COME Gold Futures

投资学第7版TestBank答案22Multiple Choice Questions1. A futures contractA) is an agreement to buy or sell a specified amount of an asset at the spot price on theexpiration date of the contract.B) is an agreement to buy or sell a specified amount of an asset at a predeterminedprice on the expiration date of the contract.C) gives the buyer the right, but not the obligation, to buy an asset some time in thefuture.D) is a contract to be signed in the future by the buyer and the seller of the commodity.E) none of the above.Answer: B Difficulty: EasyRationale: A futures contract locks in the price of a commodity to be delivered at some future date. Both the buyer and seller of the contract are committed.2. The terms of futures contracts __________ standardized, and the terms of forwardcontracts __________ standardized.A) are; areB) are not; areC) are; are notD) are not; are notE) are; may or may not beAnswer: C Difficulty: EasyRationale: Futures contracts are standardized and are tradedon organized exchanges;forward contracts are not traded on organized exchanges, the participant negotiates for the delivery of any quantity of goods, and banks and brokers negotiate contracts as needed.3. Futures contracts __________ traded on an organized exchange, and forward contracts__________ traded on an organized exchange.A) are not; areB) are; areC) are not; are notD) are; are notE) are; may or may not beAnswer: D Difficulty: EasyRationale: See rationale for test bank question 22.2.4. In a futures contract the futures price isA) determined by the buyer and the seller when the delivery of the commodity takesplace.B) determined by the futures exchange.C) determined by the buyer and the seller when they initiate the contract.D) determined independently by the provider of the underlying asset.E) none of the above.Answer: C Difficulty: ModerateRationale: The futures exchanges specify all the terms of the contracts except price; as a result, the traders bargain over the futures price.5. The buyer of a futures contract is said to have a __________position and the seller of afutures contract is said to have a __________ position in futures.A) long; shortB) long; longC) short; shortD) short; longE) margined; longAnswer: A Difficulty: ModerateRationale: The trader taking the long position commits to purchase the commodity on the delivery date. The trader taking the short position commits to delivering thecommodity at contract maturity. The trader in the long position is said to "buy" the contract; the trader in the short position is said to "sell" the contract. However, no money changes hands at this time.6. Investors who take long positions in futures agree to __________ of the commodity onthe delivery date, and those who take the short positions agree to __________ of the commodity.A) make delivery; take deliveryB) take delivery; make deliveryC) take delivery; take deliveryD) make delivery; take deliveryE) negotiate the price; pay the priceAnswer: B Difficulty: ModerateRationale: See explanation for test bank question 22.5.7. The terms of futures contracts such as the quality and quantity of the commodity and thedelivery date areA) specified by the buyers and sellers.B) specified only by the buyers.C) specified by the futures exchanges.D) specified by brokers and dealers.E) none of the above.Answer: C Difficulty: ModerateRationale: See rationale for test bank question 22.4.8. A trader who has a __________ position in wheat futures believes the price of wheatwill __________ in the future.A) long; increaseB) long; decreaseC) short; increaseD) long; stay the sameE) short; stay the sameAnswer: A Difficulty: ModerateRationale: The trader holding the long position (the person who will purchase the goods) will profit from a price increase. Profit to long position = Spot price atmaturity--Original futures price.9. A trader who has a __________ position in gold futures wants the price of gold to__________ in the future.A) long; decreaseB) short; decreaseC) short; stay the sameD) short; increaseE) long; stay the sameAnswer: B Difficulty: ModerateRationale: Profit to short position = Original futures price--Spot price at maturity. Thus, the person in the short positionprofits if the price of the commodity declines in the future.10. The open interest on silver futures at a particular time is theA) number of silver futures contracts traded during the day.B) number of outstanding silver futures contracts for delivery within the next month.C) number of silver futures contracts traded the previous day.D) number of all silver futures outstanding contracts.E) none of the above.Answer: D Difficulty: ModerateRationale: Open interest is the number of contracts outstanding. When contracts begin trading, open interest is zero; as time passes more contracts are entered. Most contracts are liquidated before the maturity date.11. Which one of the following statements regarding delivery is true?A) Most futures contracts result in actual delivery.B) Only one to three percent of futures contracts result in actual delivery.C) Only fifteen percent of futures contracts result in actual delivery.D) Approximately fifty percent of futures contracts result in actual delivery.E) Futures contracts never result in actual delivery.Answer: B Difficulty: ModerateRationale: Virtually all traders enter reversing trades to cancel their original positions, thereby realizing profits or losses on the contract.12. You hold one long corn futures contract that expires in April. To close your position incorn futures before the delivery date you mustA) buy one May corn futures contract.B) buy two April corn futures contract.C) sell one April corn futures contract.D) sell one May corn futures contract.E) none of the above.Answer: C Difficulty: ModerateRationale: The long position is considered the buyer; to close out the position one must take a reversing position, or sell the contract.13. Which one of the following statements is true?A) The maintenance margin is the amount of money you post with your broker whenyou buy or sell a futures contract.B) The maintenance margin determines the value of the margin account below whichthe holder of a futures contract receives a margin call.C) A margin deposit can only be met with cash.D) All futures contracts require the same margin deposit.E) The maintenance margin is set by the producer of the underlying asset.Answer: B Difficulty: ModerateRationale: The maintenance margin applies to the value of the account after the account is opened; if the value of this account falls below the maintenance margin requirement and the holder of the contract will receive a margin call. A margin deposit can be made with cash or interest-earning securities; the margin deposit amounts depend on thevolatility of the underlying asset.14. Financial futures contracts are actively traded on thefollowing indices exceptA) the S&P 500 Index.B) the New York Stock Exchange Index.C) the Nikkei Index.D) the Dow Jones Industrial Index.E) all of the above indices have actively traded futures contracts.Answer: E Difficulty: ModerateRationale: The indices are listed in Table 22.1.15. To exploit an expected increase in interest rates, an investor would most likelyA) sell Treasury bond futures.B) take a long position in wheat futures.C) buy S&P 500 index futures.D) take a long position in Treasury bond futures.E) none of the above.Answer: A Difficulty: DifficultRationale: If interest rates rise, bond prices decrease. As bond prices decrease, the short position gains. Thus, if you are bearish about bond prices, you might speculate byselling T-bond futures contracts.16. An investor with a long position in Treasury notes futures will profit ifA) interest rates decline.B) interest rate increase.C) the prices of Treasury notes increase.D) the price of the long bond increases.E) none of the above.Answer: A Difficulty: ModerateRationale: Profit to long position = Spot price at maturity--original futures price.17. To hedge a long position in Treasury bonds, an investor most likely wouldA) buy interest rate futures.B) sell S&P futures.C) sell interest rate futures.D) buy Treasury bonds in the spot market.E) none of the above.Answer: C Difficulty: DifficultRationale: By taking the short position, the hedger is obligated to deliver T-bonds at the contract maturity date for the current futures price, which locks in the sales price for the bonds and guarantees that the total value of the bond-plus-futures position at thematurity date is the futures price.18. An increase in the basis will __________ a long hedger and __________ a short hedger.A) hurt; benefitB) hurt; hurtC) benefit; hurtD) benefit; benefitE) benefit; have no effect uponAnswer: C Difficulty: DifficultRationale: If a contract and an asset are to be liquidated early, basis risk exists andfutures price and spot price need not move in lockstep before delivery date. An increase in the basis will hurt the short hedger and benefit the long hedger.19. Which one of the following statements regarding "basis" is not true?A) the basis is the difference between the futures price and the spot price.B) the basis risk is borne by the hedger.C) a short hedger suffers losses when the basis decreases.D) the basis increases when the futures price increases by more than the spot price.E) none of the above.Answer: C Difficulty: DifficultRationale: See explanation for test bank question 22.20.20. If you determine that the S&P 500 Index futures is overpriced relative to the spot S&P500 Index you could make an arbitrage profit byA) buying all the stocks in the S&P 500 and selling put options on the S&P 500 index.B) selling short all the stocks in the S&P 500 and buying S&P Index futures.C) selling all the stocks in the S&P 500 and buying call options on the S&P 500 index.D) selling S&P 500 Index futures and buying all the stocks in the S&P 500.E) none of the above.Answer: D Difficulty: ModerateRationale: If you think one asset is overpriced relative to another, you sell theoverpriced asset and buy the other one.21. On January 1, the listed spot and futures prices of a Treasury bond were 93.8 and 93.13.You purchased $100,000 par value Treasury bonds and sold one Treasury bond futures contract. One month later, the listed spot price and futures prices were 94 and 94.09, respectively. Ifyou were to liquidate your position, your profits would beA) $125 loss.B) $125 profit.C) $12.50 loss.D) $1,250 loss.E) none of the above.Answer: A Difficulty: DifficultRationale: On bonds: $94,000 - $93,250 = $750; On futures: $93,406.25 - $94,281.25 = -$875; Net profits: $750 - $875 = -$125.22. You purchased one silver future contract at $3 per ounce. What would be your profit(loss) at maturity if the silver spot price at that time is $4.10 per ounce? Assume the contract size is 5,000 ounces and there are no transactions costs.A) $5.50 profitB) $5,500 profitC) $5.50 lossD) $5,500 lossE) none of the above.Answer: B Difficulty: ModerateRationale: $4.10 - $3.00 = $1.10 X 5,000 = $5,500.23. You sold one silver future contract at $3 per ounce. What would be your profit (loss) atmaturity if the silver spot price at that time is $4.10 per ounce? Assume the contract size is 5,000 ounces and there are no transactions costs.A) $5.50 profitB) $5,500 profitC) $5.50 lossD) $5,500 lossE) none of the above.Answer: D Difficulty: ModerateRationale: $3.00 - $4.10 = -$1.10 X 5,000 = -$5,500.24. You purchased one corn future contract at $2.29 per bushel. What would be your profit(loss) at maturity if the corn spot price at that time were $2.10 per bushel? Assume the contract size is 5,000 ounces and there are no transactions costs.A) $950 profitB) $95 profitC) $950 lossD) $95 lossE) none of the above.Answer: C Difficulty: ModerateRationale: $2.10 - $2.29 = -$0.19 X 5,000 = -$950.25. You sold one corn future contract at $2.29 per bushel. What would be your profit (loss)at maturity if the corn spot price at that time were $2.10 per bushel? Assume thecontract size is 5,000 ounces and there are no transactions costs.A) $950 profitB) $95 profitC) $950 lossD) $95 lossE) none of the above.Answer: A Difficulty: ModerateRationale: $2.29 - $2.10 = $0.19 X 5,000 = $950.26. You sold one wheat future contract at $3.04 per bushel. What would be your profit (loss)at maturity if the wheat spot price at that time were $2.98 per bushel? Assume thecontract size is 5,000 ounces and there are no transactions costs.A) $30 profitB) $300 profitC) $300 lossD) $30 lossE) none of the above.Answer: B Difficulty: ModerateRationale: $3.04 - $2.98 = $0.06 X 5,000 = $300.27. You purchased one wheat future contract at $3.04 per bushel. What would be yourprofit (loss) at maturity if the wheat spot price at that time were $2.98 per bushel?Assume the contract size is 5,000 ounces and there are no transactions costs.A) $30 profitB) $300 profitC) $300 lossD) $30 lossE) none of the above.Answer: C Difficulty: ModerateRationale: $2.98 - $3.04 = -$0.06 X 5,000 = -$300.28. On January 1, you sold one April S&P 500 index futures contract at a futures price of420. If on February 1 the April futures price were 430, what would be your profit (loss) if you closed your position (without considering transactions costs)?A) $2,500 lossB) $10 lossC) $2,500 profitD) $10 profitE) none of the aboveAnswer: A Difficulty: DifficultRationale: $420 - $430 = -$10 X 250 = -$2,50029. On January 1, you bought one April S&P 500 index futures contract at a futures price of420. If on February 1 the April futures price were 430, what would be your profit (loss) if you closed your position (without considering transactions costs)?A) $2,500 lossB) $10 lossC) $2,500 profitD) $10 profitE) none of the aboveAnswer: C Difficulty: DifficultRationale: $430 - $420 = $10 X 250 = $2,50030. You sold one soybean future contract at $5.13 per bushel. What would be your profit(loss) at maturity if the wheat spot price at that time were $5.26 per bushel? Assume the contract size is 5,000 ounces and there are no transactions costs.A) $65 profitB) $650 profitC) $650 lossD) $65 lossE) none of the above.Answer: C Difficulty: ModerateRationale: $5.13 - $5.26 = -$0.13 X 5,000 = -$650.31. You bought one soybean future contract at $5.13 per bushel. What would be your profit(loss) at maturity if the wheat spot price at that time were $5.26 per bushel? Assume the contract size is 5,000 ounces and there are no transactions costs.A) $65 profitB) $650 profitC) $650 lossD) $65 lossE) none of the above.Answer: B Difficulty: ModerateRationale: $5.26 - $5.13 = $0.13 X 5,000 = $650.32. On April 1, you bought one S&P 500 index futures contract at a futures price of 950. Ifon June 15th the futures price were 1012, what would be your profit (loss) if you closed your position (without considering transactions costs)?A) $1,550 lossB) $15,550 lossC) $15,550 profitD) $1,550 profitE) none of the aboveAnswer: C Difficulty: DifficultRationale: $1012 - $950 = $62 X 250 = $15,50033. On April 1, you sold one S&P 500 index futures contract at a futures price of 950. If onJune 15th the futures price were 1012, what would be your profit (loss) if you closed your position (without considering transactions costs)?A) $1,550 lossB) $15,550 lossC) $15,550 profitD) $1,550 profitE) none of the aboveAnswer: B Difficulty: DifficultRationale: $950 - $1012 = -$62 X 250 = -$15,50034. The expectations hypothesis of futures pricingA) is the simplest theory of futures pricing.B) states that the futures price equals the expected value of the future spot price of theasset.C) is not a zero sum game.D) A and B.E) A and C.Answer: D Difficulty: EasyRationale: The expectations hypothesis relies on the concept of risk neutrality; i.e., if all market participants are risk neutral, they should agree on a futures price that provides an expected profit of zero to all parties.35. Normal backwardationA) maintains that for most commodities, there are natural hedgers who desire to shedrisk.B) maintains that speculators will enter the long side of the contract only if the futuresprice is below the expected spot price.C) assumes that risk premiums in the futures markets are based on systematic risk.D) A and B.E) B and C.Answer: D Difficulty: EasyRationale: Risk premiums in this theory are based on total variability.36. ContangoA) holds that the natural hedgers are the purchasers of a commodity, not the suppliers.B) is a hypothesis polar to backwardation.C) holds that F O must be less than (P T).D) A and C.E) A and B.Answer: E Difficulty: Easy37. Delivery of stock index futuresA) is never made.B) is made by a cash settlement based on the index value.C) requires delivery of 1 share of each stock in the index.D) is made by delivering 100 shares of each stock in the index.E) is made by delivering a value-weighted basket of stocks.Answer: B Difficulty: ModerateRationale: Stock index futures are cash-settled, similar to the procedure used for index options.38. The establishment of a futures market in a commodity should not have a major impacton spot prices becauseA) the futures market is small relative to the spot market.B) the futures market is illiquid.C) futures are a zero-sum gameD) the futures market is large relative to the spot market.E) most futures contracts do not take delivery.Answer: C Difficulty: ModerateRationale: Losses and gains to futures contracts net to zero,and thus should not impact spot prices.39. The most recently established category of futures contracts isA) agricultural commodities.B) metals and minerals.C) foreign currencies.D) financial futures.E) both B and C.Answer: D Difficulty: ModerateRationale: Financial futures were first introduced in 1975, and this segment of themarket has seen rapid innovation.40. If a trader holding a long position in corn futures fails to meet the obligations of afutures contract, the party that is hurt by the failure isA) the offsetting short trader.B) the corn farmer.C) the clearinghouse.D) the broker.E) the commodities dealer.Answer: C Difficulty: ModerateRationale: The clearinghouse acts as a middle party to every transaction, and bears any losses arising from failure to meet contractual obligations.41. Open interest includesA) only contracts with a specified delivery date.B) the sum of short and long positions.C) the sum of short, long and clearinghouse positions.D) the sum of long or short positions and clearinghouse positions.E) only long or short positions but not both.Answer: E Difficulty: ModerateRationale: Open interest is the number of contracts outstanding across all delivery dates for a given contract. Long and short positions are not counted separately, and the clearinghouse position is not counted because it nets to zero.42. The process of marking-to-marketA) posts gains or losses to each account daily.B) may result in margin calls.C) impacts only long positions.D) all of the above are true.E) both A and B are true.Answer: E Difficulty: EasyRationale: Marking-to-market effectively puts futures contracts on a "pay as you go"basis.43. Futures contracts are regulated byA) the Commodity Futures Trading Corporation.B) the Chicago Board of Trade.C) the Chicago Mercantile Exchange.D) the Federal Reserve.E) the Securities and Exchange Commission.Answer: A Difficulty: EasyRationale: The CFTC, a federal agency, sets rules and requirements for futures trading.44. Taxation of futures trading gains and lossesA) is based on cumulative year-end profits or losses.B) occurs based on the date contracts are sold or closed.C) can be timed to offset stock portfolio gains and losses.D) is based on the contract holding period.E) none of the above.Answer: A Difficulty: ModerateRationale: Futures profits and losses are taxed based on cumulative year-end value due to marking-to-market procedures.45. Speculators may use futures markets rather than spot markets becauseA) transactions costs are lower in futures markets.B) futures markets provide leverage.C) spot markets are less efficient.D) futures markets are less efficient.E) both A and B are true.Answer: E Difficulty: ModerateRationale: Futures markets allow speculators to benefit from leverage and minimize transactions costs. Both markets should be equally price-efficient.46. Given a stock index with a value of $1,000, an anticipated dividend of $30 and arisk-free rate of 6%, what should be the value of one futures contract on the index?A) $943.40B) $970.00C) $913.40D) $915.09E) $1000.00Answer: C Difficulty: DifficultRationale: F = 1000/(1.06) - 30; F = 913.40.47. Given a stock index with a value of $1,125, an anticipated dividend of $33 and arisk-free rate of 4%, what should be the value of one futures contract on the index?A) $1048.73B) $1070.00C) $993.40D) $995.09E) $1000.00Answer: A Difficulty: DifficultRationale: F = 1125/(1.04) - 33; F = 1048.73.48. Given a stock index with a value of $1100, an anticipated dividend of $27 and arisk-free rate of 3%, what should be the value of one futures contract on the index?A) $943.40B) $970.00C) $913.40D) $1040.96E) $1000.00Answer: D Difficulty: DifficultRationale: F = 1100/(1.03) - 27; F = 1040.96.49. Given a stock index with a value of $1,200, an anticipated dividend of $45 and arisk-free rate of 6%, what should be the value of one futures contract on the index?A) $1087.08B) $1070.00C) $993.40D) $995.09E) $1000.00Answer: A Difficulty: DifficultRationale: F = 1200/(1.06) - 45; F = 1087.08.50. Which of the following items is specified in a futurescontract?I)the contract sizeII)the maximum acceptable price range during the life of the contractIII)the acceptable grade of the commodity on which the contract is heldIV)the market price at expirationV)the settlement priceA) I, II, and IVB) I, III, and VC) I and VD) I, IV, and VE) I, II, III, IV, and VAnswer: B Difficulty: ModerateRationale: The maximum price range and the market price at expiration will bedetermined by the market rather than specified in the contract.51. With regard to futures contracts, what does the word “margin” mean?A) It is the amount of the money borrowed from the broker when you buy the contract.B) It is the maximum percentage that the price of the contract can change before it ismarked to market.C) It is the maximum percentage that the price of the underlying asset can changebefore it is marked to market.D) It is a good-faith deposit made at the time of the contract's purchase or sale.E) It is the amount by which the contract is marked to market.Answer: D Difficulty: EasyRationale: The exchange guarantees the performance of each party, so it requires agood-faith deposit. This helps avoid the cost of credit checks.52. Which of the following is true about profits from futures contracts?A) The person with the long position gets to decide whether to exercise the futurescontract and will only do so if there is a profit to be made.B) It is possible for both the holder of the long position and the holder of the shortposition to earn a profit.C) The clearinghouse makes most of the profit.D) The amount that the holder of the long position gains must equal the amount that theholder of the short position loses.E) Holders of short positions can recognize profits by making delivery early.Answer: D Difficulty: ModerateRationale: The net profit on the contract is zero it is a zero-sum game.53. Some of the newer futures contracts includeI)fashion futures.II)weather futures.III)electricity futures.IV)entertainment futures.A) I and IIB) II and IIIC) III and IVD) I, II, and IIIE) I, III, and IVAnswer: B Difficulty: EasyRationale: Weather and electricity futures are mentioned in the textbook as recentinnovations.54. Who guarantees that a futures contract will be fulfilled?A) the buyerB) the sellerC) the brokerD) the clearinghouseE) nobodyAnswer: D Difficulty: EasyRationale: Once two parties have agreed to enter the transaction, the clearinghouse becomes the buyer and seller of the contract and guarantees its completion.55. If you took a long position in a pork bellies futures contract and then forgot about it,what would happen at the expiration of the contract?A) Nothing--the seller understands that these things happen.B) You would wake up to find the pork bellies on your front lawn.C) Your broker would send you a nasty letter.D) You would be notified that you owe the holder of the short position a certain amountof cash.E) You would be notified that you have to pay a penalty in addition to the regular costof the pork bellies.Answer: D Difficulty: EasyRationale: The item is usually not delivered, but cash settlement can be made through the use of warehouse receipts. You are still obligated to fulfill the contract and give the holder of the short position the value of the pork bellies.56. Hedging a position using futures on another commodity is calledA) surrogate hedging.B) cross hedging.C) alternative hedging.D) correlative hedging.E) proxy hedging.Answer: B Difficulty: EasyRationale: Cross-hedging is used in some cases because no futures contract exists for the item you want to hedge. The two commodities should be highly correlated.57. A trader who has a __________ position in oil futures believes the price of oil will__________ in the future.A) short; increaseB) long; increaseC) short; decreaseD) long; stay the sameE) B and CAnswer: E Difficulty: ModerateRationale: The trader holding the long position (the person who will purchase the goods) will profit from a price increase. Profit to long position = Spot price atmaturity--Original futures price.。

