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1030844 2010年06月09日 14:24 阅读(loading...) 评论(2) 分类：个人日记

1.大丁一定要别人叫自己大丁，如果我们叫他丁丁，他会强调说大丁，尤其深恶痛绝人家叫自己“小” ,moncler jacket，有时我故意气他一进门叫他“小豆子”，他一定立刻以同样的动作回我“大豆子”
2.一天妈妈回家，大丁进门就要翻妈妈的包，妈妈说“什么都没有”，大丁说“给大丁买好玩具”，妈妈反问他 为什么给你买好玩具啊，他非常坦然地说你是妈妈！什么道理嘛，我立刻说，那我不当你妈妈了，你当我妈妈好不 好，他立刻翻脸了，不好不好，我问为什么，他非常不屑地说还得给你买好玩具，呵，他认准了当妈的就得买好玩 具给孩子。
3.大丁一些词都总说不清楚，比如蘑菇是磨嘟，屁股是屁嘟，小哥哥是小多多，小蝈蝈也是小多多。裤衩是吐塔 ，丽丽是腻腻，那天问姥姥蘑菇为什么放在阳台外面了，姥姥不了解他的语言，打了半天岔，急得他 哭了起来。
4.大丁现在话多得我们都难受，他能从睁开眼睛一直说到睡觉前，昨天爸爸哄他睡觉，他自己躺床上说了一个小 时，爸爸最后急了，我赶紧湿着头发就进去看看，他爸爸非常气愤地说我刚睡着他就把吵醒了，不停地的吧，烦死 我了。我进去后大丁很委屈地要求我唱拖拉机，就是他爸爸发明的把大长今的调用拖拉机这几个词唱出来，而且现 在成了妈妈的专利了，别人唱不好,moncler online，他还把步步高音乐手机里的“我在角落里患过伤风”的调调用“大丁大丁大丁……”一直唱下去，音乐上还真有 天赋，那天姥姥跟我说，大丁一路上编了一首歌，歌词是“大丁大丁，大呀吗大丁丁”，姥姥说是用“雄鸡雄鸡高 呀嘛高声唱”这个调做的曲，你说他怎么知道的，我很纳闷，问什么调，姥姥一唱，我顿时崩溃：原来和蜡笔小新 里的“大象大象鼻子摇一摇”一样的调。什么孩子呀。
5.大丁特喜欢去看打乒乓球的，每次去球馆嘴里还发出“踢踏踢踏”的声音，一次带他去的时候，我随口问了管 理员阿姨几岁能送来学乒乓球，阿姨说怎么也得6，7岁，然后转头问他：小伙子，你几岁啦，他想了想说：8岁 （shui)，然后就要拿人家的球拍，我赶忙拦住了，阿姨笑了说，你告诉阿姨实话,moncler clothing，你几岁，我就给你玩，他一仰头非常自信地说我9(shui),我们顿时都晕倒，我吓唬他，说实话几岁！他 低下头用小蚊子般说出“两shui"。
6.大丁可喜欢给人家起外号了，家里人的名字他都知道了，那天问他，你姥姥叫什么，李文不清,moncler on sale，你爷爷叫什么，张建不华，……所有人名字中间都加了个不，到了他自己，张家不宁，唉，有了他 还真是不宁。
7.大丁在一段时间都叫我大培培妈妈，我一回家就高喊大培培回来啦，7456，那天刚教育他有礼貌，晚上问 他姥姥叫什么，他说李文清妹妹。气得姥姥*&%
8.一次带大丁去超市，妈妈正好买WSJ，大丁非要问这是什么这是什么，我说这是妈妈用的东西，他非要问妈 妈用的是什么，爸爸怕他非打开看，说这是妈妈的纸尿裤，大丁一听，乐得眼睛都眯成了小缝儿。一路都很得意， 妈妈跟大丁一样，也得用屁屁兜（他嘴里的纸尿裤）
9.我记得相声里有一个段子叫蛤蟆鼓，我们现在每天都在经历着大丁的蛤蟆鼓，他太能刨根问底了，昨天姥爷带 他下楼一小会就上来告状了，说听见一个小孩哭，大丁先问什么响，姥爷说小朋友哭了，大丁问他为什么哭，姥爷 说他不听话，大丁问他为什么不听话，姥爷说他不好好吃东西，大丁问他为什么不好好吃东西……姥爷崩溃了，我 们听了觉得很正常，冰山一角嘛，我们每天都这样可怕地跟一个小东西斗智斗勇。
10.大丁鼻子特别尖，每天走在路上，一有味过来就问什么味，那天我们路过井盖，他问了几遍了，哪臭哪臭， 我告诉他也几遍了，烦死我了，我一赌气说大丁臭，大丁放屁了，大丁一撇嘴委屈地说，不是大丁放屁了，是井臭 ，敢情他知道啊。。耍我
11.大丁最喜欢小哥哥和小妹妹，因为小哥哥会让着他，小妹妹打不过他
12.大丁最怕一个小娃娃，我后来把那个小娃娃扔到垃圾桶里了，但是大丁一直都不敢自己开曾经放过小娃娃的 那个玩具柜,moncler jackets，我告诉他几次，娃娃被妈妈扔掉了，他还是不信，还是不敢自己开，一次他淘气，我吓唬他，你再拿我就把小娃 娃拿出来，大丁听了低下头自己用脚踢脚下的小彩带，一副很不高兴的样子，爸爸叫我看，我们俩笑 死了,moncler jackets online，他一脸不乐意，很深沉的样子，最后还是妈妈倒了欠才肯抬头。
13.那天忘了干什么了，大丁站在那，撅着嘴说，大丁生气了，大丁生气了
14.昨天晚上大丁非要光脚在地上跑，在厅里踢球，听叫啪的一声，摔了一跤，姥姥看见，赶紧把头缩回屋里， 藏起来看他，他爬在地上半天，回头看看没有人，自己就爬了起来，然后爬上沙发上，躺在那不说话，我装作不知 道过去问他，大丁怎么啦，他特别委屈地说大丁摔倒了，哇……
15.大丁的功能：冬天用来暖被窝，大丁冬天先睡妈妈的位置，然后妈妈晚上上床睡觉，再把大丁搬回自己的位 置，妈妈睡觉的地方像东北的热坑头那么暖和。夏天可以用来防蚊子，以后屋里的蚊子只咬我一个，自从有了大丁 ，基本上我就没挨咬，大丁属于蚊子至爱的大餐。

