2025年8月17日的夜晚，当印尼时钟悄然跨入18日黎明，黄金现货市场迎来了一场价格的"过山车"。前一交易日，它曾以每盎司3707.40美元的惊人高度触及 新峰，然而，短短一日之间，价格便骤然滑落至3658.25美元，跌幅接近1%。期货市场也未能幸免，小幅调整至3717.80美元。这串数字并非虚无缥缈的理 论，而是无数交易员手机屏幕上跳跃闪烁的实时报价，它们精准地传递着市场的脆弱与不安。微信群里，一张张截图被疯传，配以"一天翻车"的评论，生动 地描绘了市场现场的紧张氛围。 此前一年，市场已累积了三次降息的效应，当美联储终于在本次政策会议上行动，将基准利率下调25个基点至4.00?.25%的目标区间时，本应是黄金多头市 场的迎来，为何价格却出现短期下滑？这种反直觉的矛盾，让所有人陷入了算计与思索。 政策会议结束后的新闻发布会，主席的一言一行都成为市场解读的焦点。鲍威尔谨慎的措辞，被市场解读为未来政策将以"慢动作"推进，而非一次性释放的 巨额宽松。投资者读懂了这种"慢"，资金流向也随之发生微妙变化——情绪，总是比数据先行一步。 在市场的喧嚣中，一位独立贵金属交易员的电话采访片段值得铭记。他冷静地分析："触顶之后， ...

Core Viewpoint - The implementation of the "Management Measures for Anti-Money Laundering and Anti-Terrorist Financing in the Precious Metals and Gemstone Industry" by the People's Bank of China signifies an enhancement in the regulatory framework for anti-money laundering (AML) within the precious metals and gemstones sector, addressing potential vulnerabilities previously exploited by criminals [1][4][10]. Regulatory Framework - The new management measures expand the scope of AML obligations to include the entire precious metals and gemstones industry, defining the entities subject to these regulations as those legally engaged in the spot trading of precious metals and gemstones within China [1][4]. - The threshold for reporting large transactions has been raised from 50,000 RMB to 100,000 RMB, requiring institutions to report cash transactions at or above this amount within five working days [4][5]. Risk Mitigation - The precious metals and gemstones sector is identified as a high-risk area for money laundering and terrorist financing due to the high value, liquidity, and relative anonymity of transactions [5][10]. - Institutions are mandated to conduct customer due diligence for cash transactions equal to or exceeding 100,000 RMB, which serves as a critical checkpoint to identify potential risks [5][6]. Compliance and Accountability - The management measures require institutions to maintain customer identity information for at least ten years, extending the previous five-year requirement, thereby enhancing record-keeping practices [6]. - Institutions are held accountable for their AML responsibilities, with legal repercussions for negligence or failure to comply, including criminal liability for serious offenses [6][7]. Collaborative Oversight - The measures advocate for a collaborative regulatory framework involving self-regulation within the industry, encouraging information sharing among trading venues and industry organizations under the guidance of the People's Bank of China [7]. - Internal training programs are emphasized to improve employees' understanding and execution of AML regulations, fostering a culture of compliance within the industry [7][10]. Industry Preparedness - The management measures are set to take effect on August 1, 2023, and are expected to elevate the compliance standards within the precious metals and gemstones industry, necessitating proactive measures from institutions to align with the new regulations [10].