Many banks "stopped"
China Merchants Bank recently announced that it will close the two-way trading business of personal paper precious metals, personal foreign exchange, personal firm paper gold paper silver trading business and "lucky money" business. At the same time, customers with positions and customers with spot inventory should choose to close their positions independently before June 65438+1October 65438+July 2023.
According to the announcement, China Merchants Bank explained that the suspension of this business is mainly to adapt to changes in the market situation and better protect the rights and interests of investors.
It is reported that as early as last year, banks have suggested tightening the investment risk of this business. He also said that in view of the high risks in the foreign exchange market and precious metals market, personal two-way foreign exchange trading business and "lucky money" business will be further strictly restricted in the future.
In fact, since July, a number of banks have announced the suspension of personal precious metal trading business. For example, on July 15, China Industrial and Commercial Bank announced that it would suspend the trading of gold and silver in its account from August 15, Beijing time. The warehouse receipt that the customer has set but has not completed the transaction will automatically become invalid, and the closing transaction of the position customer will not be affected.
Then, CCB also indicated that it would suspend the purchase and conversion of gold and silver in the precious metal business of this account, as well as the setting and change of the fixed investment plan from August 15, Beijing time; The short selling of gold and silver in the two-way trading of precious metals in the account is suspended, and the fixed investment plan for gold, silver and platinum in the account is automatically terminated.
"In addition, this is also the concrete implementation of the Guiding Opinions on Promoting the Standardized Development of Derivatives Business (Draft for Comment) drafted by the Central Bank together with the China Banking Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange in June 5438 and February last year." Xia Yingying said that the guidance included deferred settlement contracts of gold exchanges, book-entry precious metals, bulk commodities, foreign exchange and other account products into the scope of derivatives supervision, and also clearly stipulated that banking insurance institutions should not directly conduct derivatives transactions with individual customers through the counter.
"It is expected that the business related to personal precious metal trading will be completely suspended in the future." Xia Yingying said.
Long-term bullish on gold
Since the beginning of this year, international prices such as foreign exchange and precious metals have fluctuated violently and frequently. In particular, precious metals, mainly gold and silver, fluctuate greatly due to dollar hedging and interest rate hike, which is also the incentive for banks to suspend this business.
In the eyes of most professionals, the development of this business also restricts banks. Zhang Wen, a researcher at CITIC Futures Co., Ltd., said that precious metal trading requires high professional knowledge and operational experience. It is difficult for banks to define and screen ordinary individual investors and determine qualified investors.
First of all, the GDP of the United States fell by 0.9% at an annual rate in the second quarter, the second consecutive quarter of decline, indicating that the US economy has fallen into a "technical recession", thus alleviating the Fed's aggressive interest rate hike expectations. The market expects the Fed to restart interest rate cuts in 2023; Secondly, the market risk appetite has dropped significantly, pushing down the yield of 10-year US Treasury bonds and benefiting precious metals; Thirdly, the US dollar index fell back at a high level, which provided impetus for the rebound of precious metal prices. The weakness of the US dollar index was also affected to some extent by the European Central Bank and the Bank of England raising interest rates by 50 basis points (BP) respectively.
"In the more than one month before the next meeting of the Federal Reserve on September 22, precious metals may be in a wide fluctuation pattern, but we are still optimistic about the medium and long term, especially the gold price." Xia Yingying said.
This article is from International Finance News.
Related Q&A: Can ICBC trade precious metals online at any time? Can I buy it the same day and sell it the same day? How much is the handling fee? Do you need a deposit? ICBC only has paper gold and paper silver, which can be bought and sold at any time, but the transaction cost is high, and generally it will not go in and out on the same day.
From the perspective of transaction cost, gold 0.8 yuan/gram and silver 40 yuan/kg are completely traded.
If you want to buy and sell easily, with low cost and high capital utilization rate, you can consider doing it at the precious metal exchange, not only for 24-hour trading, but also for mobile phone trading terminals. The transaction cost is 1/3 of the bank's.