Photo: Bobby Yip / Reuters
The Chinese authorities began to fight with the gold fever in the market and restricted access to trade in gold and other precious metals. The largest Chinese banks fear a repetition of the April situation with the oil when retail traders suffered large losses due to the fall in WTI to below zero. About it reports Reuters.
For example, CBC, the largest Bank in China, as of July 31 clients are allowed to open positions in platinum and palladium and other products related to precious metals, explaining this decision by the need to control risks. In the same way I went to another Bank — Agricultural Bank of China — it is completely suspended operations with gold. The Shanghai futures exchange, the futures gold and silver are also called on to act rationally.
Gold prices now hitting record. The precious metal has become a kind of safe haven for investors and strengthens market in the context of the collapse of the dollar, fears about a new wave of coronavirus and rising tension between the US and China. According to analysts, in two years, the value of an ounce of gold may be more than three thousand dollars.
Video, photo All from Russia.