On 6 august, the commercial bank issued a communiqué stating that the bank's two-way trade in personal paper and precious metals, its two-way foreign exchange trading operations, its real paper and silver trading operations and its “cash collection” operations were about to cease, and that the warehouse and spot inventory clients of the said operations were free to choose their own options by 17 october。
Prior to the recruitment of the bank, the bank of commerce and industry and the bank of construction announced that, on 15 august, they would suspend the gold account, open the bank account and automatically terminate the gold, silver account and platinum deposit plan。
The price of gold has fallen since march this year, and, logically, it is a good time to buy gold, with many real gold stores increasing their sales. But why is it that more and more banks in the country are tightening their personal precious metals? You're trying to stop people from taking precious metal for money
First, the bank's personal precious metal business is actually “paper gold” “paper silver”. In-kind gold is not easy to invest with manual fees and trade, and is usually kept at home for years and years. So they usually trade in paper gold。
Most of what we usually call gold is determined by “paper gold”. The proportion of real gold in transactions is very small。
So the gold bracelets and so on and so on and so on and so on and so on and so on and so on and so on and so on and so on and so forth。
Gold is a good thing, and it's been plentiful to the east and the west since ancient times. As a result of the transformation of the bretton woods system, the current price of gold remains in united states dollars, which has a direct impact on the price of gold。
The fall in this round of gold is strongly related to the strength of the united states dollar。
Since entering 2022, the fed has started three interest-rate hikes, one larger than the other, 25 basis points for the first, 50 basis points for the second and 75 basis points for the third。
However, successive large interest rates have not been effective in containing inflationary pressures in the united states, which remained as high as 9. 1 per cent in june 2022。
Inflation is not controlled, the fed will continue to raise interest rates and the dollar will continue to strengthen。
If you had some common economics, you would know that the dollar and gold are in a negative relationship, and the stronger the dollar, the weaker the liquidity, the lower the price of gold。
But gold now has a number of pros and cons: on the one hand, the global economy is growing at a less than optimistic rate, with many countries at risk of falling into recession; on the other hand, current geo-conflicts are still not effectively mitigated and international risk avoidance is still high。
Many are interwoven with the air, and once the market is windy, gold prices are likely to fluctuate considerably。
Gold is already a very mature investment on the international market, both in futures and in cash. However, futures gold investments are high-risk investment products with higher leverage。
At the same time, it is unknown to many that gold has never been a fully competitive market and that gold prices have been manipulated by the major united states and european players。
For example, in september 2020, the united states commodity futures trading commission (cftc) convicted morgan chase of fraud against the metal futures market and subsequently fined $920 million。
In a similar market, we have suffered a huge loss — the “oil treasure”。
The “oil treasure” is a piece of property introduced by the bank of china linked to oil futures, similar to futures trading operations。
Ideally, there would be as many positions on the crude oil treasures as there would be empty positions, at which point the loss would be the loss of the money, the risk of empty space would be right in the right direction, and there would be no need to hold a single position in the middle, and the cost of handling and foreign exchange differentials for the customers。
At the beginning of 2020, however, the international price of crude oil was very volatile: global demand for crude oil had declined sharply as a result of the epidemic, which had led to the cessation of multinational production. At the same time, saudi arabia and russia joined forces to bring down the shale oil in the united states, breaking the price of oil, which reached $20 per barrel in april 2020。
The price was incrediblely low, and investors felt certain that it would rise, so they bought more. According to the bank of china, on the night of the oil mine, the multiple positions accounted for 95 per cent and only 5 per cent were empty。
In order to counter the risk exposure, china has built a huge multi-heading position on the chicago commodity exchange。
As you know, these investors on the “oil treasures” are “specified customers” and do not have any physical cut-off capacity. If the contract expires or the warehouse explodes, cash delivery is the option。
On 20 april 2020, the u. S. Wti crude oil futures contract price fell sharply to negative values; on the morning of 21 april, the “crude oil treasure” investor woke up and found that the “crude oil treasure” account was “bracked” and that the original holdout had not only been completely wiped out, but even had to pay the chinese bank more than 260 barrels of oil per barrel, which, in the absence of leverage, had also created a debt with heavy losses。
Since the “oil treasures” events, the state has tightened its risk control and regulation of financial markets, and since the end of 2020, domestic commercial banks have issued successive announcements suspending the new openings and openings of correspondent gold deals, and will gradually withdraw completely from personal agency operations。
In december 2021, the central bank, together with the bank's insurance board, the cvm and the foreign exchange office, issued guidance on promoting the development of the practice of derivatives (advisory draft), in which it was mentioned that banking insurance agencies were not allowed to deal directly with individual clients through counters. In addition, account-based products such as precious metals, bulk commodities, foreign exchange, etc., that do not actually involve delivery of the subject matter are also regulated。
The purpose of tightening the trade in precious metals is not to repeat the tragedy of crude oil treasures。
I'm writing, wang yahoo
