The rising price of gold constantly stimulates people's fragile and sensitive nerves. Some people even commented on the extent of this round of gold price increase, saying that it is unprecedented and the first time in history. Some netizens also said that the gold that the aunts bought at a high price before can finally be untied. However, to our great surprise, the upward gold price in running all the way suddenly plummeted and ushered in the biggest decline in a single month. London gold actually plunged 1 15 USD, with an intraday decline of 5.7%. While the price of gold plummeted, other precious metal varieties also showed a downward trend. For example, silver fell by $4.33, reaching 14.88%, the biggest decline since the Lehman crisis. Palladium fell 5%, tentatively set at $265,438+$0,265,438+$0.36 per ounce. Platinum fell 4.58% to $940.74 an ounce.

With the spot price plummeting, precious metal futures prices also plummeted. Comex 65438+February gold futures closed down $93.40, or 4.58%, to1$946.30 per ounce. COMEX silver fell sharply, falling 15.06% in the day, and temporarily reported $24.92 per ounce. In the intraday trading of new york 1 1, the gold price plummeted, and the spot gold plummeted by more than 1 10, refreshing the low point of nearly two weeks to 19 10. 15, with the deepest drop of 5.78. Silver once fell by 15%, and fell by more than $4 in the day.

In this regard, Carsten Fritsch, a commodity analyst at Commerzbank, said that the current plunge and the previous surge in precious metals were all sudden, and the fuse may be that the yield of European and American bonds rose sharply, leading to some previous profit-taking, and then the decline further expanded. When people sell on rallies, more people will follow, so they will see the current price accelerate.

Of course, as far as Bank of America is concerned, I think the current decline is only a temporary adjustment, and it is still optimistic in the later golden period. Melek, an analyst, said that as the US economy will continue to actively respond to the additional trillion-dollar fiscal stimulus and the continuous measures of the Federal Reserve, interest rates and the dollar are likely to improve in 2020. Although the current price of gold may fall further before the recovery, when the price of gold drops to a minimum of $65,438+$0.870, there should be a bottoming out. For silver, the low point may be around 2 1 USD, and then there will be an upward trend.

Analyst Melek also predicted this. He said that at the end of 20021year, the target price for gold was 22 13 USD/oz, while the target price for silver was 29.25 USD/oz. Of course, this is only the most conservative prediction. Considering that the US government is continuing to introduce economic stimulus policies, this will lead to a long-term low US dollar interest rate to the greatest extent. In addition, the current economic recession in the United States may last for a long time, so the price of gold does not rule out the possibility of rising to $3,000 per ounce in the next two years or so. The price of silver is also expected to rise to $35 an ounce.

Generally speaking, this round of gold plummeted and silver plummeted 15%. The biggest possibility is that the yield of European and American bonds has risen sharply, leading to profit-taking in the early stage and further decline in gold prices. When people choose to sell at high prices, more people will sell gold and other precious metals, leading to market panic, so the price of gold and silver plummeted.