The intensive release of multiple announcements conveys the investment signal of accelerated tightening of precious metals.
Recently, ICBC and China Construction Bank have successively announced that they will suspend the purchase and conversion of gold and silver in the account precious metal business, as well as the setting and change of fixed investment plans.
Some analysts believe that, judging from the current trend, banks are gradually strengthening the adjustment of precious metal business. Next, banks may gradually close transaction-type precious metal investment products, and finally clear customers and retain only physical investment products.
ICBC and China Construction Bank announced: Suspended!
On July 18, the official website of China Construction Bank announced that from 7:00 on August 15, 2022 (Monday), Beijing time, the purchase and conversion of gold and silver in the account precious metal business will be suspended. ; Suspend the account precious metal two-way trading business of gold and silver short positions; the set account gold, account silver and account platinum fixed investment plans will be automatically terminated. Selling, closing short positions and valid pending orders before the suspension of trading of the client’s original positions in the corresponding business will not be affected.
ICBC, CCB, etc. announced: suspension
Previously, on July 15, ICBC issued a notice saying that from 8:00 on August 15, the account gold and account silver business opening transactions will be suspended. Closing trades are not affected.
ICBC, CCB, etc. announced: suspension
ICBC also said that considering the uncertainty in the international commodity market, for customers with outstanding positions, it is recommended to prudently control the size of their positions and pay attention to preventing and controlling their own risks. This is the second time ICBC this month and the seventh time this year that it has imposed restrictions on precious metal transactions. Since this year, many banks have restricted the trading of precious metals.
Bank precious metals business tightens again
Industrial and Commercial Bank of China (ICBC) has frequently “struggled” on precious metal transactions this year. Since July, ICBC has tightened its precious metal business twice. Just on July 4, the Industrial and Commercial Bank of China just issued a notice to adjust the margin for the personal trading business of the Shanghai Gold Exchange. Among them, Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2) and other contracts, the bank’s standard transaction margin ratio will be increased from 34% to 42%. According to incomplete statistics, this is the sixth time that ICBC has raised the margin ratio for deferred settlement of precious metals on behalf of individuals within the year.
The remaining five adjustments are: January 26, March 10, March 31, April 28 and May 30. The margin ratio of contracts such as Au (T+D) has been increased from 23% to the current 42%, and the margin ratio of Ag (T+D) contracts has been increased from 27% to the current 46%.
For the reasons for the adjustment, it is mentioned that the uncertainty in the international commodity market is relatively large.
Industrial and Commercial Bank of China is not a special case in the market. In fact, since the year before last, some banks have started to reduce the leverage of precious metal transactions, and more than 20 banks have been involved so far. Since the beginning of this year, China Construction Bank, Hua Xia Bank, and Industrial Bank have all issued relevant business adjustment announcements, which have generally tightened the precious metal business.
According to the previous announcement of China Construction Bank, the agency will suspend the new opening and closing transactions of Shanghai Gold Exchange’s personal precious metal trading business, and the closing transactions will not be affected; the purchase transactions of spot contracts will be suspended, and the selling transactions will not be affected.
Hua Xia Bank also stated on May 5 that it will suspend the delayed opening of precious metal spot positions and real spot purchase transactions of precious metals on the Shanghai Gold Exchange as an agent for individual clients; .
From suspending new positions to raising the margin ratio and many other practices, how do you view the signal that the bank has concentrated on strengthening the adjustment of precious metals? A notice from the Shanghai Gold Exchange is worth noting. Earlier this month, the Shanghai Gold Exchange stated that due to international factors, global commodity prices have fluctuated sharply recently, and market risks have significantly increased. Each member unit raises awareness of risk prevention, carefully prepares risk contingency plans, and reminds investors to do a good job in risk prevention.
“Maybe because of the impact of the ‘Crude Oil Treasure’ incident, banks realized the risks of such products, so they repeatedly reduced their trading leverage. Before, my margin could be 10%, which is 10 times leverage. Now the margin has been increased repeatedly, and the leverage It can only be doubled at most. For professional gold buyers, the constraints of trading are greatly increased, and of course the risks are also greatly reduced.” Lin Rong, a senior gold investor, said that he has been investing in gold since 2008.
Lin Rong believes that not only has the leverage ratio been limited, but the trading time has also been shortened. Before, his energy was mainly in the night trading. “Because the volatility of gold will increase after the opening of the European and American markets, but now most banks have canceled the night trading, which means that when the volatility is the greatest, investors can only watch from the door.”
Source: Southern Metropolis Daily
