The price of gold opens a new chapter in history, the value of the gold stock market increases by more than 20.5 billion yuan a day
Our reporter Wu Shan
"After breaking through the key points, the resistance level of the gold price is even more difficult to find." Many analysts in the precious metals industry sighed.
On August 5, Beijing time, the spot gold price hit an intraday high of US$2039.624 per ounce, rewriting a record high again. As of 16:00, the price of spot gold was reported to US$2035.260 per ounce, an increase of 0.94%.
It can be said that after breaking through the psychological threshold of $2,000/oz for the first time, the imagination of spot gold prices has been further opened up.
In this regard, Xia Guangming, manager of the Future Star Fund of Private Equity Rankings, said in an interview with a reporter from the Securities Daily that the medium and long-term trend of gold is driven by fundamental logic, but the short-term trend is affected by funds and sentiment. The recent rise in gold Accelerate, after rushing to the 2,000 US dollar/ounce mark, facing short-term pressure to take back, does not rule out the possibility of forming a short-term top. However, this round of gold's mid-term market has not yet ended, and the target may be between 2200 US dollars per ounce and 2500 US dollars per ounce.
In fact, there are many supporting factors for this round of gold price rise. The new crown pneumonia epidemic, global central bank stimulus measures, the weakening of the US dollar, the low interest rate environment, and geopolitics are all boosting gold prices.
Yi Kai, an analyst at Hunan Gold Securities Investment Consulting Co., Ltd., who was interviewed by the reporter, said that the price of gold exceeded $2,000 per ounce for the first time, mainly because the recent market risk aversion is still strong, and short-term stimulus caused by emergencies, investors can Focus on the trend of the U.S. dollar and the market's sensitivity to geopolitical risks, as well as changes in data such as gold ETFs to determine whether the gold price has a peak signal.
It is worth mentioning that the continued rise in gold prices has also ignited gold stocks to do more expectations. On August 5, the overall gold sector rose by more than 4%, and the total market value increased by 20.532 billion yuan from the previous trading day. Chifeng Gold hit a 4-year high with a daily limit of 21.04 yuan. Shandong Gold, Zhongjin Gold, and Zijin Mining 3 Only individual stocks rose more than 4%.
Xia Fengguang said that the trend of gold stocks and gold is positively correlated, but under the background of different cycles, the manifestations are different. Compared with the last round of gold bull market, the trend of gold stocks this time is not very eye-catching. It is difficult to judge whether it will follow the trend of gold prices and accelerate upward in the short term. In the medium and long term, gold stocks will definitely benefit from the rise in the average price of gold. Among them, leading mining companies with excellent cost control, abundant mineral reserves, and operating efficiency better than their peers have room for imagination, especially leading companies with a variety of metal products. It is easier to smooth out periodic fluctuations and is a better target for the long-term.
In terms of specific investment direction, Yikai further analyzed and pointed out that it is expected that the international capital market will maintain a high risk aversion in August, and it is possible to consider participating in gold stock investment opportunities under the premise of paying close attention to gold price trends; however, except for some leading companies , The performance of most gold mining and smelting companies has not fully benefited from the rise in gold prices, and may be reflected in the performance of the third and fourth quarters in the future. (Securities Daily)