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SunSirs: China's Precious Metals (Gold & Silver) Continue to be Weak and Stable

November 30 2020 08:52:22     SunSirs (Linda)

1. Spot precious metal price trends

According to SunSirs data, the spot price of gold on November 27 was 378.50 yuan/g, which was 397.40 yuan/g in early trading at the beginning of the month (11.1), a decrease of 4.76%; compared with the beginning of the year (01.01) gold spot price was 342.54 yuan/g , An increase of 10.50%; compared with the year's valley (3.19) gold spot price of 331.75 yuan/g, an increase of 14.09%; compared with the year’s peak (8.7) silver spot price of 448 yuan/g, a decrease of 15.51%.

The average silver market price on November 27 was 4839 yuan/kg, compared with the early spot market price at the beginning of the month (November 1) of 4,947.33 yuan/kg, a drop of 2.19%; compared with the beginning of the year (01.01) silver spot price 4,376.33 yuan/kg, The increase was 10.57%; compared with the year's trough (3.19) silver spot price of 2,942.67 yuan/kg, an increase of 64.44%; compared with the year's peak (8.11) silver spot price of 6,708.33 yuan/kg, a decrease of 27.84%.

2. Precious metals continue to be weak and stable

Good news about overseas vaccines has greatly weakened the biggest source of risk aversion in the market this year. After reaching the peak of precious metal prices in mid-to-early August, some profitable funds have begun to operate stably in the third quarter, including some central banks, such as Uzbekistan and Turkey, that have also begun to sell gold in the third quarter of 2020.

According to data from the World Gold Council, in the third quarter of 2020, central banks net sales of 12 tons of gold, which is the second quarter of net sales in the past 10 years. In the third quarter of 2020, the total global gold ETF holdings were 3,880.0 tons, a record high. The net inflow in the third quarter was 272.5 tons. In the third quarter, the growth rate of gold ETF holdings decreased from the first half of the year.

After the third quarter, the investment enthusiasm for precious metals has actually begun to slow down. In this round of the Dayang market driven by investment demand, long sentiment has begun to divert.

After the price of precious metals has moved downward, the current sideways movement is dominated. On the one hand, the monetary easing policies of major central banks continue, and price support factors are still there; in addition, geopolitical risk events such as the Sino-US situation and the Taiwan Strait situation are frequent, and the possibility of small-band risk aversion for emergencies is still there, and the downside is closed. narrow. On the other hand, the risk appetite for market funds rose in November, and other domestic markets, such as the stock market and futures market, showed a more significant unilateral upward trend, and precious metal prices were under more pressure.

Recent news: (China Merchants Bank) Since November 28, all channels of our bank (including counters, mobile banking, online banking, and CMB Huijin App, etc.) will be suspended for two-way paper gold and silver, firm paper gold and silver, and Zhaocai New customers of the gold business (as an agent of the Shanghai Gold Exchange business) apply for opening a trading account, and the normal trading of customers who have opened an account will not be affected.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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