The actual one-month US dollar loan interest rate is still LIBOR plus 80-100 basis points over the same perioPrecious Metal Sales Taxd, which is at least 56 basis points higher than GOFO. This allows some large money market hedge funds to see arbitrage opportunities. Chen Weijian revealed that they first borrowed physical gold positions from gold brokers at the GOFO price, and after cashing out in the futures market, they then borrowed them to European banks, earning at least 70-100 basis points of risk-free spreads.
Frank McGhee, head of precious metals trading at Integrated Brokerage Services, said that this is a rise driven by technical short covering, but I don't know if there are more follow-up buying orders.
This trading day will announce the German December Ifo Business Index, the Eurozone’s October current account, Italy’s October industrial orders, the UK’s December CBI retail sales gap, and the US’s November housing start. In addition, the Bank of England will announce the minutes of the Monetary Policy Committee meeting on December 5-6.
Judging from the expected release of economic data, this week is relatively calm, which is a good time to digest the relatively bad data in the previous period and wait for the next step to affect the market trend indicators. Wilshin Gold Yang Yijun believes: Judging from the current progress, Greece will provide a solution to the debt crisis by the end of June. Therefore, the subject of the European debt crisis has a trend of diminishing, but the price of gold has also rebounded by a considerable amount. There are risks in the short-term pursuit of rising prices, but there are also risks in killing the decline in the normal reverberation of gold prices.
In addition, for the consumption of gold, He Peide believes that it will also be an important factor driving the rise of gold prices. In the next five years, the jewellery market will grow by 40%. This means that the mode of economic growth in the next five years may change, from the economic growth achieved by heavy industry and fixed asset investment in the past to consumer-oriented economic development, such as the demand for gold. Up to this point. He Peide said.
2. Data released by the US Department of Commerce (CommerceDepartment) on Tuesday showed that after seasonal adjustments, US wholesale inventories in March increased by 1.1% to $442.92 billion, an expected increase of 1.0%. WholePrecious Metal Sales Taxsale sales for the month increased by 2.9% to US$392.01 billion, which is expected to increase by 1.4%.
VTB Capital (VTBCapital) analyst Andrey Kryuchenkov pointed out that the underperformance of the US macroeconomic data and Draghi's remarks suppressed the U.S. dollar index to fall sharply. Once the price of gold effectively breaks above 1660, it will soon rise to the 1680 level.
In addition to establishing gold mine investment funds, more companies are also acquiring gold mines on their own. Huaye Real Estate (600240, shares) (600240.SH) recently announced that the company plans to invest 54 million yuan to acquire a 90% stake in Shaanxi Shengan Mining Development Co., Ltd. held by Shenzhen Longxing Investment Co., Ltd. It is reported that Sheng'an Mining has two prospecting rights, namely the copper-gold mine in the Jindongzigou area of Ningqiang County, Shaanxi Province and the gold mine in the Jitoushan-Xiaoyanzigou area of Ningqiang County, Shaanxi Province. Among them, the estimated reserves of gold mines in the Jitou Mountain-Xiaoyanzigou area are 8332087 tons of ore and 196.969 kilograms of gold.
This week, the overall news is on the list. On Tuesday morning, the Reserve Bank of Australia will announce the minutes of its monetary policy meeting; in the evening, Fed Chairman Yellen will deliver an opening speech at the 2014 Financial Markets Conference hosted by the Atlanta Fed. On Wednesday morning, the world's second largest economy will announce the first quarter GDP annual rate and hold a press conference on the operation of the national economy; in the evening, the Bank of Canada will announce its policy interest rate statement and monetary policy report. In the early hours of Thursday morning, Fed Chairman Yellen will deliver a speech entitled "Monetary Policy and Economic Recovery" at the Economic Club of New York. The Federal Reserve will then publish the Beige Book of the economy; in the evening, the United States will publish data on the number of people claiming unemployment benefits in the week of April 12. This Friday, due to Good Friday, European and American markets will be closed for one day.
Xinhuanet, Chicago, June 7 (Reporter Li Mi) As investors remained cautious before Fed Chairman Bernanke's speech, gold futures prices on the New York Mercantile Exchange fell slightly on the 7th. On the same day, the most active August contract in the market fell 3.2 US dollars per ounce to close at 1544 US dollars, a decrease of 0.2%. Analysts pointed out that the recent announcement of a number of U.S. economic data, including the unemployment rate, is negative, indicating that the U.S. economic recovery has entered a bottleneck period. Discussions on whether the Fed will continue its quantitative easing policy have also heated up. Therefore, Fed Chairman Bo Nanke's speech was particularly noticeable. As Bernanke’s speech that day revealed the information on the trend of monetary policy that may make the market more turbulent, many investors choose to clear their positions and leave the market to watch from the sidelines. This stopped the price of gold, which was continuously rising moderately, from rising and falling. Weakness also failed to provide an effective boost to the gold market. On the same day, the price of silver futures for delivery in July rose 26.4 cents per ounce to close at $37.046 per ounce, an increase of 0.7%. Platinum futures for delivery in July rose by US$9.5 per ounce to close at US$1830.7 per ounce, an increase of 0.5%.