黄金、白银大涨！又一黄金ETF暂停申购，基金公司密集加强风险管理

Core Viewpoint - The precious metals market is experiencing significant price increases, with gold and silver reaching new highs, prompting concerns about trading risks associated with related products [1][5]. Group 1: Market Performance - On January 12, gold prices surged, with COMEX gold futures reaching $4,650 per ounce, marking a nearly 3% increase in a single day and a cumulative rise of over $300 in January [2][6]. - Silver also saw substantial gains, with prices rising over 8% in a single day, and the spot silver price exceeding $84 per ounce, setting a new historical high [2][6]. Group 2: Fund Adjustments - In response to increasing market volatility and high premium rates in the secondary market, several fund companies have implemented measures such as suspending subscriptions and adjusting redemption arrangements to manage risks [2][3]. - For instance, E Fund announced it would suspend subscriptions for its gold ETF starting January 16, citing the need to protect the interests of fund shareholders and ensure stable operations [3][4]. Group 3: Industry Overview - As of now, the total scale of seven gold ETFs tracking SGE gold 9999 has reached 223.68 billion yuan, with E Fund's gold ETF holding 37.91 billion yuan, ranking second among similar products [4]. - The National Investment Silver LOF also announced a temporary suspension of trading, indicating that the current high premium reflected in the secondary market is not sustainable, urging investors to be aware of associated risks [4]. Group 4: Institutional Insights - Institutions are increasingly optimistic about the outlook for precious metals, with geopolitical tensions and macroeconomic uncertainties providing support for gold prices [7]. - However, there are warnings about short-term risks, particularly in the silver market, where price volatility is expected to increase, necessitating close monitoring of Federal Reserve policies and geopolitical developments [7].