Precious metal spot price trends

The average price of silver in the early trading on November 8 was 4902 yuan/kg, which was an increase of 0.62% from the 5-day average price of 4872 yuan/kg; compared to the early October (October 1) spot market price, the average early trading price was 4585 yuan/kg, an increase of 6.91%; compared with the beginning of the year (01.01) the silver spot price of 5550 yuan/kg, a decrease of 11.68%.

The spot market price of gold on November 8 was 375.02 yuan/g, which was an increase of 1.22% from yesterday's spot market price of 370.51 yuan/g, and was an increase of 3.19% from the early October average (10.1) spot market price of 380.20 yuan/g; At the beginning of the year (01.01), the spot price of gold was 392.70 yuan/g, down 4.50%.

Precious metal gold and silver price trend comparison in the past 3 months

The precious metals gold and silver have a good convergence. At the end of September, the price of silver fell sharply. After the National Day return, the price of silver bottomed out. The price of silver fluctuated greatly. The price trend of gold and silver tended to narrow. Recently, the price of silver has stabilized.

Policy News

The U.S. non-agricultural employment data last Friday was better than expected, the current inflation data did not appear to be significantly higher than expected, and interest rate hike expectations have not been strongly improved.

Although the news is that the market currently has expectations for the possible tightening policies that central banks may introduce to control high inflation, overall, the policy is relatively stable.

October precious metals-related data 

1. List of domestic production data of physical silver

According to data, in October 2021, China's 1# silver production was 1,218.387 tons (including 1058.127 tons of mineral silver), 1# silver production increased by 4.27% month-on-month, and overall production increased slightly. In October, China's 1# silver production increased by 4.27% month-on-month.

2. Global gold ETF holdings moved down in October

In October, the total global gold ETF holdings fell by 25.5 tons; of which, North America had a net outflow of 14.7 tons, Europe had a net outflow of 12.3 tons, Asia had a net inflow of 1.3 tons, and other regions had a net inflow of 0.2 tons.

Global gold ETF holdings fell to 3,567 tons in October, the lowest level so far during the year.

Outlook is expected

In the near future, the Fed may gradually withdraw from its loose monetary policy. In addition, there are many uncontrollable factors in the epidemic, and no emergencies have occurred. The unilateral trend of precious metal gold and silver prices is uncertain. The price of precious metals has been operating steadily and fluctuatingly recently. In the near future, we can properly pay attention to Wednesday's key consumer price index in the United States.

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