The move of some countries to increase gold holdings has also triggered domestic calls for my country's central bank to increase gold holdings. Regarding this, Jiang Shu said that the current ratio of my country's central bank's gold reserves to foreign exchange reserves is indeed relatively low, but it is unlikely to change this situation quickly. On the one hand, the current gold price is at a high level, and it is unrealistic for foCrown precious metalsreign exchange reserves to buy gold on a large scale, and it will push up the market price; on the other hand, the global gold market has limited capacity and liquidity, and the purchase and sale of gold reserves have great limitations. If the proportion of gold reserves is unrealistically expanded, it will not be conducive to achieving the management goals of the safety, liquidity and profitability of foreign exchange reserves. Feng Liang also said that the proportion of gold reserves has a lot to do with a country's economic model and development stage, and it is not possible to copy other countries' models across the board. A more practical way is to store gold in the people, continue to innovate gold investment varieties, guide ordinary people into the field of gold investment, and gradually increase private gold reserves.
Judging from past laws, gold consumption will enter a climax every year after October. During the National Day Golden Week just past, news from Beijing and Chongqing all showed that gold sales rose by more than 30%. Among them, investment gold bars are the most sought after. During the entire long holiday, there were several purchases of gold bullion investment of more than one million yuan, and some high-profile customers even bought 95 kilograms of investment gold bullion at a time, worth 35 million yuan. Beijing Guohua Shopping Center also has a one-time purchase of 20,000 grams of investment gold bars, with a total value of more than 7 million yuan. In Guangzhou, shops have stopped selling spot gold since September. Buyers are required to place an order in advance and pick it up after two weeks.
On Monday (July 23) in the Asia-Pacific session, gold prices fluctuated in order. After the market's speculation on QE3 came to an end, the deterioration of the European debt situation once again won the market's attention. Spain's 10-year bond yield rose above the dangerous 7% mark, and many regions of the country sought assistance from the government.
During the US trading session on the 29th, due to concerns about global economic growth and the sharp drop in trading caused by Hurricane Sandy's impact on the east coast of the United States and the closure of the New York exchange, gold recorded an intraday low of $1705.81. According to meteorologists, the hurricane may be the largest hurricane ever to land on the continental United States. It was also the first time in 27 years that the stock market was closed due to weather.
1. The international rating agency Standard & Poor's (S&P) announced on Monday that as the possibility of Greece's debt restructuring is gradually increasing, it will downgrade the country's long-term sovereign rating from BB- to B, and its short-term sovereign rating from B to C The rating outlook remains negative.
The decline on the 28th was the biggest one-day drop in the New York stock market in five months. The main reason was that anti-government demonstrations in Egypt prompted investors to flee to lower-risk assets in order to avoid risks. The rating agency Fitch said that the turmoil in Egypt has seriously threatened its domestic econCrown precious metalsomy, fiscal status and progress in economic reforms, and Egypt’s rating outlook has been downgraded from stable to negative.