截至12月12日，全球最大黄金ETF——SPDR Gold Trust持仓较前一日增加2.29吨，当前持仓量为1053.12 吨。 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 ...

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10日，全球最大黄金ETF——SPDR Gold Trust持仓较前一日减少1.15吨，当前持仓量为1046.82 吨。 ...

来源：张志专栏 隔夜美国劳工部公布的数据显示，美国初请失业金人数创近四年半最大增幅，但劳动力市场仍然稳定，初请失业金人数激增4.4万人，经季节调整后为23.6万 人，增幅创近四年半以来最大，但这可能并不意味着劳动力市场出现实质性疲软，因为此类数据在年末假期前后波动较大。 对于昨天凌晨的美联储降息动作，从华尔街最新的观点来看，普遍认为美联储12月会议虽流露鹰派信号，如内部罕见分歧、强调数据依赖，但并未动摇其宽 松基调。华尔街大行主流预期仍指向明年初继续降息，摩根大通、摩根士丹利与花旗一致预测明年1月将再次降息。 另外昨天议息会议之后，美联储理事会的七名成员一致通过重新任命11位地区联储银行总裁。除计划明年初退休的亚特兰大联储总裁博斯蒂克外，所有地区 联储银行总裁都获得重新任命。而这个要退休的博斯蒂克又是一位鹰派的官员，一旦他也被换了的话，可以想象明年美联储的立场会变的多么的鸽派，水量 大到难以想象。 贵金属方面 目前白银疯涨仍在继续，纽约银日内涨幅一度达6.0%。分析师认为供需失衡和宽松利率环境让今年白银涨势超过黄金涨势，周四金银比达67倍、逼近2021 年低点。周四现货白银价格触及64.28美元/盎司的历史高 ...

11:01 黄金ETF持仓报告 公布机构:美国SPDR Gold Trust 当前总持仓 1050.83 吨黄金 黄金ETF总持仓变化 更新时间:2025-12-11 1.060 1.050 1.040 1,030 1.020 1.010 2025-10-22 2025-11-13 2025-12-05 EBC黄金ETF持仓报告解读 今天是12月12日,全球最大黄金ETF -- SPD … 展开 ( C 基本面消息，周四公布的数据显示，美国上周美国初请失业金人数大幅上升至23.6万人，远高于预期，疲弱的劳动力数据推动了黄金的避险需求。金价在 触及日内低点4204美元后强劲反弹，突破近期区间。 具体来看，美国劳工部数据显示，截至12月6日当周的初请失业金人数升至23.6万人，较前一周上修后的19.2万人大幅上升，单周增幅创下2020年以来最 大。不过截至11月29日当周的续请失业金人数从193.7万人降至183.8万人，为八个月低位，显示长期失业状况出现一定稳定迹象。 分析指出，截至12月6日当周的初请失业金人数意外跳升，成为改变市场情绪的催化剂，进一步推动投资者押注美联储将被迫采取更宽松的政策立场，从 而推动 ...

摘要全球最大黄金ETF--SPDRGoldTrust持仓报告显示，12月10日黄金etf持有量为1046.82吨，较上一交 易日减少1.15吨。周三(12月10日)截止收盘，现货黄金报4227.19美元/盎司，涨幅0.48%，日内最高上探 至4238.49美元/盎司，最低触4181.84美元/盎司。 全球最大黄金ETF--SPDR Gold Trust持仓报告显示，12月10日黄金etf持有量为1046.82吨，较上一交易日 减少1.15吨。周三(12月10日)截止收盘，现货黄金报4227.19美元/盎司，涨幅0.48%，日内最高上探至 4238.49美元/盎司，最低触4181.84美元/盎司。 【市场要闻速递】 美联储在内部意见分歧中实施25个基点的降息举措，推动全球黄金市场周四继续上扬。尽管决策者对 2026年进一步宽松政策的前景持谨慎态度，但这一行动仍为贵金属注入强劲动力。而且，美联储主席鲍 威尔在利率决议后的新闻发布会上表示，美联储的下一步行动不太可能是加息。 美联储的最新政策声明显示，此次降息后，他们可能暂时按兵不动，等待就业市场和通胀数据提供更清 晰的指引。官员们强调，当前通胀水平"仍然有些偏高" ...

