On the 16th, the international gold price sPrecious metals marketaw a rise of 15 US dollars in a day, opening at 924.70 US dollars, the highest near 941 US dollars, and closing at 939 US dollars. The skyrocketing that day continued the retaliatory rebound in the past week, and the market inevitably began to anticipate. Is it that the time for the price of gold to rush again so quickly?
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.
However, the special summit of European member states on March 11 reached a number of results in response to the debt crisis. The results of the meeting have helped the member states to successfully finance their sovereign bonds, help ease the deterioration of the European debt problem, and stabilize market confidence to a certain extent. Affected by this, the US dollar index fell sharply last Friday, and the gold price rebounded under support. However, it should be noted that the root cause of the European debt problem lies in the imbalance between economic development and fiscal expenditure. The current global economic recovery is slow, and European countries are affected by factors such as population aging. They have huge fiscal expenditures. Reducing fiscal deficits does not mean that they can With fiscal surpluses, European countries’ debt as a percentage of GDP will continue to rise in the future. Therefore, whether the results of the European Special Summit can be recognized by the market, and whether the financing costs of Portugal and other countries can be effectively reduced will determine the direction of the European debt problem and help gold choose its direction.
Bai Yin is actually repeating this story. In the past, industrial supply and demand dominated, but from an incremental point of view, the rising market in the past six months was definitely not driven by industrial demand. There is a big economic background behind it. Now that there is too much money in the market and the liquidity is flooding, many people are willing to hold physical assets to fight inflation. Because the real interest rate is negative, whether it is cash or deposits, purchasing power is depreciating. My view has always been that since the financial crisis, the rise in stocks, crude oil, and commodities does not lie in how good the fundamentals are, but because there is too much money in the market and too much money to chase too few assets.
On the same day, the most active June delivery gold futures price on the New York Mercantile Exchange gold futures market closed at 1600.9 US dollars per ounce, an increase of 5.2 US dollars over the previous trading day, an increase of 0.33%. So far, the price of gold in New York rose 1.1% in March, but fell 4.8% in the first quarter of this year.
However, the current gold price has retreated sharply to the level before the Swiss National Bank announced the abolition of the Swiss franc ceiling, and it was traded at around $1230 per ounce. This may be partly due to the sharp rise in the exchange rPrecious metals marketate of the Swiss franc, which is regarded as a safe-haven asset, which weakened it. The charm of gold as a safe-haven asset.
2. The monthly survey results released by the German think tank ZEW on Tuesday showed that Germany’s ZEW economic sentiment index fell from positive 3.1 in May to negative 9.0 in June, the lowest level since January 2009 and the first time it turned negative since October last year. Value; the market is expected to fall to negative 2.0.