In terms of silver, spot silver rose to a record high of US$49.51 per ounce in early May, and then fell sharply by 33%.Since midPrecious metal investment authorization-May, the price of silver has been above US$32, and it has benefited from low US interest rates and sovereign debt in the Eurozone. With the crisis and inflation concerns in major emerging economies such as India, silver prices are expected to rise further in the second half of this year.
The sharp fall in the price of gold this round was mainly triggered by the rebound in the US dollar exchange rate, and the rebound in the US dollar exchange rate was affected by economic data released by the United States. On December 4, the United States announced that the number of non-agricultural employment in November fell by 11,000, which was much lower than the previously expected 100,000. It was the smallest monthly layoff figure in the past two years. At the same time, the unemployment rate was 10.2 from the 26-year high set in October. % Fell back to 10% for the first time, which inspired the market’s strong belief in the economic recovery beyond expectations, and to a certain extent rekindled concerns about the early US interest rate hike. Stimulated by these factors, the US dollar index rebounded from 74.80 the day before to 75.77, and then rebounded further to above 76 in the following days.
This round of deep correction in the price of gold and silver is more of a technical requirement. Xihanzhi, an industry consulting agency, believes that this round of panic selling is more reflected in the price gap, which has a certain relationship with the strong rise of the US dollar and the weakness of crude oil and commodities. But judging from the changes in the positions of gold and silver ETF funds, the market has not yet reached an extremely pessimistic level. As of December 14, the gold ETF net holdings remained at 1294.8 tons, and the silver ETF net holdings also remained at 9769.12 tons.
Not only that, Soros also reduced 2.58 million shares of Kinross Gold and 9.41 million shares of mining company Nova Gold Resources during the quarter. Although he bought 301,300 shares of McMorland Copper and Gold and 76 million shares of Goldcorp in the first quarter, the amount of investment is far from the previous large sum.
From the perspective of technical trends, the daily chart shows that gold prices are still fluctuating downward in the short term. At the beginning of the week, it rebounded strongly after testing the support near $1250, and surpassed the resistance near $1290. The short-term price formed a wide and disorderly interval consolidation pattern. In the short term, we will pay attention to the struggle for the support level near 1270 US dollars and the resistance level near 1290 US dollars, and wait for the market to break through again. Aggressive investors can chase after a breakthrough and pay attention to position control.
The author later learned from the city’s Chow Tai Fook and Lao Fengxiang Hefei branches that the price of Thousand Pure Gold is around 268 yuan/gram, while the price of Pt950 platinum is around 35Precious metal investment authorization0 yuan/gram. The price of platinum is still much more expensive than gold. But then I learned from several pawn shops in Hefei that the purchase price of gold is generally around 160 yuan/g, while the purchase price of platinum is only 140 yuan/g.
HSBC Bank (HSBC) pointed out in a report on Tuesday (December 3) that data showed that the sales of gold coins at the US Mint (USMint) in November declined slightly from the previous month. The sales of gold coins have always been considered a barometer for identifying retail investment demand for gold. Previously, whenever the price of gold fell, the gold coin sales of the mint would increase, but November was different, meaning that the current gold market still lacks investment demand.