Core Insights - The article discusses the evolving landscape of gold trading in the Shui Bei area, highlighting the shift towards more complex and hidden trading practices despite warnings from local authorities [1][2] - New trading platforms are emerging that allow users to trade large amounts of gold with minimal initial investment, leading to extremely high leverage ratios [1] Group 1: Trading Practices - The "pre-set price trading" model has been replaced by a "pricing settlement" model, where users can settle profits and losses based on real-time gold prices without physical delivery [1] - Some platforms claim that users can trade gold worth approximately 1 million yuan with just a 10,000 yuan margin, resulting in leverage ratios close to 100 times [1] Group 2: Market Participants - The market is witnessing a shift in participants, with many new players lacking experience in gold trading entering the scene, primarily engaging in online electronic trading [2] - Previously, the market was dominated by local gold traders who were knowledgeable about the industry, but now there is an influx of inexperienced teams that do not deal with physical gold delivery [2]

Core Viewpoint - The "pre-pricing trading" platforms in the Shui Bei gold market have increased their entry barriers, requiring users to submit personal identification and undergo manual verification, which can take a day. Despite warnings about potential illegality, these trading practices continue to evolve and proliferate in more concealed forms [2][19]. Group 1: Changes in Trading Practices - The platforms have shifted from promoting "pre-pricing" to "pricing settlement" models, allowing users to settle profits and losses based on real-time gold prices without physical delivery of gold. Some platforms claim that a deposit of 10,000 yuan can control gold worth about 1 million yuan, with leverage ratios approaching 100 times [2][19]. - The market participants have changed significantly, with many new players lacking experience in gold trading entering the market, primarily engaging in online electronic trading without physical delivery [2][19]. Group 2: Increased Complexity and Risks - The process for participating in these trading platforms has become more complex, requiring users to provide identification and undergo risk assessments before trading. Some smaller platforms have moved away from high-exposure entry points like mini-programs to self-built apps [20][21]. - The funding flow has become more opaque, with users needing to contact customer service for specific bank accounts to transfer funds, and deposits are not immediately reflected in their accounts [21][4]. Group 3: Tax and Regulatory Implications - To avoid tax costs associated with physical delivery, some platforms are upgrading their business models to "pricing settlement," where users can settle based on price changes without taking physical delivery of gold [23][24]. - The tax implications are significant, as transactions that do not involve physical delivery typically do not incur value-added tax, but may still be subject to personal income tax on profits [25][26]. Group 4: Operational Risks and Compliance Issues - Many platforms claim to use overseas API hedging mechanisms to reduce trading costs, allowing for significantly lower entry barriers compared to compliant markets. However, the authenticity of these hedging practices is questionable, raising compliance risks [28][30]. - The operational model of these platforms often involves separating client deposits through domestic private accounts while claiming to hedge risks in overseas markets, leading to potential issues with fund security and regulatory compliance [30][31]. Group 5: Market Dynamics and Regulatory Challenges - The influx of inexperienced participants into the pre-pricing trading sector has been rapid, driven by rising gold prices and the popularity of mobile trading. Many of these new operators lack a background in physical gold trading [32][33]. - Regulatory challenges persist, as these trading activities often fall into a gray area, complicating enforcement and necessitating a collaborative approach among various regulatory bodies to effectively manage and oversee these operations [34][35].

Core Viewpoint - The "pre-priced trading" platforms in the Shui Bei gold market have increased their entry barriers, requiring users to submit personal identification and undergo manual verification, which can take a day. Despite warnings from the Shenzhen Gold Jewelry Association about potential illegality, these trading practices have continued to evolve and proliferate in more complex forms [1][2]. Group 1: Changes in Trading Mechanisms - The platforms have shifted from a "pre-priced" model to a "pricing settlement" model, allowing users to settle profits and losses based on real-time gold prices without physical delivery of gold. Some platforms claim that a deposit of 10,000 yuan can control gold worth about 1 million yuan, resulting in leverage ratios close to 100 times [1][4]. - Many platforms now require users to undergo a more complex registration process, including identity verification and risk assessment, which can take up to a day to complete [1][2]. Group 2: Market Participants and Risks - The market has seen a shift in participants, with many new players lacking experience in gold trading entering the space. These new entrants primarily engage in online trading without physical delivery, leading to accumulating risks [1][11]. - The use of private accounts for fund transfers raises concerns about tax evasion and the legitimacy of transactions, as many operations are conducted under the guise of individual accounts while being run by companies [6][12]. Group 3: Regulatory and Compliance Issues - The platforms are increasingly adopting a model that avoids physical delivery to circumvent tax costs, which could lead to regulatory scrutiny. The lack of transparency in the operations and the potential for non-compliance with tax regulations pose significant risks [4][9]. - There is a notable absence of effective regulatory oversight, with current measures being reactive rather than proactive. This creates challenges in managing the risks associated with these trading platforms [13][14]. Group 4: Technological and Operational Dynamics - Smaller trading platforms are moving away from high-exposure entry points like mini-programs to self-built apps, enhancing the obscurity of fund flows. Users often need to contact customer service to obtain specific bank account details for transfers, complicating the process [2][3]. - The operational costs for setting up these trading platforms are relatively low, allowing even small businesses to engage in large-scale trading activities, which raises concerns about the sustainability and legality of such operations [13].

Core Viewpoint - The article highlights the increasing complexity and risks associated with the "pre-priced trading" platforms in the Shui Bei gold market, which have shifted from simple registration to requiring extensive personal documentation and manual verification processes [1][2]. Group 1: Changes in Trading Platforms - The entry barriers for participating in pre-priced trading have significantly increased, now requiring users to submit identification and undergo manual review, which can take up to a day [1][2]. - Some platforms have transitioned from the "pre-priced" concept to a "pricing settlement" model, allowing users to settle profits and losses based on real-time gold prices without physical delivery [1][4]. - New players with little to no experience in gold trading are entering the market, primarily engaging in online electronic trading rather than physical delivery, which accumulates risks [1][10]. Group 2: Operational Changes and Risks - The funding flow has become more opaque, with some platforms requiring users to contact customer service for specific bank account details to transfer funds, rather than providing direct online deposit options [2]. - The platforms are increasingly adopting a model that avoids physical delivery to circumvent tax costs, with users able to settle based on price differences without incurring VAT [4][5]. - There is a notable shift towards leveraging high-risk trading strategies, with some platforms offering leverage ratios as high as 100 times, attracting inexperienced investors [5][10]. Group 3: Regulatory and Compliance Issues - The article discusses the challenges in regulating these trading platforms, which often operate in a gray area, making it difficult for authorities to intervene proactively [12]. - There are concerns regarding the legitimacy of the offshore API hedging mechanisms used by some platforms, which may not comply with domestic regulations and could pose significant risks to investors [8][9]. - The lack of transparency in the operations of these platforms raises questions about the safety of investor funds, especially if the platforms do not fully hedge their positions [9][10].