According to public reports, underground gold speculation is divided into two categories. One kind is the agent of overseas formal institutions that step on the gray area. They use the margin trading model to attract investors to inject funds and use the overseas gold trading system to speculate on overseas gold futures. If most customers are in the right direction and have a lot of money, they can transfer risks in the international market. This channel is legal abroad, but it is illegal at home, even illegal. Once there is a dispute of interest, it is completely protected by law. The other is a completely black company black platform. It is illegal to set up a virtual gold speculation platform to trick investors into gambling with computers and then defraud investors of their principal.
Huo Xiaohua, a researcher in the financial industry of China Investment Consulting, told the Huashang Daily reporter yesterday that speculating gold through Hong Kong companies is an important means for underground gold companies in the Mainland. Due to the rapid rise of 20 1 1 gold speculation investment, the number of gold speculators has increased dramatically. Although the number of people speculating in gold decreased at the end of the year, considering the base utility, there are still many mainlanders speculating in gold through Hong Kong companies. The reason why Hong Kong is chosen to speculate in gold is not only because the leverage ratio of legal speculation in the mainland can not meet the psychological requirements of investors, but more importantly, the threshold for Hong Kong to set up an agent in the mainland is very low. In the rising stage of gold speculation, the overwhelming publicity of such agents in the mainland has attracted the attention of a large number of gold investors.
The reporter of "National Business Daily" learned that at present, underground gold speculation in the Mainland is mainly based on delayed spot trading of gold, which is called "London gold trading" in the jargon. This avoids the inconvenience of gradually increasing the margin before the futures expire, occupies less funds, and can maintain the amplification leverage of 100 times and trade 24 hours a day.
"There are many uncontrollable factors in underground gold speculation in the gray area, and the risk is huge." Zhou Xuefei, an associate professor at the School of Finance and Taxation of Southwestern University of Finance and Economics, said that coupled with the serious asymmetry of information between gold speculators, the risks involved are even greater.
The manager of a futures company admitted to the reporter of National Business Daily that as early as the end of 1990s, he had participated in underground gold speculation with the dream of getting rich overnight, resulting in heavy losses.
In view of the rampant underground gold speculation, on July 22, 20 10, six ministries and commissions, including the central bank, jointly issued "Several Opinions on Promoting the Development of the Gold Market", requiring the relevant departments to severely crack down on underground gold speculation, and the relevant departments should severely punish the market participants involved in underground gold speculation and enter relevant information into the credit information system.
Huo Xiaohua, a researcher in the financial industry of China Investment Consulting, told the National Business Daily that although underground gold speculation is relatively formal and irregular due to lack of supervision, it is illegal to speculate in any form without approval in China, but cross-border gold speculation is not in this management category, so there is still a gap in legal supervision. (