期权期货常用英语（Option futures）Abandon abandon: confirm option failureActuals in stock (LME generally uses physical)Arbitrage inter market arbitrageAssay test analysisAsk asking for priceAt-the-Money equal value: the performance price of the option is exactly the same as the current price of the current option futures contractBack pricing effective time pricing: producers usually use the LME settlement price as the benchmark and the daily settlement price is valid until noon the following day. Also known as Known the (Pricing on pricing)Backwardation spot Premium: the spot price is higher than the futures price (also known as Back). It is the reverse market and the inverted MarketBase, Metal, base metal, fund: metals other than gold, silver, and platinumBar Chart bar graphBasis: the basis of a commodity spot price and futures price differenceBasis Price basic price, exercise price: the price in which the seller and the Buyer agree and conclude the transaction in the options transaction. Also known as Price (Strike price), usually for the current market priceBear short seller, bearish: Contrary to BullBear Covering ends the short positionBear, Market, bear markets, bear markets: markets where prices have generally fallenBear Position has been selling the futures short positions: hope the future will at a lower price to buy, sell and profit is now the difference between the purchase price laterBest Orders best buy and sell order (Buying/Selling, at, Best)Bid buyer's offerBond bondBottom bottom price: the lowest price for a period of timeBorrowing borrow (Borrowing metal from the market): buy near futures at the same time, sell far futuresBreak slump, sudden rise, breakthrough: prices appear larger fluctuationsBroker brokers, brokersBull bulls, Bulls: the opposite of BearBull, Market bull markets, bull markets: markets where prices have generally risenBull Position long position: buy futures and expect to sell at a higher price later. The profit is the difference between the present and future selling pricesBusiness Day trading dayBuying Hedge (Long Hedge) buy hedgeBuy In: open, hedge, or close a short positionBuy on Close buy at close: buy at closing price at closingBuy on Opening open to buy: buy at the opening price at the openingCall Option call option, delay buying options: allow buyers to buy a specified futures contracts according to a specific power price. When the expected market value is bullish, a call option, such as a buyer's mistake, can be waived. The risk of loss is only the premium of the purchase optionCall Price call priceCanceling Order undo instruction: the instruction to cancel theprevious instructionCarrying borrows and lends: LEM refers to the borrowed loan, and it also represents a borrowing operation that causes the borrower to deposit the metal that he holds into the LEM registered warehouseCarrying Charge storage costs: the storage, payment of insurance, loss, interest, etc.Cash pays cash on hand: LEM means cash delivery for second days after the closing of the spot transaction at settlement price; other exchanges often refer to spot transactionsCashCarry borrow: futures premium, the impact on the long term premium goods often during storage, insurance, the cost of capital. When the metal is in excess, the futures premium tends to expand. As the traders buy near futures futures, the financing cost of futures is low, which makes the bank lending attractiveCash Commodity spot merchandiseCash Today next day delivery: the delivery date of the contract is the next trading dayCFTC Commodity Futures Trading Commission: futures trading is managed by the office of the commodity exchange of the Ministry of AgricultureClear, Clearance liquidation: settlement of funds for futurescontractsClearing House clearing houseClearingMember settlement member: the member company of the clearing house. The settlement member must be a member of the clearing houseClerk floor brokerage assistant: authorized to act as a floor brokerClient Contract commission contract: settlement contract between members and non settlement members, non settlement members and other tradersClient Option: the principal option options trading either Junfei trading settlement membersClose closeClosing Range closing price rangeCOMEX（纽约商品交易所）纽约商品交易所委员会佣金承诺承诺（或未结清权益）大宗商品交易中心（CEC）纽约商品交易中心：纽约商品交易所、纽约商业交易所（NYMEX）、纽约棉花交易所、咖啡糖可可交易所的所在地委员会（证监会或丝房子房子房子）经纪商行代办行升水期货升水：金属近期供货充足时，远期价高于现货价是为正向市场，顺价市场。

