But I personally think that gold and silver will rise stronger than in 2008. Because this is the first time in the history of the United States that it has lost its AAA credit rating, and although S&P’s decision is relatively sudden, it had anInternational Precious Metal Brookland TX aura before the US debt ceiling was raised, and it had a very profound impact on the financial market. If other rating agencies follow suit, or if foreign investors in the United States reduce their purchases, or even reduce their deficits, they purchase treasury bonds. The impact on the US dollar will undoubtedly be fatal. Therefore, this incident can be regarded as a sign of the arrival of the post-economic crisis era. JPMorgan Chase said: The downgrade of the US rating may lead to rising inflation and the continued weakness of the US dollar, and the price of gold may rise to US$2500 per ounce this year.
From a technical point of view, in accordance with the golden section rules, the adjustment of gold is in place. However, according to the law of the channel, London gold is still in the downward channel this month and will confirm the breakthrough of the lower edge of the channel. The first support below the 50% retracement level is about the range of $1270 to $1300. If it breaks, it will point to the vicinity of 1160 USD. The upper resistance can be seen near 1420 US dollars. If it breaks upward, there will be a good rebound. Otherwise, the $1,300 area will become a key support, and be wary of downside risks.
However, the good times did not last long, and the price of gold immediately plummeted that day. The price of gold fell by 60 US dollars per ounce to close at 1873 US dollars. On the 7th, the slump of gold market continued. Under the pressure of the rising US stock market, the price of gold plunged more than 3% again, and the lowest point has fallen below the $1800 per ounce mark. The bungee jumping market soared and plummeted hundreds of dollars in two days.
Affected by the rebound of the US dollar, the decline in the stock market and the cautious and conservative market mentality, gold futures on the New York Mercantile Exchange fell for the third consecutive trading day on the 19th. Among them, the most actively traded December contract fell 5.8 US dollars per ounce to close at 1647 US dollars, a decrease of 0.4%.
The Fed's interest rate hike concerns eased, US stocks fell, the VIX index soared, and risk aversion promoted the continued rebound of gold and silver. COMEX December gold futures closed up 19.3 US dollars to 1225.3 US dollars per ounce, and December silver futures closed up 35.4 cents to 17.418 US dollars per ounce.
In July 2009, Wang recruited Guo and others to carry out business activities in order to carry out illegal overseas gold trading brokerage business. In the name of aInternational Precious Metal Brookland TX domestic company, Wang signed an agreement with two Hong Kong gold industry management companies, stipulating that a domestic company would develop gold speculation customers for the two companies in the mainland and obtain corresponding commissions based on the number of customer transactions.
Beijing Antaike Information Development Co., Ltd. (hereinafter referred to as Antaike), which is engaged in domestic and foreign non-ferrous metal market information services, information consultation and related business services, introduced to the reporter of "Economy and Information Technology" a senior person engaged in precious metals research: 2000 Years ago, silver was purchased and sold by the Central People's Bank. The silver market was liberalized in 2000, but prices were basically stable. Beginning in 2010, silver ended its quiet state, rising from around US$17 per ounce at the beginning of 2010 to more than US$30 per ounce at the end of the year, an increase of 80%.
At this time, he got a new market rumor. Last Friday, Merrill Lynch used billions of dollars to sell nearly 10 million ounces of gold futures warehouse receipts in just 30 minutes, causing the price of gold to fall below the price of $1,525 per ounce. Once below this price, it means that gold will enter a bear market.