SMM Network News:
The gold market came under pressure on Thursday, with spot gold prices nearing support of $1930 an ounce at one point, and a rebound in the dollar weighed on gold prices.
The China Gold Association and the World Gold Council jointly issued the China Gold Yearbook 2020 and the Global Gold Yearbook 2020. According to the data, China's gold output in 2019 was 380.226 tons, a decrease of 20.894 tons compared with 2018 and a decrease of 5.21 percent over the same period last year. However, China's gold output continues to rank first in the world, ranking first in the world for 13 consecutive years since 2007.
The Bank of England left its interest rate resolution unchanged, but discussed negative interest rates. "if the economic situation deteriorates, the pace of QE may be increased. It will work with regulators on how to implement negative interest rates. Policy will not be tightened until significant progress is made in the inflation target. The effectiveness of negative interest rate is discussed. The current position on policy is appropriate. The risk of rising unemployment is greater than expected. "
The Bank of Japan left its interest rate decision unchanged and raised its current economic assessment. Bank of Japan Governor Toshihiko Kuroda said, "just like the Federal Reserve, we do not regard the 2% inflation target as the upper limit." An average inflation rate of 2% has been targeted since 2016. Inflation is expected to return to a positive range. Prices are expected to be weak. The Bank of Japan will continue to support corporate financing. The price target will be maintained at 2% through loose monetary policy. The Bank of Japan will not hesitate to increase easing when necessary. "
The number of first-time jobless claims in the United States in the week of September 12th was 860000, compared with an expected 850000, compared with a previous value of 884000.
New housing starts in the United States were-5.1% month-on-month in August, compared with an expected value of-0.9%, with a previous value of 22.6%.
Outlook for the future
(CIBC), the Canadian Imperial Commercial Bank, said the rise in gold and silver prices this year was only the beginning of a bull market in precious metals. The bank raised its gold and silver price forecasts, forecasting an average gold price of $1925 / oz in the third quarter, $2000 / oz in the fourth quarter, $2300 / oz in 2021, $2200 / oz in 2022, $2100 / oz in 2023 and $2000 / oz in 2024. The average price of silver is expected to be $25 / oz in the third quarter, $28 / oz in the fourth quarter, $32 / oz in 2021, $31 / oz in 2022, $30 / oz in 2023 and $28 / oz in 2024.
Lloyd Blankfein, former chief executive of Goldman Sachs (Goldman Sachs), says there is no better time for gold and silver to rise. It has been a long time since gold was a hedge in financial markets. If you want to say when is the best time, then it is now. "
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