[ 高盛在近期发布的报告中提到，近期金价上涨主要反映了三大"坚定买方"加大购买黄金：快速增长的 西方ETF仓位、各国央行可能重新加速购买，以及投机仓位的提升。尤其是西方黄金ETF的配置在9月 份意外强劲。基于此高盛将2026年12月黄金价格预期从每盎司4300美元上调至每盎司4900美元。 ] 景顺亚太区全球市场策略师赵耀庭对第一财经记者分析称，即使黄金已达历史高点，且脱离了美元与实 际利率等传统估值驱动因素，价格看起来已经偏高，其涨势仍有延续的可能。但鉴于黄金在历史上并未 提供类似股票的实质回报潜力（或债券的下行保护），投资者在配置时仍需谨慎控制规模。 上车机会稍纵即逝 金价持续上涨，投资者不禁感叹，尽管知道黄金处于上行周期中，但是知易行难，跟上节奏并不容易。 FOMO（Fear of Missing Out）"害怕错过"，不少年轻投资者用这个标签表达自己在当前黄金投资热潮的 矛盾心理。 "上周四金价回调1.6%，我终于咬牙加了仓，结果第二天又涨回来，现在又怕回调不敢多买。""95后"投 资者王浩（化名）的纠结颇具代表性。这种"一涨就怕踏空、一跌就怕被套"的心态，让许多人在"追涨 —犹豫—再追涨"的循环中消 ...

高盛警告，虽然白银同样受益于私人投资流入，但由于缺乏央行结构性购买支撑，其价格波动性显著高于黄金，即使投资资金小幅撤离也可能引 发白银价格的大幅调整。 据追风交易台消息，高盛在10月12日的报告中表示，随着美联储降息吸引资金流入，白银中期走势仍有望进一步上涨，但短期内面临的波动性和 下行风险远超黄金。 分析师表示，白银市场流动性较差且规模仅为黄金市场的九分之一，这放大了价格波动幅度。且白银是唯一缺乏央行结构性买盘支撑的大宗商 品，任何投资流入的暂时回落都可能引发不成比例的价格修正。 高盛估算，1000吨白银流入通常推动银价上涨约1.6%。由于白银市场规模较小且流动性不足，相同规模的资金流动对银价的影响被显著放大。 伦敦市场流动性紧张加剧涨势 高盛指出，近期白银价格飙升部分源于伦敦市场的流动性紧张局面。今年早些时候由于对美国潜在关税的担忧，大量白银被运往美国，导致作为 全球白银交易中心的伦敦库存降至低位。 私人投资驱动贵金属联动 高盛表示，白银和黄金价格通常相互关联，因为两者的主要驱动力——私人投资流入都呈同步变动趋势。这种联动性历史上将金银价格比维持在 45-80的宽幅区间内。 然而自2022年以来，随着央行 ...

据美国彭博新闻社报道，美国高盛集团10月12日发布的最新研究显示，关税对美国消费者价格的传导已 进入加速期，这不仅给美国国债市场增添不确定性，更意味着美国消费者正成为关税成本的最终主要承 担者。高盛经济学家埃尔西·彭与戴维·梅里克尔在报告中测算，截至今年6月，除了美国企业为维持市场 份额仍承担64%的关税成本，消费者承担22%；若最新一轮关税延续既往模式，到年底消费者负担比例 将飙升至55%，企业承担比例则降至22%。 美国经济分析局的数据显示，作为美联储核心通胀指标，8月美国核心个人消费支出（PCE）价格指数 同比上涨2.9%，为2月以来新高水平。高盛集团预测受关税推动，年底该指数将升至3%，今年以来关税 已累计推升核心个人消费支出价格0.44%。上游生产端的成本压力更为显著，美国劳工统计局8月发布 数据显示，7月生产者价格指数（PPI）环比涨幅0.9%，为2022年6月以来最大涨幅；同比涨幅达3.3%， 远高于6月份的2.3%和市场预期的2.6%，为今年2月以来最高水平。美国有线电视新闻网指出，生产商 成本的急剧上升，预示着更高价格将很快转嫁给消费者。 高盛集团的报告还指出，美国政府通过一系列关税及贸易限 ...

据美国彭博新闻社报道，美国高盛集团10月12日发布的最新研究显示，关税对美国消费者价格的传导已 进入加速期，这不仅给美国国债市场增添不确定性，更意味着美国消费者正成为关税成本的最终主要承 担者。高盛经济学家埃尔西·彭与戴维·梅里克尔在报告中测算，截至今年6月，除了美国企业为维持市场 份额仍承担64%的关税成本，消费者承担22%；若最新一轮关税延续既往模式，到年底消费者负担比例 将飙升至55%，企业承担比例则降至22%。 高盛集团的报告还指出，美国政府通过一系列关税及贸易限制措施打乱了全球贸易秩序，尽管美国政府 官员坚称贸易伙伴会承担关税成本，但实际情况是美国进口商需向美国海关及边境保护局缴纳关税，而 当企业将关税成本转嫁时，消费者将面临更高的商品价格。 耶鲁大学预算实验室日前发布研究显示，新加征关税已将美国平均有效关税率推升至18.3%，创1934年 以来最高水平。该实验室评估，这些加征关税预计今年将使美国家庭平均额外支出增加2400美元，其中 服装、鞋类价格短期内可能分别上涨38%和40%。更值得关注的是，关税本质上属于累退税，在短期内 尤为明显。这意味着，如果以税负占收入的比例衡量，收入最低的家庭承担的关 ...

