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SunSirs: China's Precious Metal Prices Plummeted for 3 Consecutive Times
September 25 2020 08:11:51SunSirs(Linda)

List of spot precious metals price trends

According to data from SunSirs, the spot price of gold on September 24 was 396.80 yuan/g, which was a drop of 6.33%% from the average spot market price at the beginning of the month (9.1) of 423.60 yuan/g; compared with the beginning of the year (01.01) gold spot price was 342.54 yuan/g Gram, an increase of 15.84%; compared with the valley value of the year (3.19) gold spot price of 331.75 yuan / gram, an increase of 19.61%; compared with the peak value of the year (8.7) silver spot price of 448 yuan / gram, a decrease of 11.43%.

The average market price of silver on September 24 was RMB 4,837.67/kg, compared with the average spot market price at the beginning of the month (September 1) of RMB 6,237/kg, a decrease of 22.44%%; compared with the spot price of silver at the beginning of the year (01.01) RMB 4,281.67/kg , An increase of 10.54%; compared with the year's trough (3.19) silver spot price of 2,942.67 yuan/kg, an increase of 64.40%; compared to the peak (8.11) silver spot price of 6,708.33 yuan/kg, a decrease of 27.89%.

Silver plunged for 3 consecutive years, spot shorts more than doubled

Before the silver price plunge started, the author was short at an average price of 5,764 yuan/kg in the demo account of the Shanghai Stock Exchange. This week, the silver plunged for 3 consecutive years, and the account simulation funds more than doubled.

According to SunSirs data, the average price of silver in the market on September 24 was 4,837.67 yuan/kg, compared with the average price of spot market prices in early trading of 5,772 yuan/kg, a decrease of 16.19%
Factors affecting recent news

1. The U.S. dollar index strengthens, hitting a 2-month high

2. Concerns about the second overseas epidemic and the continued US fiscal deadlock

Financial factors

Silver with strong commodity attributes suffered panic selling. The world's largest silver ETF-iShares Silver Trust's holdings decreased by 63.68 tons from the previous day, and the current holdings are 17,214.03 tons.

Market outlook is expected

It is expected that precious metal prices will continue to be weak in the near future.

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