现货黄金站上历史高位！应对波动风险，银行个人贵金属投资通道持续收紧

Core Viewpoint - The gold market is experiencing heightened investment enthusiasm, with spot gold prices reaching a historic high of $4,400 per ounce on December 22, 2025, prompting banks to tighten personal precious metal investment channels through various measures [1]. Group 1: Business Adjustments by Banks - Banks are implementing a series of adjustments, including the closure of "zombie accounts," shutting down speculative leveraged businesses, and raising margin requirements to increase investment thresholds [1][6]. - Hengfeng Bank has stopped selling its self-designed physical gold bars and closed trading access for its "Hengyu Gold" brand [2]. - Industrial and Commercial Bank of China (ICBC) announced the closure of business functions for accounts with no positions, inventory, or debts, effective December 19 [2][4]. Group 2: Changes in Investment Products - Banks are transitioning away from speculative products, with China Bank stating that previous pure paper gold products are no longer available, and all related leveraged investment products have been closed [4]. - Investment in gold is shifting from speculation to allocation, with banks advising clients to treat gold as a long-term investment rather than a short-term trading opportunity [5][10]. Group 3: Increased Investment Thresholds - Banks are raising margin requirements for various gold contracts, with Everbright Bank increasing the standard margin ratio for several contracts from 38% to 40% and for silver contracts from 41% to 43% [6][8]. - The entry threshold for gold ETFs is high, requiring investors to have total assets exceeding 5 million or an annual income of over 400,000 for three consecutive years [8][10]. Group 4: Market Analysis and Future Outlook - The significant price fluctuations in the gold market, with gold prices rising over 60% and silver over 110% this year, have led banks to reduce high-risk speculative businesses [11]. - The shift towards more stable and transparent business models is seen as a strategic response to global economic uncertainties and regulatory compliance trends [11].