Amnesia Southern Man Zheng Zhilin

News at trainee reporter Wang Jing Li Yu Ye reporters surged to the day before,mbt shoes on sale, people called him November 17 evening, one for the amnesia of the morning, ZHENG Zhi came to mind,mbt shoes uk, as usual, Huaqiang North, his early work in the hotel, and then read from the lobby of habitual placing of shocked, mother, a call to work in Guangzhou, the father. Later, he accompanied several friends and relatives in the deep, Flying rushed to the Shenzhen Second People's Hospital inpatient department of neurosurgery. Shantou,mbt shoes clearance, the home in the distance, Zheng Zhilin's wife holding the son he never met cried.

everything from the evening of the month 8:33 17 media people Sina Sun Hao Yuan published a micro-blog. microblogging in the form of illustrations make the story of a The true story of people feel bad. photos of ownership after hit after a car accident amnesia, aphasia, only hard sound. After awakening from a deep coma, he muttered mantra is: There is no clue to the identity, carry no identity cards, mobile phones ... ... identity of a mystery, Shenzhen Second People's Hospital since last Aug. 15 relief, take him so far.

event moving immediately to this message presented be forwarded thousands of times. Yesterday, two editions of the South are again devoted to the story about the Anonymous to help the tracing, the final fruition.

found a family, to verify the identity, Zheng Zhilin how to follow-up rehabilitation , how to deal with traffic accident liability, medical costs to damages, the issue has become urgent.

14:30 yesterday, a reporter with the South are the heart and his father, Cheng Chi came to the traffic police unit of the original Fukuda accident, to recognize their loved ones were in writing. 15:00, the traffic of the responsible party, the Shenzhen Municipal Transport Industry and Trade Co., Ltd. supplies King in charge, the team also went to the pool of traffic police bureau chief. The two sides failed to reach a consensus. LU traffic police officers said that after finishing other related procedures, traffic police will be on the responsibility of the traffic accident to make a final decision.

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day before, people called him ; day later, he has a name and identity --- Ten years of security. 4 months before the accident, he newlyweds; accident,mbt shoes outlet, his wife four or five months pregnant; year woke up, his family brought his wife, he can not remember,mbt anti shoes, it does not know that they do A year old boy's father is not.

