Once the plan is approved, it means that the Eurozone recognizes gold as the core capital of exchanges and commercial banks, and is allowed to conduct loan transactions as collateral for exchanges and commercial banks. This will be the return of gold's monetary attributes, but it is also The global reserve currency, the dollar, is unwilling to see it. The aforementioned head of the Commodity Department of the investment bank poinSan Diego Precious Metalsted out that the U.S. dollar needs a good atmosphere for rapid appreciation at this time. Once gold is sought after, it will convince the market that the recovery of the gold standard is getting closer and the U.S. dollar will be left out.
Recently, stimulated by factors such as the Middle East situation, international gold prices have once again become active. However, overall, the gold market’s sentiment remains weak. Wall Street investment bank Goldman Sachs believes that as the United States gradually weakens monetary policy stimulus, the decline in gold prices may continue into next year. The survey by the gold consulting agency GFMS also shows that the industry expects the average gold price next year to be significantly lower than this year.
On October 25th, the T+D of the Gold Exchange opened low and went high. There was a downward trend in the intraday trading, and then rebounded to the high in the morning. The highest intraday reached 342.25 yuan/g, and the morning closed at 341.90 yuan/g. Day rose 1.86 yuan, an increase of 0.55%.
Frank McGhee, head of precious metals trading at Integrated Brokerage Services LLC, said that in the context of the continuous record of gold prices and the increase in gold futures margin by the Chicago Mercantile Exchange (CME), if there is another round of correction in the gold price next week, I will not be surprised.
JamesSteel: We are bullish on the gold market in the medium to long term. The average international spot gold price in 2011 was US$1525 per ounce, but this year’s fluctuation range is very large, and it may reach US$1600 per ounce in the next few months. In 2012, the average price will fall back to around US$1500 per ounce, but the fluctuation range will be Narrower than this year.
From a fundamental point of view, the annual output of mineral gold is about 2500 tons, while the demand for gold jewellery and gold investment continues to grow. Since last year, official institutions have changed from net sellers in the gold market over the past 20 years to net buyers. In the future, we will realize the diversification of reserve assets and reduce the risk exposure of the US dollar. The emerging market countries such as Mexico, Russia, ThailanSan Diego Precious Metalsd, South Korea and other emerging market countries will greatly increase the gold reserves. According to the data of the World Gold Council, the official agency has purchased about 200 tons of gold in the first half of this year. European central banks have also become net buyers of gold for the first time in 26 years. It is important to know that in the past 20 years, official institutions have sold about 400 tons of gold each year. The change in the role of central banks in the gold market is profound and this trend has just begun. Due to its sustained and rapid economic growth, the demand for gold has also continued to grow. Since last year, its growth rate has been impressive. In the second quarter of this year, the investment in gold bars and coins and the demand for gold jewellery in the two major markets were respectively Accounted for 52% and 55% of the global total, this strong growth momentum will continue for a long time. In addition, the continued fermentation of the European debt crisis, the sluggish global economic outlook and geopolitical uncertainties still exist as the main supporting factors for the rise in gold prices. Therefore, the gold bull market is still difficult to end.
The "Daily Economic News" reporter noted that the continuous purchase of central banks to increase reserves and the huge economic demand for gold are two important reasons for GFMS's short-term bullishness in gold. GFMS pointed out that in order to diversify foreign exchange reserves, global central banks bought 430 tons of gold last year, a four-fold increase over the same period and the highest value since 1964. According to data from the World Gold Council, the global government agencies currently have a total of 30788.9 tons of gold reserves. At the same time, it is expected that in the first half of this year, central banks will purchase about 190 tons of gold.
Xinhuanet, Chicago, February 14 (Reporter Li Mi) Affected by the rise in the U.S. dollar and lower-than-expected US economic data, the price of gold futures on the New York Mercantile Exchange fell for the third consecutive trading day on the 14th. Among them, the most actively traded April contract fell 7.2 US dollars per ounce to close at 1717.7 US dollars, a decrease of 0.4%.