SMM2 March 22: today, the precious metal plate continued its strong performance, as of press time, the plate as a whole rose 6.78%. China Gold, China Gold, Silver Nonferrous Metal, Yuancheng Gold, China Baoan and other stocks rose by the daily limit, Zijin Mining rose more than 9%, and Hunan Gold and Shandong Gold rose more than 8%.
Prior to the 2020 performance forecast of CICC, before the retrospective adjustment, the net profit attributable to shareholders of listed companies is expected to increase by 1.089 billion yuan to 1.248 billion yuan over 2019, an increase of 609.41% and 698.09% over the same period last year.
In response to the pre-increase in performance, the company said that on the one hand, the increase in uncertainty in the international market caused by the epidemic led to a rise in risk aversion among investors and the flow of funds to precious metals, leading to a general rise in global gold prices. Against this background, CICC seized the favorable period of rising gold prices to achieve rapid growth in operating performance; on the other hand, CICC completed the acquisition of a 90% stake in Inner Mongolia Mining Co., Ltd., a Chinese gold group. The acquisition also led to a significant increase in the net profit of CICC belonging to shareholders of listed companies in 2020 compared with the same period in 2019.
But at present, the performance of the precious metals sector in the stock market has significantly outperformed the spot market. Spot gold prices continued to fluctuate as investor optimism about the global economic recovery pushed up US Treasury yields, making gold less attractive. At the same time, the number of people diagnosed with the global epidemic is at an inflection point, and continuous progress in vaccine research and development has led to the rapid weakening of the risk aversion function of precious metals such as gold, making it difficult for spot prices to rise sharply.
Market voice
Societe Generale Securities said that in the medium to long term, policy interest rates in global economies are still low, and global political, economic, and asset price uncertainties are difficult to eliminate, and gold with natural monetary attributes has significant allocation value.
Everbright futures believe that the first quarter may create a gold annual low position, the operation of gold can still be absorbed by bargain, the cautious can continue to wait and see. From the perspective of real interest rates, the yield of 10-year treasury bonds is higher, inflation expectations are stagnant, and real interest rate expectations are constantly rising. Gold's weak shock response is essentially digesting this part of the risk. However, the yield of treasury bonds involves the cost of issuing bonds by the US government, so it is impossible to go higher without limit, and the market is also looking for a certain balance point, or waiting for the appropriate adjustment of the policy. Investors can pay more attention to the recent remarks made by Fed officials.
(Commerzbank), a German commercial bank, said in a report that the performance of the gold market is like the ebb after the first wave of the tsunami, and then it will come back more violently, that is, the price of gold will rise sharply.
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