财经专业英语词汇(G)财经专业英语词汇(G)财经专业英语词汇(G)gain&nbsp收益；增益garnishee order&nbsp债权扣押令ge capital finance ltd.&nbsp通用金融财务有限公司gearing ratio&nbsp资本与负债比率；杠杆比率〔认股权证〕general acceptance&nbsp一般承兑general account&nbsp一般帐目；总帐general administrator&nbsp一般遗产管理人general agreement on tariffs and trade [gatt]&nbsp《关税及贸易总协议》〔《关贸总协议》〕general agreement on trade in services [gats]&nbsp《服务贸易总协议》general apportionment&nbsp一般分摊general arrangements to borrow [gab]&nbsp《借款总安排》general body of shareholders&nbsp全体股东general business&nbsp一般业务general capital increase&nbsp总增资general clearing member&nbsp一般结算会员general consumer price index [gcpi]&nbsp一般消费物价指数general crossed cheque&nbsp普通划线支票general crossing&nbsp普通划线general expenses&nbsp一般开支general fund&nbsp普通基金general household survey&nbsp综合住户统计调查general insurance council [hong kong federation of insurers]&nbsp一般保险总会〔香港保险业联会〕general ledger&nbsp总分类帐general levy&nbsp一般征款general offer&nbsp公开要约；全面收购建议general partner&nbsp普通合伙人general partnership&nbsp普通合伙general policy&nbsp一般保单general proxy&nbsp一般委托书general rates&nbsp一般差饷general reserve&nbsp一般储备金general revaluation [rates]&nbsp全面重估应课差饷租值general revenue&nbsp一般收入；政府一般收入general revenue account [gra]&nbsp政府一般收入帐目general revenue account expenditure&nbsp政府一般收入帐目开支general revenue account revenue&nbsp政府一般收入帐目收入general revenue balance&nbsp政府一般收入余额general support grant&nbsp一般经费补助金general warrant&nbsp普通拨款令generale belgian bank (also known as belgian bank)&nbsp华比银行generalized system of preference [gsp]&nbsp普及特惠制〔普惠制〕gilt-edged investment&nbsp稳当投资gilt-edged market&nbsp金边证券市场gilt-edged securities&nbsp金边证券gini coefficient&nbsp基尼系数global allocation&nbsp总拨款；拨款总额global costing&nbsp整体成本计算法go private&nbsp私有化；私营化go public&nbsp上市godown warrant&nbsp仓单going concern&nbsp经营中的机构；持续经营gold&nbsp黄金gold bullion&nbsp金条；黄金gold bullion held on an allocated basis&nbsp特别划分方式持有的黄金gold bullion market&nbsp黄金市场gold coin&nbsp金币gold coin certificate&nbsp金币证明书；金币证gold coin coupon&nbsp金币配给券gold exchange standard&nbsp黄金汇兑本位制gold futures&nbsp黄金期货；期金gold identity marks registry&nbsp黄金标记注册处gold market&nbsp黄金市场gold on paper&nbsp黄金券；纸黄金gold, silver and platinum held in physical form&nbsp实金、实银及实白金gold standard&nbsp金本位；金本位制good book debt&nbsp可收回的账面债项good delivery&nbsp合格交货；合格交割good year&nbsp丰年goods and services&nbsp商品及服务；货物与服务goodwill&nbsp商誉；信誉government bond&nbsp政府债券government consumption expenditure&nbsp政府消费开支government conveyancing&nbsp政府产权转易government economist&nbsp政府经济顾问government expenditure&nbsp政府开支government lotteries&nbsp政府奖券government lotteries management committee&nbsp政府奖券管理委员会government mortgage institution&nbsp政府按揭贷款机构government property&nbsp政府财产government property assets&nbsp政府物业资产government regulations&nbsp《政府规例》government rent&nbsp地税；地租government reserve&nbsp政府储备government revenue&nbsp政府收入government securities consultant&nbsp政府证券业顾问government trading department&nbsp参与商业活动的政府部门government utility&nbsp政府公用事业graduated rate&nbsp渐进税率grant&nbsp补助金；拨款grantor&nbsp授予人gratuitous payment&nbsp赏金gratuity&nbsp酬金gratuity benefit&nbsp酬金福利grey market&nbsp暗盘市场；灰市；暗市grey market trading&nbsp暗盘交易gross amount&nbsp毛额gross capital formation&nbsp资本形成总额gross claim&nbsp申索毛额gross claim paid&nbsp已偿付申索毛额gross commission payable&nbsp须付的佣金毛额gross contract value&nbsp合约总值gross domestic capital formation&nbsp本地资本形成总额gross domestic fixed capital formation&nbsp本地固定资本形成总额gross domestic price capital formation&nbsp本地价格资本形成总额gross domestic product [gdp]&nbsp本地生产总值；国内生产总值gross domestic product at constant (1980) market price&nbsp按固定（一九八零年）市价计算的本地生产总值gross domestic product at factor cost&nbsp按生产要素成本计算的本地生产总值gross domestic product at market price&nbsp按市价计算的本地生产总值gross domestic product by industrial sector&nbsp按工业类别计算的本地生产总值gross domestic product component&nbsp本地生产总值的组成部分gross domestic product deflator&nbsp本地生产总值平减物价指数gross domestic product estimate&nbsp估计本地生产总值；本地生产总值的估计数字gross domestic product per capita&nbsp按人口平均计算的本地生产总值gross expenditure&nbsp开支总额；总支出gross expenses&nbsp开支总额；总开支gross income&nbsp收入总额；总收益gross insurance liabilities&nbsp毛保险负债gross liabilities&nbsp总负债gross loss&nbsp毛损；亏损总额gross margin&nbsp毛利gross margining&nbsp总额保证金制度gross national product [gnp]&nbsp本地居民生产总值；国民生产总值gross output&nbsp总产出；总产值；总产量gross premium&nbsp毛保费；保费总额gross premium income&nbsp毛保费收入；保费收入总额gross principal value&nbsp基本价值总额gross proceeds&nbsp总收益gross proceeds from sales&nbsp销售总收入gross profit&nbsp毛利；溢利总额gross receipt&nbsp总收入gross return&nbsp总收益gross trading income&nbsp营业总收入group account&nbsp集团帐目group consolidated balance sheet&nbsp集团综合资产负债表group loss relief&nbsp对集团的亏损给予税项宽免group of seven [g7]&nbsp七大工业国group of seven leaders&nbsp七大工业国元首group of ten [g10]&nbsp十国集团；十国财团组织group tax relief&nbsp集团税项宽减group trading system&nbsp集体贸易制度grow at a respectable pace&nbsp有可观的增长；有不俗的增长率growth enterprise market department [stock exchange of hong kong limited]&nbsp创业板部〔香港联合交易所有限公司〕growth momentum&nbsp增长劲力growth movement&nbsp增长趋势growth path&nbsp增长线；增长途径growth rate of domestic export&nbsp本地产品出口增长率growth with stability&nbsp稳步增长guarantee&nbsp担保；保证guarantee company&nbsp担保公司；保证公司guarantee corporation&nbsp保证法团guarantee deposit and margin paid&nbsp缴付的保证按金guarantee deposit and margin received&nbsp存入的保证按金guarantee fund&nbsp保证基金；担保基金guarantee law&nbsp《担保法》guarantee of bank loan&nbsp银行贷款保证guarantee of due payment&nbsp付款保证书guarantee scheme [stock exchange of hong kong limited]&nbsp担保计划〔香港联合交易所有限公司〕guaranteed benefit&nbsp保证利益guaranteed debenture&nbsp保付债权证guaranteed line of credit&nbsp保证贷款限额guaranteed note&nbsp保证票据；保证单；担保债券guaranteed surrender value&nbsp保证退保现金价值guarantor&nbsp保证人；担保人guardian&nbsp监护人guide for directors of listed companies&nbsp《上市公司董事指引》guide to applicants [hong kong monetary authority]&nbsp《认可机构开业与经营指引》〔香港金融管理局〕guideline figure&nbsp准则数字guideline on leveraged foreign exchange trading&nbsp 《杠杆式外汇买卖指引》guideline on minimum criteria for authorization&nbsp《认可的最低准则的指引》guideline on recognition of interest [hong kong monetary authority]&nbsp《确认利息收入指引》〔香港金融管理局〕guideline ratio&nbsp准则比率guidelines for the exemption of listed companies from the securities (disclosure of interests) ordinance&nbsp《豁免上市公司遵守〈证券（披露权益）条例〉的指引》guidelines for the exemption of listed companies from the share repurchase requirements of s.49ba of the companies ordinance&nbsp《豁免上市公司遵守〈公司条例〉第49ba条股份购回规定的指引》guiding exchange rate&nbsp指导性汇率gulf cooperation council&nbsp海湾合作委员会gunma finance (hong kong) limited&nbsp群马财务（香港）有限公司财经专业英语词汇(G) 相关内容:11。

Title: The Enduring Allure of GoldIn the annals of human history, few substances have captured the imagination and fascination of civilizations quite like gold. This precious metal, with its radiant yellow hue and remarkable durability, has served as a symbol of wealth, power, beauty, and even divinity across cultures and eras. The allure of gold transcends mere monetary value; it embodies a deep-seated human desire for something rare, enduring, and inherently valuable.The Golden Thread Through HistoryFrom the ancient civilizations of Egypt, Mesopotamia, and China, where gold adorned the tombs of kings and adorned the temples of gods, to the modern-day financial markets where it remains a cornerstone of international reserves, gold has woven itself into the fabric of human history. It has been used as currency, jewelry, religious artifacts, and even as a means of preserving wealth during times of economic uncertainty. The discovery of gold deposits often sparked exploration, conquest, and the rise of entire economies.Symbol of Wealth and PrestigeGold's rarity and beauty have made it a universal symbol of wealth and prestige. In many cultures, owning gold is seen as a mark of success and social status. It is worn as jewelry, from simple gold bands to intricate tiaras, each piece a testament to craftsmanship and the wearer's affluence. Gold coins and bars have long been hoarded by individuals and nations alike, serving as a tangible store of value in times when paper currencies falter.Investment HavenIn the world of finance, gold retains a unique position as a safe-haven asset. During periods of economic turmoil, geopolitical tensions, or currency devaluations, investors often turn to gold as a hedge against uncertainty. Its independence from any single country's economy or central bank policies makes it a valuable diversification tool in portfolios. Gold futures, exchange-traded funds (ETFs), and physical gold bullion are popular investment vehicles for those seeking to protect their wealth from market volatility.Cultural and Religious SignificanceBeyond its economic value, gold holds profound cultural and religious significance. In many religions, gold represents purity, enlightenment, and divine favor. It is used to decorate sacred spaces and create religious artifacts, such as the golden domes of mosques, the intricate icons of Eastern Orthodox churches, and the golden vessels of Jewish temples. Gold's association with the divine underscores humanity's enduring fascination with this metal and its ability to evoke feelings of awe and reverence. The Future of GoldAs technology advances, gold continues to evolve in its applications. It is used in electronics, aerospace, and even medicine due to its excellent conductivity and biocompatibility. The rise of digital gold, such as cryptocurrencies backed by gold reserves, is also reshaping the gold market, offering new ways for investors to access and trade this precious metal.In conclusion, the enduring allure of gold stems from its unique combination of rarity, beauty, and historical significance. It remains a symbol of wealth, power, and prestige, while also serving as a vital component of global finance and a source of inspiration for artists, craftsmen, and investors alike. As long as humans continue to value beauty, stability, and the pursuit of prosperity, the golden thread of history will undoubtedly continue to weave its way through the annals of time.。

Economic Management JournalJune 2021, Volume 10 Issue 1, PP. 14-23 Is There a Risk in China's Gold Futures Price? —Empirical Study Based on GARCH-V AR ModelYuang Zhang1†, Jianquan Nie21. SILC Business School, Shanghai University, Shanghai 201800, China2. School of Economics, Shanghai University, Shanghai 201800, China†Email:**********************AbstractThis paper selects the daily frequency data of settlement price, closing price and consecutive contract price of gold futures from December 2016 to December 2019.The GARCH model is used to make an empirical analysis of three sets of daily price data series of gold futures, and the GARCH family model with the highest goodness of fit is used to predict the VaR value. Thus, the market risk of gold futures is estimated. The empirical analysis results show that the three price sequences are non-normal distribution, and ARCH effect exists in all of them. This feature can be removed by the best fitting GARCH family model corresponding to each of the three sets of data. The settlement and closing prices of active contracts fluctuate less. However, the closing price of continuous gold futures fluctuates more significantly than the other two groups of data due to its weighted nature. This paper argues that the relevant government departments should reduce the compulsory regulation measures on the financial derivatives market, so that enterprises and individual investors can more accurately calculate the market risks of derivatives through measurement methods. And commercial banks should focus on the transformation of the number and scale of the details of financial derivatives, so that both themselves and the majority of investors can more clearly predict the risk of gold futures. Keywords: Gold Futures; Gold Futures Price Risk; GARCH Model; Var Method中国黄金期货价格是否存在风险？—基于GARCH-VaR模型的实证研究张雨昂1，聂涧泉21.上海大学悉尼工商学院，上海2018002.上海大学经济学院，上海201800摘要：本文通过选取2016.12-2019.12期间黄金期货的结算价、收盘价以及连续合约价的日频率数据，使用GARCH模型对三组黄金期货日价格数据序列进行实证分析，采用拟合优度最高的GARCH族模型，预测VaR值，从而估算黄金期货的市场风险。

期货英文Futures, also known as futures contracts, are financial contracts that specify the delivery or receipt of a certain underlying asset, such as a commodity or financial instrument, at a specific date and price in the future. Futures are traded on exchanges and can be used to hedge against price fluctuations, as well as to speculate on future price movements.The history of futures trading can be traced back to the mid-19th century, when farmers began to use standardized grain contracts to protect themselves against price fluctuations. This led to the establishment of the Chicago Board of Trade in 1848, which is now one of the largest futures exchanges in the world.The primary advantage of futures trading is the ability to hedge against price fluctuations. For example, a corn farmer may take a short position in corn futures in order to protect against a decline in the price of corn. Conversely, a grain processor may take a long position in corn futures to protect against an increase in the price of corn.Futures trading also provides the opportunity for speculators to profit from price movements. Speculators can take either long or short positions in futures contracts, depending on their expectations for future price movements.Futures contracts typically have expiration dates, which can range from days to years. At expiration, the contract is settled by either physical delivery of the underlying asset or through a cash settlement. For example, a crude oil futures contract may be settled through physical delivery of crude oil or through a cash settlement based on the price of crude oil at expiration.There are many different types of futures contracts, including agricultural commodities such as wheat, corn, and soybeans, as well as financial instruments such as currencies, interest rates, and stock market indexes. Some of the most popular futures contracts include the S&P 500 index futures, gold futures, and crude oil futures.Futures trading is highly risky and requires a significant amount of knowledge and experience. Traders must be able to analyze market trends and make accurate predictions about future price movements. They must also be able to manage risk by setting stop loss orders and other risk management strategies.In addition to traditional futures trading strategies, there are also a number of other futures trading techniques, such as spread trading, options trading, and algorithmic trading. Spread trading involves taking a position in two or more related futures contracts in order to profit from the difference in their prices. Options trading allows traders to buy or sell an options contract, which is a derivative of a futures contract. Algorithmic trading involves using computer algorithms to execute trades based on pre-determined rules and parameters.Overall, futures trading is a complex and highly specialized field that requires a great deal of knowledge and skill to succeed. However, for those who are able to master the art of futures trading, the potential rewards can be significant.。

