The price of gold is soaring, but it is sold out! A couple in Guangzhou bought more than 700,000 yuan of gold at a time.

Jinyang. com news, "Wait a minute, start with every gram below 400 yuan." Since February, in the context of the continuous decline of gold prices, many consumers are looking forward to the further decline of gold prices while watching.

However, with the collapse of the Silicon Valley Bank in the United States overnight, risk aversion accumulated rapidly, and the price of gold suddenly stopped falling and rebounded, which opened the "hurricane" mode. Is it a good time to buy gold?

Data Map: Couples choose jewelry in the gold shop. Zuo Yuqing photo

Investors’ safe-haven gold prices have soared.

On the 19th, Xiaoli (pseudonym), who went to a gold shop in Beijing to buy jewelry, was surprised to find that the 99 gold bracelet she fancy last week rose by more than 500 yuan in a week.

In fact, since March 10th, the price of spot gold has fluctuated from $1,869 per ounce, and rose by 3.64% on March 17th alone, and gradually approached the $2,000 mark. On the afternoon of the 20th, the price of gold once rose above $2,000 per ounce, and fell back to around $1,982 as of press time.

"Since the collapse of Silicon Valley Bank, the price of gold has been rising." A counter sister of a gold jewelry store in Beijing told reporters that the price of this brand has risen by about 30 yuan/gram this month.

As the fuse of this round of gold price rise, the bankruptcy of Silicon Valley Bank led to the continuous impact on the US financial market. According to the Wall Street Journal reported on the 17th, the latest research shows that as many as 186 banks in the United States may have risks similar to those in Silicon Valley.

Not only that, the share price of Credit Suisse, a century-old European bank, suddenly fell sharply on the 15th, and the share prices of many European banks such as Societe Generale and Deutsche Bank also dropped significantly.

Under the successive storms, the market is increasingly worried about the spread of financial risks. In this context, as a precious metal with natural credit endorsement, gold has become the first choice for many investors to hedge, and its price has soared.

John Reade, chief market strategist of the World Gold Council, quoted the Financial Times as saying on the 16th that concerns about the systemic risks of bank deposits, whether insured or not, may lead investors to switch some of their currencies into gold. As of March 16th, the inflow of global gold ETF was 16 tons (US$ 1 billion), reversing the outflow of funds for ten weeks in a row.

The gold bar market is once again hot, and a couple in Guangzhou bought more than 700,000 yuan of gold at a time.

"On the morning of the 17th, a couple swept away a batch of Guangzhou Dongbai investment gold bars at one time, including 13 pieces of 100 grams and 1 piece of 200 grams, and then added a 50-gram Swiss Mattel investment gold bar, totaling more than 688,000 yuan, with an average unit price of nearly 444 yuan. This gentleman did not forget to buy his wife three ancient hard gold bracelets and spent more than 49,000 yuan. In this simple way, the couple bought more than 700,000 yuan of gold this time. " Dai Chongye, manager of Guangzhou Dongbai Business Department, said in an interview with the media that these two customers are relatively senior investors, especially low-key, and they have also come here to buy gold before.

"Although the price of gold has started to rise recently, many people have the mentality of buying up and not buying down, and the recent sales performance is very good." The sales staff of Guangzhou Haizhu Wanda’s gold store said frankly. Dai Chongye said that according to preliminary statistics, compared with the same period of last month from Monday to Saturday in Guangzhou Dongbai Store, the sales of gold ornaments rose by 13.6% and the sales of investment gold bars rose by nearly 63%.

Is gold still worth starting at present? Zhu Zhigang, vice president and chief gold analyst of Guangdong Gold Association, suggested that consumers who want to buy gold at present can adopt the strategy of buying gold in small batches. "This position is a relatively high level of staged gold, and I am worried that many people will choose to sell at a profit, which will lead to the decline of gold." He added.

Nanhua futures also said that precious metals should remain bullish in the medium and long term, chase more cautiously in the short-term surge, and lose weight on rallies before, and any callback can be regarded as an opportunity for medium and long-term layout.

Looking at the extension of time, the Zhongtai Securities Research Report pointed out that according to the historical average cycle length of about 40 months, the downward time of the current global economic high level has been more than half, and with the slowdown of the Federal Reserve’s interest rate hike and the continuous landing of the domestic steady growth policy, it has provided upward momentum for the global economy. The big cycle upward trend of precious metals has started, and we continue to attach importance to investment opportunities with high growth and outstanding resource advantages in the sector.

50 tons of gold mine discovered in Shandong

At a time when the price of gold is soaring, a few days ago, the news that a gold deposit with nearly 50 tons of gold metal was discovered in Rushan, Shandong Province rushed to the hot search.

According to media reports, the gold deposit is located in Xilaokou Village, Yazi Town, Rushan City, Shandong Province, and has a good development prospect. This is the largest gold deposit discovered in Weihai area, and it is also the largest gold deposit discovered in China so far this year, which is of great significance to increase the reserves and production of gold mines in China and enhance the ability to guarantee domestic mineral resources.

The discovery of gold deposits has also attracted the attention of Shandong, which is known as the "gold capital". According to the data released by China Gold Association, in 2021, the annual output of finished gold in Shandong Province ranked first in the country, making it the largest gold-producing province.

At the same time, some people are concerned about whether the discovery of gold mines will affect the price of gold. In this regard, some insiders told the media that the impact on the overall gold price is limited.

Data Map: The formed gold bars are put into water for cooling.

Can we wait until the price of gold falls in the near future?

The sudden surge in the price of gold has caused consumers who had been waiting for price cuts to fall into a new round of entanglement. Should they buy at this time or wait? Will the price of gold fall again?

In this regard, most people in the industry believe that the price of gold will continue to rise and it is expected to maintain a bull market for a long time. Fu Honghao, an analyst at Huaxin Securities, said that preventing the spread of the Silicon Valley bank crisis has become the primary goal of the Fed. It is expected that the Fed’s monetary policy will become moderate in the later period, and gold prices will continue to rise. The research report released by CITIC Securities also pointed out that the price of gold is expected to maintain an upward trend.

In addition, in the eyes of many institutions, the central bank’s increase in gold holdings is one of the most effective weather vanes for the rise of gold prices.

According to the information of the World Gold Council (WGC) in official website, in 2022, the amount of gold purchased by global central banks reached a record high, and in 2023, the interest of central banks in gold increased. Krishan Gopaul3, data manager of the World Gold Council, wrote on March 3 that at the beginning of 2023, the global central bank’s gold demand rebounded on the basis of 2022. In January, the official gold reserves of global central banks increased by 31 tons (up 16% from last month).

The research report of CICC also mentioned that in the long run, the global monetary system is facing profound changes, and the demand for gold reserves is rising systematically.

Original title: The price of gold is soaring, but it is sold out! A couple in Guangzhou bought more than 700,000 yuan of gold at a time.

Editor: Zhou Yang

Editor: Zhou Shangdou

Audit: Feng Fei