In the current joint market, most consumers buy gold ornaments, let alone are not suitable for investment. Therefore, many people inside and outside the industry deny the view that Chinese aunts are "quilted".
Industry point of view: the short-term fluctuation of long-term investment has little effect.
An analyst column said that Chinese aunts are retail consumers, and their personal purchases are not large. Hundreds of tons of gold snapped up in the early stage often saturate the rigid demand. Most consumers buy gold ornaments, and their practical function is far greater than their investment function. They have been preserved for at least a year, and most people intend to pass them on to their children and collect them at home. In fact, there is no so-called "quilt cover" for this kind of non-short-term investment.
For investors, gold jewelry is not suitable for "investment". The high processing fee makes the purchase price much higher than the spot gold price. From mid-April 2065438 to mid-April 2003, the international gold price hovered around 270 yuan per gram, while the price of gold ornaments in the market was basically around 370 yuan per gram, which was nearly 100 yuan higher. In addition, it is difficult to realize the repurchase of gold ornaments, and there are few channels, and the old materials of 5-20 yuan need to be charged back. From the perspective of investment, it is extremely difficult for the aunt to make a profit no matter how to bargain-hunting, and there is no room for cashing out. Therefore, the short-term rise in gold prices has little impact on investment funds.
In contrast, investing in gold bars is more valuable, close to the real-time quotation of international gold, with low processing cost and large profit margin. However, when many investors consider realizing the physical gold in their hands, they encounter the problem of difficult repurchase. Poor repurchase channels and many procedural restrictions have once again hit the investment confidence of gold holders.
Reality: The repurchase channels that are easy to buy and difficult to sell are much more limited.
It is understood that most banks in the market only buy back their own gold products issued or sold by agents. The repurchase price fluctuates by 3-20 yuan on the basis of the benchmark price of gold on that day, and other physical gold bars are not allowed to buy back. Not all their own gold products are repurchased, and some products have not been repurchased. The bank repurchase point is located in a fixed area, and not all branches can handle the repurchase business, which is slightly the same as that of gold enterprises.
It is found that some gold enterprises can buy back their own gold bars, but they can also buy back other brands of gold bars, only at a higher depreciation charge. On the basis of the real-time raw material gold quotation of Shanghai Gold Exchange, the price per gram is reduced by 10-20 yuan, and the price standard for each repurchase is different. Some only accept trade-in, and need to deduct the loss of 10%-20%, and the new product must be higher than the original weight, and a handling fee of 30 yuan/gram is charged, which is demanding and uneconomical.
Another channel for gold repurchase is pawnshops, whose benchmark gold price is quoted at 20-30 yuan per gram. Moreover, according to the fineness, the quotations vary greatly, and there is a lot of bargaining space. This method is risky and easy to be "pitted", which is not worth the candle. With the increasing popularity of physical gold, some gold and jewelry enterprises have gradually established a perfect repurchase system.
Experts remind that before buying gold investment products, you must ask whether the repurchase channels are smooth, including repurchase policies and prices, but physical gold is only suitable for long-term investment, and short-term ups and downs have little effect on asset preservation.