Expected overdraft is excessive and precious metal price is weak

According to the data of business agency, the average price of silver market in the early market on May 14 was 5445.33 yuan / kg, which was 0.87% in the day, up 4.20% compared with the average price of spot market in the early market at the beginning of May 1, 5321.67 yuan / kg; Compared with the beginning of the year (01.01), spot price of silver was 5550 yuan / kg, down 0.08%.

On May 14, spot price of gold was 379.5 yuan / g, up 0.13% in the day, up 2.85% compared with the average price of the spot market in the early market of early market in early may (5.1); Spot gold price was 392.70 yuan / g, down 3.36% compared with the beginning of the year (01.01).

Expected overdraft excess precious metal up weak

In the past half of the year, the demand for gold investment has been weakening, but the decline has slowed down; In April, the total position of global gold ETF decreased by 18.3 tons (about US $1.1 billion, and the asset management scale decreased by 0.5%), and the stock losses for several consecutive months have made the global gold ETF asset management scale fall by more than 20% compared with the highest gold price in August 2020.

But the trend of net purchase of central bank gold is postponed; In the first quarter of 2021, the global central bank realized 95.5 tons of net purchase gold, down 23% year-on-year, but increased by 20% on month, which is equivalent to the quarterly net purchase amount between 2016 and 2017.

In theory, gold is the latest choice to resist inflation. However, due to the sharp rebound at the bottom of March April last year, the investment demand is overdrawn in advance, the gold price is in the long-term profit settlement, and the high level is callback. At present, it basically enters the platform fluctuation range of multi empty holding. The sharp jump of gold price is still waiting for the gold investment demand to recover again, and the current trend is not obvious.

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