On the 6th, LME aluminum stocks decreased by 7474 tons to 467345 million tons, and the total amount gradually moved away from the historical high above 4.7 million tons. StImperial precious metalsrong demand this year has pushed aluminum prices higher. At the close of the day, the unofficial settlement price of 3-month aluminum was $2656.5 per ton, up $22 or 0.8% from the previous trading day.
The price of gold is often a weather vane for a good economy. Usually, when the economy encounters difficulties and there is no clear direction, investors will choose gold to maintain its value. This also shows from another angle that more and more institutional investments are not optimistic about economic recovery, and they still doubt the judgment that the financial crisis has come out of the trough. Lin Hui said.
VRTrader chief market analyst Mark Leibovit said in a VR gold news report on Wednesday that after the price of gold fell by $400 to a low above 1,500, the gold technical graphics had been significantly damaged. Leibovit said that although I would like to say that gold will achieve a V-shaped reversal and reach new highs, it will take time. Gold is supported near the long-term upward trend line above 1500, which is impressive. Gold needs to rise slowly to make the technical graphics improve, otherwise the current correction/consolidation will continue.
Just two months ago, the price of gold hit US$1,900 per ounce twice, but returned to its original point after the madness. On September 26, it fell by nearly 6%, and the gold price hit near US$1,530 in intraday trading. Is the crazy gold price really going to die, or is it just a flop? Aside from the clouds and fog, we can't help asking, what exactly should an ounce of gold be priced?
The second is TEDspread, which is the difference between the interest rates of short-term U.S. Treasuries and Eurodollars, and is an indicator of credit risk in the overall economy. US short-term Treasury bonds are considered risk-free, and the borrowing cost of Eurodollars-which is measured by the London Interbank Offered Rate (LIBOR)-reflects the credit risk of bank borrowing. When TEDspread increases, it is a signal that lenders believe that the risk of default on interbank lending has increased. Interbank borrowers therefore need higher rates of return or accept lower returns on safe assets such as short-term government bonds. When the risk of bank default is considered to be reduced, TEDspread also decreases.
However, when specifically analyzing the upward trend and reasons for this year's gold, Jiang Shu, a senior analyst at Industrial Bank's Capital Operations Center, pointed out its different characteristics from the past. Compared with the consecutive rises from September to October last year and from October to November of the previous year, this round of gold’s rise is also due to the market’s expectations that the Fed may again implement quantitative easing, but the difference is that the recent U.S. dollar The trend is stronger than in previous years. This means that the Fed will not easily introduce the third quantitative easing policy in the short term. Therefore, Jiang Shu predicts that after the price of gold breaks through the $1,600 mark, it may not be able to advance all the Imperial precious metalsway again.
Barclays Capital (BarclaysCapital) analysts said on Wednesday that gold has stabilized above 1800. Although new investment demand has slowed, the market has entered a stage of strong demand. Barclays also pointed out that the uncertainty surrounding the European debt crisis and global economic conditions will continue to provide support for gold. It is expected that the recent correction of gold will be short-lived. Although the US dollar has strengthened against the euro, gold has successfully held above US$1,800.
In addition, compared with the first half of the holiday season, gold store sales are gradually entering the summer off-season, and various businesses have also held preferential activities. It is reported that this weekend, in addition to lowering the price of gold, platinum and palladium jewelry offers a discount of 10 yuan per gram and a 20% discount on silver jewelry. Guohua Mall will also take advantage of the 33rd anniversary celebration to carry out large-scale promotional activities in early July.