physical gold .

第二章论述了我国纸黄金投资的概念、发展概况及影响纸黄金价格的主要因素。

The second chapter introduces the concept and status of paper gold in China , and analyzes the main factors affecting the price of paper gold .

有鉴于此，国际货币基金组织同意建立纸黄金，并根据各成员国的认定份额按比例分配给他们。

The IMF has responded by agreeing to create paper gold and distribute it to member nations in proportion to the amount of their subscription to IMF funding .

如果银行纸黄金建立非保证金空头操作机制，将进一步刺激市场投机偏好，应该会对市场形成成倍促进作用。

The non-margin bear operation mechanism of paper gold , once established , is supposed to further stimulate market speculation preference , thus accelerating market growth by multiple times .

然后，考虑到实际情况，投资者通常对纸黄金未来的价格变动趋势存在一定的预测，而且为了追求更高的收益，他们宁愿担负一定的风险。

Then , considering the actual situation , the paper gold investors usually have the prediction to future price changing , and in order to obtain higher returns , they would rather take some risks .

但是，随着广大投资者对商业银行投资理财产品和服务需求的不断加大，黄金市场不断扩展，中资银行和外资银行大量涌入纸黄金业务领域，开始逐步蚕食这块市场，同业竞争日益加剧。

However , with the increasing of the investors , the needs of investment products and services expanded . Domestic banks and foreign banks swarmed into the gold business , beginning to erode this market , so the competition with the same trade increasingly intensified .