gain 收益；增益garnishee order 债权扣押令GE Capital Finance Ltd. 通用金融财务有限公司gearing ratio 资本与负债比率；杠杆比率〔认股权证〕general acceptance 一般承兑general account 一般帐目；总帐general administrator 一般遗产管理人General Agreement on Tariffs and Trade [GATT] 《关税及贸易总协定》〔《关贸总协定》〕General Agreement on Trade in Services [GATS] 《服务贸易总协定》general apportionment 一般分摊General Arrangements to Borrow [GAB] 《借款总安排》general body of shareholders 全体股东general business 一般业务general capital increase 总增资general clearing member 一般结算会员General Consumer Price Index [GCPI] 一般消费物价指数general crossed cheque 普通划线支票general crossing 普通划线general expenses 一般开支general fund 普通基金General Household Survey 综合住户统计调查General Insurance Council [Hong Kong Federation of Insurers] 一般保险总会〔香港保险业联会〕general ledger 总分类帐general levy 一般征款general offer 公开要约；全面收购建议general partner 普通合伙人general partnership 普通合伙general policy 一般保单general proxy 一般委托书general rates 一般差饷general reserve 一般储备金general revaluation [rates] 全面重估应课差饷租值general revenue 一般收入；政府一般收入General Revenue Account [GRA] 政府一般收入帐目General Revenue Account expenditure 政府一般收入帐目开支General Revenue Account revenue 政府一般收入帐目收入general revenue balance 政府一般收入余额general support grant 一般经费补助金general warrant 普通拨款令Generale Belgian Bank (also known as Belgian Bank) 华比银行generalized system of preference [GSP] 普及特惠制〔普惠制〕gilt-edged investment 稳当投资gilt-edged market 金边证券市场gilt-edged securities 金边证券Gini Coefficient 基尼系数global allocation 总拨款；拨款总额global costing 整体成本计算法go private 私有化；私营化go public 上市godown warrant 仓单going concern 经营中的机构；持续经营gold 黄金gold bullion 金条；黄金gold bullion held on an allocated basis 特别划分方式持有的黄金gold bullion market 黄金市场gold coin 金币gold coin certificate 金币证明书；金币证gold coin coupon 金币配给券gold exchange standard 黄金汇兑本位制gold futures 黄金期货；期金Gold Identity Marks Registry 黄金标记注册处gold market 黄金市场gold on paper 黄金券；纸黄金gold, silver and platinum held in physical form 实金、实银及实白金gold standard 金本位；金本位制good book debt 可收回的帐面债项good delivery 合格交货；合格交割good year 丰年goods and services 商品及服务；货物与服务goodwill 商誉；信誉government bond 政府债券government consumption expenditure 政府消费开支government conveyancing 政府产权转易Government Economist 政府经济顾问government expenditure 政府开支government lotteries 政府奖券Government Lotteries Management Committee 政府奖券管理委员会government mortgage institution 政府按揭贷款机构government property 政府财产government property assets 政府物业资产Government Regulations 《政府规例》Government rent 地税；地租government reserve 政府储备government revenue 政府收入government securities consultant 政府证券业顾问government trading department 参与商业活动的政府部门government utility 政府公用事业graduated rate 渐进税率grant 补助金；拨款grantor 授予人gratuitous payment 赏金gratuity 酬金gratuity benefit 酬金福利grey market 暗盘市场；灰市；暗市grey market trading 暗盘交易gross amount 毛额gross capital formation 资本形成总额gross claim 申索毛额gross claim paid 已偿付申索毛额gross commission payable 须付的佣金毛额gross contract value 合约总值gross domestic capital formation 本地资本形成总额gross domestic fixed capital formation 本地固定资本形成总额gross domestic price capital formation 本地价格资本形成总额gros。

gold2023指南英文版pdf全文共3篇示例，供读者参考篇1Gold 2023 Guide: The Ultimate Resource for Exploring the World of GoldIntroductionGold has always been a symbol of wealth, power, and beauty. It has been coveted by civilizations throughout history and continues to hold its allure in the modern world. Whether you are an investor looking to diversify your portfolio, a jewelry lover seeking the perfect piece, or simply someone interested in learning more about this precious metal, the Gold 2023 Guide is your ultimate resource.Chapter 1: The History of GoldGold has a rich and fascinating history that spans thousands of years. From ancient civilizations like Egypt and China to the Spanish conquistadors and the California Gold Rush, gold has played a central role in shaping human society. This chapter explores the origins of gold, its uses throughout history, and the impact it has had on economies and cultures around the world.Chapter 2: The Science of GoldGold is not just a valuable metal - it is also a fascinating element with unique properties. In this chapter, we delve into the science behind gold, including its atomic structure, physical and chemical properties, and its role in modern technologies. From its conductivity to its resistance to corrosion, gold has a wide range of applications that make it indispensable in various industries.Chapter 3: Investing in GoldFor centuries, gold has been a safe haven for investors seeking stability and security. In this chapter, we explore the ins and outs of investing in gold, from buying physical gold like coins and bars to investing in gold stocks, exchange-traded funds (ETFs), and mining companies. We also discuss the risks and rewards of investing in gold, as well as strategies for maximizing your returns.Chapter 4: The Art of GoldsmithingGold has long been prized for its beauty and craftsmanship, and goldsmithing is the art of transforming this precious metal into stunning jewelry and decorative items. In this chapter, we take a closer look at the ancient art of goldsmithing, includingtechniques like casting, engraving, and filigree. We also explore the different styles and traditions of goldsmithing around the world, from traditional Indian Kundan jewelry to modern Western design.Chapter 5: Gold in Culture and SocietyGold is not just a valuable commodity - it is also a symbol of status, power, and prestige. In this chapter, we examine the cultural significance of gold in various societies and civilizations, from the use of gold in religious ceremonies and rituals to its portrayal in art, literature, and folklore. We also explore the role of gold in modern society, from its use in fashion and luxury goods to its symbolic importance in popular culture.Chapter 6: The Future of GoldAs we look to the future, the role of gold in our world is constantly evolving. In this final chapter, we speculate on the future of gold, from emerging technologies like nanotechnology and biomedicine to the potential impact of geopolitical events and climate change on the gold market. We also discuss the growing interest in ethical and sustainable gold mining practices, as well as the rise of cryptocurrencies and digital gold as alternative investments.ConclusionThe Gold 2023 Guide is your comprehensive resource for all things gold. Whether you are a seasoned investor, a budding jewelry designer, or simply a curious observer, this guide has something for everyone. From its rich history and scientific properties to its cultural significance and investment potential, gold continues to shine bright in the world of precious metals. So dive in, explore the world of gold, and discover the golden opportunities that await you.篇2Gold 2023 Guide English Version PDFIntroductionWelcome to the Gold 2023 Guide English Version PDF! In this comprehensive guide, you will find valuable information about gold investing, mining, trading, and more. Whether you are a seasoned investor or just starting out in the world of gold, this guide is designed to provide you with the knowledge and tools you need to succeed.Gold InvestingGold has long been recognized as a store of value and a safe haven asset. Throughout history, gold has maintained its value and has even outperformed other investment options during times of economic uncertainty. In this section, we will explore the benefits of investing in gold, the different ways to invest in gold, and how to create a diversified gold investment portfolio.Gold MiningGold mining plays a crucial role in the supply of gold to the market. In this section, we will take an in-depth look at the gold mining industry, including the different methods of gold extraction, the top gold-producing countries, and the environmental impact of gold mining. You will also learn about the key factors that can influence the price of gold, such as supply and demand dynamics, geopolitical events, and macroeconomic trends.Gold TradingGold trading offers investors the opportunity to profit from the price movements of gold without owning physical gold. In this section, we will discuss the different ways to trade gold, including futures contracts, options, and gold exchange-traded funds (ETFs). You will also learn about the factors that can affectthe price of gold in the short term and how to use technical analysis and chart patterns to make informed trading decisions.Gold Storage and SecurityIf you choose to invest in physical gold, it is important to store your gold in a secure and safe location. In this section, we will explore the different options for storing gold, including home safes, bank safe deposit boxes, and allocated storage facilities. You will also learn about the importance of insuring your gold holdings and how to protect your gold investment from theft and fraud.ConclusionThe Gold 2023 Guide English Version PDF is a valuable resource for anyone interested in investing in gold. Whether you are looking to diversify your investment portfolio, hedge against inflation, or simply profit from the price movements of gold, this guide is packed with essential information and tips to help you achieve your investment goals. Start reading the guide today and take your first step towards becoming a successful gold investor!篇3Gold2023 Guide English Version PDFWelcome to the Gold2023 Guide English Version PDF! This comprehensive guide provides all the information you need to know about the Gold2023 event, including the schedule, participating teams, key players, and important rules and regulations. Whether you are a die-hard fan of the sport or a newcomer to the world of gold2023, this guide has got you covered.Schedule:The Gold2023 event will take place over a period of two weeks, starting from June 1st to June 15th. The schedule includes a total of 30 matches, with each team facing off against each other in a round-robin format. The top four teams will advance to the knockout stage, where they will compete for the championship title.Participating Teams:A total of 8 teams will be participating in the Gold2023 event, representing countries from around the world. These teams include defending champions, Team USA, as well as powerhouse teams such as Brazil, Germany, and Spain. Each team is comprised of a roster of talented athletes who have trained rigorously for this prestigious event.Key Players:Some of the key players to watch out for in the Gold2023 event include Lionel Messi (Argentina), Neymar Jr. (Brazil), Cristiano Ronaldo (Portugal), and Kylian Mbappe (France). These athletes have proven themselves to be instrumental in their respective teams' success and will be looking to make a significant impact on the tournament.Rules and Regulations:The Gold2023 event will follow the standard rules and regulations of the game, as outlined by the International Gold Federation. This includes guidelines on player eligibility, match procedures, and penalties for misconduct. It is important for all participants to familiarize themselves with these rules to ensure fair play and sportsmanship throughout the event.In conclusion, the Gold2023 Guide English Version PDF is your go-to resource for all things related to the upcominggold2023 event. Whether you are a seasoned gold fan or a casual observer, this guide has everything you need to know to stay informed and engaged throughout the tournament. Get ready to witness the world's best athletes compete for glory on the gold pitch!。

钱英语单词大全100个以下是一些有关钱的英语单词，每个单词都带有中文翻译：1.money 钱2.currency 货币3.cash 现金4.bill 钞票5.coin 硬币6.banknote 银行票据7.check 支票8.debit card 借记卡9.credit card 信用卡10.atm card 自动取款卡11.paycheck 薪水支票12.salary 薪水13.tips 小费14.allowance 津贴15.pension 养老金16.interest 利息17.dividend 股息mission 佣金19.fee 服务费20.rent 租金21.tip 小费22.bribe 贿赂23.donation 捐款24.ransom 赎金25.premium 保险费26.toll 过路费27.tuition 学费28.fine 罚款29.feeble 不强的30.hardship 艰难困苦31.threadbare 用旧的32.pinch 紧缺的33.spendthrift 大手大脚的34.thrifty 节俭的35.cashier 收银员36.teller 出纳员37.bookkeeper 记账员38.financial secretary 财务部长39.treasurer 司库员40.investment banker 投资银行家41.broker 经济人42.loan shark 高利贷者43.penny-pincher 吝啬鬼44.gold digger 爱钱如命的人45.moola (俚语)钱，现款46.greenmail (美俚)赎金，敲诈金47.lucre (俚语)钱财，财富48.change 零钱49.pocket money 零用钱50.spending money 零用钱51.daily money 零用钱52.small money 零钱53.pecuniary 金钱的54.moneyed 有钱的55.rich 富有的56.wealthy 富裕的57.poor 贫穷的58.needy 贫困的59.cash crop 经济作物60.boodle 巨款，大笔的钱61.greenback （美）钞票；临时贷款62.dough （俚语）钱，现款63.moola （俚语）钱，现款64.readies （英）现款，现金65.the ready （旧）现金，现款66.johnny （俚语）钞票，现钞67.gelt （俚语）钱，金钱68.clams （俚语）钱，金钱69.dosh （俚语）钱，金钱70.dougherty （俚语）有钱人71.green （俚语）钱，金钱72.smackeroo （俚语）金钱，现款73.jack （俚语）钱，金钱74.spondulicks （俚语）金钱，钞票75.beans （俚语）钱，金钱76.路易十九的一百元金币77.marchpane （英）（果仁巧克力）珍味饼78.pelf （俚语）钱财；掠夺物；战利品79.pickings （俚语）意外收获；意外获得的钱财物品等80.doshful （古语）充满钱财的；非常有钱的；大量的金钱81.clink （俚语）金钱；现款；财富82.johnny-come-lately （俚语）新近发迹而有钱的人；暴发户；新贵人83.（俚语）大把大把地花钱；阔绰地大肆挥霍；任意挥霍浪费大量金钱物品等的人；浪费成性的人；挥金如土的人。

