The cold data reflects the hope of the market brewing

While selling jewelry, gold jewelry producers also need to buy gold raw materials. Correspondingly, domestic gold jewelry manufacturers and banks extracted 161 tons of gold from the Shanghai Gold Exchange in July, an increase of 15 % over June, and a 45 % increase year -on -year. When gold is taken out of the underground vault, after entering the field of circulation, from production to consumption, it will undoubtedly play a greater role in all links.

(This article is an original article of China Gold Network. The content is for reference only, and does not constitute operating suggestions or investment guidelines.)

For an industry, the "death spiral" of decline is a very dangerous situation that can be encountered. In the first two quarters of this year, similar shadows have appeared in the gold field: Although the supply is growing, the demand is decreasing, and the price declines will make pessimism quietly permeate. Fortunately, a series of data released recently broke the haze and made investors re -ignite hope.

The first is that the terminal sales field of gold and silver jewelry is significantly recovered. On August 15th, the National Bureau of Statistics announced in July consumer data showed that the consumer market was affected by factors such as multi -point outfall and the decline in sales of travel products, and market sales growth slowed down. However, the retail sales of gold and silver jewelry increased by 22 % year -on -year, led 15 consumer goods categories. This increase shows that the gold market is recovering in the second half of the year after the first half of the year.

In the first half of this year, the consumption of Chinese gold jewelry fell 17 % year -on -year, and it was 19 % lower than the average level in 10 years. But this disappointing data also constitutes a new starting point for market recovery. At least from July, consumers are entering the gold shop and opening their wallets. And with the advent of the traditional wedding peak of the "Golden Nine, Silver Ten" in the second half of the year, the gold jewelry consumption that accounts for half of the gold consumption is expected to rebound further.

While selling jewelry, gold jewelry producers also need to buy gold raw materials. Correspondingly, domestic gold jewelry manufacturers and banks extracted 161 tons of gold from the Shanghai Gold Exchange in July, an increase of 15 % over June, and a 45 % increase year -on -year. When gold is taken out of the underground vault, after entering the field of circulation, from production to consumption, it will undoubtedly play a greater role in all links.

There are gold from the Shanghai Gold Exchange, and there are also storage. China imported 107 tons in June, the highest point since 5 months, and significantly higher than the average level before the 2019 epidemic.

After entering July, the speed of gold imports continued, and China's gold imports from Switzerland, Switzerland, jumped to the highest level of more than 5 years. According to the Swiss Federal Customs General Administration, as the world's great gold buyer, China imported more than 80 tons of gold from Switzerland in July. This is more than twice the import volume in June, and it is 8 times in May, and the last monthly import exceeded this number in December 2016.

At present, the price of RMB gold is nearly 7 dollars per ounce than the price of dollars. The difference between the two prices may continue to stimulate domestic commercial banks' demand for gold imports. At the same time, this premium also reflects that the domestic gold market has led the global market and has a significant recovery trend.

The latest executive meeting of the State Council proposed to expand consumption and cultivate new growth points. Although gold is not a new growth point, it is very promising in expanding consumption. Because both gold ornaments and investment gold bars have the characteristics of delayed satisfaction, which is a typical upgraded consumer product. While buying gold products, consumers also take into account the consideration of anti -inflation or even risk aversion.

Driven by multiple forces, the gold market is brewing hope, and it is also reserving hope for those who consume gold.

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