On February 1, the price of silver soared, and the price of American Silver broke through $30 / oz, breaking through the high level in early 2020; Ag (T + D) jumped at the opening price of 5573 yuan / g, and closed at 5476 yuan / g at night. After the weekend trading was suspended, the daily price rose violently on February 1, with the highest price of 5896 yuan / g, and the closing price of 5892 yuan / g, closing up 10.34%; silver 2106, the main futures contract of silver, jumped at the opening price of 5654 yuan / g, The night trading closed at 5564 yuan / g. after the weekend trading was suspended, the day trading rose violently on February 1, with the highest price of 5949 yuan / g. the closing price was 5939 yuan / g, up 9.27%.
There is still room for domestic silver spot price to reach its high level in 2020
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According to the data of business news agency, on February 1, 2021, the morning average price of silver market was 5716.33 yuan / kg, which was 10.40% higher than the morning average price of 5177.67 yuan / kg in the spot market at the beginning of the month (January 28), and 14.76% lower than the peak price of silver spot market in 2020 (8.11), which was 6708.33 yuan / kg.
Shanghai Gold Exchange centralized pricing Shanghai silver morning and afternoon price trend is as follows:
Silver is more speculative
On the 28th, silver began to rise, and gold price was relatively sluggish. Market rumors suggest that recently, US retail investors began to turn their money to silver. Although there is no factual basis, it can be seen from the figure below that the fluctuation range of silver price is much higher than that of gold, the twin brother of its trend. Fortunately, this trend shows incisively and vividly in the middle of March and the first ten days of August 2020, and the speculative property of silver, which has gone up and down sharply, is stronger.
The data of Shanghai Gold Exchange also reflects that the high amplitude of silver’s sharp rise and fall in 2020 will attract more investors (Speculators).
According to the data of Shanghai gold exchange, in 2020, the turnover of silver was 20.75 trillion yuan, with a year-on-year increase of 186.19%, and the turnover was 4.2147 million tons, with a year-on-year increase of 136.78%; the turnover of gold was 22.55 trillion yuan, with a year-on-year increase of 4.91%, and the turnover was 58700 tons, with a year-on-year decrease of 14.44%.
Silver in the outer wall breaks through the peak in 2020
Within a day, slnc broke through US $30 / oz, reaching the highest of US $30.35/oz, breaking through the high price in early 2020.
It is reported that retail investors in reddit forum Wall Street bets called for “launching the biggest silver strike in history”.
The huge profits and international popularity gained by “American retail investors” in the stock market have greatly increased the attention of speculative funds to silver products. In addition, unlike gold, the precious metal, which has been at a historical high for nearly 10 years, the price of silver reached a high of US $49.50/oz in April 2011, creating a powerful price range chip for “American retail investors”.
If the price of internal market keeps rising, there is still room
In August 2020, the price of domestic silver rose more sharply. At present, the price is mainly driven by the external market, with a slight lag, and the increase is relatively weak. If the price of silver in the internal market keeps rising, the rising space is more considerable. Of course, the current rise is still within the fundamentals. If, like the stock market operated by retail investors in the United States, it is divorced from the actual supply and demand, and completely enters the stage of Bo Sha, it is unknown that it will crash and jump short quickly. On the news side, the price of silver soared on the first day. The Thai Futures Exchange (tfex) announced the suspension of trading of silver online futures, while India reduced the tariff on gold and silver to 7.5%. Ye Jianjun, an analyst at business news agency, predicts that the domestic silver price will follow the external market in the near future, and the range will be slightly lower than the external market.
Precious metals data at a glance
In January, the price trend of precious metals was weak as a whole, silver stabilized at the end of the month, and the upward attack was obvious, with great uncertainty in the future. On the one hand, the Federal Reserve’s policy is within expectations, the dollar index is relatively high, and precious metals are slightly under pressure; on the other hand, retail investors are fanatical trading expectations, and the market has entered a period of hoodwinking.
Summary of recent data:
In 2020, the annual global gold demand (excluding OTC trading) was 3759.6 tons, a year-on-year decrease of 14%, which was lower than 4000 tons for the first time since 2009. In 2020, the inflow of gold ETF reached a record high, totaling 877.1 tons (about US $47.9 billion), and the global asset management scale reached 3, In 2020, the total demand for gold bars and gold coins will be 896.1 tons, a year-on-year increase of 3%; in 2020, the total global demand for gold ornaments will be 1411.6 tons, a year-on-year decrease of 34%; in 2020, the total demand of central banks will be 273 tons, a year-on-year decrease of 59%; in 2020, the total demand for science and technology will be 301.9 tons, a year-on-year decrease of 7%; in 2020, the total global supply of gold will be 4633 tons, a year-on-year decrease of 4%; in 2020, the total amount of gold recovery will be 1, 297.4 tons, a slight increase of 1% year on year.
According to the latest statistics of the China Gold Association, in 2020, the domestic raw material gold output was 365.34 tons, 14.88 tons less than the same period in 2019, a year-on-year decrease of 3.91%. Among them, 301.69 tons of gold mineral gold and 63.65 tons of non-ferrous by-product gold were completed.
In 2020, the actual consumption of gold in China will be 820.98 tons, down 18.13% compared with the same period in 2019. Among them: 490.58 tons of gold jewelry, a year-on-year decrease of 27.45%; 246.59 tons of gold bars and coins, a year-on-year increase of 9.21%; 83.81 tons of industrial and other gold, a year-on-year decrease of 16.81%.
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