Core Viewpoint - The article discusses the tension between product innovation and risk control departments within banks regarding the issuance of gold investment products, highlighting the challenges faced in balancing business opportunities with risk management [3][5]. Group 1: Market Demand and Trends - As of January 8, 2026, the spot price of gold is around $4,426 per ounce, reflecting a 60% increase over the past year [2]. - There is a growing demand for gold investment products among residents, driven by the rising gold prices and geopolitical uncertainties, leading to a consensus among global central banks and investors to increase gold holdings [7][9]. - Several banks have reported increased requests from branches to expand the distribution of gold investment products due to strong customer interest [8][10]. Group 2: Internal Conflicts within Banks - The product innovation department is eager to launch new gold investment products to capitalize on market opportunities, while the risk control department is concerned about potential losses if gold prices decline [3][5]. - Despite the rising demand, the issuance of gold investment products has been significantly reduced, with only 18 products available by the end of 2025, down from 51 in early 2024 [4][12]. - The risk control department's cautious stance is attributed to fears of customer complaints and redemption pressures if gold prices experience a significant downturn [13][15]. Group 3: Challenges in Product Issuance - The issuance of gold investment products is hindered by their short duration, typically less than one year, which raises concerns about their performance during price fluctuations [14]. - The risk control department's focus on maintaining low volatility in product net values has led to a reluctance to issue new products, despite the favorable market conditions [14][15]. - There is a notable disconnect between the enthusiasm of distribution channels and the conservative approach of the product innovation department, resulting in missed opportunities in the market [10][12].

Core Viewpoint - The demand for gold investment products is increasing due to rising gold prices, but risk control departments are hesitant to approve new product issuances, leading to a conflict between product innovation and risk management teams [2][4][9]. Group 1: Demand for Gold Investment Products - There is a strong demand for gold investment products among residents, driven by the continuous rise in gold prices and geopolitical uncertainties [5][6]. - Financial institutions are receiving requests to increase the issuance of gold-related investment products, as clients are shifting their investments towards gold ETFs and public funds [6][7]. - The expectation of further increases in gold prices is leading to a consensus among global central banks and investors to increase their gold holdings [5][7]. Group 2: Challenges in Product Issuance - Despite the high demand, the issuance of gold investment products is being stalled by risk control departments, which fear potential losses if gold prices decline [2][4][10]. - The number of gold-related investment products has significantly decreased, with only 18 products remaining by the end of 2025, down from 51 in early 2024 [4]. - Risk control concerns are exacerbated by the short duration of these products, which typically last less than one year, making them vulnerable to price fluctuations [11]. Group 3: Divergence Between Teams - There is a fundamental disagreement between the product innovation team, which focuses on market opportunities, and the risk control team, which prioritizes risk avoidance [4][10]. - The product innovation team has attempted to present data supporting the continued rise in gold prices to alleviate risk concerns, but has faced resistance [9][10]. - The conflict between the two teams reflects a broader challenge in the financial industry regarding product innovation and risk management [4].