Core Viewpoint - The article discusses the tightening of banks' precious metals business, particularly in response to rising gold prices and increased risk management measures [3][10]. Group 1: Price Trends - London gold spot prices recently peaked at $4,350 per ounce, nearing the historical high of $4,381 per ounce [3]. - Since the beginning of 2025, gold prices have surged approximately 65% due to geopolitical conflicts and expectations of interest rate cuts by the Federal Reserve [10]. - Silver and platinum have experienced even greater price increases, with silver reaching $66.8 per ounce (up 128% year-to-date) and platinum futures surpassing $1,995 per ounce (up 118% year-to-date) [10][11]. Group 2: Bank Policy Changes - Banks are increasingly tightening their precious metals business, including the closure of long-standing inactive accounts and restrictions on new account openings [6][9]. - Major banks like Industrial and Commercial Bank of China and China Construction Bank have announced the closure of accounts with no positions, inventory, or debts, effective December 19 [6]. - The tightening measures began in March 2020 following the "oil treasure" incident, leading to a gradual withdrawal from leveraged products and stricter risk management protocols [9]. Group 3: Risk Management - Banks are enhancing risk management in their precious metals business by raising the risk ratings of certain products and increasing the minimum investment amounts [9]. - The adjustments also include a higher threshold for customer risk tolerance assessments, particularly for accumulation gold products, which will see changes implemented by the end of 2024 [7].