Affected by Osama bin Laden’s death and the dollar’s rebound, silver, which had been speculated in the early days, plummeted 25% a week, dropping its one-month gain. Although silver once began to rebound strongly after falling to around 33 US dBest Precious Metal Fundollars per ounce, the rebound failed to last. Since May 11, it has fallen sharply again. As of press time, the spot price of US dollar silver was 34.34 US dollars per ounce.
Soros was not the only one who chose to stand in the empty camp in the first quarter. Regulatory documents show that Aton Park Capital Management, headed by American star fund manager Eric Minditch, cut its holdings in the SPDR gold trust fund by 48% during the quarter to approximately 2.17 million shares. Turazzi Capital Management, founded by well-known commodity trader Paul Turazzi, also emptied its 173,000-share holdings in the SPDR Gold Trust Fund in the first quarter and reduced its holdings in the world’s largest precious metal producer Barrick Gold. Holdings.
But when the gold futures were about to close, there was news that the Greek leader’s meeting to approve the country’s new round of rescue plan had been postponed to Wednesday (February 8), mainly because policymakers had not yet received the second round of 1,300. The draft of the billion-euro rescue plan. This factor has not been reflected in the intraday gold futures trend for the time being.
CMCMarkets chief analyst RicSpooner said on Friday that the main reason for the sharp drop in gold some time ago was that large investors dumped gold ETF positions. Now that the large gold ETF holdings have stopped fleeing, I think large investors have smelled the market and made a correct judgment. It is expected that the price of gold may climb to $1420-1490 per ounce in the next few weeks.
Bin Laden's death triggered a rebound in the U.S. dollar, and international commodity prices fell across the board. Among them, COMEX silver futures prices fell the most by more than 10%. Analysts believe that the pressure of profit-taking and the rebound of the dollar have put pressure on commodities downward, and there is great uncertainty in the subsequent performance. Although gold and silver have signs of top in the short term, the long-term bull market pattern has not changed.
On the 2nd, the US non-agricultural employment data, which is an important economic data Best Precious Metal Fundthat the global market pays close attention to, was announced. In August, there was a zero increase in US employment, which was the worst performance since September 2010. The poor economic report card quickly dampened market confidence, and major European and American stock markets fell in response.
However, the problem with companies investing in Indonesia is that the country’s corporate profit tax rate is as high as 28%, and there is also a 1.5% mining land use fee. At the same time, the country’s mining policy has been continuously revised in the past few years. To protect the country’s resource rights. Morgan Stanley looked at the stock price of International Resources from the current 0.47 yuan to 0.73 yuan, and pointed out that the change in Indonesian policy is the risk of this project.
The Chicago Mercantile Exchange (CMEGroup) recently reduced the margin for trading benchmark gold and silver futures contracts. The margin for gold futures contracts was reduced by 7.69%; the margin for silver futures was reduced by 8.33%. The market speculates that this move is to activate market trading, and to help those hedging companies use less money to hedge spot costs.