Zhang Jingwei: Aunt Can'T Save The Gold Market.

China's aunt bought money crazily, which made the world crazy.

China's aunt seems to have the power to turn the tables: in the first half of last year, international

Nearly 27% of the average price plummeted. Chinese mothers rushed to buy gold and win the capital of Wall Street.

If the story of the gold market is here, China's aunt may have done wonders.

But last year's plunge is not the bottom line. This year is still not strong enough. The gold market's main theme is still falling.

There is no commodity in the market economy that only rises or falls.

Even gold can not escape such a market rule.

The basic common sense is that the US dollar and gold have the strongest corresponding relationship, while the US economy recovers from the global economy.

Comparison

In the era of quantitative easing policy, the weak dollar began to strengthen with the recovery of the US economy.

In this situation, global capital fled from emerging markets and gamble in the US dollar arbitrage.

After a hype,

Calm down.

It is hard to see when gold prices will be bottomed out in the era of gold bubble.

The crazy buying of Chinese mothers last year has been stuck in market realities.

Data can also be seen. According to the latest data from the China Gold Association, China's gold consumption in the first three quarters of 2014 was 754.82 tons, down 21.42% from the same period last year.

China's aunt decided to relegate investment or speculation, and began to return to a rational consumption channel.

China's mother has stopped. Other big mothers are jealous.

Data show that the demand for gold in India market reached 183 tonnes in the third quarter, an increase of 60%.

Russia and other central banks have also joined in the purchase of gold.

The global economy is still in the dark of the post crisis era. The central bank's monetary policy adjustment is in disorder, and the international gold price is still in the adjustment period.

Whether it is mothers all over the world or the central banks of various countries, they will not be able to save the weak gold market.

The current international gold price trend depends on three factors: first, after the US quantitative easing policy has been delisted, the US monetary policy is in the interest raising channel, and the US monetary policy normalization makes gold correspond to the strong dollar price relatively lower; secondly, if the European and Japanese economies strengthen quantitative easing and push inflation to stimulate the economy, the gold should rise to the euro and yen in accordance with the general rule, but because it is active inflation, it has little effect on the gold price; three, the Swiss gold referendum can promote the gold price referendum or promote the strong rebound of gold price in the short term, but it is only temporary excitement.

Because gold still has the value preservation function of super sovereign currency, no matter which "aunt" can be held for a long time.