However, Yang Yijun, the chief analyst of Weilxin, disagrees with the statement that the institutional structure is locked in retail investors. I think this is just a peak. Yang Yijun said that the characteristics of general gold and silver rising phases peaking are often manifested as the last skyrocketing in Asian disks and the last short-squeeze market, and the European disk taking back sharply, including December 12, 2005 and March 2008. On the 17th, it was all MondWalton Precious Metalsay, and there was such a phased peak pattern.
In 2000, when the tech-net stock bubble burst, how many people abandoned tech-net stocks and invested in resource stocks? Hong Kong launched the 85,500 housing policy in July 1997 to the Sun Jiuzhao in September 2003. How many people can do buywhenthemarket`sgoingup, sellwhenthemarketgoesdown (going with the trend instead of sailing against the current)?
In the last ten days or so, I opened a long position at 9,100 yuan per lot. Mr. Lin recalled that afterwards, the price of silver rose all the way, and every day there was a profit, it was immediately supplemented. At the end of the month, the silver had risen above 10,000 yuan, and I had more than 2 million yuan on the book. At that time, I thought it was a rare big market. The people from the trading company suggested that I make at least part of the profit, but I didn't listen.
The Central Bank of Japan decided yesterday to further increase monetary easing measures, expanding the size of funds used to purchase assets by 10 trillion yen (approximately US$126.4 billion). This is the Bank of Japan's monetary easing measures since April this year. Affected by this news, the international gold price hit a new rebound high again, breaking through $1,780 per ounce.
Since last year, many central banks around the world have increased their gold holdings. According to data from the World Gold Council, global central banks increased their holdings of 651.5 metric tons of official gold reserves in 2018, an increase of 74% year-on-year, marking the highest amount of central bank gold purchases in 50 years. Affected by this, in the fourth quarter of 2018, when global financial assets suffered a crazy sell-off, gold bucked the trend and soared nearly 10%.
Gold is a strange mineral, once it is mined, it will almost never disappear. The scale of the gold market is not large. The known amount of aboveground gold deposits is about 166,000 tons, and the confirmed underground gold deposits are about 26,000 tons. The output of gold is maintained at 2,000 to 2,500 tons per year. Due to the fact that many major gold-producing countries such as South Africa have nearly exhausted their reserves in recent years, coupled with increasing mining costs, complex and long production processes, and very stable production, the elasticity of gold supply is very low, and gold prices are mainly demand-driven. In real life, gold plays three roles. The first is commodities, whose prices are affected by real supply and demand. The second is investment products, with no interest, dividends or rental returns. The investment income of gold comes entirely from asset price changes, which is more speculative. Gold interest-free and storage costs are the biggest disadvantages of this investment product. Therefore, the increase in interest rates is generally inversely proportional to theWalton Precious Metals price of gold. Thirdly, as a kind of reserve, it refers to gold as the foreign exchange reserve of the central bank. During the financial tsunami, many people worried that the status of the US dollar would be shaken and support the price of gold. This is also the avoidance function of gold. From the perspective of the gold market, gold prices have been dominated by demand in recent years, especially investment demand. In 1979, investment demand accounted for 53% of total gold demand, and today it only accounts for 26%; gold and gold mining stocks accounted for 26% of global asset value during the high inflation period in 1981, and today only accounted for 1%, indicating that investment demand is currently on the rise The space is quite large. Gold is mainly used to hedge against two kinds of risks: inflation (currency depreciation) and crisis (such as economic recession and war, etc.), which are also the two main lines for analyzing gold investment demand. The quantitative easing of Europe and the United States indicates that their currencies will continue to depreciate. The price trend of the US dollar and gold has been in a reverse volatility relationship since 1985, with a correlation coefficient of -0.3291. In the past 10 years, gold prices have risen by an average of 18.3% per year, which is inseparable from the stimulus of the weakening of the dollar. The U.S. dollar is the world's largest reserve currency. The U.S. dollar is worthless. Countries with huge foreign exchange reserves urgently need to diversify risks, and many have acted to purchase gold. At present, the proportion of gold reserves held by the central banks of emerging countries such as Russia, India, South Korea, Brazil and Singapore is less than 3% on average. And Japan’s foreign exchange reserves only account for 1.6% and 2.5% of gold. Compared with 70% in the United States and 66% in Germany, the proportion of gold in Asian reserves is seriously insufficient. If China and Japan’s foreign exchange reserves increase their gold reserves to 10% (the world average), that would be 3.5 times the global gold production