Research On Investment Portfolio Of China’s Gold Market

In January13,2011the first gold fund–Lion world gold fund. Withthe advent of gold fund, domestic investors got the opportunities ofmining gold investment in the global scope, domestic gold market alsoformed the gold spot, futures, stocks, funds a full development. Graduallyrich gold market on the construction of China’s gold market system andimproving the formation of price mechanism has important significance.Therefore, combined with China’s reality, finding out the relationshipamong investment goods, judging each investment goods value trend,then studying the gold investment strategy has the important practicalsignificance.This paper studies China’s gold investment markets, including theoverview and system characteristic of spot gold, gold futures, goldstocks, gold fund, through the sites of World Gold Council World and theShanghai gold exchange and great wisdom securities informationplatform and RESSET database approach and so on to collect the datainformation.By the use of Eviews, find out spot gold, gold futures mutualinfluence regularity of gold stocks, funds, analysis of determinants ofprice. Combined with the correlation analysis, discussed when the goldprice in different operation stages, a single gold market investmentstrategy and effective cross market gold portfolio strategy. Finally thepaper puts forward the deficiency and the future research direction.