On the same dayHow to invest in precious metals, the most active June delivery gold futures price on the New York Mercantile Exchange gold futures market closed at 1424.5 US dollars per ounce, a decrease of 9.8 US dollars or 0.68% from the previous trading day. So far, New York gold has fallen for the fourth consecutive trading day. Since May, the price of gold in New York has fallen by more than 3%, after falling by 7.8% last month.
On the evening of December 14, the XAGUSD spot silver price rebounded and went up around 20:40, but it turned sharply after 21:00, dropping from around 6140 to below 5900. During this period, there were many investors in Tiangui. It reflects that it was unable to operate due to a failure of the trading system, and some investors were forced to liquidate their positions due to liquidation, and only some investors who set stop-loss and take-profit points were spared.
Analysts of Top Securities Futures believe that the uncertainty of economic recovery in Europe and the United States will continue to promote the emergence of safe-haven orders. In addition, the gold physical ETF funds that have been continuously established in the international market require physical support in the early stage of opening positions. The recent trend has also promoted the development of gold. Demand, so gold is still optimistic about the medium and long term.
On the same day, the price of silver futures for March delivery rose 1.3 cents to close at $31.542 per ounce, an increase of 0.04%. The price of platinum futures for April delivery rose 4.2 US dollars to close at 1694.1 US dollars per ounce, an increase of 0.25%, another record high.
Gold once again rose strongly overnight, breaking through the resistance of 1330, reaching above 1339, closing at $1,335, an increase of more than 3%, the largest one-day increase in the past year. The sharp rise in the past two days has given the market bulls hope. Although it is still difficult to distinguish whether it is a rebound or a reversal, it is an indisputable fact that most of the ground lost since the decline in early June has been recovered. Last night, the National Association of Realtors announced that the US housing data for June showed that existing home sales declined during that month. In addition, due to tight inventory, housing prices continued to rise. In addition, the total number of existing home sales in the United States in June was 5.08 million, which was less than the expected 5.25 million. The previous value was revised down to 5.14 million households, and the initial value was 5.18 million households. Relatively weak housing data has exerted a strong pressure on the US dollar, and at the same time further eased the market’s concerns about exiting quantitative easing prematurely. As Fed Chairman Ben Bernanke said in his testimony in Parliament last week, the quality of economic data will be the main indicator of when to reduce the scale of asset purchases. If the data continues to be poor, it does not rule out the possibility of expanding the scale of asset purchases again. Subsequently, the US dollar continued to be under pressure, and gold and other non-US currencies were boosted. The central bank issued a notice on its official website last Friday on further promoting the reform of interest rate marketization (hereinafter referred to as the notice), stating that since July 20, 2013, it will fully deregulate the loan interest rate of financial institutions. The main contents include: (1) Cancel the lower limit of 0.7 times the loan interest rate of financial institutions, and the financial institution shall independently determine the loan interest rate level according to commercial principles. The floating range of personal housing loan interest rates will not be adjusted, and the original range will remain unchanged, and the differentiated housing credit policy will continue to be strictly implemented. (2) Cancel the bill discount interest rate control, change the method of determining the discount interest rate on the basis of the rediscount interest rate, and the financial institution independently determines it. (3) The upper limit of 2.3 times the loan interest rate of rural credit cooperatives will be cancelled, and the rural credit cooperatives will independently determine the loan interest rate to customers based on commercial principles. The issuance of the notice indicates that the reform of interest rate marketization is steadily deepening, which also laid the foundation for the gradual realization of the marketization of deposit interest rates in the future. As far as the gold market is concerned, the notice has triggered speculation on the increase in investor risk aversion, which has helped the gold price quickly rise above US$1,300 in the Asian market this Monday. Gold is currently located below the important resistance of $1340. This point is the intersection of the upper rail of the rising channel of this round of rebound on the daily chart and the upper rail of the falling channel formed since 1478. Here gold will be fiercely resisted by bears. In addition, the continuous rebound has allowed the bulls to accumulate a lot of profits, and the profit settlement is very likely to be stimulated at this point. In addition, it is only a matter of time before the covering of more than $20 gap in Asian markets on Monday. In the near future, gold will continue to consolidate below 1340 and try to break through. If you successfully break through this point, it will open up room for further gains, and the target will be above $1,400. The rebound will gradually evolve into a reversal. But if it fails to break through, gold will still be in the long-term downward channel and will gradually test the 1300/1285/1256 support.
On July 24, the Federal Reserve stated that in the past week,How to invest in precious metals the total assets held by the Federal Reserve was US$6.964 trillion, a slight increase and nearly double the same period last year. In addition, the European Union has recently reached a consensus on an economic rescue plan to establish a recovery fund totaling 750 billion euros, which is good for the euro and bad for the dollar. Both of these events further pushed up the price of gold.
On August 8, affected by Standard & Poor's announcement of downgrading the credit rating of the United States, the Asia-Pacific stock market generally suffered a heavy setback. The A-share market plunged 3.79%, and individual stocks showed a general decline. However, as the European and American debt crisis continues to ferment, the price of gold has soared all the way for the sake of risk aversion. Driven by the rise in commodity prices, gold stocks in the A-share market have become a major 30.55-0.55-1.77% highlight of GF Securities. Shandong Gold and Zhongjin Gold soared 6.51% and 5.13%, respectively. Zijin Mining became the only A AH stock that bucked the trend.