As of February 07, 2012, the world’s largest gold ETF**: US SPDR Gold Trust**’s gold ETF gold holdings remained at 1,271.09 tons.
Yesterday, due to the gradual increase in the risk of possible disorderly defaults in Greece, gold continued to fall after consolidation. Monday's international gold spot opened at 1,728.88 US dollars, up to 1733.86 US dollars, the lowest reached 1711.71 US dollars, closing at 1,719.40 US dollars / ounce.
The European Finance Ministers meeting, scheduled to be held on Monday, was postponed until February 8th. The content of this meeting was to discuss whether Greece could receive a second aid fund. As Greece’s internal parties were not willing to accept austerity plans to drastically reduce their national salaries and layoffs, the Greek issue began to provoke market worries. The Greek Prime Minister’s Office issued a statement on the 6th that the Greek Prime Minister Papademos and Other three party leaders reached an agreement framework to support the provisional government to introduce the latest fiscal austerity measures in exchange for a 130 billion euros aid package. However, its main details have not yet been determined, and the Greek government is facing tremendous pressure in the country. In addition, the problem of Greek debt restructuring has also been difficult to resolve. This has caused the euro to lose again, and the gold market has also fallen under pressure.
If Greece suffers from disorderly defaults or if other European countries have serious debt problems again, gold may be under pressure again. However, the support of gold is also quite strong. The continued quantitative easing policy of the United States and the deterioration of the geopolitical crisis are all important reasons for the rise of gold.
Yesterday, due to the gradual increase in the risk of possible disorderly defaults in Greece, gold continued to fall after consolidation. Monday's international gold spot opened at 1,728.88 US dollars, up to 1733.86 US dollars, the lowest reached 1711.71 US dollars, closing at 1,719.40 US dollars / ounce.
The European Finance Ministers meeting, scheduled to be held on Monday, was postponed until February 8th. The content of this meeting was to discuss whether Greece could receive a second aid fund. As Greece’s internal parties were not willing to accept austerity plans to drastically reduce their national salaries and layoffs, the Greek issue began to provoke market worries. The Greek Prime Minister’s Office issued a statement on the 6th that the Greek Prime Minister Papademos and Other three party leaders reached an agreement framework to support the provisional government to introduce the latest fiscal austerity measures in exchange for a 130 billion euros aid package. However, its main details have not yet been determined, and the Greek government is facing tremendous pressure in the country. In addition, the problem of Greek debt restructuring has also been difficult to resolve. This has caused the euro to lose again, and the gold market has also fallen under pressure.
If Greece suffers from disorderly defaults or if other European countries have serious debt problems again, gold may be under pressure again. However, the support of gold is also quite strong. The continued quantitative easing policy of the United States and the deterioration of the geopolitical crisis are all important reasons for the rise of gold.
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