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Raw materials under pressure from Sino-US trade war

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A 1,000-gram gold bar in a jewelery shop in Beijing on August 6. Jason Lee / REUTERS

Gold has become sovereign again. He recovered his most valuable metal crown, defeating palladium. Their trajectory intersected on Thursday 1st August "t. A symbol, while gold is found in the eyes of investors its safe haven status. A popular status, at a time when the Sino-US trade war is blowing a cold wind on the commodity markets.

The new protrusion of US President Donald Trump, announcing the introduction, as of 1st September, tariffs of 10% to the United States entry on 300 billion dollars (268 billion euros) of Chinese goods that were not yet the object has lead The atmosphere.

In return, the Chinese currency has experienced a record slip, falling below the threshold of 7 yuan to 1 dollar. A movement qualified by the US administration to "Currency manipulation", what Pénik emptied with vigor. The People's Bank of China (BPC) has also set a central rate for the yuan on Tuesday, August 6, a decision interpreted as a sign of a desire to stabilize its position. currency and helped to calm the financial markets.

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This new episode of the Sino-US trade war, which opposes US President and Chinese counterpart Xi Jinping, has increased pressure on raw materials. Already, in 2018, Philippe Chalmin, professor at Paris-Dauphine University and founder of the Cyclope report, pointed out that "The markets [étaient] the toy, not "fundamentally" trends, but convulsions of a global geopolitical situation which, under the somewhat unsteady leadership of Donald Trump's United States, [était] particularly unpredictable. This conflictual context continues to shake up the game in 2019.

Raw materials under pressure from Sino-US trade war
Infographie Le Monde

The winner of this escalation of tensions is undoubtedly the gold, whose course has flown since June. He went above the $ 1,400 an ounce, a level he had not reached in six years. On Tuesday, August 6, he even broke the $ 1,500 mark in a huddle. In a report published on 1st In August, the World Gold Council estimates that the total demand for yellow metal, whether it emanates from central banks, investors or individuals, has risen by 8% in the first half of the year. to the same period of 2018, to reach 2,181 tons. Purchases that push the fires of speculation.