GOLD FUTURES STRATEGY www.ssfutures.com

() 2

() () (Portfolio) , 3

() . , ton,kg,g . , , (Troy Ounce) 4

(kg)11,00032.15075266,666 (g)0.00110.32150750.266 (Ounce)0.031103531.103518.2942664500.003753.750.12056531

() 1. - - 2. - - , 1 - LBMA(London Bullion Market Association) 3. - - COMEX() TOCOM ((Tokyo Commodity Exchange 5

() 1. - 2. - - - , 3. - , - (WAG) 4. - 1~3% - 6

() (1989~1998) 65% 16% 10% 9%: Gold Field Mineral Services7

() 1. - 60% 2. - - , 1 3. - , , 1 - , - , , , , , , , 1 8

() (1989~1998) 76% 14% 10%: Gold Field Mineral Services9

() 1. - . - - - 1 . 1 2. - - - 1 10

() 3. - safe heaven - - , - 1 4. - - 1 - (-) 1 11

() 5. - - 1 - fundamentals safe heaven 1 12

() 1. - 1 - 1 - 100 80% 0 2. - 1 - 1 - 3. - LG-Nikko 13

() [ 1g , ]14

() (Gold Futures) 1. - 1 - 7% , 1 - , 1 2. - 1 3. - 1 15

() (Gold Futures) 1. 2., , 11

14,000/g CD 4% 3 14,000 + (14,000 * 0.04 * 90/365) = 14,138 3. [ ] = + ( = + + ) = +( * * /365)16

(Gold Futures) () 17

99.99% 1KG (1,000g) 2 2,4,6,8,10,127 (Gram )10(Gram), 1tick = 10,000(1,000gram X 10) ~ : 9:30 ~ 16:30 ( ) : 9:30 ~ 11:30 2

() (Gold Futures) 18

100, 7.5%, 5%1. 2. 1 , , bid(ask) () bid(ask) 3. 2 , (Physical Delivery) - -

() + 1 - : (), ( 111111111111/ ) - : (~14:00) - FAX (~16:00) - , (~12:00) - ( ) - 19

() + 2 - - 111 (SAFE) - 111 ( ) - 111 - - 111 (SAFE) - - 111 20

() + 7 - (T+1) - (T+2, ) - (T+2) - (T+7) - (T+7, ) - (T+7) - 111 (T+7), - / 111 1 (T+7, ) - / (T+7)21

() 100 100 22

1003 103VAT 100.3 10.31103.3113.3

x 1,000 x x 1,000 x x 1,000 x x 1,000 x

() (Hedge) profitGOLDProfit Line[]profitGOLDProfit Line[] , + = 0 ( ) 23

() (Hedge) 2003 6 24, A B 2003 8 24 3,000g 10,100 A 8 10,200 3 A , 24

9,6009,80010,00010,20010,40010,60010,800 - 600- 400- 2000200400600UN-HEDGED-1,800,000-1,200,000-600,0000600,0001,200,0001,800,000HEDGE-1,800,000-1,200,000-600,0000 600,000 1,200,000 1,800,000 1,800,000 1,200,000 600,0000-600,000-1,200,000-1,800,000 TOTAL0000000

() (Arbitrage) (Arbitrage) () , / [](-) > =(-), [](-) > =(-), ,,25

() (Arbitrage) 2003 6 24, 9,980/g 8.3%. , 1 10,808/g , 11,000/g . 9,980/g , 11,000/g 192/g (-) . . 26

2003. 6. 249,980/g10,808/g11,000/g 2003. 6. 309,980/g10,808/g10,808/g 0+ 192/g

() (Speculation) (Speculation) , [] 27

2003 7 1 2005 6 30 28

: , , 11111111111111: , (, ), , 11, 10

36-1 7 142-43 5 1 863-1 9

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