man Sina amnesia coma 15 months to help them recover their loved ones microblogging Source: Guangdong TV

yesterday afternoon, Court of First Instance sentenced for endangering public safety Han Moumou imprisonment 7 years, 22 property owners compensated damaged about 108 million. For this ruling,mbt shoes outlet, Han Moumou families and damaged property owners are not satisfied.
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Hefei Luyang District Court after hearing that the Han Moumou attempted suicide, the natural gas pipeline and gas stove single nozzle valve hose connection between the separation , resulting in the release of natural gas and eventually lead to a large number of explosions occurred, causing a number of Bay Area households and public facilities in residential property damage have been identified in the loss of 5.078 million yuan, which should be considered a serious hazard, and no case of less serious cases, his behavior constituted
before the Han Moumou SMS sent to his wife and sister, the Public Prosecution,mbt outlet, said Han Moumou suicidal. The court found, through the relevant evidence before the explosion occurred Han Moumou family conflicts, and to send messages to their families that the fact of suicide.
hearing, Han Moumou one excuse, there is no direct evidence that the Han Moumou disconnect the hose connecting the natural gas pipeline, but the court views the evidence from all sides that the kitchen in the room connecting the gas pipeline separation of the hose is artificial, and only one person as Han Moumou.
the hearing, the agent with a dozen civil actions for compensation for Han Moumou plaintiff lawyers have different views on the definition of the offense, they think: is 'deliberate'.
the plaintiff and the defendant wants to appeal

sentence. When she learned that the firm after the verdict,mbt lami shoes, said: Han Moumou's father also said that He said: When South Korea looked very mysterious father: express any views.

the early victims of the owners of humic attorney, law firm of Anhui Jin Sheng Chen Jun lawyers said the early requirements of humic Han Moumou the economic loss compensation for more than 60 million,mbt shoes sale, including the housing depreciation loss of 50 million. But in the final decision,mbt shoes on sale, the house was not included in compensation for losses and depreciation of the scope of the court to the early Han Moumou humic compensation to more than 30,000 yuan. p>

Yanzhao Metropolis Daily reporter Li Baojian

Chengde 12-year-old Rui-Rui as a poor family, the parents could not afford the cost of treatment of congenital heart disease. Fortunately, the sum of 16,000 yuan from Shandong Liaocheng strange donations to help their successful surgery. But until the end of surgery, we even do not know the names of the donors. November 18, this newspaper reports, the anonymous donor's spirit touched many people. 22 afternoon, Medical School freshman again, good news, Rui-Rui brother also glowing with congenital heart disease (a pseudonym) is also expected to surgery.
freshman Hospital of Hebei Medical Assistance Office of congenital heart disease WANG Bao told reporters, Rui-Rui physical recovery after surgery very quickly, 20, a hospital bed Ruirui called the anonymous donor's cell phone number. Rui-Rui on the phone, thanked the donors Lee. Rui-Rui pleaded no matter how the phone in the Lee refused to reveal their real name. Rui-Rui Li hope that a speedy recovery,mbt lami shoes, return to school. See the kind of anonymity, uncle, Rui-Rui reluctant to hang up. To comfort the children, Lee and his wife said, as long as Ruirui learn,mbt shoes on sale, to go on holidays will be invited to the Shandong. Heard these words, Rui-Rui was happy.
Director Wang said, Rui-Rui's younger brother also suffers from congenital heart disease, must also be treated as soon as possible. Mr. Lee said after the understanding of the situation, if no donors, and he and wife are willing to try to help the child. Meanwhile, Chengde Federation said will try to help the child. With this fund,skechers shoes, together with the joint efforts of the Hospital of Chengde Federation,mbt chapa shoes, glowing in the surgery should not be a problem.
Director Wang told reporters that an anonymous donation of 16,mbt sneaker,000 yuan a stranger reports published in the paper, the hospital received many phone readers, we expressed admiration for Mr. Lee also hope Rui-Rui soon. As these readers, medical hospital staff were also freshman spirit of Mr. Lee moved, as medical workers, we should care and love glowing.
Director Wang said that if the physical conditions permit, will accept a recent glowing congenital heart disease surgery.

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2137873 2008年10月30日 20:43 阅读(loading...) 评论(1) 分类：个人日记
转_危言对金融危机最普遍的官方解释是次贷问题，然而次贷总共不过几千亿，而美国政府救市资金早已到了万亿 以上，为什么危机还是看不到头？

有文章指出危机的根源是金融机构采用“杠杆”交易；另一些专家指出金融危机的背后是62万亿的信用违约掉期 （Credit Default Swap, CDS）。那么，次贷，杠杆和CDS之间究竟是什么关系？它们之间通过什么样的相互作用产生了今天的金融危 机？在众多的金融危机分析文章中，始终没有看到对这些问题的简单明了的解释。本文试图通过自己的理解为这些 问题提供一个答案，为通俗易懂起见，我们使用了几个假想的例子。有不恰当之处欢迎批评讨论。　 　　　　　

一。杠杆。目前，许多投资银行为了赚取暴利，采用20－30倍杠杆操作，假设一个银行A自身资产为30亿， 30倍杠杆就是900亿。也就是说，这个银行 A以 30亿资产为抵押去借900亿的资金用于投资，假如投资盈利5％，那么A就获得45亿的盈利,belstaff coat，相对于A自身资产而言，这是150％的暴利。反过来，假如投资亏损5％，那么银行A赔光了自己的全部资产 还欠15亿。 　　　　　　

