中东央行“清仓” 资金爆买白银ETF！央行继续增持黄金

Group 1 - Huatai Securities anticipates a "super policy week" in China with significant meetings scheduled, focusing on three main themes: "starting well," "expanding domestic demand," and "promoting innovation" in technology, with increased attention on price factors and nominal GDP growth [2] - The upcoming week will also see major central banks, including the Federal Reserve, announce interest rate decisions, indicating a global focus on monetary policy [2] Group 2 - The People's Bank of China continues to increase its gold reserves, reporting a total of 7.412 million ounces (approximately 2305.39 tons) as of November 2025, marking a month-on-month increase of 30,000 ounces [4] - Global central banks showed strong demand for gold in October, with net purchases reaching 53 tons, a 36% month-on-month increase, and a total of 254 tons for the year so far [4] - The World Gold Council reported that global gold ETF holdings rose to 3932 tons by the end of November, marking the sixth consecutive month of growth, with China being the largest single source of net inflows [4] Group 3 - Silver prices have surged over 100% this year, with the London silver spot price reaching a record high, reflecting significant market interest and investment [6][11] - A substantial influx of funds into silver ETFs has been noted, with the highest weekly inflow since July occurring in just four trading days [7] - Analysts suggest that the current market dynamics indicate a structural supply gap in the silver market, projected at approximately 95 million ounces for 2025, continuing a trend of supply shortages [9] Group 4 - The COMEX silver futures inventory has decreased significantly, dropping over 2300 tons in two months, with registered warehouse receipts at historical lows [12] - The gold-silver ratio has fallen to around 72, indicating a shift in market risk preferences and suggesting that silver may outperform gold in the current bullish phase [12] - Analysts predict that while silver prices may experience volatility, strong support exists due to low inventories, and any significant pullback could be seen as an opportunity for industrial capital to replenish stocks [13][14]