Isnin, 27 Julai 2009

Istilah Yang Diguna Bagi Pelaburan Emas

Didalam pelaburan saham, forex dan sebagainya, ada istilah-istilah tertentu yang diguna. Ada diantara istilah-istilah tersebut menggunakan istilah yang sama. Dibawah ini diperturunkan istilah-istilah yang selalu di guna pakai dalam pelaburan emas. Diantara istilah-istilah tersebut adalah.

Assay: To test a metal for purity.

Bar: Typical gold product, either for trading or for accumulation. Bars come in a variety of shapes weights and fineness and different bars are favoured in different parts of the world

Bear (bearish): Someone expecting prices to fall (downtrend)

Bull (bullish): Someone expecting prices to rise (uptrend)

Bullion: Originally meaning melting place, from the French bouillon, boiling, derived from the Latin bullio

Bullion coin: A legal tender coin whose market price depends on its gold content, rather than its rarity or face value.

Kilo bar: A bar weighing one kilogram -approximately 32.1507 troy ounces.

Pennyweight: An American unit of weight for gold. Twenty pennyweights equal one ounce.

Troy ounce: The standard weight in which gold is quoted in the international market, weighing 31.1035g (see also our Weights Conversion table). Named after the old French city of Troyes, where there was an annual trading fair in mediaeval days and where this was a unit of weight.

Spot price: The price for spot delivery which in the gold market is two days from the trade date

Spread: The difference between Bid (the price a buyer is prepared to pay for gold) and Ask (the price a seller offers) prices.

Stop Loss Order: An order that will close out a loss making position when the price reached a specific level. Such trades are carried out on a best efforts basis, since it cannot be guaranteed that a specific price will be traded if the markets are moving rapidly (as they often are when large amounts of stop losses are triggered)

Loco: The place at which gold is held and to which a delivery price applies. London is the common denominator world-wide and represents the basis for international trading and settlement in gold and silver.

Fineness: Gold purity, usually expressed in parts per thousand; thus 995 or two nines five is 995/1000 or 99.5% pure. 995 was the highest purity to which gold could be manufactured when good delivery (q.v.) was determined, but for very high technology applications now it is possible to produce metal of up to 99.9999% purity.

Karat: Unit of fineness, scaled from one to 24. 24 karat gold (or pure gold) has at least 999 parts pure gold per thousand

Face Value: The nominal value given to legal tender coin or currency (for example a 1-oz. Gold American Eagle coin has a face value of $50).

Fob: An fob price refers to the price of a commodity on a vessel at its point of departure, and usually includes transport insurance and loading costs; hence Free on Board

Forward contract: A principal’s (Over the Counter) contract that trades an asset for settlement on a specific date in the future. Each forward contract is ‘tailor-made’

Futures contracts: An agreement to buy or sell a specific amount of a commodity or financial instrument at a particular price on a stipulated future date; the contract can be sold before the settlement date. Futures contracts are standardised and are traded on ‘margin’ on futures exchanges, such as TOCOM or the COMEX division of NYMEX.

GOFO: The Gold Offered Forward Rate, which is the rate at which dealers will lend gold against US dollars.

Gold Loan: A financing mechanism whereby gold is borrowed from a bullion bank (which has usually borrowed it from a central bank or banks), and sold into the market to raise cash, usually to finance a gold mining operation. The metal is then repaid over an agreed period of time. The interest on the loan is usually paid either in dollars or in gold subject to the agreement between the counter-parties

Gold Standard: A monetary system based on convertibility into gold; paper money backed and interchangeable with gold.

Good delivery bars: Also referred to as large bars, the ingots that conform to London Good Delivery standard

Good delivery standard: The specification to which a gold bar must conform in order to be acceptable on a certain market or exchange. Good delivery for the London Bullion Market is the internationally accredited good delivery standard. A good delivery bar for London should weigh between 350 and 430 ounces (gold content), of minimum purity 99.5% (two nines five). Further specifications can be obtained from the LBMA

Grain: One of the earliest weight units used for measuring gold. One grain is equivalent to 0.0648 grams.

Hallmark: Mark, or marks, which indicate the producer of a gold bar and its number, fineness, etc.

Hedging: The use of derivative instruments to protect against price risk.

Lakh: A trading term meaning 100,000, deriving from the Indian word of the same meaning

LBMA: The London Bullion Market Association acts as the coordinator for activities conducted on behalf of its members and other participants in the London Bullion Market, and it is the principal point of contact between the market and its regulators.

Lot: Alternative term for a futures contract

Margin: A deposit required to be put up before opening a futures, forward or option contract.

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