资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 截至12月23日，全球最大的黄金ETF——SPDR Gold Trust的黄金持仓量为1,064.56吨，与前一交易日持 平。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 ...

Morning session notice 早盘提示 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 24 日星期三 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | COMEX 黄金期货收涨 1.02%报 4515 美元/盎司，创历史新高，COMEX 白银期货收涨 | | | | | 4.44%报 71.61 美元/盎司。沪金收涨 0.42%报 1012.58 元/克，沪银涨 4.14%报 16961 | | | | | 元/千克。 | | | | | 【重要资讯】 | | | | | 1、截至 12 月 23 日，全球最大黄金 ETF--SPDR Gold Trust 持仓较上日维持不变， | | | | | 持仓量为 1064.56 吨。全球最大白银 ETF--iShares Silver Trust 持仓较上日减少 | | | | | 95.88 吨， ...

Market Overview - International gold prices rose again on December 23, opening at $4,431.70 per ounce, reaching a high of $4,497.86, a low of $4,428.08, and closing at $4,458.46 [1] Economic Data - The U.S. Bureau of Economic Analysis reported an annualized GDP growth rate of 4.3% for Q3 2025, surpassing market expectations of 3.2% [3] - Household spending was the main catalyst for economic growth, contributing 2.4 percentage points to GDP, while strong international demand for U.S. products and services added 0.9 percentage points, and public sector spending contributed 0.4 percentage points [3] - Despite concerns about an economic slowdown, consumer spending remains resilient, indicating a strong core of the U.S. economy as the year ends [3] Consumer Confidence - The Conference Board's Consumer Confidence Index fell to 89.1 in December, with the Present Situation Index dropping to 116.8 and the Expectations Index remaining steady at 70.7, indicating potential recession signals as it has been below 80 for 11 consecutive months [4] - Four out of five components of the overall index declined, with consumers expressing concerns primarily about prices, inflation, tariffs, trade, and political issues [4] Investment Insights - Despite the strong GDP growth, concerns remain regarding stagnation in actual business fixed investment, which grew only 1.0%, and a decline in residential investment, leading to a slight contraction in overall private investment [5] - The core indicator of domestic demand, actual private final sales to domestic purchasers, grew by 3.0%, consistent with Q2 growth [5] - The rise in software costs by 5.6% due to accelerated AI adoption has contributed to a 5.1% increase in investment goods prices [5] Economic Commentary - The U.S. Treasury Secretary suggested revisiting the Federal Reserve's 2% inflation target once inflation returns to that level, proposing a range of 1.5%-2.5% or 1%-3% instead [6] - President Trump praised the GDP data but expressed concerns that good news could lead to market stagnation due to fears of immediate interest rate hikes [7] - The National Economic Council Director highlighted the strong GDP growth as a result of Trump's trade policies and AI investments, predicting a rebound in job growth [7] Geopolitical Developments - The U.S. has deployed special operations aircraft and transport planes to the Caribbean, indicating potential military actions in the region, particularly against Venezuela [7] Gold ETF Holdings - The largest gold ETF, SPDR Gold Trust, maintained its holdings at 1,064.56 tons [8] Market Expectations - The probability of a 25 basis point rate cut by the Federal Reserve in January is 13.3%, with an 86.7% chance of maintaining current rates [8]

全球最大 黄金ETF--SPDR Gold Trust持仓较上日维持不变，持仓量为1064.56吨。 ...

截至12月23日，全球最大的黄金ETF——SPDR Gold Trust的黄金持仓量为1,064.56吨，与前一交易日持 平。 （文章来源：新华财经） ...