二。CDS合同。由于杠杆操作高风险，所以按照正常的规定，银行不运行进行这样的冒险操作。所以就有人想出 一个办法,belstaff jacket，把杠杆投资拿去做“保险”。这种保险就叫CDS。比如，银行A为了逃避杠杆风险就找到了机构B。机构B可 能是另一家银行，也可能是保险公司，诸如此类。A对B说，你帮我的贷款做违约保险怎么样，我每年付你保险费 5千万，连续10年，总共5亿，假如我的投资没有违约，那么这笔保险费你就白拿了，假如违约，你要为我赔偿 。A想，如果不违约，我可以赚45亿，这里面拿出5亿用来做保险，我还能净赚40亿。如果有违约，反正有保 险来赔。所以对A而言这是一笔只赚不赔的生意。B是一个精明的人，没有立即答应A的邀请，而是回去做了一个 统计分析，发现违约的情况不到1％。如果做一百家的生意，总计可以拿到500亿的保险金，如果其中一家违约 ，赔偿额最多不过50亿，即使两家违约，还能赚400亿。A,B双方都认为这笔买卖对自己有利，因此立即拍 板成交，皆大欢喜。 　　　　　　

三。CDS市场。B做了这笔保险生意之后,belstaff jackets outlet，C在旁边眼红了。C就跑到B那边说，你把这100个CDS卖给我怎么样，每个合同给你2亿，总共200亿 。B 想，我的400亿要10年才能拿到，现在一转手就有200亿，而且没有风险，何乐而不为，因此B和C马上就 成交了。这样一来，CDS就像股票一样流到了金融市场之上，可以交易和买卖。实际上C拿到这批CDS之后， 并不想等上10年再收取200亿，而是把它挂牌出售，标价220亿；D看到这个产品，算了一下，400亿减 去220亿，还有180亿可赚，这是“原始股”，不算贵，立即买了下来。一转手，C赚了20 亿。从此以后，这些CDS就在市场上反复的抄,belstaff sale，现在CDS的市场总值已经抄到了62万亿美元。 　　　　　　

四。次贷。上面 A,B,C,D,E,F....都在赚大钱，那么这些钱到底从那里冒出来的呢？从根本上说，这些钱来自A以 及同A相仿的投资人的盈利。而他们的盈利大半来自美国的次级贷款。人们说次贷危机是由于把钱借给了穷人。笔 者对这个说法不以为然。笔者以为，次贷主要是给了普通的美国房产投资人。这些人的经济实力本来只够买自己的 一套住房，但是看到房价快速上涨，动起了房产投机的主意。他们把自己的房子抵押出去，贷款买投资房。这类贷 款利息要在8％－9％以上，凭他们自己的收入很难对付，不过他们可以继续把房子抵押给银行，借钱付利息，空 手套白狼。此时A很高兴，他的投资在为他赚钱；B也很高兴，市场违约率很低，保险生意可以继续做；后面的C ,D,E,F等等都跟着赚钱。 　　　　　　

五。次贷危机。房价涨到一定的程度就涨不上去了，后面没人接盘。此时房产投机人急得像热锅上的蚂蚁。房子卖 不出去，高额利息要不停的付，终于到了走头无路的一天，把房子甩给了银行。此时违约就发生了。此时A感到一 丝遗憾，大钱赚不着了,belstaff outlet，不过也亏不到那里，反正有B做保险。B也不担心，反正保险已经卖给了 C。那么现在这份CDS保险在那里呢，在G手里。G刚从F手里花了300亿买下了 100个CDS，还没来得及转手，突然接到消息，这批CDS被降级，其中有20个违约，大大超出原先估计的 1％到2％的违约率。每个违约要支付50亿的保险金，总共支出达1000亿。加上300亿CDS收购费，G 的亏损总计达1300亿。虽然G是全美排行前10名的大机构，也经不起如此巨大的亏损。因此G 濒临倒闭。　　　　　　

六,belstaff online。金融危机。如果G倒闭，那么 A花费5亿美元买的保险就泡了汤，更糟糕的是，由于A采用了杠杆原理投资，根据前面的分析，A 赔光全部资产也不够还债。因此A立即面临破产的危险。除了A之外，还有A2，A3,...,A20，统统要 准备倒闭。因此G,A,A2,...,A20一起来到美国财政部长面前，一把鼻涕一把眼泪地游说，G万万不 能倒闭，它一倒闭大家都完了。财政部长心一软，就把G给国有化了，此后A,...,A20的保险金总计10 00亿美元全部由美国纳税人支付。 　　　　　　

