To: Julius Wong who wrote (160714 ) 7/30/2020 12:36:51 AM From: TobagoJack Read Replies (1) | Respond to What do people do when / once they are told they cannot do something via X channel?zerohedge.com Chinese Banks Bar Clients From Buying Precious Metals Reuters reported that Chinese regulators and major banks have been rushing to curb precious metal trading by domestic investors to temper speculation that could send prices explosively higher , something we hinted at just last week.the country’s largest bank said on Wednesday it would bar its clients from opening new trading positions for platinum, palladium and index products linked to precious metal from Friday. That directive, according to the lender’s customer service department, was in response to “violent price volatility” and "the need to control risks." The reality? It is neither in China's, nor any other government's interest, to see gold prices soaring as they likely would if tens of millions of Chinese speculators rushed to bid up the precious metal.Gold remains a niche investment in China due to limited investment channels ,” said Frank Hao, an analyst at Hywin Wealth Management in Shanghai. "Investors mainly rely on purchasing paper gold products at commercial banks as a way to counteract risks.""If the gold price rises past $2,000, some more hot money will certainly flow into the market, and some investors will divert their stock investments to gold," he said.
