Define precious metals

Define precious metals

(2) Detroit, the United States, announced its application for bankruptcy protection. Federal Reserve Chairman Bernanke stated in his congressionalDefine precious metals testimony that the improvement in the job market has not yet reached the Fed’s expectations, implying that there are still many obstacles to the US economic recovery. The Fed began to reduce debt purchases in September. The odds are small.

Since the 2008 financial crisis, 17 state governments in the United States have initiated a legislative process to write gold's legal tender status into law. The Utah Act (Bill No. HB317H10) that has passed the bill clarifies that gold and silver formally become legal tender protected by federal laws in Utah; gold and silver can be used to pay taxes to the state government; citizens hold gold, Silver, and the part of the income generated by the price changes of gold and silver is not taxable.

In the United States, there were no important economic data released during the US session yesterday, but important data will be released in the next few days: house prices and consumer confidence reports will be released on Tuesday, durable goods orders will be released on Thursday, and the fourth quarter will be released on Friday. GDP revision report. Therefore, we can see that the U.S. index and gold almost maintained a narrow-range oscillation pattern yesterday, and the data in the next few days will provide further guidance for each other's direction. In addition, Federal Reserve Chairman Ben Bernanke will publish a semi-annual economic outlook forecast in Congress on Wednesday and Thursday, and may elaborate on monetary policy at that time, which will have a certain impact on the market.

Greece announced the results of the general election early this morning, which will have a profound impact on the mid-line trend of international gold prices. Prior to this, international investment institutions maintained a cautious wait-and-see attitude, and the price of gold hovered at a relatively high position recently, at US$1626 per ounce. The central banks of major countries around the world are ready to join forces to provide liquidity after the Greek election this weekend. This move itself should be positive for gold prices.

In addition, the US Treasury Secretary’s remarks severely hurt the US dollar, which also laid the foundation for the rise of gold. According to data released by the US Department of Labor this week, as of February 18, the seasonally adjusted number of initial jobless claims was 244,000, an estimated 241,000. US Treasury Secretary Mnuchin said on Thursday that interest rates in the United States may remain low for a long time. For economic growth, the most important thing is tax planning. It is hoped that the tax reform plan of the Trump administration can increase the growth rate of the U.S. economy to 3% or even higher, possibly as early as 2018. Speaking of the trend of the US dollar, Mnuchin pointed out that there are certain problems with the strengthening of the US dollar, but the market will determine the short-term trend of the US dollar. European stocks fell sharply on Friday, with Germany's DAX, France's CAC 40, Italy's FTSE index, and the European Stoxx 50 index falling more than 1%. From a technical point of view, the resistance level of 1,249 US dollars per ounce has been broken, and the price of gold may rise above 1,278 US dollars per ounce.

From the time of final settlement on August 25 (Thursday), the Gold Exchange will adjust the margin ratio of gold Au (T + D), Au (T + N1) and Au (T + N2) contracts to 12%; from the next trading day, the gold Au ( T+D), Au (T+N1), and Au (T+N2) contDefine precious metalsract price limits are adjusted to 9%.

In 2011, affected by the slow recovery of the US economy, low interest rates and double deficits, the overall trend of the US dollar may be weak. However, the risks of the European sovereign debt crisis still exist and geopolitical risks may spread. These factors are conducive to the phased strength of the US dollar in the overall weakness.

Last Friday (22nd), affected by factors such as tensions in geopolitics, the hedging function of precious metals such as gold showed that the trend stopped falling and rebounded. As of the close, London gold rose 5.3 US dollars, or 0.42%, to close at 1,281.50 US dollars; spot silver rose 0.13 US dollars to 19.54 US dollars to close, an increase of 0.67%.