The latest data in the report shows that the total global gold investment demand in the second quarter was 297 tons, a 34% decrease from 450 tons in the second quarter of 2016. The investment in gold bars and coins reached 241 tons in the second quarter, while the gold exchange-traded fund (ETF) ) The inflow is 56 tons. In addition, the total global demand for gold jewellery in this quarter was 481 tons, higher than the 447 tons in thNaples Precious Metal Sales Companye same period last year, an increase of 8%; the demand for gold from central banks was 94 tons, an increase of 20%; Compared with 80 tons in the same period last year, an increase of 2%.
This trading day will announce the UK’s July seasonally adjusted retail sales, the Eurozone’s July reconciliation and core CPI final value, Switzerland’s August ZEW economic status and investor confidence index, the United States’ July new housing starts and construction permits, the United States’ last week’s quarter After adjusting the number of initial jobless claims, the US August Philadelphia Federal Reserve Manufacturing Index.
Bernanke issued a testimony on Thursday that it may not be necessary to further loosen monetary policy. Given the structure of the current problem, further loosening of policy may not be effective. He pointed out that the current situation is different from the situation when the second round of quantitative easing was introduced, and the policy is still very loose.
BillONeill, director of LOGICAdvisors, said that the reversal operation requires a larger scale and shorter-term operation to have an effect on stimulating economic demand. Investors will continue to avoid risky assets. In the end, this is beneficial to gold.
However, gold expert Zhou Hongtao reminded that although the pattern of the gold bull market has not changed, the current market volatility will intensify under the influence of long and short forces. In addition, the recent overall pressure on commodities has not ruled out the possibility that spot gold prices will return to US$970 per ounce before new buying orders appear. However, the possibility of a sharp drop is very small, and after adjustment, the price of gold may break through historical highs before the end of the year.
From mid-July to early November 2008, when the U.S. subprime mortgage crisis was at its worst, the VIX risk aversion index once rose to a historical high, and U.S. stocks plummeted by more than 40%. The US dollar, which also has risk-averse properties, rose sharply by 20%. The actual gold price It fell 21.7%, the nominal spot gold price fell by 30%, and the TED spread, which is an indicator of dollar liquidity, quickly soared to a record peak, which was 28 times the average value of data for decades (except for the period 2007-2008), showing dollar liquidity Extremely nervous. The subprime mortgage crisis has not yet settled, and the sovereign debt crisis of Greece in 2009 reoccurred. The spread of the sovereign debt crisis in the third quarter of 2011 threatened the region's core economies such as Italy and Spain, and gradually evolved into the euro zone debt crisis. The yields on public bonds of most countries in the Eurozone have continued to rise, and debt repayment pressures have intensified, especially in Greece, so that they face the risk of national bankruptcy and forced exit from the Eurozone. From September to the end of October 2011, the VIX index climbed to a three-year high, the EU Stoxx Composite INaples Precious Metal Sales Companyndex fell 13.5%, and the Athens Stock Exchange Composite Index suffered a further 28% to 25% decline from the 20% level before the 2008 crisis. At its lowest level in the past year, the yield on Greek 10-year government bonds soared 44% or 848 basis points from an unsustainable high of 17%. The euro fell by nearly 7% within a month, the dollar appreciated 7%, and the actual gold price fell 15%. , The nominal spot gold price fell by 18.6%, while the euro’s liquidity index rose by 31%, which was the peak level since the end of 2008. The liquidity crisis of the euro zone’s banking system was looming.
On the same day, the most active April delivery gold futures price on the New York Mercantile Exchange gold futures market closed at 1578.6 US dollars per ounce, an increase of 0.6 US dollars from the previous trading day, an increase of 0.04%. However, the gold price once dropped to 1554.3 in intraday trading. Dollar.
In terms of geopolitics, there were no significant signs of change yesterday. Russia's anti-sanctions against Western society continue, and the food and drug inspection agency bans the import of alcohol products from Ukraine. The EU plans to hold an emergency foreign ministers' meeting this Friday to discuss the situation in Russia and Ukraine and a solution to the genocide in Iraq.
The basis for our advice to customers on whether they are suitable for long-term investment is whether they can buy the varieties that customers want for long-term investment at a relatively cheap price. As a commodity, if the market price has approached the cost zone, the timing of the corresponding allocation is also more appropriate. The relevant person in charge of the retail banking department of China Merchants Bank told reporters.
1. According to data released by the Institute for Supply Management-Chicago on Thursday, the Chicago PMI in December of the United States recorded 62.5, higher than the expected level of 61.0, and the data in November was 62.6.