International spot gold on Tuesday (24th) in Asia rose to a high of nearly two weePrecious metal price ratioks in early trading, because the market is worried about the European sovereign debt crisis or spread. It had previously hit an intraday high of $1,517.99 per ounce, which was also the peak since May 11. However, the price of gold is still not as high as the historical high of about $1,575 per ounce set in early May.
Commerzbank (Commerzbank) pointed out that from the technical picture, gold may be further sold, and may fall below the 1500 level in the short term. Such a strong selling may come from the futures market. CFTC data shows that speculators are beginning to cut their net long positions in gold. However, mid- and long-term investors are still holding on tight, and gold ETFs have not shown signs of outflow, and bargain hunting may soon enter the market to buy bottom.
It is true that Paulson may have made a wrong judgment. Well-known institutions and analysts who are familiar with Japan’s lost ten years have repeatedly warned about post-recession deflation. Albert Edwards of Société Générale said that people believe that Japanese government bond yields will inevitably rise, but The country has been in the quagmire of deflation for 10 years.
ANZ analyst Mark Pervan said: It is expected that the short-term gold price will fall to US$1,100 per ounce again because the US economy is gradually recovering and economic growth is slowing down. However, I don't think this level will last long, because low prices tend to cause strong buying in Asia, which supports gold prices.
Barclays Research (Barclays Research) stated in a research report that before the Federal Reserve (FED)’s September interest rate meeting, the physical gold market and gold exchange product holdings continued to provide support for gold prices, and investor inflows continued to be bullish for gold. As of last week, gold ETF holdings have risen by 16 metric tons, reaching a record high of 2,454 metric tons.
To this extent, the possibility of investors being deceived does exist. According to people in the industry, most of the investors in underground gold speculation know that they are conducting improper transactions. According to investor Xiao Liu, a Hong Kong A-level gold merchant even offered favorable conditions for free commissions. When opening an account, it is not a small temptation for me to pay 0.5 doPrecious metal price ratiollars for an ounce. Xiao Liu knows that this is one of the tricks used by the agent to promote business.
Tai Wong, director of the basic and precious metals trading department of BMOCapitalMarkets in New York, said that tomorrow the second important meeting of the season will be held, which is second only to the Fed's interest rate hike meeting. Gold market investors have been looking forward to Draghi for a long time. 'Dress up', they were obviously disappointed with the trillion-euro'shorts', so they decided to lock in some of the profits
Judging from the market performance, all varieties of the precious metals market recorded large declines on Tuesday. In particular, the price of gold fell below the technical support of the 200-day moving average. Market analysis pointed out that, from a fundamental point of view, the continued decline in market expectations for QE3 boosted the US dollar index to rise, thus suppressing investors’ preference for the precious metals market. At the same time, in Europe, investors are worried that Greece may not be able to reach a debt swap agreement before the deadline, causing worries about Greece’s debt problems, causing investors who are bullish on gold to withdraw, and to a certain extent also speeding up the downward trend in the precious metals market. . Therefore, some people believe that the short-term precious metals market is under obvious pressure, especially when the US dollar index rebounds strongly, the precious metals market may continue to maintain the current downward pattern, and gold prices are naturally no exception.