财经英语词汇翻译(G)财经英语词汇翻译(G)财经英语词汇翻译(G)gain 收益；增益garnishee order 债权扣押令ge capital finance ltd. 通用金融财务有限公司gearing ratio 资本与负债比率；杠杆比率〔认股权证〕general acceptance 一般承兑general account 一般帐目；总帐general administrator 一般遗产管理人general agreement on tariffs and trade 《关税及贸易总协议》〔《关贸总协议》〕general agreement on trade in services 《服务贸易总协议》general apportionment 一般分摊general arrangements to borrow 《借款总安排》general body of shareholders 全体股东general business 一般业务general capital increase 总增资general clearing member 一般结算会员general consumer price index 一般消费物价指数general crossed cheque 普通划线支票general crossing 普通划线general expenses 一般开支general fund 普通基金general household survey 综合住户统计调查general insurance council 一般保险总会〔香港保险业联会〕general ledger 总分类帐general levy 一般征款general offer 公开要约；全面收购建议general partner 普通合伙人general partnership 普通合伙general policy 一般保单general proxy 一般委托书general rates 一般差饷general reserve 一般储备金general revaluation 全面重估应课差饷租值general revenue 一般收入；政府一般收入general revenue account 政府一般收入帐目general revenue account expenditure 政府一般收入帐目开支general revenue account revenue 政府一般收入帐目收入general revenue balance 政府一般收入余额general support grant 一般经费补助金general warrant 普通拨款令generale belgian bank (also known as belgian bank) 华比银行generalized system of preference 普及特惠制〔普惠制〕gilt-edged investment 稳当投资gilt-edged market 金边证券市场gilt-edged securities 金边证券gini coefficient 基尼系数global allocation 总拨款；拨款总额global costing 整体成本计算法go private 私有化；私营化go public 上市godown warrant 仓单going concern 经营中的机构；持续经营gold 黄金gold bullion 金条；黄金gold bullion held on an allocated basis 特别划分方式持有的黄金gold bullion market 黄金市场gold coin 金币gold coin certificate 金币证明书；金币证gold coin coupon 金币配给券gold exchange standard 黄金汇兑本位制gold futures 黄金期货；期金gold identity marks registry 黄金标记注册处gold market 黄金市场gold on paper 黄金券；纸黄金gold, silver and platinum held in physical form 实金、实银及实白金gold standard 金本位；金本位制good book debt 可收回的账面债项good delivery 合格交货；合格交割good year 丰年goods and services 商品及服务；货物与服务goodwill 商誉；信誉government bond 政府债券government consumption expenditure 政府消费开支government conveyancing 政府产权转易government economist 政府经济顾问government expenditure 政府开支government lotteries 政府奖券government lotteries management committee 政府奖券管理委员会government mortgage institution 政府按揭贷款机构government property 政府财产government property assets 政府物业资产government regulations 《政府规例》government rent 地税；地租government reserve 政府储备government revenue 政府收入government securities consultant 政府证券业顾问government trading department 参与商业活动的政府部门government utility 政府公用事业graduated rate 渐进税率grant 补助金；拨款grantor 授予人gratuitous payment 赏金gratuity 酬金gratuity benefit 酬金福利grey market 暗盘市场；灰市；暗市grey market trading 暗盘交易gross amount 毛额gross capital formation 资本形成总额gross claim 申索毛额gross claim paid 已偿付申索毛额gross commission payable 须付的佣金毛额gross contract value 合约总值gross domestic capital formation 本地资本形成总额gross domestic fixed capital formation 本地固定资本形成总额gross domestic price capital formation 本地价格资本形成总额gross domestic product 本地生产总值；国内生产总值gross domestic product at constant (1980) market price 按固定（一九八零年）市价计算的本地生产总值gross domestic product at factor cost 按生产要素成本计算的本地生产总值gross domestic product at market price 按市价计算的本地生产总值gross domestic product by industrial sector 按工业类别计算的本地生产总值gross domestic product component 本地生产总值的组成部分gross domestic product deflator 本地生产总值平减物价指数gross domestic product estimate 估计本地生产总值；本地生产总值的估计数字gross domestic product per capita 按人口平均计算的本地生产总值gross expenditure 开支总额；总支出gross expenses 开支总额；总开支gross income 收入总额；总收益gross insurance liabilities 毛保险负债gross liabilities 总负债gross loss 毛损；亏损总额gross margin 毛利gross margining 总额保证金制度gross national product 本地居民生产总值；国民生产总值gross output 总产出；总产值；总产量gross premium 毛保费；保费总额gross premium income 毛保费收入；保费收入总额gross principal value 基本价值总额gross proceeds 总收益gross proceeds from sales 销售总收入gross profit 毛利；溢利总额gross receipt 总收入gross return 总收益gross trading income 营业总收入group account 集团帐目group consolidated balance sheet 集团综合资产负债表group loss relief 对集团的亏损给予税项宽免group of seven 七大工业国group of seven leaders 七大工业国元首group of ten 十国集团；十国财团组织group tax relief 集团税项宽减group trading system 集体贸易制度grow at a respectable pace 有可观的增长；有不俗的增长率growth enterprise market department 创业板部〔香港联合交易所有限公司〕growth momentum 增长劲力growth movement 增长趋势growth path 增长线；增长途径growth rate of domestic export 本地产品出口增长率growth with stability 稳步增长guarantee 担保；保证guarantee company 担保公司；保证公司guarantee corporation 保证法团guarantee deposit and margin paid 缴付的保证按金guarantee deposit and margin received 存入的保证按金guarantee fund 保证基金；担保基金guarantee law 《担保法》guarantee of bank loan 银行贷款保证guarantee of due payment 付款保证书guarantee scheme 担保计划〔香港联合交易所有限公司〕guaranteed benefit 保证利益guaranteed debenture 保付债权证guaranteed line of credit 保证贷款限额guaranteed note 保证票据；保证单；担保债券guaranteed surrender value 保证退保现金价值guarantor 保证人；担保人guardian 监护人guide for directors of listed companies 《上市公司董事指引》guide to applicants 《认可机构开业与经营指引》〔香港金融管理局〕guideline figure 准则数字guideline on leveraged foreign exchange trading 《杠杆式外汇买卖指引》guideline on minimum criteria for authorization 《认可的最低准则的指引》guideline on recognition of interest 《确认利息收入指引》〔香港金融管理局〕guideline ratio 准则比率guidelines for the exemption of listed companies from thesecurities (disclosure of interests) ordinance 《豁免上市公司遵守〈证券（披露权益）条例〉的指引》guidelines for the exemption of listed companies from the share repurchase requirements of s.49ba of the companies ordinance 《豁免上市公司遵守〈公司条例〉第49ba 条股份购回规定的指引》guiding exchange rate 指导性汇率gulf cooperation council 海湾合作委员会gunma finance (hong kong) limited 群马财务（香港）有限公司财经英语词汇翻译(G) 相关内容:。

黄金期货买卖的操作流程Trading gold futures involves a series of steps that need to be carefully followed in order to ensure successful transactions. 黄金期货交易涉及一系列必须仔细遵循的步骤，以确保成功的交易。

First and foremost, it is important to open a trading account with a reputable futures brokerage firm that offers gold futures contracts. 首要的是，重要的是要与提供黄金期货合约的知名期货经纪公司开设一个交易账户。

Once the trading account is set up and funded, the next step is to familiarize oneself with the gold futures market. 一旦交易账户设立并充值，下一步就是熟悉黄金期货市场。

This includes understanding how gold futures contracts work, the factors that influence gold prices, and the different strategies that can be employed when trading gold futures. 这包括了解黄金期货合约的运作方式，影响黄金价格的因素，以及在交易黄金期货时可以采用的不同策略。

Before entering into any trades, it is crucial to conduct thorough research and analysis to determine the best entry and exit points for trading gold futures. 在进行任何交易之前，至关重要的是进行彻底的研究和分析，以确定黄金期货交易的最佳入场和出场点。

美国期货交易所合约美国期货交易所（CME Group）是全球领先的期货交易所之一，成立于1898年，总部位于芝加哥。

CME Group提供的合约包括商品、股票、金融衍生品等，如黄金、原油、股指期货等。

以下是CME Group提供的主要合约及其特点：1.黄金期货合约（Gold Futures）黄金期货合约是在交易所上交易的标准化合约，包括交割月份、交割数量、质量等。

交易者可以通过买入或卖出黄金期货合约来获取或减少黄金价格的风险。

交割月份为2月、4月、6月、8月、10月和12月，每手交割数量为100盎司（约合3.11千克），交割品质为0.995或更高。

2.原油期货合约（Crude Oil Futures）原油期货合约是全球最受欢迎的期货合约之一，它是基于纽约商品交易所（NYMEX）的WTI原油期货合约。

交易量大、波动性高，吸引了众多交易者。

交割月份为1月、2月、3月、4月、5月、6月、7月、8月、9月、10月、11月和12月，每手交割数量为1000桶（约合159升），交割品质为WTI原油。

3.三个月美元利率期货合约（Three-Month Eurodollar Futures）三个月美元利率期货合约是衡量市场对美国货币政策未来方向的重要指标，是CME Group最受欢迎的金融期货合约之一。

交易者可以利用这个合约进行对冲和套利操作。

交割月份为3月、6月、9月和12月，每手交割数量为一百万元，交割品质为美元。

4.标普500股指期货合约（S&P 500 Futures）标普500股指期货合约是在交易所上交易的标准化合约，它反映了美国股市的整体走势，交易者可以通过买入或卖出这个合约来获取或减少股票市场价格的风险。

交割月份为3月、6月、9月和12月，每手交割数量为50美元×标普500指数，交割品质为股票。

5.欧元期货合约（Euro FX Futures）欧元期货合约是对欧元汇率的投机和对冲的工具。

任务型阅读训练1认真阅读下列短文，并根据所读内容在文章后表格中的空格里填入最恰当的单词。

注意：每空格1个单词。

White-collar workers going to great lengths for stress reliefA soldier of the South Korean special attack corps paints his eyes during a friendly Taekwondo match at a South Korean Army Base in Pochon, north of Seoul.Stressed out white-collar workers are scaling（攀登）skyscrapers, camping out on rooftops, smashing up restaurants, pretending to be children and even visiting cemeteries in a bid to relieve the pressure of modern life.As the country's economy continues to steam ahead, once popular forms of entertainment, such as karaoke, card games and even boxing bars, appear to be losing their appeal.Consider the members of Shanghai's Cat Rain club. By day, this group of young women works executive jobs, but by night they climb buildings so they can spend the night on the roof."It's a good way to release our pressure. You feel relaxed when you're sitting on the roof, looking up to the sky and chatting with intimate（亲密的）friends," said Gong Ying, 25.The stress of work is not just limited to people in Shanghai.A recently opened restaurant in Beijing encourages customers to smash plates - as long as they are willing to pay to replace them.Though there has been some debate about the extravagance（奢侈）of such services, some psychologists say the activity reflects the desire of some white-collar workers to vent their angst.Some workers even appear eager to return to their childhoods. This May, hundreds of people took part in a festival in which adults pretended to be children. It was an adults-only event, and participants could read comics and eat sweets all day.Scenic places such as parks and rivers can also help people relax and put things in perspective. But a cemetery?Cemetery companies in Shanghai organized visits to local graveyards for stressed-out workers in March. The participants were taken to quiet spots in the cemetery where they could contemplate（考虑、打算）life and their futures.Roof-camper Chen Bin, an IT marketing professional, said she had camped out on a rooftop about 30 times. When she's not sleeping out under the stars, she also has several other adrenalin-fueled interests, such as downhill racing and paragliding."Pressure may bring us distress, but it doesn't mean we can't find ways out," Chen says. "Life should be imaginative."2 认真阅读下列短文，并根据所读内容在文章后表格中的空格里填入最恰当的单词。

Gold May Glitter, but It Doesn't Stack up as a Long-term InvestmentNo substance of value has held its allure longer than gold. It is found in prehistoric burial sites, in jewelry designs the world over and in modern-day electronic circuitry. Gold can also be found in recent investment reports noting that it topped out at more than $1,000 an ounce in mid-March, up from about $680 a year ago. Although it dipped to just under $900 late in April, it has had a tremendous run, up from $350 five years ago.What has driven these price gains? What does gold tell us about the economy's future? Should ordinary investors buy it?In fact, gold has not been a good long-term investment. The previous peak was about $850 an ounce in 1980. Anyone who had squirreled some gold coins or jewelry away in a safety deposit box back then would have made next to nothing over 28 years. Indeed, with inflation factored in, gold has lost value over that period. Meanwhile, an investment in the Standard & Poor's 500 index of stocks would have grown at more than 12% a year in that time -- $100 would have grown to more than $1,800."I don't think it's a good buy-and-hold for a long-term investment," says Wharton finance professor Franklin Allen. "Gold is quite a risky investment, so it may well go up but it can go down substantially. You can see that in the fluctuation of prices over the past 20 years."In his bestselling book Stocks for the Long Run, Wharton finance professor Jeremy Siegel reports that a dollar invested in gold in 1801 would have grown to just $1.95 at the end of 2006, while a dollar put into a basket of stocks reflecting the entire market would have grown to more than $755,000. A dollar put into long-term bonds would have grown to more than $1,000, while a dollar in Treasury bills and similar short-term "cash" holdings would have grown to about $300.Gold prices tend to ride a wave of investor emotion, Siegel says. Investors and speculators have bid gold prices up over the past year because they consider it a safe haven amid worries about the credit crunch, slowing economy, rising inflation and stock market volatility. "In times of financial stress, in times of inflation, when there is fear for the [currency], gold does well," he says. "Once the fears are past, gold goes back down."An Easy BuyExcept as jewelry, Americans were not allowed to own gold from 1933 to 1975. When the ban was lifted, the government-set price of $35 an ounce was abandoned and gold soared to its 1980 peak. For many years after 1975, it was difficult for ordinary investors to trade gold. An old piece of jewelry could be sold to a pawnshop or jewelry store, but probably for far less than its true value. Some firms sold gold coins, but they often were marketed as collectibles for prices exceeding the value of the gold they contained. Once a gold stake was acquired, there was the hassle and expense of storing it.Today, gold investing is simple. "One of the reasons gold has surged so much is it's much easier to buy than it used to be," Siegel says. Perhaps the simplest way is to buy shares of StreetTracks Gold Trust, an exchange-traded fund that can be bought and sold like any stock under the ticker symbol GLD. Each share represents one-tenth of an ounce of gold, giving the shares a price around $86.70 at the end of April. GLD investors never touch any actual gold.Those investors have done very well, averaging annual returns of 28% over the past four years, according to Morningstar, the market data company. But Morningstar warns that small investors who dabble in gold tend to buy after prices have soared, only to get discouraged and sell after prices pull back. Assets in GLD have soared to more than $19 billion, from just $1.3 billion four years ago. "This suggests performance chasing," Morningstar warns in an analysis of GLD's pros and cons.Another drawback, the company adds, is that profits on GLD are taxed at income tax rates as high as 28%, while capital gains on stocks and most mutual funds are taxed at no more than 15% if the investment was held for at least 12 months.Some companies, such as The Perth Mint, owned by the government of Western Australia, sell gold to small investors in the form of certificates representing gold stored in the firms' vaults. While this is a convenient way to bet on gold prices, fees and commissions are typically higher than they are for trading GLD, especially if one trades online through a deep-discount broker.Investors can also bet on the gold market by purchasing stocks in gold mining companies. A number of mutual funds specialize in this niche. But it is not a pure bet on gold prices, since the companies' values are influenced by the same array of factors that can affect any publicly traded company, such as confidence in a firm's management, the size of its inventory and changes in labor costs.Finally, small investors can trade gold futures contracts on the New York Commodities Exchange. The standard futures contract represents 100 ounces of gold, while the mini-gold contract, designed for small investors, represents 33.2 ounces. Futures trading, however, is for sophisticated investors who will keep on top of their positions day by day, since futures prices are extremely volatile.For many people, the new highs in gold prices present an opportunity to unload unwanted jewelry, and the Internet has improved on the old method of going to a pawnbroker or jeweler. "All of a sudden, it's super-hot now, with prices going up," says Wharton marketing professor Peter S. Fader.Companies like Lippincott, LLC are advertising heavily on television and the Internet. In its GoldKit program, 20-year-old Lippincott accepts a gold item such as a ring by mail, appraises it and mails the seller a check. Lippincott pays for shipping and insurance, and supplies the mailing materials to the seller for free. Sellers unsatisfied with the price offered can return the check and get their items back with free shipping and insurance.Businesses like this erase the stigma many people feel in dealing with a pawnbroker or jewelry store, Fader says. "Clever entrepreneurs are finding ways to tap into this higher attention to gold. There is this untapped potential out there of higher-end people who are reluctant [to peddle their gold themselves].... Whoever can go after that group and get them to overcome their resistance has a veritable gold mine."Gold Rings and Orphaned EarringsCurrently, says Fader, there is something of a land rush on the Internet, as firms race to grab domain names containing the word "gold." The successful firms, he predicts, will be those that branch out to purchase other valuables, such as fine watches, so they can keep going even after falling gold prices cut into the market for gold rings and orphaned earrings. Some firms, he says, are working on ways to ease the guilt people feel about selling family heirlooms by making it easier to contribute sale proceeds to charity.Advances like gold ETFs and Internet trading make gold transactions smoother. But no matter how the gold market modernizes, key features are unlikely to change, Siegel says.Although gold is categorized as a commodity, it does not always behave like other commodities such as oil or wheat, which run out and must be continually resupplied, he says. Once mined and turned into jewelry, gold stays in the market. Hence, the supply is continually growing, helping to explain why gold prices have not gone up over the long term.About 70% of the gold that is mined ends up as jewelry, which is a purchase consumers can easily forgo when money is tight. The other 30% is used in electronic circuitry or for other industrial purposes.Over the long term, gold has not been much of an inflation hedge because "it is not an inherently productive resource," Siegel notes. Stocks generally do better against inflation because companies raise prices when inflation goes up, and company assets such as buildings and factories appreciate as well. Growing productivity also helps stock prices keep ahead of inflation. No such factor supports gold prices. Indeed, growing mining efficiency boosts gold supplies, holding down long-term price gains.Allen believes a small gold holding can be appropriate for ordinary investors who want the peace of mind that can come with an asset that keeps its value even in the worst economic crisis. "If things get really bad in terms of inflation and other things, it's still going to be there for you." But he thinks gold holdings should be quite small -- just a sliver of the portion of the portfolio devoted to cash. Investors would be foolish to dump stocks in favor of gold, Allen states."The doom and gloomers hold gold" as a kind of insurance policy against financial disaster, Siegel adds. "I think people pay too much for that insurance policy" at today's prices, he says, suggesting that over the long run, gold investments are bound to disappoint. "I don't think it has any place in along-term portfolio."。