七。美元危机。上面讲到的100个CDS的市场价是300亿。而CDS市场总值是62万亿，假设其中有10 ％的违约，那么就有6万亿的违约CDS。这个数字是300亿的200倍。如果说美国政府收购价值300亿的 CDS之后要赔出1000 亿。那么对于剩下的那些违约CDS，美国政府就要赔出20万亿。如果不赔，就要看着A20,A21,A22 等等一个接一个倒闭。无论采取什么措施，美元大贬值已经不可避免。

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46890 2010 年 09 月 08 日 15:40 Reading (loading. ..) Comments (0) Category: Personal Diary
World Introduction gold market
1, the international gold market introduction
(1) London gold market
the London gold market has a long history, its history can be traced back 300 years ago. 1804, by London and Amsterdam, the Netherlands became the center of world gold trading, the London gold market in 1919, formally established in the morning and afternoon every day the two gold pricing. Goldsmith set out by the five day market price of gold, the price has affected trading in New York and Hong Kong. The main supplier of gold market is South Africa. Before 1982, mainly engaged in the London gold market gold spot trading, April 1982, the gold futures market opened in London. Currently, London is still the world's largest gold market.
feature of the London gold market trading system is rather special, because no actual market place in London, the transaction is through the invisible way - the major gold dealers completed the sales network of contacts. Trading members by the most authoritative and some of the top five gold dealers recognized five major gold dealers are eligible to buy gold formed a company or shop, and then processed by the various manufacturers, small and medium sized companies, such as chain stores and composition. Transaction by the gold dealers buying and selling according to their, quote bid and offer price.
the London gold market is characterized by flexibility, another very strong. The purity of gold, weight and so can choose, if the customer sell in more distant areas. Gold dealers will quote shipping and insurance premiums, etc., in accordance with customer requirements quoted futures price. The most popular way to London gold trading is the customer can not cash settled, you can buy gold stock, due simply to pay interest rates as agreed to, but now customers can not get physical gold. The trading in gold, but in the accounting loss on the numbers game, until the contrary customers operating position is closed.
London gold market on the trading system also has several deficiencies. First: As the price of each payment are Nett Daily, and sometimes chaotic market price of gold,mulberry bag, even gold dealers do not know what the gold price is reasonable, and had to stop the offer, the London gold trading will cease; second London market customers is absolutely confidential, so the lack of effective position of the gold trade statistics.
(2) Zurich gold market
Zurich gold market, developed after World War II the international gold market. As the Swiss banking system and the special auxiliary service system of the gold trade for gold trading provides a free and confidential environment, with Switzerland and South Africa also has preferential agreements, 80% of South Africa won the gold, and the former Soviet Union gold also gathered here, making the Swiss not only the world's largest transit point for new gold, is the world's largest private gold storage center. Zurich gold market in the international gold market, second only to London.
Zurich gold market has no formal organizational structure, three major banks in Switzerland: Swiss banks, Credit Suisse and Union Bank of Switzerland, responsible for the liquidation balance sheet, the three major banks to customers not only act as trading, and gold trading is that the three banks themselves Principal activities. Zurich gold pool (Zurich Gold Pool) established three major banks in Switzerland on the basis of informal consultations, the Government is not under the jurisdiction of the Commonwealth as a dealer with a mixture of settlement system plays an intermediary role in the market.
Zurich gold market is not price fixing system, every trading day in any given time, according to the agreed day of trading gold supply and demand, the price for Zurich Huang Jinguan price. Day based on the gold price fluctuations in the price limits are not restricted.
(3) the U.S. gold market
gold market in New York and Chicago, the mid-20th century, 70 developed, mainly because in 1977, a dollar decline, the Americans (mainly corporate based) for hedging and investment in value-added benefit, making Gold futures developed rapidly. Currently the New York Mercantile Exchange (COMEX) and the Chicago Mercantile Exchange (IMM) is the world's largest gold futures trading center. The two exchanges on the gold spot market price of gold a significant influence.
the New York Mercantile Exchange (COMEX), for example, the exchange itself does not participate in futures trading, only to provide a venue and facilities and to enact legislation to ensure that parties to the transaction in a fair and reasonable under the premise of the transaction. The Institute on the spot and futures gold weight, fineness, shape, upper and lower price volatility, transaction date, transaction time are very detailed and complex description.
(4) Hong Kong gold market
