Keep going crazy! Shanghai Silver opens trading limit and Shanghai Gold continues to rush!

As soon as trading opened on Tuesday morning, precious metals continued the recent frenzied momentum. The main force of Shanghai Bank of China rose to a new high of 5988 yuan / kg in more than seven years, while the main force of Shanghai gold continued to rise more than 2 percent, reaching as high as 437.62 yuan / gram in intraday trading. Once again refresh the new high since listing.

Driven by the surge in global novel coronavirus cases, increased tensions between China and the United States, uncertainty about the global economic outlook and the depreciation of the US dollar, the precious metals market has recently become the brightest metal variety. In the high gold / silver ratio repair expectations and the gradual recovery of industrial demand, silver than gold to win the capital market more attractive, the increase is stronger!

The dollar has been on a downward trend since March 20, especially in freefall recently, with the dollar index falling for the seventh day in a row to an intraday low of 93.469, a new low in more than two years.

According to IHS Markit Ltd. Short positions in $75 billion SPDR Gold ETF (symbol GLD) as a percentage of outstanding shares are close to the lowest level since July 2009. Meanwhile, the volume of call options in the ETF hit an all-time high last week.

Overnight, COMEX gold futures surged nearly 2%, breaking the intraday high of $1923.70 set in September 2011, rising to $1968.4 an ounce as of 9:32 today. COMEX silver futures rose to $26.070 an ounce, the highest level in about seven years.

The future will pay attention to the results of the new round of Fed interest rate discussion meeting, the Fed's position this week may be more dovish, whether it will eventually expand quantitative easing has become the focus.