金融工程练习题之一（侧重于期货远期等内容）一、名词解释1．货币的时间价值；2.金融工程；3.远期；4.期货；5.远期利率协议；6.远期外汇交易；7.金融期货；8.股指期货二、解答题1、期货市场与现货市场有什么区别？2、金融期货交易有哪些特征？3、期货合约与远期合约存在哪些不同？4、如何理解金融衍生产品定价的基本假设？5、无套利定价机制的主要特征有哪些？6、试比较利率期货和FRA的异同7、请解释远期多头与远期空头的区别。

8、请详细解释套期保值、投机与套利的区别。

9、请解释签订购买远期价格为$50的远期合同与持有执行价格为$50的看涨期权的区别。

10、一位投资者出售了一个棉花期货合约，期货价格为每磅50美分，每个合约交易量为50000磅。

请问期货合约结束时，当合约到期时棉花价格分别为（a）每磅48.20美分；（b）每磅51.30美分时，这位投资者的收益或损失为多少？11、请解释为什么远期合同既可用来投机又可用来套期保值？12、黄金的现价为每盎司$500。

一年后交割的远期价格为每盎司$700。

一位套期保值者可以10％的年利率借到钱。

套利者应当如何操作才能获利？假设储存黄金费用不计。

13、请描述下述组合的损益：同时签订一项资产的远期多头合约和有同样到期日的基于该项资产的欧式看跌期权的多头，并且在构造该组合时远期价格等于看跌期权的执行价格。

14、请说明保证金是如何使投资者免于违约的。

15、请分别说明在什么情况下应该使用空头套期保值和多头套期保值。

16、假设你签订了一期货合约，7月在纽约商品交易所以每盎司$5.20的价格卖出白银。

合约规模为5,000盎司。

初始保证金为$4,000，维持保证金为$3,000。

将来价格发生什么样的变化会导致保证金催付？如果你不补足保证金会怎样？17、请解释下面这句话：“一种期货合约在交易所大厅内交易时，未平仓合约可能增加一个，或保持不变，或减少一个”。