Hong Kong gold market over 90 years of history. Its formation is the establishment of the Hong Kong Gold & Silver Exchange for the signs. In 1974, the Hong Kong Government to withdraw the control of import and export of gold, after the development of Hong Kong's gold market fast. Since the time difference on the gold market in Hong Kong just to cover New York, Chicago and London market closed the gap before the market opened, can a coherent Asia, Europe and the United States, a complete world gold market. Cause of its superior geographical conditions the attention of the European gold dealers, gold dealers in London five, three major Swiss banks have set up branches in Hong Kong. They settled in London gold trading activities to Hong Kong, and gradually formed an invisible local
present, the Hong Kong market, gold market consists of three components: ① Hong Kong, gold and silver trade market, the dominant supplier to the Chinese capital, a fixed trading place, the main specifications for the 99 trading standard gold bullion, is an open outcry trading, Spot transactions; ② London gold market to foreign capital as the main business, there is no fixed market place; ③ gold futures market, is a regular market, the nature of the New York and the United States Chicago Mercantile Exchange gold futures nature is the same The. Regular way trading, system is relatively sound, can make up for lack of Gold and Silver Exchange.
(5) London Gold Exchange Gold fixing
1919 年 9 月 12 日 11 am, produced a first set of gold plates,handbags online, gold was set at 4 pounds 8 shillings an ounce, 9 pence. First few days of the purchase is carried out by telephone, and later decided to Luoxi Er in Si Weixin Street office, the bank held a formal meeting. Twice a day, fixing the price of gold today, 10:30 am and 3:00 pm.
London gold fix price is unique, different from other gold market, which traders for the market to buy or sell gold only a single offer. It provides a standard price, is widely used in production, consumers and central banks as the central parity. There are 5 banks to participate in fixing members, each time when pricing a representative to attend their parties. In the process of fixing them by telephone with its own traders to keep in touch.
the beginning of each fixing, Chairman (since 1919 began to serve as representatives of banks from the Luoxi Er,) to the other four declared a representative of the open, they were reporting to their own trading floor, and then then the price to convey to their customers. Banks under the orders they received, indicating their representatives announced that they are buying at that price or sell. As long as both the price and sell to buy another, it will ask the BRIC they need the number of transactions.
only if the price to buy or only sell, or trade imbalance in the number of BRIC, prices will fluctuate, so the above procedure to re-again, until you get a balance so far, so the President announced that given disk. If the number of transactions announced within the 25 fix, if necessary, the pricing process will continue until the buyer and seller are satisfied. Usually only takes 15 minutes or less time, but sometimes more than one hour.
customers to leave in advance of the pricing order. You can also learn about the whole process of pricing changes in prices and are subject to change orders, until the fixing up. To ensure that any changes in order to let the President know that quickly, each representing a side of the table has a small flag, when they heard came from the Chamber to change his trade request to immediately lift it. As long as there is holding the flag, the President would not announce a price fixing.
London Stock Exchange is now priced in the five representatives are:
Deutsche Bank, Hongkong and Shanghai Bank - Midland Bank, Luo Xier bank, Credit Suisse First Boston, Bank of Canada Scotiabank
(6) Tokyo Tokyo
gold market gold market was established in 1982, is the only Japanese government formally approved the gold futures market. Members of the vast majority of Japanese companies. Yen per gram of gold market bid, the fineness of gold settled standard of 99.99%, weight of 1 kg is 1000 grams per transaction contract.
(7) Singapore, Singapore
gold the gold was established in November 1978, the current gold spot and 2,4,6,8,10 often operate in the 5-month futures contracts, the standard payment of 100 ounces of 99.99% pure gold, with circuit breakers limit.
2, the world gold market trading service model
in all successful in the gold market, gold trading services to institutions and places are different in fact, the specific division up, there is no fixed market place can be divided into an invisible market, the London gold market and gold market in Zurich representatives, can be called European; a gold in the commodity exchange trading business within the United States-New York Mercantile Exchange (COMEX) and the Chicago Mercantile Exchange (IMM) as the representative may be called American; some of the gold market Gold Exchange in specific transactions, Gold and Silver Exchange of Hong Kong and Singapore, as the representative of the gold exchange, may be called Asian.
(1) European gold trading
these gold market gold transaction is not a fixed place. In London gold market, the market is by Daikin business, a subsidiary of the linkages between the components, gold dealers and customers by telephone, telex and other transactions; In Zurich gold market by the three banks and is responsible for billing customers on behalf of the liquidation sale. London and Zurich markets buyers and sellers are more confidential, and trading volume are also difficult to estimate true.
(2) American Huangjin Wen Yi
