12 | A NEW SOTTE GTT 记者 陈植 9月13日起，网络传言君豪、华贵、盛凯、粤金鑫等10余家深圳水贝地区黄金料商相继出现经营异常状况，其中部分黄金料商早已人去楼空。 "这次黄金料商的投机沽空做法相当激进。"一位熟悉黄金料商沽空操作的知情人士向记者直言。以往黄金料商若有100公斤黄金原料需要在10天后交付，最 多会拿出10—20公斤黄金原料及相关资金，在境外黄金期货市场或民间对手盘交易押注金价下跌获利。但8月下旬起，个别黄金料商将100公斤黄金原料与全 部自有资金用于沽空金价。此外，他们还在民间对手盘交易过程使用极高的投资杠杆，若金价每上涨10元/克，意味着他们的整个沽空头寸保证金亏损近10 万元。 9月16日，记者独家采访深圳市黄金珠宝首饰行业协会秘书长张文扬。他告诉记者，经协会实地走访，网络传言里的60%—70%黄金料商仍在正常经营，仅 有约30%黄金料商"出现问题"，且"出现问题"的黄金料商业务规模都相当小。 他没有向记者透露"出现问题"的黄金料商具体名字，但表示"目前公安部门正依法介入，相关结果以公安部门最终公告为准"。 记者独家了解到，水贝地区黄金料商"跑路风波"也受到当地政府的关注 ...

Core Viewpoint - The rising tensions in the Middle East have led to a significant increase in gold prices, with COMEX gold futures surpassing $3,400 per ounce, reflecting a rise of over $100 per ounce compared to the previous week [2] Industry Impact - The surge in gold prices is negatively impacting gold jewelry processing companies, as expectations of continued price increases are leading to reduced purchasing power from downstream gold retailers, particularly ahead of the Mid-Autumn Festival and National Day [3][5] - Many small gold processing enterprises are facing closures due to insufficient orders from retailers, leading to intense competition over processing fees [3][5] - The World Gold Council reported a 32% year-on-year decline in gold jewelry demand in Q1, totaling 125 tons, attributed to high gold prices and a reduction in retail store numbers [3] Long-term Challenges - A significant long-term challenge for the gold jewelry processing industry is the declining marriage and birth rates, which are expected to reduce the rigid demand for gold jewelry, accounting for over 30% of overall metal demand [4] - Companies are focusing on capacity reduction strategies to adapt to the changing market dynamics and consumer preferences [4][7] Operational Adjustments - To survive the downturn, companies are shifting production from heavier gold items to lighter, lower-cost products, despite lower processing fee revenues [6] - Many processing firms are abandoning self-operated procurement models to mitigate financial risks associated with rising gold prices and shrinking retailer orders [6][7] Market Dynamics - The number of gold retail stores is decreasing, with major chains like Chow Tai Fook and Chow Sang Sang closing hundreds of locations [7] - Processing companies are adapting to new procurement models that require additional logistics and management efforts, increasing operational costs [9][10] Financial Pressures - The processing fee income has dropped by over 25% due to price wars, and additional costs from logistics and order management are squeezing profit margins [11] - Companies are exploring overseas markets to offset domestic declines, but face challenges in adapting to different consumer preferences and cultural contexts [12]