40倍杠杆的“对赌”玩不转了，水贝黄金料商倒在金价新高时

Core Viewpoint - The article discusses the emerging risks associated with a high-leverage gold trading model in the Shenzhen Shui Bei market, particularly focusing on the sudden closure of a gold trading company, Shenzhen Yue Baoxin Precious Metals Co., Ltd, which has left many merchants and customers unable to retrieve their funds and gold materials [2][5][9]. Group 1: Trading Model and Risks - The prevalent trading method allows buyers to lock in the price of gold by paying a deposit of approximately 2.4% to 3% of the actual gold price, significantly lower than the typical 10% margin required for gold futures trading [2][10]. - This model has led some traders to engage in speculative practices, such as short-selling, where they do not purchase the gold immediately but wait for prices to drop before fulfilling orders, exposing them to substantial risks if prices rise instead [3][16][17]. - The leverage involved in these transactions can reach 30 to 50 times, creating a scenario where small price fluctuations can lead to significant financial losses or gains for traders [12][15]. Group 2: Company Closure and Impact - On September 13, 2023, Yue Baoxin announced its closure due to the freezing of its bank accounts and the disappearance of its legal representative, leaving many clients unable to access their funds or gold [5][9]. - Reports indicate that affected merchants have suffered significant losses, with one gold shop in Henan losing over 900,000 yuan worth of gold due to the company's abrupt exit [8][9]. - The Shenzhen Gold and Jewelry Association has stated that while some companies are facing issues, the situation has been exaggerated on social media, and many businesses continue to operate normally [9]. Group 3: Legal and Regulatory Concerns - The trading model may be classified as illegal due to its resemblance to futures trading, which is subject to strict regulations. The low deposit requirement and the speculative nature of the transactions raise concerns about potential fraud and illegal operations [20][21][22]. - Legal experts suggest that the practices of these traders could lead to accusations of contract fraud or illegal business operations, especially if they fail to deliver on their agreements [21][23]. - Historical cases have shown that similar trading practices have been deemed illegal by courts, reinforcing the need for regulatory scrutiny in the gold trading sector [22][23].