So unless the gold is really used up, or all is hidden, otherwise the price of gold will not rise as a result. In addition, from the perspective of the composition of gold prices, including labor costs, equipment, supply and energy, etc., will rise together with gold prices. Therefore, even if the price of gold rises to US$1,300 per ounce, the profits of mining companies will not increase significUnited Precious Metalsantly. He said.
On the same day, the price of silver futures for delivery in July fell 6.9 cents to close at $28.671 per ounce, a decrease of 0.24%. The price of platinum futures for delivery in July fell 3.1 US dollars to close at 1484.1 US dollars per ounce, a decrease of 0.2%.
Although Bernanke did not explicitly hint that there will be monetary easing measures soon. However, combining the subtle changes in the wording of Bernanke's remarks, we can clearly feel his tendency to push QE3. This speech has given the market a slight upper hand in expectation that the Fed will provide additional policy easing. The prices of risky assets such as precious metals are expected to continue their strong trend before the expectation of "the Fed to provide additional policy easing measures" is fulfilled. Jingyi Futures analyst Jin Yidan also believes.
In addition, the demand for investing in gold ETFs is also growing. The cornerstone of gold investment and retail growth is the ETF backed by physical objects. In the third quarter of 2012, global ETF holdings of gold increased by 189 tons, an increase of 56% year-on-year. India’s jewelry and investment market is slowly showing signs of recovery. Indian buyers have adapted to recent price trends and are in stock before Indian weddings and festivals. Morgan Stanley predicts that the average price of gold in 2013 will be $1,853 per ounce.
From the perspective of related markets, at present precious metals such as silver, palladium and platinum, as well as other base metals, crude oil, etc., are all in a weak operation stage. If the weakness of these markets continues, it will be difficult for gold prices to break upwards alone. Analysts pointed out that if these related varieties become stronger after a continuous oversold, it may push the price of gold to break through the staged pressure of $1,550 and upward.
Higher GOFO interest rates also triggered a massive dump of gold by quantitative investment funds that day. Zhang Gang explained that GOFO is mainly determined by the appreciation of the LIBOR + USD exchange rate in the next month. The current LIBOR is relatively stable, and the expectation of USD appreciation will further push the GOFO interest rate higher, making the computer program trading of quantitative investment hedge funds dare to further pressure. The dollar rose and sold gold. At least one purpose of the Fed's reversal of operations has been achieved, which is to make the US dollar the newUnited Precious Metals darling of global safe-haven funds.
When the price fell, I thought that it might fall again. When I watched it rise, I hesitated to buy it. I went back and forth several times. I still have nothing to do. Mr. Wang said that the budget is to spend about 20,000 yuan to buy gold bracelets and necklaces for his daughter-in-law. Such a high price means that it is too small to handle. But judging from the current trend, it seems that there is no sign of falling.
Mike Frawley, head of metal trading at Newedge, said: Hedge funds, large macro funds, etc., many traders not only have to close long positions, but also sell short. The decline in silver also highlights that silver is a more volatile asset than gold because the market for silver is smaller.