these gold market is actually built on the basis of the typical futures market, similar to its trading transactions in the market for other commodities. Futures Exchange, as a non-profit organization itself does not participate in the transaction, but for the transactions space, equipment, and formulate relevant laws and regulations, to ensure that transactions are fair and impartial, rigorous monitoring of transactions.
(3) Asian Huangjin Wen Yi
these gold transactions generally have a special place gold trading, while the gold spot and futures trading. Trading membership system, only companies that meet certain requirements before they can become a member and banks, and the number of members there is a very strict quota control. Although members of the trading floor into a small number, but the credibility is very high. Gold and Silver Exchange of Hong Kong as an example: the floor by members of the open outcry trading, the oral form of closed transactions. Business Yan Shouxin the use of gold inside, little irregularities happen.
In fact, all of these exchanges and payments, bank proprietary trading, or valet only specific forms of trading and operational differences, the essence of its operation are the same, are different as far as possible to meet the world gold trade the needs of the facilities for the gold transactions.
3, the gold market participants
participants in the international gold market can be divided into international gold dealers, banks, hedge funds and other financial institutions, the various corporate bodies, private investors and plays a significant role in the gold futures trading brokerage firms.
(1) international gold dealers (market makers): The most typical is the London gold market on the five gold, their own gold trading for all market makers, as with many of the world's major gold and gold dealers have extensive contacts, and its affiliated companies and with many individual shops and gold customer contact, therefore,paul smith wallet, the five gold Chamber of Commerce in accordance with their understanding of the situation constantly quoted bid and offer price of gold. Of course, the gold market maker is responsible for the risk of price fluctuations.
(2) Bank: they can be divided into two categories, one is only acting for clients trading and settlement, can not participate in its sale of gold, to Zurich, represented by three major banks, they act as producers and investors broker, intermediary role to play in the market. There are also some self-made business, such as the Gold Exchange of Singapore (UOB), the members have a number of dealers.
(3) Hedge funds: In recent years, international hedge funds, especially hedge funds active in the United States, international financial markets everywhere. In the gold market, down nearly every large company with the Fund to borrow short-term gold in the spot gold market sell-off and in the New York Mercantile Exchange Gold Exchange to build a large number of loan-to-light (empty) position related. Some large hedge funds use and the political, business is often inextricably linked to the financial sector relative to the earlier capture changes in economic fundamentals, the use of management funds to buy a huge space and short selling to accelerate changes in the price of gold market and profit.
(1) a variety of legal institutions and private investors: This includes both the company sells gold. If the major gold and gold producers, specializes in buying gold consumption (such as the various industrial enterprises) business of gold products, gold jewelry line as well as private collectors and other options, including gold trading business, specializing in investment companies, individual investors etc.; species diversity, large number. But from the market risk preference points, and can be divided into risk aversion and risk preferences were: the former wish to avoid risk, to reduce the risk of market price fluctuations to a minimum, including gold producers, gold consumers, the latter is a variety of hedge funds and other investment companies, hoping to obtain benefits from the price change. The former want to preserve the gold, and shift risk; who want to profit and willing to bear the market risk.
(2) brokerage firm (Broker's Firm): is specialized in proxy for gold trading non-exchange member, and the brokers commission. Some brokerage firms will be called exchange brokerage firms (Commission House). New York, Chicago and Hong Kong gold market, many brokerage firms are active, they themselves do not own gold, just send in the trading room floor on behalf of gold trading agent for clients, charge customers a commission.
4, world gold reserves of the temporal distribution of gold
Earth thousands of years of human civilization throughout history, were dug from the planet to total about more than 150,000 tons of gold, which more than 150,paul smith bag,000 tons of gold is currently about 40% of which is used as the flow of financial nature Reserve assets, there are areas of the world financial flows, the total is about more than 60,000 tons. Of which over 30,000 tons of gold is the various countries of the official financial strategic reserves, more than 20,000 tons of gold on the private sector and international private companies have gold reserves of private finance; and the other 60% of the gold is there a general commodity status , eg, in jewelry products, historical relics, electronic chemicals and other industrial products. Note that this is about 60% of gold, much of which can be readily converted to private and non-governmental forces have financial assets, financial flows involved in the field.
(1) of the current distribution of world gold ratio

