The price of gold has repeatedly hit new highs, becoming a "hot spot" highly concerned by the financial management market. Many banks and bank financing subsidiaries have also joined the "boom" of gold investment.

Recently, institutions such as Zhaoyin Wealth Management and Xingyin Wealth Management have launched gold linked wealth management products, which are mainly in the form of "fixed income+gold". In addition to wealth management products, there are also banks that have launched structured deposits linked to gold.

Tian Lihui, president of the Financial Development Research Institute of Nankai University, said in an interview with the Securities Daily that recently banks and financial subsidiaries have frequently launched financial products and structured deposits linked to gold, mainly because the price of gold continues to rise, which makes such products more attractive to investors. In addition, gold, as a traditional hedge asset, has increased investors' attention to risk control with the increase of global economic uncertainty. To some extent, gold linked products can meet investors' psychological needs for risk aversion. Moreover, the product design of gold linked financial products and structured deposits can provide more diversified investment strategies and income models, providing investors with more choices and flexibility.

High heat of related products

It is understood that at present, the gold linked financial products launched by banks can be divided into bullish, bearish and interval types according to the income structure. Bullish (or bearish) products can only get returns when the gold price rises (or falls), while interval products should refer to the volatility of the gold price. Once the gold price rises or falls beyond the set range, the product will not only have a low yield when it matures, but also be more likely to get zero or negative returns.

The reporter found that at present, the financial products linked to gold launched by bank financial subsidiaries are mainly in the form of "fixed income+gold", that is, on the basis of fixed income assets, some gold assets are allocated. For example, CMB Financial issued the "Zhaorui Focus Linked Stable Gold Binary Bull No. 3 Fixed Income Financial Plan", which is a fixed income product. The product is mainly invested in fixed income assets, options linked to SGE Gold 9999 and other OTC derivatives, with a performance ratio of 1.65% to 3.5% compared with the benchmark.

Zhou Yiqin, founder of Guantiao Consulting, told the reporter of Securities Daily that the price of gold has repeatedly set new records. In order to stand out in the highly competitive market, the bank's financial management subsidiary has continuously launched gold linked financial products to provide investors with more diversified choices. The "fixed income+gold" financial products combine the characteristics of fixed income and gold investment, Helps diversify portfolio risk.

In addition, this type of product has strong advantages in yield. In the past half year, China Merchants Bank launched a number of gold linked financial products, and the annual return rate of many products was more than 4%. For example, as of May 23, the annualized yield of "Zhaorui Target Yingwenjin" since its establishment on May 1 was 6.35%. Since the establishment of "Zhaorui Target Yingwenjin No. 2", the annual rate of return has been 4.29%.

In addition, some banks have launched structured deposits linked to gold. Industrial Bank, China Merchants Bank and other banks have recently sold a number of structured deposits linked to gold, including bullish and bearish gold products, with an investment period of 63 to 364 days.

Taking Industrial Bank as an example, it actively launched structured deposits linked to gold, most of which are bullish on gold, and the expected yield to maturity of the product is between 1% and 4.21%.

The customer manager of a branch of China Merchants Bank told the reporter that investors' expectations of gold price rise were enhanced and their investment enthusiasm was very high. At present, the bank's bullish structured deposits of gold are more popular, and many customers have achieved mid-range or high-end income after maturity.

However, the above-mentioned bank account manager also reminded that investors should not only choose to buy gold linked structured deposits based on the highest yield, but also pay attention to the terms of the income structure in the product description and study whether the high yield trigger conditions of the product are reasonable. Only by combining the trigger conditions with the comprehensive judgment of the market, can we obtain a satisfactory return on investment.

Alert to configuration risks

As for the future trend of gold price, many institutions and analysts said that there was still room for growth.

The Soochow Securities Research Daily said that due to the expected rise in overseas interest rate cuts and the resurgence of geopolitical risks, gold prices at home and abroad have shown a good trend, and gold prices are expected to remain volatile and upward.

Tian Lihui believes that in the short term, gold still has a certain market investment value. The global situation is highly uncertain, and risk aversion continues to rise. As an asset with no political risk, strong crisis resistance and long-term value storage function, gold still has a solid allocation value, so the recent upward trend of gold price may continue.

Although gold wealth management products are attractive to investors and financial institutions, the risks associated with configuring such products are also emerging. People in the banking industry said that the gold price is affected by many factors, such as the global economic situation, monetary policy, geopolitics, etc., which may cause the gold price to fluctuate significantly in the short term, leading to a large fluctuation in the net value of the underlying assets and gold related wealth management products, thus increasing the investment risk of investors.

Zhou Yiqin said that for investors, since gold assets have accumulated a large increase in the past period of time, investors should fully consider their investment objectives, risk tolerance and market conditions when choosing these products, make investment decisions carefully, and pay special attention to the risk of gold price fluctuations.

Tian Lihui suggested that investors who buy gold linked financial products need to understand the investment strategy and risk return characteristics of the products, pay attention to the holding period and redemption conditions of the products, and pay attention to the credit risk and market liquidity risk of the products. At the same time, investors need to carefully evaluate their risk tolerance and investment objectives, and choose investment strategies and products that are suitable for them. In the process of investment, investors need to maintain a rational investment mentality and avoid blindly following the trend and excessive trading.

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