18、芝加哥交易所的玉米期货合约，有如下交割月可供选择;3月、5月、7月、9月、12月。

第 42 卷第 6 期2023年 11 月Vol.42 No.6Nov. 2023中南民族大学学报（自然科学版）Journal of South-Central Minzu University（Natural Science Edition）基于EMD-LSTM的国际黄金期货价格预测杨晨1，陈贵词1, 2*（1 武汉科技大学理学院，武汉430065；2 武汉科技大学冶金工业过程系统科学湖北省重点实验室，武汉430065）摘要黄金是一种特殊的金融商品，黄金期货作为黄金市场的衍生品，其价格受到多方面的影响，且具有金融序列非线性不平稳的特点，因此传统的统计预测模型通常难以预测其走势.将美元指数、纳斯达克综合指数、道琼斯工业平均指数和标准普尔500指数作为国际黄金期货价格的影响因素，选择2011―2021年交易日收盘价基于EMD-LSTM的组合模型进行预测，并通过与SVR、RF、RNN和LSTM模型对比分析，结果表明：EMD-LSTM模型在国际黄金期货价格的预测上具有更良好的效果，精度更高，能更准确地预测国际黄金期货价格走势.关键词国际黄金期货价格；经验模态分解；长短期记忆网络中图分类号TP181 文献标志码 A 文章编号1672-4321（2023）06-0857-08doi：10.20056/ki.ZNMDZK.20230618International gold futures price forecast based on EMD-LSTMYANG Chen1，CHEN Guici1, 2*（1 College of Sciences， Wuhan University of Science and Technology， Wuhan 430070， China； 2 Hubei Province Key Laboratory of Systems Science in Metallurgical Process， Wuhan University of Science and Technology，Wuhan 430065， China）Abstract Gold is a special financial commodity. As a derivative of gold market， the price of gold futures is affected by many aspects and has the characteristics of nonlinear instability. Therefore， the traditional statistical prediction model is usually difficult to predict its trend. The Dollar Index， Nasdaq Composite Index， Dow Jones Industrial Average Index and Standard & Poor's 500 Index are taken as the influencing factors of international gold futures price， and the closing prices of trading days from 2011 to 2021 are predicted based on the combination model of EMD-LSTM， and compared with SVR，RF，RNN and LSTM models. The results indicate that EMD-LSTM model has a better effect on the prediction of international gold futures price with higher accuracy，and can predict the trend of international gold futures price more accurately.Keywords international gold futures prices； empirical mode decomposition； long and short term memory networks黄金是一种兼具了商品属性和货币属性的特殊的有色金属，它既具有珠宝饰品装饰美化的作用，又是重要的工业生产原料.黄金良好的延展性，稳定的化学性质决定了它成为人类商品社会中最适合充当货币的商品.同时黄金还具有良好的投资、价值储藏功能，广泛受到国内外个人、机构投资者以及政府的青睐.随着各国对于金融市场管理经验越发丰富，现有金融市场不再是全民投资股票市场，而是同时关注期货、期权等市场的投资机会.黄金市场在金融市场中的地位逐步提升，已成为与股票市场、期货市场、债券市场同等重要的金融投资市场.作为黄金市场衍生品之一的黄金期货，具有价格发现、套期保值、风险规避三项职能.但由于黄金期货会受各方面影响，其价格频繁剧烈波动给黄金期货持有者造成了很大的风险，因此黄金期货价格如何变化是学者和广大投资者关注的重点，准确收稿日期2022-07-23* 通信作者陈贵词（1978-），男，教授，博士，研究方向：机器学习，E-mail：******************.cn 基金项目冶金工业过程系统科学湖北省重点实验室基金重点资助项目（Z202102）第 42 卷中南民族大学学报（自然科学版）有效地预测黄金期货价格也具有极为重要的理论意义和应用价值.鉴于黄金期货价格的波动性，如何透过复杂的现象了解黄金期货价格的走势是黄金投资者非常关心的重要课题.目前，国内外学者对期货价格预测的方法进行了大量探索，从最初的线性模型［1］到非线性模型［2］，从传统统计模型［3］到现在的智能模型［4］.传统的统计模型主要是时间序列中的ARIMA 和GARCH等、主成分分析以及各种回归模型.梁超等［5］采用主成分分析和回归模型的组合预测方法构建黄金价格波动率的预测模型，实验显示构建的组合模型的预测精度最优.MADZIWA等［6］建立自回归分布滞后（ARDL）模型来预测年度黄金价格，并与随机均值回归和ARIMA模型比较，发现ARDL模型效果最佳.智能模型主要包括机器学习模型.刘璐等［7］通过比较单向LSTM和双向LSTM、ARIMA、SVR、RNN模型对黄金期货价格序列的预测效果，得出双向LSTM的预测效果是最佳.后来针对单一模型的不足，学者发现组合模型的预测效果更好.张品一［8］构建多输入的GA-BP神经网络模型预测黄金价格，结果表明GA-BP神经网络能更加准确地预测黄金价格走势.由于黄金期货价格属于金融序列，具有非平稳非线性的特征，部分学者发现信号分解方法可以将数据变得平稳，与机器学习模型结合可以大大提高模型精度［9］.王文波等［10］应用EMD 分解算法、混沌分析和神经网络理论提出了一种中国股票市场建模及预测的组合模型，提高了模型对多种目标函数的学习能力，有效提高了精度.贺毅岳等［11］将CEEMDAN与LSTM结合提出股市指数集成预测方法，并以5个代表性股市指数为测试数据，结果表明CEEMDAN-LSTM模型具有更低的预测误差和滞后性.景志刚等［12］应用小波分析将黄金价格分解并输入到LS-SVM-ARIMA模型中能更为准确地预测其走势.综上所述，为了寻找一种更适合国际黄金期货价格预测的方法，建立EMD-LSTM模型.通过EMD 对国际黄金期货价格序列进行分解，并将其与相关影响变量作为LSTM模型的输入，并与SVR、RF、RNN和单一的LSTM模型进行对比，结果表明：本文建立的EMD-LSTM模型预测精度得到了提升，且评价指标最优.1　指标的选取与说明本文选取国际黄金期货作为研究样本，因美国纽约COMEX分部是全球最大的黄金期货交易市场，它的交易情况可以影响全球金价的走向，因此对COMEX黄金期货价格进行预测，并将其作为输出层指标.美元指数USDX（US Dollar Index，USDX）是六种主要世界货币对美元加权几何平均计算，是当前反映美元汇率的一个非常重要且有效的指标，可以用来衡量美元对与世界主要货币的强度，且目前的国际黄金期货价格主要以美元标价，与美元指数呈现负相关关系.由于黄金期货价格会受到美国股票市场的影响，股市下跌，经济下滑，导致资金外流，黄金作为避险资产会受到投资者的追捧，出现金价上涨的情况.而纳斯达克综合指数（Nasdaq Composite Index，NDQ）、道琼斯工业平均指数（Dow Jones Industrial Average Index，DJI）、标准普尔500指数（Standard & Poor's 500 Index，SPX）这三大股指较能彰显美国股市的发展趋势.因此本文根据相关文献［13-17］选取美元指数、纳斯达克综合指数、道琼斯平均工业指数、标准普尔500指数为影响国际黄金期货价格的关键因素，作为输入层指标.选取2011年1月1日至2021年12月31日十年每日的COMEX黄金期货、纳斯达克综合指数、道琼斯平均工业指数和标准普尔500指数交易日收盘价进行研究，采用数据均来源于新浪财经.输入层和输出层指标数据的描述性统计如表1所示.表1　变量的描述性统计美元Tab.1　Descriptive statistics of variables变量类型输入层指标输出层指标指标名称美元指数纳斯达克综合指数道琼斯平均工业指数标准普尔500指数COMEX黄金期货价格平均值90.036344.8420598.732364.391440.32标准差7.963406.786649.33861.29237.15最大值103.316057.4436488.634793.062075.20最小值72.932335.8310655.301099.231050.10符号USDXNDQDJISPXCOMEX858第 6 期杨晨，等：基于EMD -LSTM 的国际黄金期货价格预测2　理论介绍2.1　EMD 分解经验模态分解（Empirical Mode Decomposition ，EMD ）是黄锷博士［18］于1998年提出的一种针对非线性、非平稳复杂时间序列的自适应数据分解算法，它克服了小波分解的基函数需要设定的问题.其本质是对一个复杂信号的平稳化处理，通过一种固定模式将任意一个信号分解为若干个固有本征模态函数（Intrinsic Mode Function ，IMF ）和一个残差趋势项（Residual ，Res ），其中每一个IMF 分量代表原始信号在不同频率段的震荡变化，反映了原始变量的局部特征，残差趋势项反映信号中的缓慢变化量.IMF 分量的确定需满足以下两个条件：（1）该分量的局部极值点与过零点的数目必须相等，或最多相差一个；（2）在任意时刻，由该分量局部最大值点通过三次样条插值定义的上包络线和局部极小值点定义的下包络线的均值为零.EMD 的具体分解过程［19-20］如图1所示.（1）找到原始信号序列X (t )的局部极大值点和局部极小值点；（2）使用三次样条插值法拟合出局部极值点的上下包络线u 0(t )和l 0(t )，并求出局部上下包络线的均值m 0(t )；（3）用原始序列信号X (t )减去均值m 0(t )，得到分量h 1(t )；（4）判断h 1(t )是否满足IMF 的两个特点；若满足，则h 1(t )为提取到的第一个IMF 分量，令X 1(t )=X (t )-h 1(t )，用X 1(t )代替原始序列X (t )；若不满足，则用h 1(t )替代原始序列X (t )，重复上述步骤直到h k (t )满足IMF 条件，至此可以找到第一个IMF 分量imf 1.（5）将剩余序列r 1=X (t )-imf 1作为新的分解序列，重复步骤上述步骤，直到信号最后剩余部分r n 是单调序列或者常值序列，此时已经无法再提取出图1 EMD 分解流程图Fig.1　Flow chart of EMD decomposition859第 42 卷中南民族大学学报（自然科学版）新的IMF 分量.最终原始序列X (t )被分解为：X (t )=∑i =1n imf i +r n ，（1）先分解出的IMF 分量为原始序列中的高频部分，也是含噪较高的一部分；r n 为原始序列的趋势项，它反映了原始序列X (t )的趋势.国际黄金期货价格序列属于金融序列，而金融序列通常都具有非平稳、非线性的特点，容易受到各方面因素的影响.本文使用EMD 分解对COMEX 黄金期货价格序列进行平稳化处理，自适应地提取出几个具有周期性特征的IMF 分量和res 余项，从而有效提升模型的精度.2.2　LSTM 深度神经网络长短时记忆网络（Long Short Term Memory ，LSTM ）是循环神经网络（Recurrent Neural Network ，RNN ）的一种变体，最早由HOCHREITER 和SCHMIDHUBER ［21］提出.后由GRAVES［22］改进，使得LSTM 网络得到了进一步推广.LSTM 网络模型主要是为了解决传统RNN 在长序列训练过程中因时间流逝、网络层数增多而带来的梯度消失和梯度爆炸的问题［23］.LSTM 网络从经验中学习，适用于处理和预测时间延迟的时间序列，且性能优异.经典的LSTM 网络的内部结构主要由三个门组成，其记忆单元如图2所示.图2中C t -1和h t -1分别为上一个时刻的LSTM 细胞层的细胞状态和输出；3个σ为对应于遗忘门、输入门和输出门的sigmoid 激活函数，tanh 层创建新的候选细胞状态C t.LSTM 细胞单元更新规则如下.遗忘门控制t -1时刻记忆细胞中需要丢弃的信息，读取t -1时刻的输出h t -1和当前t 时刻的输入x (t )，输出f t 并保存在C t -1中：f t =σ(W f ⋅[h t -1，x (t )])+b f .（2）输入门记忆t 时刻的信息和经遗忘门保留后的t -1时刻的信息，并保存在候选细胞状态C t中，将t -1时刻的细胞状态C t -1和t 时刻候选细胞状态C t 合并更新，输出t 时刻的细胞状态C t ：i t =σ(W i ⋅[h t -1，x (t )])+b i ，（3）C t =tanh (W C ⋅[h t -1，x (t )])+b C ，（4）C t=f t×C t -1+i t×C t.（5）输出门选择部分经遗忘门和输入门筛选后的信息输出为h t ：O t =σ(W O ⋅[h t -1，x (t )])+b O ，（6）h t =O t ×tanh (C t ) ，（7）其中：σ为sigmoid 激活函数，W f 、W i 、W C 和W O 分别为遗忘门、输入门、tanh 函数和输出门的权重，b f 、b i 、b C 和b O 为对应的偏差，i t 和O t 分别为输入门的输出和输出门的输出.2.3　网格搜索网格搜索（Grid Search ，GS ）是智能优化理论中的一种最常用的基础算法，其核心思想是运用枚举的方法对模型中的超参数进行协同优化.主要原理是将待确定的超参数组合为多维空间，确定每一个超参数的寻优范围及搜索步长，以各超参数为正交轴构建多维网格，每一个网格对应一个超参数组合，并使用交叉验证对每一组超参数对应的模型进行评估，最终返回评分最高的模型对应的超参数组合，确定最优的模型.2.4　EMD -LSTM 模型的构建基于以上讨论，本文将EMD 与LSTM 结合，建立国际黄金期货的价格预测模型，并应用网格搜索对LSTM 超参数进行寻优.模型的预测和寻优过程如图3所示.步骤1：获取原始序列，对数据进行预处理；步骤2：对处理后的数据用EMD 分解将国际黄金价格序列分解成若干个IMF 项和残差项，将分解后的IMF 分量与影响变量重组，并划分为训练集和测试集；步骤3：将训练集作为输入建立LSTM 模型，用网格搜索对LSTM 模型进行超参数寻优，并返回最优的超参数组；步骤4：把测试集输入到步骤3中训练好的模型，完成预测验证.3　预测结果分析及对比3.1　数据预处理本文选取2011年1月1日至2021年12月31日十年每日的COMEX 黄金期货、纳斯达克综合指数、道琼斯平均工业指数和标准普尔500指数收盘价为图2 LSTM 单元结构图Fig.2　LSTM unit structure diagram860第 6 期杨晨，等：基于EMD -LSTM 的国际黄金期货价格预测样本.由于变量存在交易日期不一致的问题，因此日期均以COMEX 黄金期货价格数据为基准进行筛选，去除双休日及节假日共2852个样本.各期货价格易受其滞后性影响，因此缺失值用上一个交易日的价格补充.为消除变量之间因量纲差异对模型的影响，首先对数据进行归一化处理，以解决数据之间的可比性，加快训练网络的收敛性，提高模型的预测精度.根据数据集的特点和模型的要求，本文采用最大最小归一化法，将原始数据转化到［‒1，1］之间.x '=x =min (x )max (x )-min (x )，（8）其中：x 为原始数据，x '为所有归一化之后的数据.在建立LSTM 模型之前，还需要把时间序列数据转化为监督学习问题［14］，再使用LSTM 输入X 到输出Y 的映射关系.本文使用滑动窗口来构建样本，窗宽为5，预测未来一天的COMEX 收盘价.通过数据后移形成一系列相互覆盖的样本数据，每次移动步长为1个单位长度，输入数据t 和预测数据t -1的滑动窗口结构图［25］如图4所示.3.2　模型评价指标本文采用均方误差（Mean Square Error ，MSE ）、平均绝对误差（Mean Absolute Error ，MAE ）、均方根误差（Root Mean Squared Error ，RMSE ）和拟合优度R 2作为模型的评价指标，计算公式如下：MSE =1n ∑i =1n(y i -y i )2 ，（9）MSE =1n i =1n(y i -y i )2 ，（10）RMSE =，（11）R 2=1-∑i =1n (y i-y i )2∑i =1n(y i --y )2 ，（12）其中：n 为样本个数，y i 为序列真实值，y i 为序列预测值，-y 为序列均值.3.3　模型预测及对比使用EMD 对COMEX 黄金期货收盘价格序列进行分解，将其分解为9个IMF 分量和一个Res 趋势项，如图5所示.将分解后的序列重组，建立LSTM 网络模型.LSTM 网络模型由一层隐藏层，一层dropout 层和一层全联接层构成；隐藏层的单元个数为200个；以归一化后的预测值和和真实值的MSE 和MAPE 作为损失函数；使用Adam 优化算法更新网络参数；dropout 层丢弃神经元比例为0.1，以防止模型出现过拟合问题；激活函数为tanh 函数；使用网格搜索对batch_size 和训练次数寻优，最终得到最优的batch_size 为75，最优训练次数为200次.为进一步验证所提模型的有效性，采用支持向量回归（Support Vector Regression ，SVR ）、随机森林（Random Forest ，RF ）、LSTM 、RNN 四种模型对COMEX 黄金期货价格进行预测，来进行对比实验，并计算出各个模型在测试集上相应的评价指标以进行评判.通过网格搜索确定SVR 和RF 模型的最优超参数组得到：SVR 模型的最优核函数和惩罚函数为0.1和10；RF 模型的最优迭代次数为50；为证明改进模型的有效性，LSTM 和RNN 模型的超参数图4 滑动窗口结构图Fig.4　Slide window structure diagram图3 EMD -LSTM 算法流程图Fig.3　Flow chart of EMD -LSTM algorithm861第 42 卷中南民族大学学报（自然科学版）与EMD -LSTM 模型相同.对比表2的结果可知：EMD -LSTM 模型的MSE 、MAE 和RMSE 比SVR 模型降低了5.59%、19.27%、19.97%，比单一的LSTM 模型降低了0.13%、1.69%、1.41%，比RNN 降低了0.05%、0.7%、0.6%，比RF 模型的MSE 和RMSE 降低了0.05%、0.54%，而MAE 增加了1.36%.从整体上看EMD -LSTM 模型的各项误差值是最小的，且EMD -LSTM 模型的R 2比SVR 、LSTM 、RNN 和RF 分别增加了83.29%、2%、0.78%和0.59%.根据误差值和R 2来看，本文使用的模型误差最小，R 2最高，模型的精度相较于传统模型和单一的LSTM 模型有所提升.因此本文使用的EMD -LSTM 模型能有效提升模型的精度，预测效果更好.为了直观地表现各种模型的预测差异，将2020年和2021年收盘价预测结果分段展示.由图6可见：这几种模型均可预测出COMEX 黄金期货价格的大致走势，但RF 、RNN 和EMD -LSTM 模型的预测结果比SVR 和单一的LSTM 模型更加接近真实值，在原始数据波动较大的情况下RF 、RNN 和EMD -LSTM 对原始数据波动的刻画更加精确.从图6（b ）可见：在2020年8月原始数据值波动较大的时，RF 预测为一条水平线，与实际走势相差很大.RNN 在2020年上半年的预测值与实际值相差不大，但在图6（b ）‒图6（d ）中可见，自2020年8月后的预测效果稍有偏离实际值的曲线.而本文使用的EMD -LSTM 预测效果一直很稳定，始终与原数据保持一致的趋势，具备更好的跟随性和波动性，与实际值更加接近，且其各种误差也明显小于SVR 、RF 、RNN 和LSTM 模型，拟合优度更高，二者结合进一步说明了EMD -LSTM 模型比SVR 、RF 、RNN 和LSTM 模型的预测效果更佳，精度更高.图5 COMEX 黄金期货收盘价的EMD 分解结果Fig.5　EMD decomposition results of COMEX gold futures closing price表2　不同预测模型在COMEX 黄金期货收盘价的评估结果Tab.2　Evaluation results of different prediction models on COMEXgold futures closing price模型SVR RFLSTM RNN EMD -LSTM 模型评价指标MSE0.05750.00210.00290.00210.0016MAE0.22210.01580.04630.03640.0294RMSE0.23980.04550.05420.04610.0401R 20.1430.970.95590.96810.9759862第 6 期杨晨，等：基于EMD -LSTM 的国际黄金期货价格预测4　结语本文以国际黄金期货价格为研究对象，选取了纳斯达克综合指数、道琼斯平均工业指数和标准普尔500指数收盘价作为影响变量，对数据数据集进行最大最小归一化处理.针对金融序列非平稳非线性的特点，对COMEX 黄金收盘价进行EMD 分解.将分解得到的IMF 分量与原数据重组，并作为LSTM 网络模型的输入.利用网格搜索对LSTM 模型的超参数寻优减少人为因素的影响，提高了模型的精度.通过与其他机器学习模型对比，证实了EMD -LSTM 模型的预测误差更小，拟合优度更高，其精度优于SVR 、RF 、LSTM 和RNN 模型，能够更好地预测COMEX 黄金期货价格.参考文献［1］ 方超逸. 国际黄金价格走势分析与预测方法［J ］.黄金， 2009， 30（11）： 4-7.［2］ 杨潇. 中国黄金期货价格的SVR 智能预测研究［J ］. 会计之友， 2017， 569（17）： 50-53.［3］ 王峰虎， 尹朝鹏， 贺毅岳. 一种基于HMM 预测模型的黄金期货择时策略［J ］. 西安邮电大学学报， 2020， 25（5）： 104-110.［4］ 沈虹， 李旭， 潘琪. 基于深度学习长短期记忆神经网络的有色金属期货市场预测研究［J ］. 南京理工大学学报（自然科学版）， 2021， 45（3）： 366-374.［5］ 梁超， 魏宇， 马锋， 等. 我国黄金期货价格波动率预测研究： 来自模型缩减方法的新证据［J ］. 中国管理科学， 2022， 30（4）： 30-41.［6］ MADZIWA L ， 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你长大以后想做什么英语作文60字初二全文共6篇示例，供读者参考篇1What Do I Want to Be When I Grow Up?Wow, that's a really tough question! There are so many cool jobs out there, it's hard to pick just one. I guess I should start by thinking about the things I like. Let me see...I really like playing video games. Maybe I could be a video game designer! That would be awesome. I'd get to come up with the stories and characters and levels. And I'd probably get to play the games before anyone else too! But wait, don't you have to be really good at coding and stuff to design video games? Hmm, I'm not sure if I'm that great at coding yet. I'll have to work on that.Or maybe I could be a professional gamer instead? There are some gamers who make a ton of money just playing games on Twitch and YouTube. That sounds fun! Just chilling at home, playing games all day, and people pay you for it. The dream, right? But I don't know, that seems like it would get boring aftera while. Just playing the same games over and over. I'd probably want to do something a little more exciting.Speaking of excitement, how cool would it be to be an astronaut? You get to go to space! That's every kid's dream. Can you imagine looking out the window and seeing the whole planet Earth? That would be insane. And you get to float around without gravity too. It's too bad you have to be incredibly smart and spend forever in training though. I'm not sure I'm dedicated enough for that. Plus I get a little queasy just thinking about launching off in a rocket ship. Yeah, maybe not an astronaut.If I'm being honest, I really like animals a lot. Maybe I'll be a veterinarian! That way I'd get to help sick pets get better. And can you imagine how fun it would be to play with puppies and kittens all day? Getting paid to cuddle cute animals sounds like the best job ever. The only downside is you'd probably have to deal with some grumpy owners who don't listen to you about how to take care of their pets properly. I don't know if I'd have the patience for that.You know what? I think I might want to be a teacher. Yeah, a teacher! That way I'd get to learn new things every day just by teaching the lessons. And I'd have a ton of time off for summer vacations and holidays. Teachers get to be a kid at heart forever.Plus, and this is the most important part, teachers get to inspire students and help shape their futures. How cool would it be if my students grew up to become scientists who cured diseases or athletes who brought home Olympic gold medals? Just by being their teacher, I'd play a tiny part in helping them achieve their dreams. That seems like it would be a really rewarding job.Of course, I'd have to go to college for teaching first. Ugh, college seems so far away though. Who knows if I'll even want to be a teacher by then? Maybe I'll want to be a police officer and fight crime. Or a chef and cook fancy meals. Or a singer and go on world tours. Or a million other things! There are so many possibilities, it's impossible to decide right now.I guess for the time being, I'll just focus on being a kid. I've got my whole life ahead of me to figure out my dream job. For now, I'm just going to keep having fun, keep learning, and keep an open mind to all the amazing careers that are out there waiting for me. Who knows, maybe I'll discover a passion for something I've never even thought of before! The future is full of endless opportunities. I can't wait to see what path life takes me down.篇2What Do I Want to Be When I Grow Up?Hi there! My name is Jamie and I'm a 7th grader. Our English teacher, Mrs. Roberts, just gave us a really cool assignment. She wants us to write about what we want to be when we grow up. At first I was like "Oh man, another dumb essay?" But then I started thinking about it and got pretty excited!There are so many amazing jobs and careers out there. It's hard to even know where to start. I could be a doctor or nurse and help people when they're sick. Or a teacher like Mrs. Roberts and teach kids fun stuff. Maybe I'll be a scientist and make awesome inventions that change the world. Or a famous actor or musician living the dream!I have a lot of different interests too. I'm really good at math, so maybe I'll be an accountant or work at a bank. But I also love art class and could be an artist or graphic designer. Video games are another huge passion - how cool would it be to be a video game designer? I know, I know, my mom says they're "a waste of time" but c'mon, video games are amazing!Sports are another big part of my life. I play basketball, soccer, and run track. Working as a professional athlete would be a dream come true. Playing my favorite sports and getting paid tons of money for it? Sign me up! I'd have to be super dedicatedthough and practice like crazy to make it at the pro level. That level of commitment seems pretty intense at this age.Then there's my love for animals. I'm obsessed with my dog Rufus and all kinds of wildlife shows on TV. Maybe I'll be a veterinarian and help animals. Or a zookeeper or marine biologist working with cool creatures every day? That could be a lot of fun.Honestly, I don't have just one career I'm set on yet. I change my mind like every week! That's probably pretty normal at 13 years old though, right? We've still got a while to figure it all out.One thing I do know is that I want a job where I can make a positive difference in some way. Something that helps others and makes the world a little bit better. Earning a good paycheck is important too, of course. But being passionate about what I do and feeling proud of my work is what really matters most.Maybe I'll be an environmental scientist helping to protect nature and fight climate change. Or a social worker assisting families in difficult situations. Ooh, or a computer programmer using code to create awesome apps and softwize that make life easier! Those all sound like pretty cool ways to have an impact.I could also go into a field like law enforcement or joining the military or fire department. Keeping people safe and protected would be a noble way to serve the community. Though I have to admit, those careers seem a little scary with all the dangerous situations they face. I'm not sure if I'm brave enough for that!There are just so many potential paths my life could take. It's both exciting and overwhelming trying to decide! I've still got a few more years of school to figure it out though. For now, I'll just keep exploring my different interests through classes, extracurriculars, books, and TV shows.Who knows, I may even change my mind a million times before finally picking a career to pursue after high school or college. The most important thing is choosing something that fits my skills, values, and priorities - whenever I manage to entirely figure those out!Well, thanks for reading my essay! I realized that deciding on just one future career to write about was pretty much impossible. There are way too many amazing options out there to pick just one at this age. I'm just going to stay open-minded, keep learning, and see where my ambitions take me. Wish me luck!