1. Gold supply: gold mine output, official sale of gold, return of old gold, etc.

2. Gold demand: gold jewelry industry demand, manufacturing demand and investment demand.

3. USD and interest rate: USD falls, gold price rises, interest rate is high, and gold price is low. Among them, the strength of American economic performance is the most critical.

4. Stock price: the stock price spread is good.

5. Oil price: Oil price falls and gold price falls (black gold and gold rise and fall together).

6. Politics and war: changes in international politics, policies and war.

7. Prices of other precious metals

8. Commodity and raw material prices: inflation.

9. Seasonal changes

10. Economic boom cycle

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One of the most important is the supply and demand of gold, which is the biggest influencing variable:

First, the factors affecting the supply of gold

At present, there are about 137400 tons of gold in the world, and the annual supply and demand of gold is about 4000 tons.

(1) mining

Mining is the most important source of gold and the supply source of gold in recent years.

About 70% should come from mining production. Generally speaking, minerals are nothing.

Elasticity, the response of mineral output to gold price often has a delayed effect.

It should be, especially in the big bull market in New Zealand 1979- 1980.

The New York Mercantile Exchange gold futures prices soared to an ounce.

Division 875 dollars, but the output has not changed significantly until 198 1.

Change, after 1983, it increased obviously.

(2) sales

Government sale is the most influential of the three sources of supply.

The fastest, especially in the years of poor harvest in the former Soviet Union.

In the middle of the year, gold is often sold for foreign exchange. besides

The International Monetary Fund is also one of the important players in throwing money.

(3) Recovery of waste gold

With the boom of the gold market 1979- 1980, the gold chips are also picking up.

Become one of the important sources of gold.

(4) Political, military and economic changes in gold-producing countries.

Any political and military turmoil in these countries will undoubtedly be straightforward.

Then affect the national gold production, and then affect the world yellow.

Gold supply. Especially South Africa and Australia, the major gold producers.

Political stability in Europe, etc.

The gold market is usually called demand-driven market, which means that the change of demand has a greater impact on the price of gold than the change of supply. The demand for gold is directly related to its use.

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Second, the factors that affect the demand for gold.

(1) Changes in the actual demand for gold (jewelry industry, industry, etc. )

Change. Generally speaking, the development speed of the world economy determines gold.

For example, in the field of integrated circuit chips, yellow is more and more widely used.

Gold; In medicine and architectural decoration, although the progress of science and technology makes

Gold substitutes appear constantly, but gold has its special metallic properties.

Therefore, its demand is still rising. In some areas, due to local factors,

Have a significant impact on the demand for gold.

(B) the necessity of hedging

Gold reserves have been used by the central bank to prevent domestic inflation and regulate the market.

An important means of field. For ordinary investors, investing in gold is mainly

In the case of inflation, achieve the purpose of maintaining value. During the economic downturn

State, because gold relative to monetary assets insurance, leading to gold.

Demand rises and gold prices rise. For example, three dollars after World War II.

During the crisis, due to the serious trend of the US balance of payments deficit, countries held

Some dollars have appreciated sharply, and the market's confidence in the value of dollars has been shaken.

A large number of investors snapped up gold, which directly led to the bankruptcy of the Bretton Woods system.

1987 because of the depreciation of the US dollar, the US deficit has increased and the situation in the Middle East is unstable.

And so on also prompted the international gold price to rise sharply.

(3) Speculative demand

Speculators take advantage of the gold price in the gold market according to the international and domestic situation.

Fluctuate and earn the difference.

Please correct me if there are any unfinished matters.