银行密集清理个人杠杆炒金业务，贵金属投资转向长期配置

Core Viewpoint - The era of individual leveraged gold trading through banks is coming to an end as banks tighten regulations and clean up inactive accounts, reflecting a shift towards more cautious investment practices in the precious metals market [1][2]. Group 1: Regulatory Changes - Major banks, including Industrial and Commercial Bank of China, have announced adjustments to their personal precious metals trading services, targeting inactive "three-no" customers and returning margin account balances to settlement accounts [1]. - This trend follows a series of "stop new" announcements from various banks since 2022, indicating a broader contraction in personal leveraged gold trading services [1]. - The tightening of personal leveraged gold trading is driven by regulatory requirements established at the end of 2021, which mandate financial institutions to conduct derivative trading with individual clients cautiously [1]. Group 2: Market Dynamics - Leveraged gold trading was once seen as a shortcut to wealth for individual investors, but the risks associated with such trading have become more apparent, leading to a reassessment of investment strategies [2]. - While banks are closing leveraged trading channels, they continue to offer alternative investment products such as gold accumulation plans, gold ETFs, and physical gold bars, which provide lower barriers to entry and high liquidity [2]. - The exit of individual leveraged gold trading is expected to shift the market structure towards professional institutions, which possess better risk pricing capabilities and liquidity management, ultimately enhancing market stability and pricing efficiency [2].