Swiss Stock Exchange to launch gold currency

Market action at the end of last week confirmed that the US Federal Reserve has disappointed traders; although the Fed's announcement of Operation Twist had been expected by many analysts, the market had been hoping for more quantitative easing. This disappointment, combined with Bernanke’s pessimistic assessment of “significant downside risks” to the US economy, has hurt all asset classes except the US dollar and Treasuries – in particular commodities. On Friday the gold price experienced a sharp setback of up to $101.90, or nearly 6%, to $1,639.20 per troy ounce. However, the Swiss Stock Exchange said it will soon introduce a gold currency that is designed to offer new clearing services to its trade customers.
Fears among investors that the world economy is slipping back into recession have intensified since the middle of last week. The Fed’s Operation Twist is designed to invest another $400 billion in the purchase of long-term Treasury bonds – the same amount is going to be sold in the form of short-maturity government bonds. The Fed´s move is designed to keep long-term US interest rates at low levels. Many market participants do not like the idea that the Fed’s new monetary strategy runs through the end of June 2012. If the Fed does not follow through with additional programs to improve the liquidity in financial markets, further asset sell-offs could be prompted by banks and hedge funds hungry for cash.
This development would lead to deflationary pressures that will probably weigh on equity, commodity and precious metals prices. Although gold has often held up well during deflationary periods, last week´s drastic price crash in the precious metals sector suggests that investors have started to redirect their portfolios to adapt to changing market dynamics. Hedge funds have been heavily involved and highly leveraged in the paper gold and silver markets in the last few months; in order to cover losses and margin calls on other assets, funds have been forced to sell gold and silver positions.
However, the Swiss Stock Exchange has not been deterred from new involvement with the yellow metal. Together with Scoach Switzerland, The Stock Exchange For Structured Products, The Management Has The Plan To Introduce The Listing And Trading Of Products In So-Called XAU Gold Units – which have an exact value of one troy ounce of gold – in October. Gold will act just like a currency: paying the profits of investors from speculative transactions. The same applies if an investor had to pay the bill on losses from transactions in Swiss financial markets – in this case the difference could be offset in the form of gold. Investors who want to make use of the new gold currency must open an account with Swiss financial services provider Six Securities Services. All transactions made through this account will subsequently be calculated in the XAU gold units that work in the same way as any other paper currencies such as the US dollar or the euro.

实物买盘强劲 黄金价格跳涨

金价周二(9月27日)上扬2%，此前美元下跌，且投资者风险意愿被激活，帮助黄金从近30年最大三日跌幅中反弹。
金价上涨，同时股市亦涨逾2%，欧元兑美元也上扬，欧洲政策制定者计划透过增加地区救助资金规模来缓解债务危机，引发市场乐观情绪。原油和小麦价格走高亦扶助黄金买盘。

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不过，交易员表示，过去四个交易日金价仍下跌了9%，周一时保证金比例大幅上调更是加剧了商品基金大面积结清头寸。
Vision Financial Markets金属交易部主管David Meger称：“过去几个交易日来，市场回归了美元走强、黄金走弱的传统局面。随着美元今日明显承压，这推动投资者买入黄金。”
白银一度大涨约9%，至每盎司33.48美元的高点，上日曾跌至10个月低位每盎司26.04美元。现货银最新上涨5.1%，报每盎司32.22美元。
美元兑欧元下跌为黄金提供支撑，因有关欧洲金融稳定机构(EFSF)规模将扩大的传言，尽管欧洲方面称并未敲定该计划。
交易商表示，黄金重新回到100日移动均线约1,640美元上方，此前多数亚洲主要消费国买兴大涨，这令当地黄金溢价升至年初迄今最高水平。
香港和新加坡实货黄金交割溢价升至2月迄今最高水准，本地交易商称散户和工业买家需求均旺盛。
法国农业信贷银行分析师Robin Bhar表示，黄金价格呈现出过去数月以来少有的修正走势，为希望重返市场的买家提供较有利的机会。他称：“我认为金价已经触底反弹。”
瑞银周一表示，亚洲实物买盘强劲，特别是第一大消费国印度。瑞银称：“实际上，当前的实物需求不仅是不错，而且是非常强劲。”
黄金支持的上市交易基金(ETF)周一未显示不利迹象。全球最大黄金上市交易基金(ETF)SPDR Gold Trust持仓量减少约5-1/2吨，但本月迄今仍增加1.2%。
按百分比计算，多数大型基金在9月表现仍为正值，其中iShares Gold Trust和Swiss Gold基金各自上涨0.5%。