7月11日发布的报告

【研究报告内容摘要】
The gold price spiraled up in 1H11, increasing 5.5% from US$1421.55/Oz at the end of 2010 to aboutUS$1500/Oz in late June. Though far less than the increase of 29.56% in the whole 2010, the rise ofgold still led many other financial assets. The main rise had occurred between February and April,when the USD depreciated for the QE2 and the European sovereign debt crisis became worsening.
However, gold price has lingered around US$1500 since May, presenting the outstanding status ofprecious metals.
What’s more, the silver’s performance deserves more attention. Benefiting from its commodity andfinance attributes and the small market capacity, silver price surged to US$50 in late April, ahistorical high, which was also 55% higher than that in 2010. However, the U.S. then improves themargin of silver futures to refrain the speculation, silver price has plunged about 30% since May andmaintained at about US$35.
At last, only G-Resorces(1051.HK) and Zhaojin Mining(1818.HK) got the return below 4%,which was still behind than the gold. Others performed worse. Zijin mining(2899.HK) declined17% because of the pollution incidents. Real Gold Mining(0246.HK) plunged 34% for the doubt onits financial data and it is still in suspension. Lingbao Gold (3330.HK), the stock with the largestrise in 2010, has also lost 30%. In our view, the weak gold sector was negatively influenced by theweak stock market. For example, the HSI index decreased 2.8% in 1H11.