Hedge fund manager Dennis Gartman made it clear that he regretted selling two-thirds of his position after the price of gold broke through the $1,900 level, but he has since made up half of his position. He emphasized holding gold in non-dollar currencies because these currencies havPortland precious metals and coinse higher yields and are more stable.
In 1993, the government decided to reform state-owned enterprises. In 2001, the number of state-owned enterprises decreased by two-thirds, from 1.2 million to 468,000, and the proportion of employees in urban employment fell from 59% to 32%. Afterwards, large state-owned enterprises were listed and subject to supervision by public investors, and the government became the majority shareholder of these enterprises. To operate listed companies such as China Construction Bank (939) and China Mobile (941) in the above-mentioned model, not only did this introduce foreign-funded companies to become the second largest shareholders and introduce foreign operating methods. Can these public-private joint ventures defeat large foreign listed private companies? Will determine the future economic future.
The demand for silver mainly comes from industrial demand. Industrial silver accounts for 50% of the demand for silver, but 80% of the supply of silver comes from associated mines of lead, zinc, copper and gold. For large silver-producing companies, the main business is not silver, and the cost of silver can often be ignored. On the industrial demand side of silver, the consumption of silver is currently relatively stable, so the factors that dominate the price of silver mainly come from investment demand.
The precious metals Asian market oscillated slightly above 1330 and basically held the gains gained in the previous trading day. Overnight in the market, due to market concerns about the US debt ceiling, risk sentiment changed, boosting the general upward trend of precious metals. As of the close of the New York market yesterday, spot gold rose by US$9.7 to US$1332.79, or 0.73%; spot silver rose by US$0.18, or 0.81%, to close at US$21.78. After the situation in Syria has gradually eased and the prospects of the US quantitative easing policy have become clearer, the market has begun to focus more on the issue of the US debt ceiling that will be exhausted in the fall. At the end of August, Obama issued a warning to Congress that if Congress fails to approve the increase in government debt in a timely manner, the U.S. fiscal will reach the upper limit in mid-October, which will prevent the government from continuing to pay for daily expenses through borrowing. Can't pay debts and go bankrupt. This is undoubtedly a blow to the slowly advancing US economy. Obama's warning has caused concern in the market. Finance Minister Jacob Lu frequently lobbied lawmakers from both parties to approve the bill in the near future. However, there are still great differences between the People's Republic of China and the Communist Party on issues such as tax increases and expenditure cuts. The Republicans have unanimously opposed tax increases, believing that the solution to the deficit should be to drastically cut spending. But members of the Democratic Party believe that it is absolutely impossible to cut spending. President Obama has made it clear that he will not make any concessions on this issue, and dislikes all comments that are not conducive to the health insurance bill. In addition, the debt online crisis in the United States has also affected the nerves of many countries in the world that hold US Treasuries and US dollars. Failure to successfully approve the debt ceiling will result in a sovereign default in the United States. Previously, the market generally believed that US Treasury bonds were risk-free assets, and a large number of investment portfolios and pricing models replaced risk-free interest rates with US Treasury yields. Sudden default will first lead to a sharp depreciation of U.S. Treasury bonds and loss of liquidity; secondly, international rating agencies will downgrade the U.S. sovereign rating, and risk sentiment will cause fierce turbulence in the global financial market; secondly, due to the decline in the value of U.S. bonds, Caused heavy losses to countries holding U.S. debt. According to estimates, if the value of U.S. debt falls by 20%, it will lose about $250 billion, which is equivalent to 13.1% of fiscal revenue in 2012. But on the whole, we believe that investors do not need to worry too much about the debt ceiling. Since 1962, the US bond ceiling has been raised 74 times. In the past 20 years, the Clinton era has increased 8 times and the Bush era has increased 7 times. Before each promotion, there were fierce debates in Congress, but in the end, the ceiling was approved without exception. Let's look at the issue of US default. In the 40-odd years since 1969, negligence in work caused a delay in the payment of interest on a small portion of bonds and technical default in 1979. Therefore, we believe that this tumultuous bond crisis will be approved at the very moment of the crisis as before. From the perspective of the precious metals market, a debt default in the United States will change risk sentiment. As a hedging tool, gold will certainly be favored by investors. This will lead gold to move up quickly. However, if the United States successfully resolves the debt ceiling issue, it will reduce the risk aversion of gold and at the same time it will be under pressure. In view of the current situation, in the short term, we believe that there is an upward demand for precious metals; however, in the medium term, precious metals will still be the dominant players.
Given the combined benefits of market hedging demand, possible inflationary pressures from QE3 in the United States and a weaker U.S. dollar, short-term gold prices may continue to rise. Li Yanxuan, a money trader at a bank, said that at present, except for the round number of US$1,600/ounce, there is no clear target guidance above the gold price. Therefore, while maintaining a long position in operation, pay attention to taking profit. When it falls below US$1,580/ounce Should decisively leave.
Whenever the debt crisis is serious, the price of gold must rise. This pattern will be correct before September this year, and it will not be correct since October. Zhang Bingnan said that the reason for this phenomenon is thaPortland precious metals and coinst, in addition to gold, almost all other investment markets have suffered losses in recent years. Only gold has accumulated huge profits, and the profits of the gold market are used by investors to fill other markets. Loss.
The report further pointed out that the housing market is still weak. According to a report released by the US Department of Commerce yesterday, sales of new homes in the United States fell 1% in June to an annual rate of 312,000. Compared with the previous Beige Book report, the report released today shows that loan demand is even more inconsistent. As of July 13, the total loan volume of US banks was US$6.78 trillion, basically the same as the US$6.77 trillion as of early January.