Summary of spot price trend of precious metals
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According to the data of business agency, the average price of silver market in early trading on November 8 was 4902 yuan / kg, up 0.62% from the average price of 4872 yuan / kg on the 5th; Compared with the early average price of 4585 yuan / kg in the spot market in early October (October 1), an increase of 6.91%; Compared with the beginning of the year (01.01), the spot price of silver was 5550 yuan / kg, a decrease of 11.68%.
On November 8, the spot market price of gold was 375.02 yuan / g, an increase of 1.22% over yesterday’s spot market price of 370.51 yuan / g, an increase of 3.19% over the early average price of 380.20 yuan / g in the spot market in early October (10.1); Compared with the spot price of gold at the beginning of the year (01.01), 392.70 yuan / g, down 4.50%.
Comparison of precious metal gold and silver price trends in recent 3 months
The convergence of precious metal gold and silver is good. At the end of September, the price of silver decreased rapidly. After the return of the national day, the price of silver hit the bottom and rebounded. The fluctuation amplitude of silver price is large, the price trend of gold and silver tends to be narrow, and the recent price fluctuation of silver is relatively stable.
Policy message
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The US non farm employment data on Friday was better than expected, the current inflation data was not significantly higher than expected, and the expectation of interest rate hike was not strongly improved.
Although in terms of news, at present, the market has expectations for the tightening policies that central banks may introduce to control high inflation, on the whole, the policy is relatively stable.
List of precious metals related data in October
1. List of domestic production data of physical silver
According to the data, in October 2021, China’s 1# silver output was 1218.387 tons (including 1058.127 tons of mineral silver), 1# silver output increased by 4.27% month on month, and the overall output increased slightly. In October, China’s 1# silver output increased by 4.27% month on month.
2. Global gold ETF positions moved down in October
In October, the total position of global gold ETF decreased by 25.5 tons; Among them, the net outflow from North America is 14.7 tons, the net outflow from Europe is 12.3 tons, the net inflow from Asia is 1.3 tons, and the net inflow from other regions is 0.2 tons.
Global gold ETF holdings fell to 3567 tons in October, the lowest level so far this year.
Future forecast
In the near future, the Federal Reserve may gradually withdraw from the loose monetary policy. In addition, there are many uncontrollable factors in the epidemic, and there is no emergency. The unilateral trend of precious metal gold and silver prices is uncertain. Recently, the price of precious metals has been stable and volatile. In the near future, we can pay due attention to Wednesday’s key consumer price index of the United States
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