When a leader falls, there must be a new leader to replace it, and the US dollar has once again become the object of funding support. In fact, in September when the price of gold was lonely, the US dollar index rose sharply from a minimum of less than 74 points to 79.8 in early October. Sun Yonggang believes that the degree of global economic downturn has made investors more worried. The solution to the debt problem requires more liquidity injections. The lack of global liquidity has begun to appear. The absence of quantitative easing in the United States has also reduced the supply of dollars. Although the Federal Reserve's Open Market Committee policy stated that the federal funds rate will remain unchanged from 0 to 0.25% until at least 2013, it has been launched at the same time to reverse the operation, and will purchase 400 billion US dollars by the end of June 2012 Melting point of precious metalsfor 6 years to 30 years. Annual Treasury Bond. He pointed out that the introduction of the reversal operation has prompted the U.S. dollar to continue to rise sharply. The U.S. dollar and U.S. bonds are chased by international capital, which will inevitably cause the decline of global liquidity. The risk of the second bottom of the global economy is expected to be strong. Assets with abundant liquidity. The US interest rate market is undoubtedly the best choice. The return of the US dollar has increased the risk of global deflation, and the plunge of gold has become inevitable.
Judging from the recent trend of gold, from August 15 to the launch of QE3 in just one month, the price of gold soared from $1593 per ounce to $1780 per ounce, an increase of 11.74%. Many people in the industry suggest that investors should consider long-term investment in gold.
The production capacity of Shandong Gold (600547) Company has increased from 10 tons of gold per year to 40 tons per year. At present, it has formed the most complete industrial chain of the national gold system, including the production and refining of gold products and the processing, production and sales of gold jewelry. . The company currently owns three gold mines and is acquiring the Laixi Shanhou mine. The proven mineable gold reserves are about 100 tons. Among them, Xincheng Gold Mine has 6.65 million tons of gold reserves, Jiaojia Gold Mine has 6.1 million tons of ore reserves, and Jinzhou Gold Mine. The ore reserves of Laixi Shanhou Mine are about 1.82 million tons, while the Rushan City Gold Mine, which is a subsidiary of Jinzhou Gold Mine, has an ore grade of up to 12 grams per ton. It is a well-known rich ore in China with low mining costs.
Ireland’s debt problem has once again become the focus of the market. The spokesperson of the Irish opposition Labour Party said on Thursday that it would oppose the European Union’s IMF’s Irish aid plan when the Parliament held a vote next Wednesday. This caused market concerns to rise sharply. At the same time, the international rating agency Fitch ) Announced the downgrade of Ireland’s sovereign rating.
Gold prices weakened during the New York session on Tuesday (October 23). Earlier, the rating agency Moody's downgraded the credit ratings of 5 regions in Spain. Investors worried about the deterioration of Spain’s problems. Risk sentiment was hit again. The dollar strengthened, the euro and the stock market Falling, the price of gold seeks support at US$1,700 per ounce.
Ling Tao, Director of the Financial Stability Department and Survey, Statistics and Research Department of the People's Bank of China, revealed today that the stock exchanges have ranked top 3 in the Asia-Pacific in terms of turnover and financing, and the gold exchange's spot gold trading volume is the world's first. Ling Tao believes that a relatively complete financiMelting point of precious metalsal institution system has been established, and the status of the main gathering place for domestic and foreign financial institutions has basically been established, and the construction of an international financial center has begun to show results.
On the same day, the price of silver futures for delivery in December rose 97.6 cents to close at $41.193 per ounce, an increase of 2.4%. The price of platinum futures for delivery in October rose by $4.1 per ounce to close at $1813.5, an increase of 0.2%.
From a technical point of view, in accordance with the golden section rules, the adjustment of gold is in place. However, according to the law of the channel, London gold is still in the downward channel this month and will confirm the breakthrough of the lower edge of the channel. The first support below the 50% retracement level is about the range of $1270 to $1300. If it breaks, it will point to the vicinity of 1160 USD. The upper resistance can be seen near 1420 US dollars. If it breaks upward, there will be a good rebound. Otherwise, the $1,300 area will become a key support, and be wary of downside risks.