In the past, China's gold spot exchanges appeared to have low transaction fees, but their profits mainly relied on two sources: spreads (the difference between the buying and selling prices) and overnight fees (also known as deferred fees). Retail investors tended to use leverage and preferred to hold positions overnight. Even if the overnight fee was only 0.2% per day, it would consume most of the margin over a year, and this part of the funds ultimately flowed into the platform. For example, Shanghai Gold Exchange and large bank lending exhibited a typical "rent collection" model, with retail investors holding long positions for a long time, and deferred fees continuously flowing to large investors who held large amounts of spot gold for a long time.