Incomplete statistics. As of November 28, there were 35 cultural and art property rights exchanges (including trading platforms) in various parts of the Mainland that had publicly released their establishment information, and at least 6 were clearly under Morgan Precious Metalspreparation. According to industry statistics, in just over a year, the market has issued a total of 1.78145 billion yuan in products, which can be described as explosive growth. Not only works of art are shared, but agricultural products, mineral resources, electricity, coal and other resources, and even red wine are also shared by exchanges and enter the market. The Wine Exchange is on this clean-up list, and the electronic trading market for many types of commodities is also included. All kinds of trading markets are too chaotic, lack of supervision, and great chaos will lead to great governance. Said Zhu Zhigang, vice chairman of the Guangdong Gold Association.
But the market still has some reactions to this. After the three major U.S. stock indexes reached their highest point at around 10:37 am on the 17th, they oscillated all the way and finally closed up slightly from the day before, but they never reached the time when Bernanke just started to read his dovish testimony. s level. On the 17th, the Dow Jones Industrial Average rose 0.12% to 15,470.50 points, the S&P 500 index rose 0.28% to 1,680.91 points, and the Nasdaq component index rose 0.32% to 3610.00 points.
But the time point of their arbitrage is the past 48 hours. Zhang Gang said that as European and American stock markets have been promoted by the German court to promote the smooth progress of the Greek rescue plan, hedge funds have cashed in the stock market to redeem gold, so that investment banks and other fund lenders can only withdraw their short-selling positions in gold.
Barclays Bank (BarclaysPlc) said on Monday that the price of gold will rebound to $1,335 per ounce in the next two months and then move to a 3-year low of $1100 per ounce. It is recommended to go short when the price of gold rises to $1,335, which is the Fibonacci position of the 50% line connecting the lows in May and June.
The performance of gold stocks in 2008 has become history. The current market enthusiasm for gold stocks is undoubtedly due to good expectations of higher gold prices. Zijin Mining’s annual report shows that the average price of gold sold by the company last year was 196.35 yuan/gram, equivalent to 893.57 US dollars/ounce. The international gold price has reached about 950 US dollars/ounce recently, and some market participants expect that as countries start money printing machines, The situation of flooding of liquidity may occur again, and the risk aversion of funds will be transferred to investment in gold, thereby driving the price of gold to remain high. The rise in gold prices will undoubtedly benefit gold stocks the most.
Last week, New York Gold broke through the two key resistance levels of 1739.1 and 1748.9 on Friday night under the support of better economic data and the restoration of market confidence. Technically, New York Gold has broken through the upper track of the BOL channel, and the third track of the channel has also turned upwards. After the RSI indicator formed an effective breakthrough in the short-term RSI at the beginning of the week, the current long-term and short-term RSI has diverged upward, and the ADX curve has also been in the previous one. After the round of decline in the market, it turned down from the high position, and the current low position less than 20 began to reverse upward. Comprehensive consideration, the current strong upward trend of gold has formed. Eurozone confidence regained boosting the market. In the Eurozone, although the Greek debt assistance issue could not be resolved in the first half of last week, from the performance of the euro last week, market confidence has not completely collapsed. On the Greek side, negotiations with international creditors are scheduled to resume on Monday. The German Finance Minister and the Spanish Prime Minister have expressed a positive attitude and full confidence in the Greek issue. The President of the European Central Bank also made a statement that the European Central Bank’s new bond purchase plan It has helped restore confidence in the euro zone and said it is ready to start buying member states’ sovereign bonds when necessary. Despite the difficulties, the attitude and determination of the leadership have eased the market's pessimism about the Greek issue, which has brought strong support to gold, which has maintained a high degree of posMorgan Precious Metalsitive correlation with the euro in the near future. Good global economic data stimulate demand. According to data released by Ifo, the German Economic Research Institute, Germany's November Ifo business climate index rose to 101.4 from 100.0 in October, better than the expectation of 99.5, and the level of 106.8 in the same period last year. On the other hand, the preview value of PMI rose to 50.4 in November, and the final value of last month was 49.5. This is the first time that PMI has broken above the 50th line of prosperity and decline in the past year, and it also set a new high in the past 13 months. Good economic data has boosted the gold market. According to authoritative statistics, as of September 2012, a total of 582 metric tons of gold were imported, which is higher than India's 558 metric tons. In 2012, nominal gold imports will climb to the top 10. It can be expected that the market's import demand for gold will continue to rise for a long time in the future. Confidence in the Eurozone has recovered, and economic data in major economies around the world has been good, stimulating demand growth. Technically, a relatively obvious upward trend has also appeared. It is expected that gold will perform better in the near future after breaking through the important resistance level above.
David Bruno said that similar to the 2008 financial crisis, once the US government defaults on debt or loses its 3A sovereign rating, it will cause a chain reaction, and fund managers are completely powerless to avoid risks by adjusting the asset structure. .