International gold futures and spot prices both fell back on July 28 after soaring and hitting a record high. The reporter noted that a number of banks have recently announced the suspension of account opening transactions such as platinum and palladium. Analysts believe that the bank's move is due to concerns about the potential risks brought about by fluctuations in precious metal prices. Although precious metals are facing adjustment pressure in the short term, the long-term rising pattern will not change.

Among them, ICBC suspended the opening trading of all products of account platinum, account palladium and account precious metal index from 0: 00 on July 3rd. Bank of Communications also suspended the new account opening transactions of bookkeeping platinum and bookkeeping palladium from 9: 00 am on July 22nd.

Bank of Communications said that in view of the current turmoil in the international financial market, platinum and palladium are varieties with low liquidity and great volatility. From the perspective of preventing risks and protecting investors' rights and interests, the Bank suspended the new account opening transactions of bookkeeping platinum and bookkeeping palladium from 9:00 am on July 22, 2020, and the flat trading of existing customers was not affected.

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Control potential risks

In April this year, the WTI2005 contract of crude oil futures on the Chicago Mercantile Exchange appeared "negative price" for the first time. Affected by this, China Bank (3.37+1.20%, diagnostic unit) experienced a "short position" in its crude oil treasure contract, and many investors not only lost their principal, but also owed money to the bank. After the "Crude Oil Treasure" incident, many banks urgently suspended the account opening transactions of crude oil, natural gas, copper and soybean.

After the "Crude Oil Treasure" incident, domestic banks have become more cautious about the fluctuations in commodity and precious metal markets.

Ye Jianjun, a precious metal analyst of the business community, said that the price of precious metals has skyrocketed recently and the market speculation atmosphere is hot. At this time, many domestic banks suspended the trading of platinum and palladium products in their accounts. On the one hand, because banks are worried about the risk control of their customers, most investors lack investment expertise in precious metals. On the other hand, the internal system management and system risk control of banks need to be further adjusted and improved.

Zhao Xiaojun, a precious metals analyst at CUHK Futures, believes that due to the recent sharp rise in gold and silver prices and the sharp increase in market volatility, banks control potential risks by suspending opening positions, which is similar to adding margin to futures exchanges. However, due to the full amount of bank transactions, they control risks by limiting their positions.

Financial Network-Many banks suspended the opening of precious metals accounts.