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Original title: What warning? The six big banks announced the same day that they are suspending the opening of accounts for this business.
Summary
[¿Qué advertencia? Los seis principales bancos anunciaron la suspensión de la apertura de cuentas para este negocio el mismo día]On November 27, many banks announced the suspension of the opening of accounts for the precious metals business. According to statistics from Zhongzheng Jun, as of press time, the five state banks and the China Merchants Bank have issued relevant announcements. (China Securities Journal)
On November 27, multipleBankPost pausePrecious metalsCommercial account openingadAccording to statistics from Zhongzheng Jun, as of press time, the five state-owned banks andMerchant Bank of ChinaRelevant announcements have been issued.
According to industry experts, in recent months, gold, silver, etc.priceHigher volatility,BankAnd other institutions are guiding investors to avoidmarketVolatility risk. Looking ahead, before new stimulus policies are expected,Precious metalsThe overall price remained low and fluctuated weakly.
MultipleBanktime is overPrecious metalsCommercial account opening
On November 27, several banks issued announcements one after another, saying they would suspend the opening of accounts for the precious metals business.
ICBC said that as of 24:00 on November 28, 2020 Beijing time, all bank channels (personal gold account, new commercial silver accountclientOpentransaction accountAs of 9:00 am on November 28, 2020 Beijing time, the bank’s new channels will be suspended.attorneyPrecious Metals Bid Transaction Business App for Personal Clients.
Source: ICBC website
The CCB announcement stated that as of November 30, the precious metals bank account (including two-way transactions) and the precious metals trading business agency personal listing on the gold exchange will suspend the signing of the opening from account.
Source: CCB website
According to the Bank of Communications, it will be suspended from 12:00 on November 28, 2020 Beijing time.Communications BankBook entry precious metals, personal precious metal agency deferred transactions and new Jinbao business open account clients.
Source: Bank of Communications website
The Agricultural Bank of China also stated that it is scheduled to suspend the precious metals trading business of the bank account and act as an agent for the Shanghai Gold Exchange’s precious metals trading clients to sign and open accounts.
Source: Agricultural Bank of China website
Except for the main state banks, joint-stock banksMerchant Bank of ChinaIt was also announced that as of November 28, the bank’s channels for bidirectional paper gold and silver, firm paper gold and silver, and the business of Zhaocaijin (agent of the Gold Exchange business of Shanghai) new customers to open business account applications.
Source: China Merchants Bank website
Further,Bank of ChinaAccording to the announcement, due to international holidays, the precious metals business of the bank account and the precious metals business of the two-way account will be suspended from 2:00 am Beijing time on November 28, 2020 ( Saturday) and November 30, 2020 (Monday) Beijing time. Trading will resume at 7:00 in the morning.
Precious metals have recently cooled
Why are many banks simultaneously announcing the suspension of new commercial accounts for the precious metals business? Judging by the announcement, several banks have stated that due to complex factors such as the epidemic situation and changes in the global political and economic situation, the recent international precious metals marketPrice fluctuationsInvestment risks increase, increase.
Everbright BankfinancialAnalystZhou Maohua told Zhongzheng Jun that in recent months, gold, silver and other international price fluctuations have intensified, and banks and other institutions have guided investors to avoid the risk of market fluctuations; From a trend perspective, the global epidemic, the economy, vaccines and other factors will complicate in the coming months. Overlap Today’s market continues to rake in huge profits, especially near the end of the year, the price of gold remains volatile and investors need to be vigilant about the risks of market fluctuations.
At the close of this issue on November 27,London goldIt was reported at US $ 1807.54 per ounce, down 0.03%; COMEX gold registered US $ 1,811.9 per ounce, up 0.04%; London silver registered US $ 23,225 per ounce, down 0.41%; COMEX silver registered US $ 23.345 an ounce, down 0.43%.
Since the beginning of this year, affected by the epidemic, safe haven assets, such as precious metals, have seen a significant increase. However, recently driven by factors such as the expected improvement in the global economic recovery, precious metals have started to adjust again.
Looking ahead, CITIC Futures said that the currentGDPThe annualized quarterly rate was in line with expectations, and durable goods orders for October were better than expected, early last weekunemploymentThe amount of gold is higher than expected. November United StatescompanyActivities are expanding rapidly. News about vaccines and the improving US economy have suppressed demand for coverage. At the same time, the global economic outlook is even more promising after widespread vaccination.US Economic DataThe dollar index promotion bottomed out and rebounded, which is expected to further contain precious metal prices.
Maike Futures said that the negative sentiment in the early days of gold and silver comes mainly from the important news of advance of the vaccine and the expected economic recovery in the United States. These negative factors have not changed in the short term. We must pay attention to the situation of the authorization of emergency use of the vaccine approved by the United States on December 10. The formation of gold and silver prices is even more negative. Therefore, before the new stimulus policy in the United States is expected, the price of precious metals as a whole remains low and fluctuates weakly.
There are precedents for preventing the risks of precious metals
This is not the first time this year that banks have imposed on precious metals orForeign exchangeproductMake adjustments in transactions, etc. The earlier crude oil treasury incident also made banks more cautious in protecting investors’ legitimate rights and interests.
For example, on the eve of the US elections, many banks issued risk warnings and time adjustment notices for transactions.Bank of ChinaThe announcement stated that the United States will hold a general election on November 3, 2020 local time, and precious metals, precious metals, are expected toForex marketVolatility will increase sharply, liquidity will be significantly reduced, and market risks may increase.International practice, Make the following temporary adjustments:
The first is to adjust the level of the price spread according to market conditions. At that time, the trading margin of the account precious metals, two-way account precious metals, accumulated earnings, currency treasure, two-way currency treasure, and personal options may be significantly higher than the level. normal; second, if liquidity is depleted In extreme cases, it may be possible to temporarily suspend quotes for account precious metals, two-way account precious metals, accumulation funds, currency treasury, two-way currency treasury and personal options contracts; Third, during the US General Election, if liquidity is significantly reduced, it may be appropriate to reduce account precious metals, two-way account precious metals, accumulated earnings, currency treasury, one-time two-way currency treasury transactionAgreementMaximum amount. These temporary adjustment measures will be canceled once the market stabilizes.
In July this year, when assets in the precious metals family were booming and international prices for gold, silver, palladium and platinum reached new highs, many banks announced the suspension of precious metal accounts.Open a positiontransaction.
E.g,Communications BankHe said that given the currentinternational financesThe market turbulence has intensified. Platinum and palladium are products with less liquidity and greater volatility. From the perspective of preventing risks and protecting the rights of investors, the bank will suspend platinum in book entries starting at 9 am on July 22, 2020. And new book entry palladium opening transactions, existing customersSettlementThe transaction is not affected.
(Source: China Securities Journal)
(Responsible editor: DF512)
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