From the data point of view, the economic recovery of the United States is very good for the scenery. According to data compiled by Reuters, exports from East Asian countries and regions such as Japan, South Korea, Taiwan, Thailand, Hong Kong, and Singapore stagnated in the second quarter of this year. Among them, exports to the EU fell the most, down 9% from the same period last year. The increase in trPrecious Metals Company Symposiumade with its neighbors has not been able to offset the sharp decline in European demand and the sharp drop in demand for Japanese goods. What is more worrying is that the slowdown in exports dispels expectations that the acceleration of the US recovery earlier this year will trigger an increase in demand for Asian exports.
Due to the weakening of the hedging effect, large institutional investors began to short precious metals, and silver collapsed first, dragging down gold. Overnight, the June COMEX gold contract in New York finally failed to withstand the turbulent selling, and the heavy volume fell and fell 1.63%. COMEX silver July contract continued to plummet 7.51% overnight. Generally speaking, gold and the dollar trend are negatively correlated. But the US dollar index also fell overnight, and even hit a new low in the past three years. The weakness of the US dollar is mainly due to the weak employment and service sector data in the US, and the upcoming non-agricultural employment data is not optimistic.
Huitong.com, January 29th-The market originally expected that the Fed would make clear statements on some of the focus issues, but it backfired. The Fed took over Chairman Yellen’s Tai Chi skills and its resolution statement was well-worded, which also kept the market in In confusion. However, the resolution statement still has many bright spots, and its expectations of deflation and the expression of interest rate hikes will still be fully chewed by the market.
However, there has been no clear data on how much gold reserves of European and American central banks participate in carry trades. The aforementioned investment bankers explained that there are loopholes in the gold accounting standards. For example, European and American central banks can include gold swaps or gold carry transactions in their own gold reserves. After all, the central bank will only lend out gold reserves, and gold ownership still belongs to central banks. .
Sean McGillivray, director of asset allocation at GreatPacificWealthManagement, said that the fundamentals make gold a safe-haven asset, but gold prices are expected to fluctuate greatly because it is still a small market compared to US Treasuries. The current market attention is very high, so fluctuations will be normal.
OPrecious Metals Company Symposiumn the same day, the most active February 2013 gold futures price on the New York Mercantile Exchange gold futures market closed at US$1667.7 per ounce, a decrease of US$3 or 0.18% from the previous trading day. In this way, plus the drop on the 18th, the price of gold fell by nearly 2%.