Huatai Futures Precious Metals Daily: the US dollar fell slightly and the price of precious metals reached a new high in the New year.

Abstract of Precious Metals Daily:

Macro overview

In his first news conference for the new year yesterday, President Joe Biden said the key to controlling price rises lies with the Fed, which now needs to readjust its support to support its independence. In addition, the government is trying to increase the supply of oil. At present, the price of crude oil continues to strengthen, and yesterday, the US dollar and US bond yields both showed a slight decline, which made the price of precious metals show a clear strength, with Comex gold rising to the front line of US $1840 / oz. At present, in the case of persistent high inflation and repeated epidemic situation, it is still recommended to maintain the strategic multi-allocation of precious metals.

Overview of fundamentals

Last trading day (January 19), the gold trading volume of the Shanghai Gold Exchange was 12696 kg, down 8.92% from the previous trading day.

Silver turnover was 3691298 kg, up 252.82 per cent from the previous day. The gold stock of the last Futures Exchange was 3408 kg, unchanged from the previous trading day. Silver inventory rose 12823 kg to 2211390 kg compared with the previous trading day.

The newly announced SPDR ETF position in gold was 981.44 tons, up 5.23 tons from the previous day. Silver SLVETF's position was 16354.36 tons, down 60.39 tons from the previous trading day. However, from the point of view of the known precious metal ETF total position, it is still in a relatively high position.

Yesterday (January 19), the CSI 300 index rose 0.10 per cent from the previous day, while the electronic components sector rose 0.06 per cent from the previous day.

Strategy:

Gold: long for bargain

Silver: long for bargain

Gold and silver ratio: do more for bargains

Internal and external arbitrage: internal and external anti-arbitrage

Risk point: the central bank's monetary policy orientation has changed.