The drop in commodity prices and a wave of gold sell-offs have led to a decline in assets invested in commodities. Barclays said thatLatest precious metals news in the second quarter, investors withdrew US$20.4 billion from exchange-traded funds (ETF) holdings in precious metals, which caused the price of gold to plummet.
Many international investment banks have recently raised their gold price expectations. HSBC raised its forecast for gold prices in 2011 from US$1,525 per ounce to US$1,590. Commerzbank raised its forecast for the average price of gold in the third and fourth quarters of 2011 by US$200 per ounce to US$1,700 and US$1,800, respectively. Goldman Sachs Group raised the target price of gold for 6 months and 1 year to US$1,730 and US$1,860 per ounce, respectively. Merrill Lynch raised its 12-month gold target price to $2,000 per ounce. JPMorgan Chase expects the price of gold to rise to $2500 per ounce by the end of the year. (Source: Economic Information Daily)
In the past two weeks, gold has set new highs twice, but both have quickly fallen back after reaching highs. Technical analysis shows that the price of gold has formed a double top at US$1911.80 on August 23 and US$1920.50 on September 6. It is necessary to be wary of the short-term pullback of gold prices to US$1600-1700.
On the same day, the price of silver futures for December delivery rose 34.5 cents to close at $32.674 per ounce, an increase of 1.07%. The platinum futures price for October delivery rose by 10.8 US dollars to close at 1586.4 US dollars per ounce, an increase of 0.69%.
Although the price of gold denominated in U.S. dollars fell last week, the price of gold denominated in euros has moved strongly. This not only reflects the impact of the depreciation of the euro exchange rate, but also because the European Central Bank’s QE policy suppressed the yields of some euro zone government bonds to a record negative Level, bullish gold market overall.
But US fiscal officials expressed confidence in the dollar. US Treasury Secretary Geithner said before that the US dollar will remain the world's reserve currency for Latest precious metals newsa long time, and the US government is very confident in this. On June 1, Geithner made a special visit and claimed that it would alleviate the government's concerns about the safety of US dollar assets, and the US dollar assets held are very safe.
However, the outbreak and gradual escalation of the European debt crisis has dispelled expectations of global economic recovery. This person said that in the medium and long term, the trend of platinum depends on the fundamentals of the economic situation. At present, it is very difficult to resolve the European debt crisis, and it will take time for the global economy to get out of the crisis. In other words, the unwinding of platinum will be a long process. He suggested that investors still need to be cautious when investing in platinum at this stage. For deep-set investors, they can try to sell high and absorb the bottom cost.
In 2020, the party and government will strengthen the improvement of people's livelihood and the deepening of supply-side structural reforms, and continue to strengthen the construction of a well-off society, which will have a profound impact on improving domestic consumption capacity and increasing residents' disposable income. my country has always been the world's largest gold consumer and producer. The increase in residents' consumption level will further strengthen my country's position and influence in the world gold market, and the recovery of demand for physical gold can be expected in the future. Therefore, my country's influence in the formulation of international gold market rules will be further strengthened, and its influence on international gold prices will continue to be strengthened, and the innovation of gold products will continue to deepen to further consolidate its leading position in the international gold market. In addition, gold processing and production will be further improved, and efforts will be made to improve the gold market industry, feed back gold production and processing areas, and achieve sound development.