# On-Site Investigation of Bank Precious Metal Accumulation Exchange: Small Gold Bars in High Demand, Delivery Requires Waiting

Xue Jin, China Securities Journal

Recently, reporters from China Securities Journal visited several bank branches in Beijing and found that it is difficult for customers to quickly exchange their gold savings accounts into physical gold. According to customer managers at multiple bank branches, small gold bars weighing 5 grams to 20 grams are currently in short supply, requiring appointments, with uncertain delivery times. Especially in city core areas and busy bank branches, there is even a situation where “gold is hard to find.”

Amid increasing gold price volatility, on one hand, bank customers’ demand for physical gold remains strong, while on the other hand, banks are tightening rules related to gold and other precious metals. For example, recently many banks have increased risk rating thresholds for gold savings investments and implemented dynamic trading limit management to strengthen risk control. Experts suggest that ordinary investors should focus on gold’s long-term asset allocation properties, using dollar-cost averaging strategies to invest in gold savings or physical gold bars, and reasonably control gold’s proportion in their asset portfolios.

Some Branches “Gold is Hard to Find”

Recently, customers exchanging gold savings for physical gold bars at some bank branches face longer wait times. “Only 1000-gram gold bars are left in stock; other sizes require appointments. Small gold bars have been out of stock for a long time. When new stock arrives, we will notify customers to come in for pickup,” a customer manager at a branch of Industrial and Commercial Bank of China (ICBC) in Xicheng District, Beijing, told reporters.

“All physical gold bars under 100 grams are out of stock. Currently, we only have one 500-gram bar and one 200-gram bar, but customers have already scheduled exchanges. You can register with me first, and when we get new stock, we will notify you,” another customer manager at an ICBC branch in Xicheng District said.

“Those who booked gold pickup last November have only recently received their physical gold over the past two weeks. The waiting period for scheduled customers is about the same,” said a customer manager at a branch of Bank of China in Xicheng District. “Many branches have no surplus physical gold bars. Our branch has a high turnover rate, so we prioritize customers who opened accounts here. If your account is not with us, you may wait more than two months.”

During the investigation, reporters found that, besides stock shortages, very limited remaining inventory is common. A customer manager at a branch of China Construction Bank in Fengtai District, Beijing, said that the branch currently only has one 10-gram and one 5-gram gold bar. For larger quantities, appointments are required, and customers will be notified when stock arrives.

On social media, many investors discuss the difficulties of obtaining physical gold. “I called 7 nearby bank branches these days asking if they had 20-gram gold bars. All said no stock, and no idea when they will have any,” shared a netizen. Some banks’ online quotas are also often “exhausted instantly.” One netizen shared tips to improve the chances of successful online gold withdrawal, such as preparing and activating a U-shield in advance and trying to withdraw at the top of the hour.

Due to recent high demand for physical precious metals, some banks’ online physical gold supplies are tight: delivery times may be extended or show “out of stock for now.”

Banks Tighten Rules on Precious Metals Business

Bank precious metals services mainly include physical precious metals, gold savings, and agency trading products and services. Recently, due to increased volatility in precious metals prices, market risks have risen, prompting many banks to tighten their rules on precious metals business.

Ping An Bank announced that starting April 1, it will gradually close its agency trading of personal precious metals on the Shanghai Gold Exchange (SGE) depending on circumstances. Industrial Bank, Minsheng Bank, and Postal Savings Bank have also issued notices stating they will close their agency trading of personal precious metals on the SGE.

Regarding gold savings, ICBC announced that from February 7, on weekends and statutory holidays (non-trading days of the SGE), the bank will implement limits on Ruyi Gold savings business, including total or single-client daily deposit/redemption limits, and limits per transaction, with dynamic adjustments. China Construction Bank stated that to further strengthen risk control, it has implemented dynamic trading limits for its Gold (including Easy Save Gold) products since March 4.

In addition to dynamic limits, some banks have proposed temporary market closure plans. On February 28, Zheshang Bank announced that if the gold market experiences significant price fluctuations, liquidity shortages, or a sharp decline in trading capacity, the bank may temporarily suspend wealth gold savings business. During the closure, transactions such as gold buying, selling, and physical gold exchanges will be halted.

Previously, many banks increased the risk assessment levels required for individual customers investing in gold savings. Several banks issued risk alerts, reminding customers to pay attention to market changes, enhance risk awareness, and control their positions reasonably.

Wu Zewei, a special researcher at Su Commercial Bank, advised that ordinary investors should abandon short-term speculation mindsets and return to gold’s long-term asset allocation nature. He recommends a “batch, periodic, small-amount” dollar-cost averaging strategy, using gold savings or physical gold bars to smooth costs, avoid chasing high prices in one go, and strictly keep gold holdings within a reasonable proportion of household investable assets.