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Obviously, the CME twice reduced the combined effect of the gold trading margin and the largest gold ETF's significant reduction in gold and other factors during the month of the Chicago Mercantile Exchange, which led to investor turmoil and caused international gold prices to plunge by 10% in three days.
Domestic gold prices have not been able to remain alone. Under the influence of the collapse of international gold prices, they have also suffered a setback. On August 25, the AU9999 of the Shanghai Gold Exchange reported a drop of 5.09% per gram at 361.10 yuan; AU9995 reported a drop of 5.13% per gram at 360.80 yuan; and AU (T+D) reported 360.49 yuan per gram, a decrease of 5.89%.
Of the 10 gold contracts in the previous period, 7 fell below the threshold of 5%. Among them, the main contract fell.
Affected by this, the optimistic investors of the original school have all gone into frustration, and the sentiment has gradually increased. Many investors complained about the rising price of gold, but they have fallen so badly.
What is interesting is that before this, international gold prices have been making great strides and advancing to 1900 US dollars an ounce. Just when the markets are promising, it is expected that the price of gold will exceed the threshold of 2,000 US dollars per ounce in August. When the maximum monthly increase in 298 years is reached, the price of gold will drop suddenly without warning. The fall will cause the price of gold to hit a maximum in three years. One-day drop. On August 24th, the international gold price plummeted more than 100 US dollars.
It is reported that on August 24, the most active December contract on the gold futures market of the New York Mercantile Exchange closed at $1757.3 per ounce, a decrease of $104 per ounce from the previous trading day, a decrease of 5.6%, a record The biggest one-day drop since March 2008.
The analysis pointed out that the increase in the margin ratio is the main driver of the sharp decline in the gold price. This Wednesday (August 24th), CME announced that since the close of August 25, the proportion of gold futures deposits has been raised to 27%. The increase in the margin ratio has been the second major move of the CME in August. As early as August 11, CME has increased the margin ratio of gold futures to 22%.
Obviously, the increase in margin has led many investors to be more cautious in gold trading. The current market environment has also led many investors to think of the plunge of silver in May this year. At that time, silver also experienced a surge, but under the intervention of the CME's upward adjustment of the margin ratio, the price of silver plunged by nearly 30% in five days.
Frankly speaking, the increase in the margin ratio is the governmentâ€™s policy intervention in the gold market, which has directly led to a sharp drop in the gold price. However, there is more than one bad news. The ETF Fund changed its holdings and reduced its holdings continuously. In the three days from August 23 to August 25, SPDR Gold Trust reduced its holdings of 6.35 tons, 24.83 tons and 27.26 tons of gold, respectively.
On the other hand, the market generally believes that the expectation of the Fed or the QE3 will be reduced is also one of the important reasons for this round of gold prices plummeted.
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