SMM12, March 8: this week, under the influence of factors such as repeated Brexit negotiations on the international macro level, the expected arrival of US stimulus policy and the US dollar index, the precious metals market changed its previous weak market. Today, the main force of Shanghai Gold fluctuated at a high level. By the end of the day, the main contract of Shanghai Gold was at 389.18, up 1.57%.
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Us fiscal stimulus is expected to continue to heat up or support a $908 billion stimulus package. Congress will vote on a week-long emergency funding bill this week to buy time for members of Congress to negotiate an agreement to provide relief for novel coronavirus's epidemic and a comprehensive spending bill to avoid a government shutdown. Us Senate Democratic leader Schumer (Chuck Schumer) said on Monday that there were signs of progress in negotiations over a bipartisan bill. In addition, as the holiday is approaching, the United States is likely to usher in another epidemic peak. California adopted a series of new anti-epidemic restrictions on Monday, and New York City may ban dining in restaurants.
In addition to the US stimulus, uncertainty in the Brexit trade talks has also boosted risk aversion. It is understood that British Prime Minister Boris Johnson (Boris Johnson) will go to Brussels for face-to-face talks with European Commission President von der Lane (Ursula von der Leyen) and try to break the deadlock in the post-Brexit trade agreement. But Mr Boris warned that the talks were "likely" to fail. The exact time for the talks has not yet been set, but it may be scheduled for Wednesday, and the European Council will hold a 27-nation summit in Brussels on Thursday. EU officials have previously said that Wednesday is the last time to reach an agreement, and that if an agreement can be reached, the two sides also need to obtain approval from the European Parliament and the British Parliament to ensure that the agreement can be implemented after the Brexit transition period expires on December 31.
The analysis shows that the current international macro uncertainties are increasing, Brexit negotiations are repeated, the dollar index rises first and then suppresses, and the rising financial expectations of the United States and the risk of Brexit in the United Kingdom still support gold and silver to continue to rise. It is suggested that we should continue to pay attention to the progress of Brexit and the progress of US fiscal stimulus.
