There are many ways to gain exposure to the gold price. Only one of them puts metal in your hands. Here is how the main options compare.
Physical gold
Bars and coins that you own outright, kept at home, in a safe deposit box or in a vault. There is no issuer that can fail between you and your gold. In return you pay a premium over the gold price when buying, a spread when selling, and the cost of storage and insurance.
Gold accounts (紙黃金)
Many banks offer gold accounts where you buy and sell gold by weight without taking delivery. They are convenient and have small minimums. In most cases the account is unallocated: you hold a claim on the bank rather than specific bars, so you depend on the bank's soundness.
Gold ETFs
Exchange-traded funds hold gold in vaults and issue shares that trade on stock exchanges, including in Hong Kong. They are easy to buy through a securities account and charge a yearly management fee. You own fund shares, not metal, and most ETFs do not deliver gold to ordinary investors.
Futures
Futures contracts let traders take a large position with a small deposit (margin). That leverage magnifies both gains and losses, and contracts expire, so positions must be closed or rolled. They suit professional traders and hedgers rather than long-term holders.
Mining shares
Shares in gold miners often move with the gold price, but they also carry company risk: costs, management, debt, and the politics of the countries where mines operate.
Side by side
| You own | Main risk besides price | Ongoing cost | |
|---|---|---|---|
| Physical | The metal | Theft or loss | Storage, insurance |
| Gold account | A claim on a bank | The bank | Spread |
| ETF | Fund shares | Fund structure | Management fee |
| Futures | A contract | Leverage | Margin, rolling |
| Mining shares | Part of a company | The company | Brokerage |
When physical makes sense
Physical gold suits buyers who want to hold for the long term, value privacy, or want an asset that does not rely on any financial institution. Many people combine it with paper forms for trading flexibility.
This article is general information, not investment advice.
參與金價升跌的方法有很多，但只有一種能讓您真正持有黃金。以下比較幾種主要選擇。
實物黃金
完全屬於您的金條及金幣，可存放在家、銀行保險箱或金庫。您與黃金之間沒有任何可能倒閉的發行機構。代價是購買時須支付高於金價的溢價、出售時的買賣差價，以及存放和保險費用。
黃金戶口（紙黃金）
不少銀行提供黃金戶口，讓客戶按重量買賣黃金而無須提取實物，方便且入場門檻低。不過大多屬非分配式：您持有的是對銀行的債權，而非指定金條，因此須依賴銀行的穩健程度。
黃金ETF
交易所買賣基金把黃金存放於金庫，並發行可在證券交易所（包括香港）買賣的基金單位。透過證券戶口即可買賣，每年收取管理費。您持有的是基金單位而非實物，大部分ETF亦不會向一般投資者交付黃金。
期貨
期貨合約讓交易者以少量保證金建立大額倉位。槓桿會同時放大盈利與虧損，而且合約有到期日，須平倉或轉倉。較適合專業交易者及對沖者，而非長線持有人。
金礦股
金礦公司股價往往隨金價上落，但同時涉及公司風險，包括成本、管理、負債，以及礦場所在國家的政治因素。
一覽比較
| 您持有 | 價格以外的主要風險 | 持續成本 | |
|---|---|---|---|
| 實物黃金 | 黃金本身 | 失竊或遺失 | 存放、保險 |
| 黃金戶口 | 對銀行的債權 | 銀行 | 買賣差價 |
| ETF | 基金單位 | 基金結構 | 管理費 |
| 期貨 | 合約 | 槓桿 | 保證金、轉倉 |
| 金礦股 | 公司股份 | 公司本身 | 經紀佣金 |
何時適合選擇實物黃金
實物黃金適合希望長線持有、重視私隱，或想持有不依賴任何金融機構之資產的買家。不少人會同時配合紙黃金等形式，以兼顧交易靈活性。
本文僅供一般參考，並不構成投資建議。
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