Core Insights - The metal and mining stocks, particularly silver, gold, and copper, have shown significant performance in 2025, with silver prices surging due to high industrial demand and supply shocks [1][10]. Silver Price Performance - iShares Silver Trust (SLV) has gained 126.3% year-to-date as of December 19, 2025, outperforming SPDR Gold Trust (GLD), which has advanced about 63% [3][10]. - The surge in silver prices is attributed to persistent supply tightness and increased industrial usage [3]. Industrial Demand and Applications - Approximately 50% of silver's total demand comes from industrial applications, with a notable rise in demand driven by green energy initiatives [4]. - The automotive industry is expected to drive higher silver demand due to increased vehicle sophistication and electrification of powertrains [5]. - China's solar boom and the global rollout of 5G technology have positively impacted silver demand [5]. Economic Factors Influencing Silver Prices - The Federal Reserve's three rate cuts in 2025 and a softer labor market have contributed to a weaker U.S. dollar, which typically supports non-yielding assets like silver and gold [6][8]. - The U.S. dollar index (UUP) has decreased by 5.4% in 2025, reflecting trade uncertainties and a trend towards de-dollarization [7]. Safe-Haven Demand - Silver has maintained a safe-haven appeal amid moderate trade tensions, although it is not as strong as gold [11]. ETF Holdings and Market Trends - Holdings in silver-backed ETFs have reached their highest level since 2022, indicating continued investor interest [12]. - Speculative flows have intensified supply pressures, with inventories at the Shanghai Futures Exchange dropping to their lowest point in a decade [12]. Top Performing Stocks in SLVP - Hecla Mining Co has increased by 274% YTD and holds 15.90% of SLVP's basket [14]. - Industrias Peñoles has risen by 217.1% and accounts for 11.84% of SLVP [14]. - Fresnillo plc has surged by 396.7% and represents about 10.35% of SLVP [15]. - First Majestic Silver has gained 180.5% and has an 8.29% weight in SLVP [16]. - Discovery Silver Corp has skyrocketed by 963.3% and constitutes about 4.91% of SLVP [17]. - Endeavour Silver Corp has increased by 138.0% and has a 4.46% weight in SLVP [18]. - Wheaton Precious Metals has risen by 106.1% and holds a 4.08% weight in SLVP [19].

Group 1 - The SPDR Gold Trust reported a holding of 1,064.56 tons of gold as of December 22, with an increase of 12.02 tons from the previous trading day [1] - On December 22, the spot gold price closed at $4,442.41 per ounce, reflecting a 2.39% increase, with an intraday high of $4,448.89 and a low of $4,336.91 [1] Group 2 - The recent surge in gold prices is primarily driven by safe-haven demand and expectations of further monetary easing by the Federal Reserve [3] - Tensions escalated following President Trump's order to "lock down" sanctioned oil tankers related to Venezuela, and reports indicated Washington's preparation for further sanctions on Russia's energy sector if peace talks in Ukraine fail [3] - Central banks worldwide have continued to purchase gold, with a net increase of 53 tons in official gold reserves reported in October, marking the largest monthly net demand for gold this year [3] - For the first ten months of the year, global central banks reported a net purchase of 254 tons of gold, maintaining solid positive growth [3]

免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 截至12月22日，全球最大的黄金ETF——SPDR Gold Trust的黄金持仓量为1,064.56吨，较前一交易日增 加12.02吨。 ...

全球最大 黄金ETF--SPDR Gold Trust持仓较上日增加12.02吨，当前持仓量为1064.56吨。 ...

Group 1 - The largest gold ETF, SPDR Gold Trust, maintained its holdings at 1052.54 tons as of December 18 [2] - On December 18, spot gold experienced fluctuations, reaching a high of $4374.37 per ounce before closing at $4332.61, down $5.48 or 0.13% [2] - Despite weaker-than-expected U.S. inflation data, market skepticism about data reliability and strong employment figures prevented gold from sustaining its upward momentum [2] Group 2 - Analysts suggest that the recent inflation data, despite its limitations, indicates a potential easing of inflationary pressures, which could influence Federal Reserve actions [3] - Following the inflation report, the market slightly increased the probability of a Federal Reserve rate cut in January 2026 from 26.6% to 28.8% [3] - Initial jobless claims fell to 224,000, below the revised previous value of 237,000 and market expectations of 225,000, highlighting a contrast between strong employment data and weak inflation data [3] Group 3 - Technically, gold appears to be in a consolidation phase with mixed signals from technical indicators [4] - The daily chart shows the 50-day simple moving average (SMA) above the 100-day SMA, both trending upwards, indicating a bullish pattern [4] - Key support levels for gold are identified at $4300, with further potential declines towards $4285, $4250, and $4200 if the price breaks below [4]