The U.S. market was quiet overnight, continuing the previous Asian and European time trading trends, fluctuating within a narrow range between 1316-1330. The Consumer Confidence Index of the U.S. Consultative Chamber of Commerce announced at 22:00 yesterday evening Beijing time was 80.3, expected to be 81.4, and the previous value was revised up to 82.1. The confidence index has fallen from a five-year high, showing signs that the US economic recovery may slow down. The previously announced US housing data also reflected that the recovery process may be repeated. According to the data, the monthly rate of the house price index in the 20 major cities in the United States after the seasonal adjustment in May S&P/CS increased by 1.0%, which is expected to increase by 1.5%, and the previous value increased by 1.7%; the monthly rate of the unseasonally adjusted house price index increased by 2.4%, and the expected increase was 2.3%. At the same time, the monthly rate of the seasonally adjusted house price index in 10 major cities in the US in May S&P/CS increased by 1.1%, and the previous value increased by 1.8%; the monthly rate of the unseasonally adjusted house price index increased by 2.5%, and the previous value increased by 2.6%. However, the lower-than-expected data did not affect the gold market too much. Market participants are all eagerly waiting for the arrival of relevant employment and macroeconomic data, as well as the interest rate resolutions and post-conference announcements of central banks. Light trading limits the volatility of gold. In addition to the discussion of the scale of asset purchases, the current market's speculation about who will take over the current Federal Reserve Chairman Bernanke after January 30, 2014 is gradually emerging. Although President Obama has not made any effective hints to the outside world about the proposed candidate, in the eyes of the public, Janet Louis Yellen, the current Vice Chairman of the Federal Reserve, and Lawrence Summers, Director of the National Economic Council, will be in this position. The most favorable contender. Janet Louis Yellen, PhD in Economics from Yale University, Professor Emeritus at the University of California, Berkeley, and Chairman of the 18th Presidential Council of Economic Advisors nominated by President Clinton. Yellen is a representative of the Fed’s doves. She believes that the biggest problem in the U.S. economy is the high unemployment rate. Even after several rounds of stimulus policies aimed at lowering the unemployment rate, Yellen still believes that the high unemployment rate will continue. Deflation prevention remains the top priority of the US government. She refutes the view that deficits will inevitably lead to high inflation and defended loose fiscal and monetary policies. Foreign media generally believe that if Yellen succeeds Bernanke, the quantitative easing policy will not change much. Lawrence Summers comes from a famous American financial family. His parents are economists and professors at the University of Pennsylvania. His uncle Paul Ann Summerson and his uncle Kenneth Joseph Arrow are both Nobel Prize winners in economics. Summers assumed the post of Secretary of the Treasury in 1999, and subsequently served as the President of Harvard University and a member of the Joint Council of Distinguished Persons, responsible for overseeing the work of the United Nations Committee on Trade and Development. In 2008, Summers served as the economic adviser to the Obama campaign, and in 2009 became the director of the White House's National Economic Council. As a representative of the hawks, Summers scoffed at the continued use of monetary means to stimulate the economy. He once said at the Fed’s internal meeting that QE’s effect on economic stimulus was not as great as imagined, and that the market seriously underestimated the Fed’s pace of changing monetary policy and at the same time underestimated its impact on interest rates. In addition, Summers' worries about inflation caused by QE are always expressed in his words. Summers is a student of Robert Rubin, former US Treasury Secretary. The outside world believes that Obama has a preference for the Rubin system, but when the US economy is struggling, Obama may also avoid danger and make a different choice. But in short, if Summers succeeds in taking over as chairman of the Federal Reserve, the current monetary policy may soon face drastic changes. The impact of the Federal Reserve's monetary policy on the US dollar and precious metals is obvious. In the coming period, the overt and secret battles for the chairmanship of the Federal Reserve will become more intense, and the market will fluctuate accordingly. Gold is currently running in the rebound chanPrecious metal sales opportunitiesnel formed after hitting $1180, and it is also in the downward channel formed since the April crash. In the future, whether it is to reverse the current decline and continue the trend of the previous 10 years? Or will it continue to go down with the trend of the near future? The Fed will play a vital role. As the core of the Fed, the expectation of the chairmanship until it is finally determined has become more and more interesting.
International gold prices fell in early trading on Tuesday (June 12), still being suppressed by the 1600 integer mark. The news that Fitch downgraded the ratings of a number of major Spanish banks offset the benefit that the country would receive up to 100 billion euros in aid. Gold prices are still in a range-bound pattern, and the market lacks direction.
At present, there are signs of escalation in the debt crisis in Greece, and negative factors in the market are pervasive. The China Iron and Steel Association has admitted that the iron ore negotiations have failed, and steel companies will negotiate their own prices. And it is rumored that mining companies will adopt a sanctions system against steel companies that severely breached the contract last year to reduce supply, so that ore will maintain a high level of operation. Luneng Jinsui Futures Wang Liankun said in an interview with reporters.
We are developing new projects, independently innovating high-performance automation equipment, and have applied for related projects in Shenzhen. The person in charge of Shenzhen Baitai Jewelry told reporters that after the relevant equipment is innovated and put into production, it will change the chain production process of one of the market's best-selling styles, which is an industry revolution.
Of course, because the current gold price is still higher than the level of 1,000 US dollars per ounce, although Asian central banks want to buy more gold, transactions will be low-key and slow. However, the proportion of gold in Xufeng Asian central banks' foreign exchange reserves is far below the global average. If it is close to the global average, it is the established policy. No matter what the trend of the US dollar, buying more gold is their best choice. At present, the market estimates that gold accounts for about 2% of foreign exchange reserves in emerging markets, the global average is 10%, and the foreign exchange reserves of the United States, France, and Germany account for more than 50%.
Zhang Lei, chief analyst of the Beijing Gold Trading Center, said that moments of sharp fluctuations in the price of the gold market will inevitably bring about a large amount of capital flows. Excessive capital flows are bound to cause increased price fluctuations in turn. A hot market and an unstable mentality will increase the risks in operation. When bad factors appear, investors will often artificially amplify the effects of bad factors and take the opportunity to carry out cPrecious metal sales opportunitiesorresponding operations. Once such a situation occurs, it is likely to trigger high profit margin selling pressure and trigger market panic.
After a week of great ups and downs, the shock to the market by the ups and downs of gold and silver futures has not disappeared. Domestic Jinmin not only has lingering fears, but also quite emotional: why the domestic transaction time is so short. If there is greater turbulence in the external market during trading hours, the risk aversion of domestic investors will become precarious. Industry insiders strongly urge that domestic exchanges can consider extending the trading hours of gold to better help investors avoid the risk of sharp price fluctuations.