篇3What Do I Want to Be When I Grow Up?Woah, that's a really tough question! There are so many cool jobs out there, it's hard to pick just one. I guess I'll start by telling you about some of the things I'm interested in and the careers I've thought about. Then maybe you can help me narrow it down!First off, I really love animals. Like, a lot. I have two dogs, a cat, and a bunch of fish at home. My dream is to have my own animal shelter one day where I can rescue stray dogs and cats and help find them forever homes. Wouldn't that be awesome? Just imagining all those cute furry faces gets me so excited! I could play with the animals all day, make sure they're healthy and happy, and then do a little happy dance every time one of them gets adopted. Being an animal rescuer seems like such a rewarding job.But then another part of me thinks it would be super cool to be a video game designer. I'm absolutely obsessed with gaming!I play all the newest games as soon as they come out. My favorite games are the ones with amazing graphics and storylines that just suck you in. I find myself thinking about how I would designthe levels or what kind of crazy powers I would give the characters if I got to create my own game. It must be so much fun to have that kind of creativity and then actually build a virtual world that people can explore. Plus, video game designers probably get to play games during work hours for market research! Talk about a dream job.Or maybe I'll switch gears a bit - have you ever thought about becoming an Imagineer for Disney? Those are the genius inventors and engineers who design the incredible rides and attractions at Disney parks and resorts. From roller coasters that do looping tricks to animatronic figures that talk and sing, Disney rides are like nothing else on earth. Can you imagine being part of the team that gets to bring that Disney magic to life? I went to Disney World a couple years ago and my mind was just blown over and over again at how immersive and detailed all the rides and shows were. If I could make that happen for kids and grown-ups to enjoy, making their fantasy worlds become real just for a day, that would be the best job ever.Okay, okay, I know what you might be thinking - "This kid needs to get realistic! He can't rescue animals, design video games, AND create Disney rides!" You're probably right. I tend to dream a little too big sometimes. But I do know that whatever Iend up doing, I want it to involve fun, creativity, problem-solving, and putting smiles on people's faces. Being bored out of my mind at some boring desk job would be my own personal nightmare!Hmm...you know what? Maybe I've figured it out. What if I became an engineer that specializes in robotics? Then I could work on programming animal-inspired robots to be companions for people who can't have pets. Or design incredibly realistic animated characters for video games. Or even buildultra-advanced Disney-style animatronics! Robotics kind of combines my interests in technology, animals, creativity, and creating awesome experiences for people. See, I knew I could pull all my dreams together if I thought about it hard enough!A robotics engineer definitely seems like a career path that would allow me to work on really cool, innovative projects. Although...I guess I shouldn't rule out other paths in science and engineering yet either. What about something like working at NASA or SpaceX to help design rovers or spacecraft? Exploring other planets and studying distant galaxies would be simply out-of-this-world! Literally. Maybe I'll end up getting really into computer science and coding as I get older too. There are somany cutting-edge fields where I could take my creativity and curiosity next level. Honestly, the future is so wide open!Then again, if all else fails, I could always fall back on being a YouTuber or professional video game streamer. Getting paid to play games and be goofy in front of a camera? Yes please! I'd have a total blas篇4When I Grow UpHi there! My name is Tommy and I'm 10 years old. Today my teacher asked us to write about what we want to be when we grow up. I've been thinking about this a lot lately. There are so many cool jobs out there! It's hard to pick just one.First of all, I really love animals. I have two dogs named Buddy and Rufus, and a cat named Mittens. They are my best friends. I take such good care of them and they always make me laugh with their silly habits. Because I love animals so much, I've thought about maybe becoming a veterinarian when I grow up. That way I could help sick or injured dogs, cats, bunnies, hamsters, and every other animal feel better. I see my dog Buddy go to the vet sometimes and the doctor there always makes him happy and healthy again. That seems like a really fun job!But then I've also really been interested in becoming a scientist. Last year, we went on a field trip to the science museum and I was amazed by all the cool experiments and discoveries on display. Did you know that scientists have actually been able to make clones of animals like Dolly the sheep? Or that they discovered a new planet outside our solar system that could maybe have life on it? The mysteries of the universe are so exciting to me. As a scientist, I could spend all day working to find answers to the biggest questions and make new inventions that could help make the world a better place. Like maybe I could build a machine that could clean up the ocean, or find a new source of renewable energy. That would be awesome!Another idea I've had is becoming a video game designer. I love playing video games during my free time after school and on the weekends. Games like Super Mario Brothers, Zelda, and Minecraft are so creative and fun. I'm always dreaming up new characters, levels, and gameplay ideas myself. If I became a video game designer, I could make my imaginations into a reality. It would be incredible to create an entirely new world with its own laws, creatures, and adventures for people to experience. It might be hard work, but it would be worth it to bring so much enjoyment to people through interactive games and stories.No matter what, I know that when I grow up I want to have a career that I really enjoy and am passionate about. Too many adults seem bored or unhappy with their jobs. I've overheard my parents complain a lot about their work. My dad is an accountant and my mom is a customer service representative. They are stressed out all the time and seem to never have any fun. I want a job where I get to use my creativity and don't just sit at a desk all day. Something where I'm helping people or animals, or creating new things that bring happiness. Maybe I'll even have two or three different jobs over the course of my life instead of just sticking to one career! As long as I'm doing something positive that makes a difference, that's what's important.Of course, I'm still a kid so I have a lot of time to figure out exactly what I want to do for a living. Who knows, in a few years I might change my mind and want to become a chef, or an artist, or a firefighter, or something completely new. That's the great thing about being young - the possibilities are endless. I'll keep working hard in school, exploring my interests and talents, and staying curious about the world around me. Whatever path I take, the future is bright! I can't wait to see where life takes me.篇5What Do I Want to Be When I Grow Up?Woohoo, an essay about what I want to be when I'm a grown-up! This is gonna be so much fun to write. Let me think...there are sooo many awesome jobs out there. How can I pick just one?I guess I should start with the stuff I'm really good at and enjoy doing. I totally rock at video games - maybe I could be a professional gamer? That would be the coolest job ever! Just playing games all day, traveling around to competitions, making tons of money. The only downside is that I'd have to practice like crazy to stay on top of my game. Being a pro athlete could be cool too if I got good enough at a sport.Or maybe I could turn my hobby of making YouTube videos into a career? There are all those YouTubers out there who get millions of views and make bank from sponsorships. I'd have to get really entertaining and do crazy stunts though. I'm not sure I'm quite that outgoing in front of the camera. Behind the scenes doing video editing could be more my style.Speaking of tech stuff, coding and working with computers is another one of my strengths. Software engineers and programmers make ridiculous amounts of money, especially if they create the next big app or video game. But I've heard it's asuper stressful job with crazy long hours of work. Not sure if the paycheck would be worth how draining it seems.If I'm looking for a career with more of a chill, flexible schedule, maybe I could be a freelance writer or graphic designer? Getting paid to be creative and make things sounds like a pretty sweet gig. The hard part would be finding enough clients to make enough money.Ooh or I could go into one of the fun, artistic jobs like being an animator, cartoonist, or video game designer! Drawing is another hobby I have so that could be really cool. Except I'm probably not quite artistic enough. My doodles of stick figures and random objects aren't exactly Pixar-level.Of course there's always the more "serious" career paths too like being a doctor, lawyer, engineer, teacher, etc. Saving lives as a doctor would be incredibly rewarding...but dealing with sick people and blood all the time? No thanks, too gross for me. Being a hotshot lawyer could be exciting with the courtroom drama. However, I've heard law school is absolutely brutal and most lawyers work insane hours. Maybe I'll leave that one for my overachiever classmates.A job teaching kids could be pretty fun and fulfilling though. Except then I'd have to go through four more years of schoolafter high school to get my teaching degree. Ugh, no way, that's too much extra school for me!You know what actually sounds kind of amazing? Travelling the world for work! How cool would it be to have a job as a event planner, travel writer, interpreter, pilot, or flight attendant? Getting paid to visit awesome places instead of being stuck at a desk all day. Sign me up!But I have to be real with myself - most of those globetrotting careers either don't pay well or are really hard to get into. An investment banker or consultant who gets to travel for work seems more realistic. Just hopefully I wouldn't get too burned out from nonstop business trips.Oooh or maybe I could be a chef or own my own restaurant?I do love cooking and experimenting with new foods. Although that also seems like it would be super stressful with crazy long hours on your feet all day. Being a food critic and getting paid to dine out everywhere sounds way more chill!Man, you know what...the more I think about it, the more I can't decide what I want to do. There are too many careers that sound appealing in different ways! Who knows, maybe I'll get lucky and inherit a bunch of money. Then I could just live off that and not have to work at all. A guy can dream, right?For now, I'll just focus on keeping my options open. I need to work hard in school to get good grades and test scores. That way, I'll be able to pursue whatever career path I decide on later, whether that's in business, arts, sciences, or who knows what else. The world is my oyster!Although I really hope I don't actually end up working with oysters...that sounds kind of gross. Unless being a food critic means I'd get paid to eat fancy oysters? Hmm, ok, food critic is definitely at the top of my list!篇6What I Want to Be When I Grow UpHi everyone! You're probably wondering what I want to be when I grow up. Well, it's a really tough question because there are so many cool jobs out there! I've been thinking about it a lot lately and I've narrowed it down to a few different ideas.First off, I've always loved animals ever since I was a little kid. My parents got me a puppy for my 5th birthday and I still remember how excited I was. Taking care of Rufus and playing with him in the backyard was one of my favorite things to do. Because of my love for animals, I've thought about maybe becoming a veterinarian when I'm older. Can you imagine howawesome it would be to help sick or injured pets get better every day? I'd get to work with cats, dogs, bunnies, birds, you name it! The only downside is that I'm not a huge fan of the really gross surgeries and medical procedures. I think I'd pass out if I had to look at intense stuff like that. So being a vet might be off the table unless I can get over my weak stomach!My next idea is to become a professional athlete of some kind. I'm a pretty decent basketball and soccer player, so maybe I could make it to the big leagues oneday! Just picturing myself hitting a game-winning shot to win the NBA Finals or scoring the gold medal goal at the World Cup gives me chills. The roar of the crowds, the bright lights, the fame and glory...what could be better? Of course, the path to get there would be incredibly difficult. I'd have to train pretty much every single day for years on end with no days off. The competition is just insane at that level too. Tons of athletes work their whole lives and still never make it as professionals. Those are some of the risks, but damn, would it be cool or what?If the whole pro athlete thing doesn't pan out, another career path I've considered is being some kind of designer. I've always had a pretty good eye for art, colors, styles, and whatnot. Maybe I could be an architect and design amazing skyscrapersand other buildings someday. Or maybe I could go into fashion and create the latest trendy clothing lines that everyone goes crazy over. Heck, I could even try my hand at video game design, since I'm obsessed with gaming! Anything where I can let my creativity run wild sounds awesome to me. The downside is all the math, physics, and technical skills required for a lot of design jobs. I'm not exactly a brainiac when it comes to that stuff, so I'd definitely need to hit the books hard if I want to make it in a creative field.Those are the three main career choices that have caught my eye so far: veterinarian, pro athlete, or designer of some sort. But of course, I'm only in middle school, so who knows what path I'll actually end up taking? Maybe I'll change my mind a million times before deciding on something completely different. Maybe I'll even get super rich as a YouTuber or an Instagram influencer! For now though, I'm just going to keep having fun, work hard in school, and see where life takes me. If you asked me again in a few years, I'd probably have a totally new answer for what I want to be. Growing up is weird like that, but also exciting!Well, that's all I've got for this essay. Thanks for reading about my dreams and aspirations! Let me know if you have anyother awesome career ideas I should consider. I'll talk to you all later. Peace out!。