Of course, there are voices in the market that believe that my country should substantially increase the proportion of gold reserves. Liu Shanen told reporters that the significance of gold reserves to my country is far more than investment value. Buying gold is equivalent to buying insurance, which is very important to balance our country's risks in the international fiPrecious metals quotesnancial market. Compared with huge foreign exchange reserves, the proportion of my country's gold reserves should reach 3% to 6%. The total amount should exceed 2000 tons.
What Bernanke wants to say is the focus of the current market. According to foreign media reports, the U.S. House of Representatives will release its pre-written speech in advance at 8:30 U.S. Eastern Time (20:30 Beijing Time) that day. This is the first time the U.S. Congress has started before the Federal Reserve Chairman’s testimony speech. Post a lecture.
It is still too early to talk about bubbles, because there are two problems that we have not seen a way out. Feng Liang, a senior researcher of GF Futures Gold, believes that first, whether there are signs of solutions to the problems that have emerged in the world. The answer is not only no, but the problem itself is still getting worse. In Europe, the German-French summit did not pass the bill on euro debt and the expansion of aid, which will not help solve the European debt problem. There is also news that the Fed is very worried about the financing of European banks. Once European banks really have problems, countries such as Italy, which hold huge exposures, will obviously be involved in the whirlpool. Second, in the coming problems, Standard & Poor's may lower the rating of US subnational debt. This will be another shock to the market. It is expected that if the Fed does not implement QE3, the price of gold may rise to $2,000. If implemented, it will not be ruled out to 2500 US dollars.
Standard & Poor’s downgraded the U.S. sovereign credit rating by one level from AAA to AA+, and set the U.S. credit rating outlook to be negative. This news swept the global financial market, and there was unprecedented panic around the world. They dumped their assets for pursuit. Now the only life-saving straw-gold. ETF fund organization in a week consecutively Masukura 68.13 tons. It is reported that South Korea, India and other countries have bought large amounts of gold in order to hedge and protect its value. Goldman Sachs also recently said it raised its gold price expectations for the next three months, six months and one year respectively. A very strange situation appeared in the market for a while. Crude oil fell, silver fell, the stock market fell, and the non-US fell. But only gold has been rising. How far can such irrational pursuit of gold continue to go? Does gold really have such a powerful hedging function? Is the world economy really so bad that other commodities are not worth mentioning? The author is very worried.
Bernanke recently stated that although the US job market has improved recently, this may only be a reversal of large-scale layoffs during the economic recession, and further improvements need to rely on faster economic growth. And it is not yet certain whether the improvement in the job market is sustainable.
The profit of agent gold trading has also risen with the increase in trading volume. StatistPrecious metals quotesics from the Gold Exchange in April show that the agent volume of gold, platinum, and silver accounted for 43%, 52%, and 91% of the total transactions, respectively. Statistics of platinum trading agents in the same month showed that among the top ten agents, Agricultural Bank and ICBC occupied the top two positions, while Bank of China and Shenzhen Development Bank also occupied two seats. Among the gold agents, only the ICBC is listed, but it is only ranked tenth. Obviously, there is still a lot of room for improvement in the trading volume of gold agents of commercial banks.
Behind the global gold investment boom is the global gold investment boom. In recent years, the gold market has grown by 100% every year, and the global physical gold has also grown by 30% to 50% every year. The ten-year bull market of gold and the following five factors Related, the depreciation of currencies, the rise in commodity prices, the high enthusiasm for global investment in gold has led to the entry of funds, the outbreak of the credit crisis, and the expectation of gold in the reconstruction of the global financial system. In addition to the above-mentioned background, the long-standing enthusiasm of domestic residents for gold investment, the small gold reserves of residents and the narrow investment channels are all reasons for the emergence of gold investment boom. The most important thing is the public's re-understanding of the value of gold. . Zhang Bingnan, vice chairman of the Gold Association, said at the launching ceremony of the comprehensive marketing cooperation between Zhongxi Holdings and ICBC recently.
The report also shows that the central bank's purchases of gold last year increased by 17% over 2011, reaching 534.6 tons, the highest record since 1964. In the fourth quarter, the central bank purchased 145.0 tons of gold, an increase of 29% year-on-year. The central bank has become a net buyer of gold for eight consecutive quarters.