Precious Metal (Account)

Precious Metal (Account)

I.Business Description
"Precious Metals (Account)" is a fund dealing service launched by ICBC(MO). Customers use the ICBC(MO) precious metals dealing system for personal account to buy or sell Precious Metals (ounce) against US dollar or Precious Metals (gram) against RMB over the counter or via electronic banking within the trading hours. Precious metals traded through account are gold, silver and platinum. There is no physical delivery. The trading of gold via account is "paper gold" transaction, the trading of silver via account is "paper silver" transaction, the trading of platinum via account is “paper platinum” transaction.
Customers can initiate buy/sell instructions at ICBC(MO) outlet or via online banking, mobile banking to trade precious metals for spot delivery or place orders, manage the accounts or make inquiries.

II.Category
In terms of dealing currency, ICBC(MO) service for buying/selling precious metals via account includes precious metals in RMB account and precious metals in USD account. The unit of trading is "gram" for precious metals in RMB account and the unit of trading is "ounce" for precious metals in USD account.
In terms of precious metals category, currently, ICBC(MO) service for buying/selling precious metals via account includes gold, silver, platinum and palladium.

III.Price
ICBC(MO) provides quotation after taking into consideration the movement of precious metals prices in international and domestic markets and updates the price in real time in line with the market changes.

IV.Features and Advantages
Low trading cost: no account opening fee, no dealing fee, no need for physical delivery, eliminating the cost of warehousing, transportation and assaying.
Long trading hours: daily trading from 9:00 am Monday to 17:30 pm Friday, via electronic banking.
Low initial minimum: the starting point for trading gold or platinum via USD account is 1 ounce in minimum increments of 0.01 ounce; the starting point for trading silver via USD account is 5 ounce in minimum increments of 1 ounce the starting point for trading gold or platinum via RMB account is 10 gram in minimum increments of 1 gram; the starting point for trading silver via RMB account is 100 gram in minimum increments of 1 gram.

Wide range of trading channels: enjoy face-to-face service at the ICBC(MO) outlet and experience buying/selling of precious metals via mobile banking , personal online banking and telephone banking anytime and anywhere.
Real-time clearing: The buying/selling of precious metals via account is cleared in real-time and the funds are credited instantaneously to your account. You can buy/sell several times in a day to maximize the use of your investment.
Flexible options: spot transactions or placing orders. There are three types of orders: profit-taking order, stop-loss order, two-way order and the longest period of order is 120 hours.

V.Target Customers
(1) Customers who have the need, are well-experienced in buying/selling precious metals, are able to bear the risk, hold certain knowledge about the precious metals market and wish to gain from price spread by trading on market trend.
(2) Customers who need to allocate assets, are well-experienced in the investment of precious metals, are able to bear the risk, hold precious metals over a long term for diversified allocation to preserve or add value to the assets.

VI.Conditions for Application

(1)Customers need to bring a valid ID card to one of our branches and open a saving account before opening a precious metal trading account..

(2) Customers can also trade electronically via the ICBC(MO) Internet Banking Website. Internet Banking can be registered in any of the ICBC(MO) branches.

VII.Risk Warning:

Intangible precious metal trading involves risks such as policy risk, pricing risk, interest risk, communication system risk and network security risk. Prices might fluctuate due to political, economical and other possible reasons. Customers should be fully aware of all the risks mentioned above and make own independent judgments on all investments.

Please refer to Chinese Version for further information.