Please pay attention to the announcement of China Industrial and Commercial Bank. It says that the gold and silver account will be suspended from 8:00 on August 5, 2022/KLOC-0, Beijing time. Note that it is a temporary policy and may be adjusted according to the market later.
In fact, from this year, according to incomplete statistics, six banks have formulated tightening policies for personal precious metals business.
For example, on June 4th, 65438, Bank of Communications issued a statement, suspending all opening transactions of book-entry precious metals business from June 7th, 65438+1October 7th, and suspending the trading of precious metals agency management business of Shanghai Gold Exchange.
On May 12, Huaxia Bank also issued an announcement to adjust the personal precious metal agency business.
China Construction Bank also issued an announcement on June 2, suspending personal precious metal trading business from June 17 15:30.
Since the beginning of this year, many banks, such as China Everbright Bank, Industrial Bank, Bank of Communications, Huaxia Bank, Industrial and Commercial Bank of China and China Construction Bank, have adjusted their personal precious metals business, with similar contents, such as restricting new customers, increasing margin, suspending buying transactions, and canceling agency.
It is not without reason that so many banks are adjusting their personal precious metal transactions.
Among them, the explanation given by the bank is that due to the influence of the international market, the price of bulk commodities fluctuates greatly and the market risk intensifies. In order to reduce the invisible risk of trading activities, it is necessary to tighten the precious metals related business.
Indeed, the domestic and international market environment is unpredictable now, and the Fed keeps raising interest rates, with the dollar index rising and precious metal prices falling. For example, the spot price of gold in London rushed to $2,070.42 per ounce on March 8, and then continued to fall, and fell to $65,438 +0.7 1.9 per ounce on July 8. At present, the international gold price has hit a new low of 10 month.
This reason should be direct, but the precious metal crunch reminds me of the crude oil treasure incident, because in fact, since 2020, more than 20 banks have suspended new applications for precious metal-related business.
On April 2, 20201day, WTI crude oil futures settlement in May was negative. Such extreme negative oil prices have caused a large number of "crude oil treasures" to wear out positions, and more than 60,000 customers have lost all their deposits and "owed" billions to banks. It is for this reason that the risk of personal transactions began to be valued by banks, and everyone began to adjust personal financial transactions.
In fact, judging from the "crude oil treasure" incident in the previous year, commercial banks have defects in talent, technology and risk control in financial deferred product trading. It is also a wise choice for everyone to tighten the trading of precious metals now.
In addition to the impact of the international environment and crude oil treasures, I think the epidemic situation also has an impact on this. Obviously, although China's economy is growing in the face of the epidemic, it still has a certain impact, and the growth rate has dropped significantly. It is necessary for commercial banks to cut off some unnecessary intermediate business and return to their main business.
Generally speaking, it should also aim at stabilizing the benign development of the financial system, but it is also a warning that the downward shock may be the main trend of precious metals in the future.