survive in the world according to the World Gold Council (World Gold Council) data, as of October 2003, official gold reserves in the world top 40 countries are as follows (with the current data compared with little change):


from the World Gold Council official gold reserves of countries to provide information, gold is still in many countries the main body of the official reserves of the financial strategy. Now published around the world total of official gold reserves of 32,700 tons, about equal to the current 13 times the world annual production of gold. Of which more than 1,000 tons of official gold reserves of countries and organizations: the United States, Germany, France, Italy, Switzerland and the International Monetary Fund. And organizations in these countries, the U.S. gold reserves up for 8149 tons, the official gold reserves of the world total of 24.9%. The top ten countries in Western official gold reserves of the world's official gold reserves of States over 75% of the total.


up to one hundred tons of gold reserves of more than 32 countries, regions or organizations, mainly in Europe and North America, Asia and Africa account for only a few; less than 10 tons of gold reserves of countries, regions or organizations, there are 47 basic both located in Asia, Africa and Latin America, and its total gold reserves of the United States accounted for only 1.43%. From this data we can see strong national political and economic power is also much of its gold reserves, indicating that gold reserves are still a sign of comprehensive national strength.
In addition, the gold reserves in the total reserves in the country's financial strategy also shows the ratio of gold is still the subject of national strategic reserves, gold reserves are still valued by the world's developed countries. U.S. gold reserves in their national strategies in the proportion of total reserves as high as 56.7%,mulberry bags, while the other developed countries such as Germany 37.6%, France 47.1%, Italy 47.8%, Switzerland 38.2%, 46.6% in the Netherlands is also highlighted with gold reserves important role.
need of special attention, some countries implemented in accordance with their actual policy of the gold to the people. Such as India, the Indian government although only 357.8 tons of gold reserves, total reserves in the national strategy in the ratio is not high, only 7.8%. However, according to statistics, India's total gold reserves of the private sector at least 1 million tons of silver reserves of at least 11 people tons. Now, India is still the world's largest gold consumer market, the gold consumption up to 600-800 tons per year. India is not producing Jinda Guo, the majority of its annual consumption of gold is purchased from the international market. With the Indian economy in recent years, rapid development, import quantity of gold also increased.
Chinese official gold reserves of approximately 600 tons (in 2004, so far no large change in quantity), accounting for 2% of the international financial reserves less gold reserves and the ratio of total international reserves are significantly lower. However, the figure of 600 tons of Chinese official data, according to empirical inference, 600 tons may not be accurate figures, from a variety of factors actually have the official gold reserves larger than 600 tons, about 1,000 tons of gold reserves so.
(2) affect the world price of gold is currently the main factor is the private market forces
study various types of gold, the first analysis to be the world's official gold reserves, the main reason is that gold reserves from the official data is released be transparent, easy to research and analysis, but also to understand the gold in the national government's official position of the eyes. But gold investors easily lead to misunderstanding, misconception that the current market price of gold by the official institutions of the left and right, this understanding in the community and the general theory is very popular among researchers.
investing in gold must first understand is that, although a large part of total world gold reserves in the country is the hands, but this is not the mainstream of current world gold market, the current world trend of the price of gold is not by national governments about the will of the governments of the sale of gold will buy gold or gold prices will not change the trend.
now lead the world gold market participation is civil. Mainly various types of investment funds, which are the dominant force commodity market funds, there is a large international consortium, the big banks, big insurance companies, the largest number of people there is the following types of gold investment broker The distribution of links in the world of retail gold investors. The gold market on the strength of private investment constitutes the current world gold trading volume of more than 95%.
world gold price is now determined by the market forces around the world people.
(3) the role of gold is still irreplaceable
1999 the birth of the new euro currency system, the European Central Bank's statement of 15 countries, reaffirmed the gold is still recognized as financial assets, specifically gold currency reserves of the system accounted for 15%. This is gold, the return of the monetary and financial functions. Gold can still be following the internationally accepted U.S. dollars, euros, pounds, yen after the fifth-largest international settlement currency. Now can be regarded as a quasi-monetary gold.
today's gold can be divided into the gold commodity gold and financial nature. Gold in addition to the above financial purposes, the current gold jewelry products main purpose is to industry, decorative statues, architectural decorations, gold appliances, electronics, dental, Gold and other industrial gold. Long-term gold as a monetary metal and is strictly controlled, resulting in use of current gold commodity is still very small, the important role of gold is still reflected in the financial and monetary functions, the latter with the International Financial System Reform in the international monetary system, non-monetary gold of the conditions, increasing the gold from the palace, a temple to the people, by the dignitaries of the privilege has become a public owned.
gold became free to own and freely traded commodity, gold from the national treasury to the homes of ordinary people, its mobility is greatly enhanced, gold transaction size increases, so for the gold market's development,designer handbags, development of a realistic economic environment . Non-monetary gold of the last two decades has been the development of the world gold market is a period. Gold started the stage dominated by the currency attribute the currencies and commodities to the scene of the stage of development of the dual attributes of goods to the development of the gold market also contributed to the rapid development of the financial gold market.
economist John Maynard Keynes once said of the role of gold: ?? gold is still a special commodity with the financial attributes!

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Reprinted from 103909549 at 20:16 on October 15, 2007 Reading (loading. ..) Comments (0) Category: Funny Hacker: I control your PC
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white: high to what extent?
hackers: ah, I am bored to their own
white black: Ah, this I will,coach women shoes,Oh God who is love in the end on - Qzone log!
hacker :#?%! You can?!
White: Yes, ah, one off it was dark.....
hackers: Go! ..........