Jing Ji Guan Cha Wang·2025-12-17 04:31Core Viewpoint - The tightening of personal precious metals trading by banks acting as agents for the Shanghai Gold Exchange is aimed at managing market risks, complying with regulatory pressures, and fulfilling investor suitability obligations, leading to a more concentrated and mature market structure focused on institutional clients [1][3]. Group 1: Bank Adjustments - Several banks, including Industrial and Commercial Bank of China (ICBC), have announced adjustments to their personal precious metals trading business, actively clearing inactive "three-no" clients (no positions, no inventory, no debts) [2][3]. - ICBC's announcement states that from December 19, 2025, it will transfer the balances of these clients' margin accounts to their linked settlement accounts and terminate related business functions [2][3]. - Other banks such as Agricultural Bank of China and China Postal Savings Bank have also made similar announcements regarding the termination of agreements with inactive clients [2]. Group 2: Market Implications - Experts believe that the exit of personal investors from bank channels may lead to a decrease in trading volume and a return of margin funds, while also pushing investors towards futures companies, brokerages, or physical gold platforms, accelerating the differentiation and specialization of precious metals investment channels [4][5]. - The adjustments are expected to help investors reassess the risk-return characteristics of gold investments, promoting a shift from short-term speculation to long-term asset allocation [4][5]. Group 3: Transformation of Banking Precious Metals Business - The retail side of banking precious metals business is transitioning from a trading channel to asset allocation services, moving away from high-risk, high-leverage products towards more stable financial products like gold ETFs [5]. - This shift indicates a transformation in the retail precious metals business model from providing trading channels and physical sales to offering asset allocation services and standardized financial products [5]. - Future growth opportunities for banks in the precious metals sector include promoting lower-risk investment products such as accumulated gold and physical gold bar sales, catering to residents' demand for hedging and asset allocation [5].