According to the report, the global total investment demand for gold in the second quarter more than doubled to 534.4 tons, accounting for 51% of the total identifiable demand of 1,050.30 tons in the same period; gold jewelry demand was 408.7 tons, accounting for 39% of the total demand. In the same period last year, gold investment demand accounted for 32% of total demand, and jewelryPioneer Precious Metals Fund Price demand accounted for 56%.
ElliottWave's technical staff found that before a trend with the ultimate goal of $1,156 resumes, the price of gold may rise for a while (resistance levels are between $1,388 and $1,405). Silver may also make a similar upward movement before the situation that is considered to be'recording a long-term peak' occurs. The team believes that a break below the $25 support level may trigger a decline in silver prices towards $20.
Silver futures prices for delivery in December fell 1.402 US dollars that day to close at 30.134 US dollars per ounce, a decrease of 4.4%. The platinum futures price for delivery in October fell 39.8 US dollars an ounce to close at 1534.2 US dollars, a decrease of 2.5%.
ArieGoren believes that the latest drop in gold prices may be a good time to buy gold. First of all, in the context of high global economic uncertainty, investors have begun to seek safe-haven assets. For example, on June 1, the stock market plummeted and the CRB index fell 1.71%, the August gold futures contract rose 3.70%, and the gold ETFSPDRGoldTrust rose 3.88%. Another reason for pushing up gold prices in the long term is the central bank's purchase of gold. Since 2010, central banks have turned from a net seller of gold to a net buyer.
Which customers have become the new force of gold investment? The reporter learned that in 2011, investors were among the most important. According to statistics from Guangzhou Changsheng Precious Metals Trading Company, 37% of their new customers in the second half of 2011 were former stock market investors, and most of them claimed to have not touched stocks for several months. The situation of other gold companies is similar.
However, a Goldman Sachs analyst said that because the US economy will continue to maintain weak growth in the future, it will stimulate the Fed to introduce further easingPioneer Precious Metals Fund Price policies, thereby supporting the gold price to return to Goldman's six-month target price of $1840. Barclays Capital also believes that low interest rates and long-term inflationary pressures will support the gold market.