中銀擠壓已經比較劇烈，價格本月上漲15％為止。同樣，也有實變體徵之前，白銀繼續在$ 22.4-23.0範圍內挑戰供應。
正如我之前所說，從愁雲密布在最近的年終市場情緒的變化是顯著的。越來越多的技術分析是未來一輪的價格觸底反彈和黃金可能會建立一個新的上升趨勢的可能性。這往往送入由投資戰略家，誰再拿出解釋，為什麼黃金會更好更廣泛的市場背景下，為什麼它很可能繼續這樣做表達的意見。這是背後的市場心理變化的一部分。
不可避免的是這些戰略家往往鴿子洞市場，成為每年一度的類別。因此，2013年將微弱的持有人之間重新分配當年成為成更強的手中。因此，如果目前的上升趨勢得以維持，2014年將很快被描述為一個新的牛市，可能是多年的開始，所有弱持有人被採取退出市場。
這一點很重要，因為貴金屬是嚴重不足所擁有，唯一的多頭即黃金和健全貨幣鐵桿粉絲。這種極端的最終會被糾正，價格向上驅動時，投資者購買到的新趨勢：它始終是。
中國對黃金的需求繼續迅速發展，並最終交付月份是246噸，為有史以來任何月份的最高紀錄。這是世界上煤礦每月產量近一倍的休息，並顯示在下方的條形圖：
問題的關鍵是中國的需求仍在加速，它告訴我們實物黃金是太便宜了。這似乎令人驚訝的是這方面的需求得不到承認。然而，即使由上海黃金交易所頒發的年鑑寫明交貨的需求。很抱歉的首都，但大多數分析師都忽略了一點，通常說明中國的需求，去年僅為1,100噸，獨自一人時上海黃金交易所交割的兩倍。此外，在香港增加，我們從政府的統計知道，公共總需求在中國，包括50噸的硬幣，上衣大規模2,800噸。
為什麼西方分析家的信念堅持，在中國需求不到一半，這是他們的事。想必這就是空頭並沒有費心去驗證信息，但至少GoldMoney賬戶，客戶可以更明智。
下週的主要統計版本。
週一英國：全國房屋價格。歐元區：調和消費者物價指數。
週二英國：BBA抵押貸款許可。美國：FHFA房價指數，標普Case-Shiller房屋價格，消費者信心。
週三英國：國內生產總值（第二年估計）。美國：新屋銷售
。週四歐元區：M3貨幣供應，企業景氣指數，消費者信心指數，經濟景氣指數，工業景氣。美國：耐用品訂單，首次申領失業救濟。日本：消費物價指數，真正的家庭支出，失業率，工業生產，大型零售商銷售，零售銷售。
週五日本：建築訂單，新屋開工。歐元區：調和消費者物價指數，失業率。美國：GDP，芝加哥採購經理人指數，成屋待完成銷售
麥金太爾麥克勞德
研究負責人，GoldMoney賬戶
The squeeze in silver has been more dramatic, the price rising 15% this month so far. Again, there are signs of consolidation before silver goes on to challenge supply at the $22.4-23.0 range.
As I've stated before, the change in sentiment from the gloomy forecasts at the recent year-end is remarkable. More and more technical analysts are coming round to the likelihood that prices are bottoming out and gold may be establishing a new uptrend. This tends to feed into opinions expressed by investment strategists, who then come up with explanations as to why gold is going better in the context of broader markets and why it is likely to continue to do so. This is all part of the changing psychology behind markets.
Inevitably these strategists tend to pigeon-hole markets into annual categories. Thus, 2013 will become the year of redistribution between weak holders into stronger hands. It follows that if the current uptrend is maintained, 2014 will soon be described as the start of a new bull market, possibly multi-year, all weak holders having been taken out of the market.
This is important, because precious metals are seriously under-owned, the only bulls being die-hard fans of gold and sound money. This extreme will eventually be corrected as prices are driven upwards when investors buy into the new trend: it always is.
Chinese demand for gold continues apace, and final deliveries for January are 246 tonnes, the highest ever for any month. This is nearly double the rest of the world's monthly mine production, and is shown in the bar chart below:
The point is Chinese demand is still accelerating, which tells us physical gold is too cheap. It seems amazing that this demand goes unrecognised. However, even the yearbooks issued by the Shanghai Gold Exchange clearly state DELIVERY IS DEMAND. Sorry about the capitals, but most analysts have missed the point, commonly stating that Chinese demand last year was only 1,100 tonnes, when SGE delivery alone was twice that. Furthermore, add in Hong Kong and we know from government statistics that total public demand in China, including 50 tonnes of coins, tops a massive 2,800 tonnes.
Why Western analysts persist in beliefs that demand in China was less than half this is their affair. Presumably this is the information that the bears have not bothered to verify, but at least GoldMoney customers are better informed.
Next week's major statistical releases.
Monday. UK: Nationwide House Prices. Eurozone: HICP.
Tuesday. UK: BBA Mortgage Approvals. US: FHFA House Price Index, S&P Case-Shiller Home Prices, Consumer Confidence.
Wednesday. UK: GDP (2nd est.). US: New Home Sales
Thursday. Eurozone: M3 Money Supply, Business Climate Index, Consumer Sentiment, Economic Sentiment, Industrial Sentiment. US: Durable Goods Orders, Initial Claims. Japan: CPI, Real Household Spending, Unemployment, Industrial Production, Large Retailers Sales, Retail Sales.
Friday. Japan: Construction Orders, Housing Starts. Eurozone: HICP, Unemployment. US: GDP, Chicago PMI, Pending Home Sales
Alasdair Macleod
Head of research, GoldMoney
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