in 2010. It is also necessary to increase gold holdings in the process of implementing RMB internationalization. The rapid rise in the price of gold is the result of funds distrusting the international financial order and the long-term fiscal deficit reduction of various countries. Before these doubts are eliminated, funds need to be safe-haven tools beyond sovereignty, and need not be affected by sovereign debt and currency issuance. Wealth carrier. In recent years, various continuous crises such as the Korean-North Korean crisis, the European debt crisis, the unstable recovery in the United States and the recent disturbances in the Middle East and North Africa have made gold's hedging function more prominent. In addition, the excessive liquidity generated by quantitative easing in Europe and the United States has put people in emerging countries facing tremendous price pressures. The Middle East and North Africa crisis has stimulated oil prices to rise, further pushing up prices and food prices, pushing up the people's demand for value preservation, and supporting gold prices. The demand for anti-inflation and preservation of value has become the main incentive for the recent private gold craze. Culturally, the Chinese and Indian people have a natural preference for gold. With the two governments' efforts to expand domestic demand to revitalize the economy, and the long-term appreciation of the Chinese and Indian currencies, the demand for gold has increased unabated, which can be seen as a manifestation of the consumption of luxury goods in China and India. It is currently the world's second largest gold consumer market after India, and is expected to become the first in the next few years. GDP per capita has reached more than US$3,000, and it has entered the stage of investment and financial management. Together with the promotion of domestic policies, it shows that the potential of gold consumption is very huge and factors have become an important driving force for the gold market. Of course, we cannot ignore the risks of investing in gold. Although the United States is heavily indebted, its gold reserves are the largest in the world, with an inventory of more than 8,000 tons, and it still does not sell gold to repay its debts. But when the U.S. central bank starts selling gold, the price of gold may have reached its peak. In addition, gold is a resource that cannot be destroyed or consumed. The higher the price of gold, the more people who sell it. Finally, in the environment of loose currencies in Europe and the United States, when the inflation pressure faced by emerging markets is not low, the economies of mature markets have begun to resume growth, and inflation has the opportunity to pick up. If the world raises interest rates sharply to combat inflation, it is not good for gold prices. . (Liu Zilong, Fund Manager of China Universal Asia-Australia Advantage Selection Fund)
Our online shopping prices are the same as those in physical stores. They are based on the benchmark gold price of the gold exchange on that day, and then the group will set prices uniformly. The customer service of Chow Sang Sang's official flagship store told reporters with peace of mind. However, Wang Long, the manager of the market operation department of Tianxinyang Gold, reminded that the price transparency of buying gold at the official flagship store is relatively high, while for ordinary Taobao personal gold stores, although the store guarantees that the documents and bills are complete, the goods are subject to special counter inspection. Goods, but there are still some hidden dangers. The price of gold on the website of this kind of personal gold shop is not the actual purchase price. The actual price needs to be known after consulting the shop. Although the price of gold is based on the exchange price and is relatively transparent, there is still room for businesses to operate. In addition, not all express delivery in such stores have insurance protection, which undoubtedly adds another 10% uncertainty to online gold shopping.
Hedge funds bought gold sharply last week, mainly due to Fed Chairman Bernanke's hint to launch QE3 and the further escalation of the European sovereign debt crisis. A hedge fund manager analyzed that there was a big divergence in the gold price trend of hedge funds before. On the one hand, he believed that the price of gold was relatively reasonable at US$1,400-1500 per ounce; on the other hand, he insisted that the price of gold has a chance to break through the historical high of US$1,600. Since the price of gold has continued to rise every day, the latter has gained the upper hand. More and more hedge funds that were not optimistic about gold have begun to cover their long gold positions after gold broke through a new high of $1,560 per ounce last week.
On August 9, the international gold price surpassed the platinum price of 1750 US dollars/ounce at an intraday price of 1779 US dollars/ounce. On August 10, the international spot gold closed at US$1794.5/oz, while the international spot platinum closed at US$1,763.25/oz. In more than two years, this is the first upside down of gold and platinum prices. According to industry insiders, this phenomenon is a manifestation of gold's financial and currency attributes exceeding commodity attributes. However, as of the reporter's deadline yesterday, gold closed at US$1798 per ounce, while platinum closed at US$1845 per ounce after several days of continuous rise.