From the perspective of international fund trends, the The best online precious metals traderCFTC gold position report shows that as of the week of April 19, the fund held 274,208 long COMEX contracts, 59,282 short positions, and 214,926 net long positions. The long position of the fund accounted for more than 50% of the total position, indicating that the fund is still optimistic about the gold price.
Due to the adjustment of positions by large investment institutions at the end of the quarter and mixed economic data from the United States, the gold amplitude expanded on the previous trading day (26th). Data information shows that the same day London Gold opened at 1220.79 US dollars, the highest rose to 1231.07 US dollars, the lowest touched 1212.15 US dollars. As of the close, it rose slightly by US$9.51 to US$1218.11, an increase of 0.79%; boosted by this, spot silver also performed well on Friday, and closed up after falling for two consecutive days. To the close, the cumulative increase of 0.19 US dollars in all periods of the day, or 1.09%, closed at 17.62 US dollars.
Those who sell gold in the current situation are making a big mistake, said Michael Pento, a senior economist at EuroPacific Capital. The bull market for gold will end when the real interest rate is positive, but we are still far from that day. The Fed believes that it must issue more currency in order to suppress the rise in real interest rates and save the economy.
On the same day, the price of silver futures for March delivery rose by 66.9 cents to close at 30.918 US dollars per ounce, an increase of 2.21%. Platinum futures for delivery in April rose by 34.3 US dollars to close at 1634.3 US dollars per ounce, an increase of 2.14%.
Deutsche Bank (DeutscheBank) pointed out in a report last Friday that although the price of gold rose at the end of the year, the price of gold is expected to remain range-bound in the near future. The bank estimates that the average price of gold and silver in the first quarter will be US$1,725/ounce and US$33/ounce respectively.
US President Barack Obama (BarackObama) announced a US$447 billion package of economic stimulus and job creation to boost the US dollar, but the European Central Bank (ECB) Executive Committee member Juergen Stark announced that he would leave his post and have a significant impact on European and AmerThe best online precious metals traderican stock markets. Re-entry to support the gold price, spot gold finally closed slightly lower on Friday (September 9).
But inflation is still an issue that investors are very worried about. Gold is undoubtedly one of the important means to deal with inflation. Once inflation occurs, the price of gold may rise. In this regard, Wang Ruilei, chief analyst of Gold and Silver, said that this year's inflation situation should be viewed separately. Due to the unitary economic structure and other reasons, the emerging economies are more likely to have inflation. For example, India has already experienced severe inflation, and Russia and Brazil have stronger inflation expectations. However, in developed economies like the United States, the possibility of inflation is very small due to problems such as the unemployment rate still high and the overcapacity is still serious.
In 2016 GMT, spot gold fell 0.2% to US$1,490.80 per ounce. Gold prices hit a record high of US$1,575.79 on May 2. U.S. June gold futures closed down US$3 to US$1,490.60 per ounce. The intraday trading range was 1,486-1,504.30. USD.