杠杆超百倍、交易转入地下，水贝黄金赌局“变脸”重来

Core Viewpoint - The article discusses the evolving landscape of gold trading in the Shui Bei area, highlighting the shift from simple registration processes to more complex requirements, including identity verification and manual audits, which have raised concerns about the legality and risks associated with "pre-priced trading" platforms [3][5][6]. Group 1: Changes in Trading Platforms - The entry barriers for participating in gold trading platforms have increased significantly, now requiring users to submit personal identification and undergo manual verification, which can take up to a day [3][5]. - Some platforms have transitioned from "pre-priced" trading to "pricing settlement" models, allowing users to settle profits and losses based on real-time gold prices without physical delivery [3][8]. - The leverage offered by some platforms is extremely high, with claims that a deposit of 10,000 yuan can control gold worth approximately 1 million yuan, resulting in leverage ratios close to 100 times [3][10]. Group 2: Market Participants and Risks - The participant demographics in gold trading have shifted, with many new entrants lacking experience in gold trading, primarily engaging in online electronic trading without physical delivery [3][18]. - The complexity of the trading process has increased, with some platforms requiring users to contact customer service for fund transfers, which adds to the opacity of fund flows [5][6]. - There are significant risks associated with the current trading practices, including potential tax evasion and the use of private accounts for transactions, which complicates regulatory oversight [11][15]. Group 3: Regulatory and Operational Challenges - The article emphasizes the need for clearer legal definitions and regulatory frameworks to address the risks associated with these trading practices, as current regulations lag behind the rapid evolution of the market [20]. - The operational model of many platforms involves separating client funds and trading activities, which raises concerns about the authenticity of risk hedging and the potential for significant financial losses for investors [15][19]. - The low operational costs of setting up these trading platforms have led to a proliferation of new players, many of whom are not traditional gold industry participants, further complicating the regulatory landscape [19][20].