U.S. equity markets experienced a volatile trading session on Tuesday, October 14, 2025, as renewed U.S.-China trade tensions cast a shadow over an otherwise strong start to third-quarter earnings season. While the Dow Jones Industrial Average managed to eke out a gain, the broader S&P 500 and the tech-heavy Nasdaq Composite ended the day in negative territory, reflecting investor apprehension amidst geopolitical uncertainty.Major Index PerformanceThe trading day was marked by significant swings, with marke ...

Market Overview - U.S. stocks showed mixed performance with the Dow up approximately 410 points, S&P 500 up about 0.3%, while NASDAQ was down around 0.2% [1][2] - Federal Reserve Chair Jerome Powell indicated that the Fed's views on inflation and the job market remain largely unchanged, suggesting potential rate cuts ahead [2][3] - The tech sector lagged, particularly with major companies like Nvidia, Amazon, and Meta trading in the red, while AMD saw a 3% increase due to a significant deal with Oracle [1][2] Federal Reserve Insights - Powell noted that downside risks to employment have increased, and the Fed is considering two more rate cuts for the remainder of the year [2][3] - The Fed's balance sheet currently stands at $6.5 trillion, significantly larger than pre-2020 levels, with ongoing reductions in Treasury and mortgage-backed securities [2][3] - Powell emphasized that policy decisions will be made based on evolving economic conditions rather than a predetermined path [2][3] U.S.-China Trade Tensions - Recent escalations in U.S.-China trade tensions have raised concerns among investors regarding global supply chains and inflation [2] - Analysts believe that despite the tensions, a resolution is likely due to the mutual need for cooperation between the two largest economies [2] Automotive Industry Developments - General Motors announced a $1.6 billion charge related to its EV business, indicating a reassessment of its electric vehicle strategy amid slowing demand [3][4] - Ford is facing production challenges due to a fire at a key aluminum plant, which could impact several automakers reliant on aluminum parts [3][4] - Analysts expect more automakers to announce similar charges as they adjust to changing market conditions and regulatory environments [3][4] Technology Sector Updates - AMD's partnership with Oracle to deploy 50,000 AI chips marks a significant competitive move against Nvidia, which maintains a strong market position [3][4] - Intel is also working on new data center chips as part of its turnaround strategy, aiming to expand its presence in the AI market [3][4] Retail Sector Highlights - Walmart is enhancing its e-commerce strategy by partnering with OpenAI to create a chat-based shopping experience, aiming to improve customer convenience [3][4] - Domino's reported better-than-expected sales growth, driven by value offerings and promotions, indicating strong consumer demand despite macroeconomic pressures [3][4] - Albertsons raised its full-year earnings guidance, benefiting from strong performance in its pharmacy and private label segments [3][4]

We'll close our show out like we do every day with some thoughts on the session. Of course, we got our first look at big bank financial earnings today. Saw a lot of record numbers in the mix for Q3.JP Morgan Chase topped expectations with a 12% jump in net income on EPS of $5.7% that surpassed expectations. CEO Jamie Diamond warned of uncertainty ahead though, citing geopolitical tensions, tariffs, and sticky inflation risk, leading shares to close the day down almost 2%. Wells Fargo posted net income of 5. ...

Core Insights - Goldman Sachs has introduced "One Goldman Sachs 3.0," a centralized operating model focused on artificial intelligence (AI) to enhance efficiency and growth potential [1][3][4] Group 1: Strategic Initiatives - The initiative aims to reengineer processes from sales enablement to regulatory reporting, emphasizing measurable efficiency, scale, and risk control [3][5] - CEO David Solomon highlighted that this is not a turnaround plan but a technology-driven redesign leveraging recent advancements in AI [4][5] Group 2: Financial Performance - Goldman Sachs reported earnings per share (EPS) of $12.25 on net revenue of $15.18 billion, achieving a return on equity (ROE) of 14.2% [8] - The firm returned $3.25 billion to shareholders, including $2 billion in buybacks, and declared a $4 dividend [8] Group 3: Consumer Insights - The provision for credit losses was $339 million, primarily due to net charge-offs in the credit card portfolio, indicating ongoing challenges in this area [6][7] - Platform Solutions revenue increased to $670 million, with $599 million from consumer platforms, although this growth was influenced by exiting the GM card program [6][7] Group 4: Future Outlook - Management anticipates raising approximately $100 billion in alternatives this year, aiming to shift revenue towards more stable, fee-based sources [8]

Kristen Olsen is Goldman's head of alternatives for wealth. She joins us here now. It's so nice to see you.Thanks for having me, Scott. You said this is your first time here, which speaks to me, I guess, a lot about where Goldman sees the whole alts thing going, right. Yes.I mean, look, we've been investing in alternatives for a very long time, three decades. We have over 540 billion in alternative assets. So, we're one of the largest managers of alternatives.Um, and we're really focused now on how we can h ...

Kristen Olsen is Goldman's head of alternatives for wealth. She joins us here now. It's so nice to see you.>> Thanks for having me, Scott. >> You said this is your first time here, which speaks to me, I guess, a lot about where Goldman sees the whole alts thing going, right. >> Yes.I mean, look, we've been investing in alternatives for a very long time, three decades. We have over 540 billion in alternative assets. So, we're one of the largest managers of alternatives.Um, and we're really focused now on how ...