As far as the commodity market is concerned, gold is almost the only species that has rebounded shaChicago Precious Metals Companyrply to near record highs since May. Its same door-silver fell 34% from 49 US dollars in the first week of May, but has rebounded only 12% so far, fluctuating within a narrow range of 33 to 38 US dollars within two months. After international crude oil plunged 20% from 115 USD/barrel, it has not returned to more than 100 USD/barrel so far. At the same time, the rebound of metals such as copper and zinc is also very limited, and agricultural products such as cotton, soybeans, and corn have even weakened.
Mr. Ding bought silver at 6000 points (ie 6000 yuan/kg). I chose 5 times leverage, which is 20% margin trading. Mr. Ding said that because the US economic data released the day before was not ideal, the dollar index It has also begun to fall. As an example, gold should rebound. So Mr. Ding bought 300 lots at this price (note: each lot is 1000 grams). Unexpectedly, on Friday (April 12) night, the international gold price plummeted and Mr. Ding did not sell in time; after the market opened on Monday, the price of gold continued to plummet, and the silver contract also gapped and opened lower, and fell below 5000 points to 4500 in an instant At this point, there was no time to stop the loss. It fell 22% in two days and was forcibly liquidated. The 450,000 margin was not enough to eat on the spot, and another 9,000 yuan difference was required. The loss was not small, but Mr. Ding was fortunate that he only chose 5x leverage this time, and usually at least 8x magnification. I still feel a little flustered thinking about it.
With the deepening of the debt crisis in the Eurozone, US Treasuries and the US dollar have suddenly become more attractive than gold. As concerns about Greece's possible default and tightening of credit in Europe prompted investors to sell risky assets, global stock markets fell sharply on Monday. But it is worth noting that investors did not show great buying interest in gold. They sold gold to raise cash, and instead bought dollars and yen to seek safety.
On the same day, the silver futures price for delivery in May fell 20.6 cents to close at 31.524 US dollars per ounce, a decrease of 0.65%. The price of platinum futures for delivery in July rose by 10.6 US dollars per ounce to close at 1618.2 US dollars, an increase of 0.66%.
On September 7th, the State Council issued the "Approval of the State Council on Deepening the New Round of Beijing’s Service Industry Expansion and Comprehensive Pilot Program for the Construction of a National Service Industry Expansion and Comprehensive Demonstration Zone" on the government website, agreeing in principle to the previous Beijing Municipal Government and Ministry of Commerce The applied work plan for expanding the opening up of the service industry. In Article 3 of the "Deepening Beijing's New Round of Service Industry Expansion and Opening up Comprehensive Pilot Program to Build a National Service Industry Expansion and Opening up Comprehensive Demonstration Zone" Article 3 Strengthening the reform and innovation of the financial service sector, the entry threshold for foreign investors in domestic gold market transactions has been relaxed , And allow foreign banks to obtain gold import licenses from the People’s Bank of China. In theory, increasing foreign investors in the domestic gold market will help increase gold trading volume and increase the influence of RMB gold. There are currently two reference standards for international gold prices, one is the international spot gold on the London gold exchange market, and the other is the New York futures gold on the New York Mercantile Exchange. The reason why investors all over the world use these two gold prices as reference standards is that the two gold markets have large trading scales. Traders come from various countries, and include upstream and downstream companies in the gold industry chain and other speculative activities. It truly reflects the supply and demand of the global gold market, so the prices in these two gold markets are the most credible. Most of the time, the price of London gold and New York gold is not much different, but if an unexpected event causes international macroeconomic turbulence, the price difference between the two may expand by tens of dollars. For example, in March and April of this year, affected by the epidemic, global macroeconomic and financial market turmoil, production shutdown and logistics shutdown have severely affected the gold industry chain. The price difference between the main contract prices of London gold and New York futures gold was as high as 80 US dollars. At this time, investors and companies related to the gold industry chain will be confused, which gold price can reflect the real supply and demand situation in the market? Which price should be used as a reference for trading in the sales and trading center? The triangle is the most stable, and international gold participants also need a third credible gold price as a reference in order to balance the deviation between London gold and New York gold. my country has long been ranked first in the world in terms of gold production, imports, consumption, and physical gold delivery. The RMB gold price has already established the basis for competing in the world. The reason why renminbi gold has a small global influence is that the trading volume of gold derivatives on and off the exchange is relatively small, but from a global perspective, it is second only to the gold markets of the United Kingdom and the United States. Therefore, the foreign investors who have introduced the domestic gold market this time conform to their own objective conditions and meet the needs of the international community. Although gold is now out of the monetary system, it has played an important role in the hegemony of the US dollar. The current renminbi’s international reserves, transaction volume, and the scale of my country’s foreign exchange market are all at a relatively low level, which is seriously inconsistent with my country’s international economic status, political status, and military strength. The domestic gold market is basically traded in RMB, and the introduction of foreign investors will help increase the RMB's international influence. my country is a big gold consuming and importing country, and my country's official gold reserves account for a relatively low ratio of total foreign exchange reserves. Therefore, domestic gold prices are mostly premiums relative to international gold prices after exchange rate conversion. Allowing foreign banks to import gold can not only allow foreign banks to obtain more benefits, but also increase domestic gold supply and reduce premiums, which is beneficial to domestic consumers. On the whole, the increase in the opening up of the gold market conforms to the process of objective development of things, which is beneficial to the country and the world.
However, the increase in the price of gold jewelry was only a one-day trip, and the major gold stores lowered the price of gold to about 390 yuan/g on the weekend that followed. Last weekend, the reporter found at the gold counters of major shopping malls in Xinjiekou that the price of goChicago Precious Metals Companyld jewelry ranges from 385 to 400 yuan per gram. Although the price has increased slightly over the New Year's Day, there are still many customers buying gold. A clerk told reporters: Gold can maintain its value. In the long run, the price has been rising and it is easier to trade in the old. Therefore, there are more customers buying gold.
But from a short-term perspective, it is still unclear whether gold prices will strengthen in the future. Wellxin chief analyst Yang Yijun said that since the price of gold has not completely got rid of the technical dilemma, investors should not be overly optimistic about the fundamentals. He said that he is inclined to predict that the gold price will continue to show complex fluctuations. However, in the short term, as the price of gold broke through last week's rebound high on July 5, the short-term downward pressure has been largely reversed, so it is not appropriate to be too bearish in the short term. However, in terms of the moving average system and operating trend, the price of gold has not escaped the periodic decline.