At the end of February, the price of gold in the international market once exceeded US$1,000 per ounce. This month, the price of gold plummeted and soared. As of yesterday, it was still fluctuating up and down at US$940 per ounce. Zhang Bingnan, vice president and secretary-general of the Gold Association, introduced that most of the commodity prices in the international market fell by more than 50% last year, but the price of gold continued to rise, showing the safe-haven value of gold in the financial crisis. At prPrecious metal futures pricesesent, the domestic individual gold investment channels are not perfect. One of the main obstacles is the high cost of corporate circulation and consumers need to bear high intermediate costs. Therefore, cutting intermediate costs can lower the threshold and expand investment returns.
ANZ bank (ANZ) regional gold trader Bruce Liu said that many manufacturers have already reduced their purchases of gold raw materials due to the expected weaker demand after the Lunar New Year. However, the current overall import level is still much higher than the same period last year, so the title of the largest gold consumer is unlikely to be shaken in the short term.
In addition to buying physical gold and bank paper gold, participating in gold futures and gold T+D products, a new gold investment tool, the gold ETF, is also under intense planning. Since its inception in 2003, the gold ETF has quickly become the largest trading product among global commodity ETFs. As of the end of 2011, the global gold ETF's asset management scale has approached 150 billion US dollars. The first batch of domestic gold ETFs to be launched will be based on physical gold. Compared with other gold trading products, they have lower investment thresholds, and are in line with the trading habits of securities investors, low leverage, and low turnover rate. Investment risks are also low. Relatively small. Due to low transaction costs and convenient trading, the gold ETF will become a new investment target pursued by institutions and retail investors after its launch.
John Paulson, a hedge fund tycoon known as God of God, is the biggest winner in the US subprime mortgage crisis, and he is still determined to be bullish on gold. According to the 13F document of the US Securities and Exchange Commission (SEC), Paulson still maintained a position in the second quarter of 2011 that the price of gold assets continued to rise. Its funds hold the world’s largest gold-backed exchange-traded fund, namely SPDR The total amount of gold trust funds remained at US$4.6 billion.
Yesterday’s data showed that the Purchasing Managers’ Index for the service industry in the UK in July was 60.2, a significant increase from 56.9 in the previous period. The subsequent US July ISM non-manufacturing index recorded 56, which was significantly better than the expected level of 53.1, compared with the previous value of 52.2. The good data has boosted market concerns about the Fed's premature reduction of asset purchases. Affected by this, the spot gold price fell sharply from an intraday high near $1320, and once fell below the important support of $1,300. Underneath it was supported by buying and rebounded slightly. Yesterday, it closed at 1303.60 US dollars, down 9.4 US dollars, or 0.72%. The disappointing U.S. non-agricultural data last Friday put the dollar under pressure and at the same time boosted gold to stay above $1,300. However, the unemployment rate of 7.4% has reached the lowest point since the 2008 financial crisis. According to Fed Chairman Bernanke’s earlier testimony in the Senate and House of Representatives, the timetable for the gradual withdrawal of quantitative easing will depend entirely on the performance of economic data in the future. If the economy recovers steadily, the scale of asset purchases may begin to be reduced soon; if the economic recovery is repeated or stagnant, the original scale will remain unchanged, and the scale of purchases may be further expanded when necessary. Although the exit timetable that the market has been looking forward to has not been clearly given, this has not affected the continued bearish attitude towards gold. A report by the United States Commodity Futures Trading Commission (CFTC) showed that as of July 30, non-commercial long gold positions were affected by profit settlement and decreased by 6.5% to 65,517 hands, while short positions increased by about 6.8%. As of August 6, the world's largest gold ETF-SPDRGOLD Trust has reduced its holdings from 10.21 tons to 917.14 tons this month. In addition, a senior Federal Reserve official said on Monday that after the unemployment rate data fell in July, the Fed's plan to gradually withdraw from large-scale bond purchases is very close. Since July, gold has risen by nearly 6%, and recorded the largest monthly increase since the beginning of 2012. However, the continuity and momentum of this rise are both insufficient. It can only be regarded as a small-scale correction to the previous sharp decline, not a rebound, let alone a reversal. Technically, yesterday's downturn caused gold to fall below the lower track of this ascending channel, and the future will mainly be biased towards the downside. There is some buying support near 1298, which is expected to protect the price to a certain extent. But below it, there will be a large number of long stop loss orders. If it breaks below the 1298 line, it will trigger the stop loss order to take effect, thereby intensifying the downward speed. This week, data and news are scarce. Follow the Cleveland Federal Reserve President Pianalto's speech during the week. If this year’s hawkish speech continues, it will boost the U.S. dollar; if it involves any support for the Fed’s current monetary policy decision, it will benefit gold and put the U.S. under pressure.
Mr. Buffett’s so-called first type of assets and second type of assets contain three topics that need to be clarified: Is gold part of currency? Is the world's paper currency system composed of more than 200 countries freely issued, is the ultimate direction to overflow? Since the U.S. dollar is flooding, why do we still need to buy U.S. dollars and U.S. debt as liquid assets, instead of the 21 essential raw materials that are required for the survival of all mankind, that is, Buffett teacher GrPrecious metal futures pricesaham proposed?