In addition to risk aversion factors, Zhu Zhigang, vice president of the Guangdong Gold Association, also told reporters from Southern Metropolis that my country’s gold prices often rise and fall sharply during long holidays. This is because small casualties have fewGulf precious metalser operations due to vacations, and institutions and companies wait more. At this time, there was speculation, and the operation of pulling up and down was magnified. Yesterday, the price of gold has begun to pull back.
From the global gold and silver ETF fund holdings, it is not difficult to see that the precious metal ETF has reached a considerable scale. The largest ETF before can no longer replace the market in the performance stage, but the market is always turning at the end of madness, especially when comparing The performance of silver ETF and gold ETF, while the price of silver plummeted, silver ETF also plummeted. ETF is a lagging indicator of price, ETF product itself is a passive tracking, and its significance for price verification is far greater than its guiding significance.
On that day, the price of silver futures for March delivery rose 13.6 cents to close at $30.082 per ounce, an increase of 0.45%. The price of platinum futures for April delivery fell 2.2 US dollars to close at 1556.3 US dollars per ounce, a decrease of 0.14%.
From the perspective of price comparison, Liu Mengxiong believes that the above possibilities are also very certain. For example, the relationship between the price of gold and crude oil?? When we were engaged in gold futures transactions, we always believed that the price of 1 ounce of gold corresponds to the price of 15 barrels of crude oil. This is a classic correspondence. The current international oil price is between 60-70 US dollars per barrel. , And oil prices are likely to continue to rise. Another example is the correspondence between gold and the Dow Jones Index. In the troughs after the peaks of the two major bull markets in the 1920s and 1960s, the price of gold and the Dow both fell back to the 1:1 level, although the chance of a 1:1 ratio once again appears not. Big, but even if it falls back to a ratio of 1:3 or 1:4, the expected rise in gold prices will be considerable.
Liquidation is the common denominator of these typical cases. Pretending to be a member of the Golden Exchange is also a common trick used by them. From the websites of the Gold Exchange and the Hong Kong Gold and Silver Exchange, you can see similar eye-catching statements: Recently, some companies fraudulently used the name of the Gold Exchange to recruit members by telephone to engage in so-called gold trading and other activities. Or it was recently discovered that a company had faked the staff of the field.
Of course, the news itself does not cause a significant impact on the international gold market. It is not difficult to see from the news. From the perspective of increasing holdings, the increase of 454 tons of gGulf precious metalsold reserves is completely completed in the domestic market. The gold market is still a regional market without pricing power, so the impact on the gold price trend in the international gold market is very limited. In addition, in terms of the time of holding increase, it started in 2003, so the increase of this 454 tons of gold may be completed in several years. This year is comparable to the establishment and operation of the Gold Exchange, so it should be done by domestic commercial banks to a large extent through the gold exchange. Judging from the amount of increase in holdings, 454 tons of gold is not a small item in the gold market, but if the distribution is completed within 5 to 6 years, the impact on the gold market will be minimal. It's just that we haven't received timely updates from official data in recent years. Overall, the news should have very limited impact on the gold market.
Last trading day (11th), the tension in Ukraine helped the precious metals rise slightly, but due to the better US economic data released later, the trend of suppressing precious metals fell from a high level. As of the closing time, both gold and silver gave up their intraday gains and finally received a doji. Data information shows that London Gold opened from US$1317.08 on Friday, with the highest being US$1323.59 and the lowest being US$1,13.98. It closed down by US$0.57 to US$1,318.13, a decrease of 0.04%. Spot silver followed the trend of gold, first rising and then falling. To the end of the US session, it was reported to be 19.99 US dollars, down 4 cents, or 0.2%.