The January non-agricultural employment data released by the United States on Friday evening was much better than expected. Investors' expectations for the Fed to introduce more easing policies cooled down, and spot gold closed sharply after hearing the news. Gold prices continued to consolidate at a low level on Monday, and the impact of better-than-expected non-agricultural data on gold prices seems to gradually recede. Analysts said that once the situation in Iran deteriorates, gold prices may rebound in a retaliatory manner. There is akitco precious metals futures prices greater risk of shorting gold in the near term.
Liu Shanen, secretary general of the Expert Committee of the Beijing Gold Economic Development Research Center, believes that under the background of the financial crisis, the international gold market is dominated by investment demand and even speculative demand, which is also a capital game. Therefore, this round of market is fierce and there is no warning, but a callback is normal, and price fluctuations have room for arbitrage, but in the long run, the possibility of a plunge in the price of gold is unlikely.
Martabe's deposits were discovered as early as 10 years ago, and the latter mine has changed its owners several times but has not yet been put into production. Prior to this, Martabe was owned by Australian mining company OZMinerals; in 2008, when the financial crisis broke out, OZMinerals had to sell its projects to fight fires, and Martabe was one of them.
The first reason is that gold mines are non-renewable resources. This is also doomed to the irreversible decline in South Africa's gold production, which was once the world's largest producer. This has also created a long-term gold bull market to some extent. South Africa is expected to produce 220 tons of gold in 2012, the lowest since 1922. Indeed, there are data showing that gold production reached its peak around 2000. The second reason is that as fundamentals continue to improve, the demand for gold will remain strong in the foreseeable future. The third reason is that central banks hesitate and refuse to release gold reserves. On the contrary, some wealthy central banks are strengthening gold reserves and buying gold from small countries.
In addition, from the perspective of gold related markets, market speculative positions are also decreasing. The net speculative position in New York platinum futures has decreased again, which is the fourth consecutive week of decline. Among them, short positions increased by 76,600 ounces, long positions increased by 51,700 ounces, and net positions decreased by approximately 25,000 ounces. The continued increase in short positions, with an increase of 73,200 ounces in the previous week, shows that the speculative market has turned to be short on platinum a few weeks ago.
Morgan Stanley (MorganStanley) said on Monday (July 29) that the recent rise in gold factors include a weaker U.S. dollar, investors covering short positions and strong demand for physical gold. Last week, the World Gold Council (WGC) pointed out in a report that it is expected to surpass India and become the world's largest gold consumer. This stabilized the sentiment of the gold market, and the price okitco precious metals futures pricesf gold was supported to stabilize around US$1330.