| In recent years,with the investment in gold has been increasing,how to avoid the investment venture is becoming more and more important.Many investors are in great need of seeking for some products to hedge the spot trading price of gold so as to make their investment more security with the hedge and to preserve and increase the value of the investment.If not so,investors will lose much of their investment within the depress period of the gold market.This paper is to seek for one or more cash to replace of the hedge between the future trading price of gold and the spot trading price of gold to realize the purpose of the hedge.This paper uses the financial theory of replication technology and the hedge.IT also introduces the hedgers,the principle and types of the hegde.This paper also clarifies the ideas and conditions of product design.On the base of correlation analysis,as well as an empirical analysis of the ratio of hedging which relys on OLS models,we can use the dollar index and the 10-year America national debt price to hedge the gold price.Therefore,we have established the hedging effect model for product design.And we have used the data from July to December in 2016 to prove the effect of hedge.This paper put much on the functions and features of the hedging products,which is based on the acceptance,innovative and blank of the current market as well as the applicability of the product.Next,we compared the advantage of the product with gold futures hedging through the cost-benefit.At the same time,we analyzed the risk in the products.We found this product design is available due to the products competition ability in the market and the market demand.Finally,the gold product enterprise and gold individual investors are identified as the users of the production.We can sell our productions through commercial bank outlets,online banking and mobile banking.What's more,the purpose of the paper is to make more companies and investors to strengthen the awareness of the hedge. |
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