1, Omicron's momentum, let the market once again associate with the rhythm of global interest rate hikes. However, with the "hawking" of the Federal Reserve, gold began to show a strong correction. After hitting a high of 1.877.06 USD/oz in the middle of last month, gold suddenly fell rapidly and all the way to the lowest 1.768.7 USD/oz. So far, gold has fallen by more than 6% this year. Due to violent fluctuations, some banks have recently stopped opening accounts for precious metals such as gold and silver, and more than 20 banks have restricted the trading of precious metals and foreign exchange.
2. Pigeons become eagles, and gold is drastically adjusted.
The recent decline in gold is most directly related to the status of the Federal Reserve. When attending the hearing of the Senate Committee, Federal Reserve Chairman Paul said that it is time to give up the statement of "temporary inflation" and may complete the plan to reduce the size of bond purchases several months ahead of schedule. This topic is likely to be discussed at this month's meeting on interest rates. According to the research report of Everbright Futures, Powell's attitude is hawkish, and it is expected that he will withdraw from the bond purchase plan ahead of schedule, which means that this arrangement will be completed before the middle of next year, which will accelerate the expectation of tightening monetary policy, and gold will rapidly fall from the 1800 mark. The trend of gold is quite turbulent this year. At the beginning of the year, boosted by the news of the improvement of the epidemic, the market became optimistic about the prospects of economic recovery. As an interest-free asset, gold was sold when interest rates rose and opportunity costs rose, which recorded the worst performance since the beginning of 20 16. It didn't stop until it fell to 1676. 1 USD/oz at the beginning of March, with the biggest drop of nearly 20%, which once became the worst investment of 202 1. The position of gold ETF is also declining. The current position ETF SPDR, the world's largest gold ETF, has dropped to 992.85 tons, and it has been showing a unilateral decline since this year.
3. The bank suspended new customers from opening precious metal trading accounts.
Due to the sharp fluctuation of gold price and the crude oil treasure incident last year, banks have a further understanding of the risks of similar products. Since the beginning of this year, many banks have restricted gold trading. Recently, Industrial and Commercial Bank of China issued the Notice on Suspending the Opening of Trading Accounts by New Customers of Personal Gold and Silver Trading Business.