"The price of gold is skyrocketing, and will it rise if you don't buy it again?"?
2023-03-21
"Wait a moment, let's start when we drop below 400 yuan per gram." Since February, against the backdrop of the continuous decline in gold prices, many consumers have been waiting and eagerly anticipating a further decline in gold prices. However, with the sudden collapse of Silicon Valley banks in the United States overnight, risk aversion quickly accumulated, and gold prices suddenly stopped falling and rebounded, opening a "wild wind" mode. Is this a good time to buy gold? On the 19th, the price of gold as a safe haven for investors soared. Xiaoli (not her real name), who went to a gold store in Beijing to buy jewelry, was surprised to find that the 99 gold bracelet she took a fancy to last week had risen by more than 500 yuan in a week. In fact, since March 10th, the spot gold price has fluctuated from 1869 US dollars per ounce, rising 3.64% in one day only on March 17th, gradually approaching the US $2000 threshold. On the afternoon of the 20th, gold prices rose above $2000 per ounce in intraday trading and fell back to around $1982 as of press time. "Since the collapse of the Silicon Valley bank, the price of gold has been rising." A shopkeeper at a gold jewelry store in Beijing told China News Financial that the brand's gold price has risen by about 30 yuan/gram this month. As the trigger for this round of gold price rise, the bankruptcy of Silicon Valley banks has led to continued shocks to the US financial market. According to a report by the Wall Street Journal on the 17th, a new study shows that as many as 186 banks in the United States may have similar risks to those in Silicon Valley. Not only that, the stock price of Credit Suisse, a European centennial bank, suddenly plummeted on the 15th, while the stock prices of several European banks such as Societe Generale and Deutsche Bank also significantly declined. Under the successive turmoil, the market's concern about the spread of financial risks has intensified. Against this background, as a precious metal with natural credit endorsements, gold has become the first choice for many investors to avoid risks, and its price has soared. John Reade, chief market strategist at the World Gold Council, quoted the Financial Times as saying on the 16th that concerns about systemic risks in bank deposits, whether insured or not, may lead investors to convert some of their currencies into gold. As of March 16, the inflow of global gold ETFs was 16 tons ($1 billion), reversing a ten week continuous outflow of funds. The discovery of 50 tons of gold deposits in Shandong Province, China, has caught the attention of the people at a time when the price of gold is "soaring". Recently, the news of the discovery of a gold deposit with a gold metal content of nearly 50 tons in Rushan, Shandong Province, has rushed into a hot search. According to media reports, the gold deposit is located in Xilaokou Village, Yazi Town, Rushan City, Shandong Province, with good development prospects. This is the largest gold deposit discovered in Weihai area, and also the largest gold deposit discovered in the country so far this year. It is of great significance for increasing the reserves and production of gold deposits nationwide and enhancing the ability to guarantee domestic mineral resources. The discovery of gold deposits has also brought renewed attention to Shandong, known as the "capital of gold deposits". According to data released by the China Gold Association, in 2021, Shandong Province ranked first in the country in terms of annual output of finished gold products, making it the largest gold producing province. At the same time, there are also concerns about whether the discovery of gold mines will affect the price of gold? In response, some insiders told the media that their impact on the overall gold price was limited. Can we wait until the price of gold falls in the near future?
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：chinanews.com
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