行情回顾： 国际黄金周二（12月9日）触底反弹震荡收涨，开盘价4182.88美元/盎司，最高价4216.33美元/盎司，最低价 4169.99美元/盎司，收盘价4212.53美元/盎司。 消息面： 美国劳工部统计局周二报告显示，美国10月职位空缺数环比增至767万，升至五个月来的最高水平，高于市场 预期的715万。职位空缺是衡量劳动力需求的关键指标。招聘活动继续走弱：10月雇佣人数下降21.8万，至 514.9万。该报告同时包含了9月数据，9月职位空缺为765.8万，雇佣人数为536.7万。综合来看，劳动力市场仍 处于经济学家和政策制定者所称的"不招也不裁"状态。劳动力市场停滞部分源于劳动力供给减少，移民数量自 拜登任期最后一年开始下降，并在特朗普第二任期内加速下滑。此外，人工智能在部分岗位的应用也抑制了用 工需求，尤其影响入门级职位。 据CME"美联储观察"：美联储12月降息25个基点的概率为87.6%，维持利率不变的概率为12.4%。美联储到明 年1月累计降息25个基点的概率为69.3%，维持利率不变的概率为9.3%，累计降息50个基点的概率为21.3%。 技术面： 国际黄金周二触底反弹震荡收涨，周二早间 ...

Group 1 - As of December 9, the largest gold ETF, SPDR Gold Trust, has a holding of 1,047.97 tons, decreasing by 1.14 tons from the previous trading day [2] - On December 9, spot gold fluctuated upwards, surpassing $4,200 per ounce, with a daily high of $4,220.89 and closing at $4,208.09, an increase of $17.61 or 0.42% [2] - Market risk appetite has improved, reducing the demand for the US dollar, which counteracts the positive impact of favorable US economic data on gold prices [2] Group 2 - The US labor market data showed better-than-expected results, with the ADP report indicating an average weekly addition of 4,750 jobs in the private sector for the four weeks ending November 22, reversing previous negative growth [3] - Job vacancies rose to 7.67 million in October, a five-month high, but hiring numbers decreased by over 4% month-on-month, while layoffs increased to 1.85 million, the highest since early 2023 [3] - Analysts expect the Federal Reserve to implement a "hawkish rate cut" this week, with guidance indicating a higher threshold for further easing next year, which could significantly impact gold prices [3] Group 3 - The Bank for International Settlements (BIS) reported that the recent rise in gold prices since early September has been amplified by speculative buying from retail investors, deviating from gold's traditional safe-haven asset behavior [3] - BIS compared the current situation to 1980, warning of a potential sharp correction in gold prices [3] - However, analysts from Deutsche Bank noted that the current market environment differs significantly from 1980, as the previous price drop was driven by a substantial increase in US key interest rates, which is not expected in the current cycle [4] Group 4 - From a technical perspective, gold maintains an upward trend, but its potential for further increases appears limited, with daily charts showing fluctuations within a recent range [4] - The 20-day moving average is above the 100-day and 200-day moving averages, indicating a bullish trend, while momentum indicators are slightly rising in positive territory [4] - The 4-hour chart indicates that momentum indicators are below the zero line and continue to decline, with the relative strength index at a neutral position, suggesting a lack of clear direction [5]

Core Insights - U.S.-listed ETFs experienced significant inflows of $44.2 billion last week, bringing year-to-date inflows to a record high of $1.28 trillion, primarily driven by equity funds as the S&P 500 approached its October record [1] - The iShares 0-3 Month Treasury Bond ETF (SGOV) saw a notable inflow of $2.7 billion, indicating a cautious investor sentiment amidst overall market optimism [2][3] ETF Inflows and Market Sentiment - Equity ETFs attracted substantial inflows of $30.1 billion, with major contributors including SPDR S&P 500 ETF Trust ($18.1 billion) and Invesco QQQ Trust ($4.2 billion), reflecting a bullish sentiment in the equity market [6] - Despite the bullish trend in equities, the inflow into SGOV suggests that investors are seeking a safety cushion, indicating a selective approach rather than a broad shift towards safety [7][8] Treasury Bond ETFs Performance - The iShares 7-10 Year Treasury Bond ETF experienced an outflow of $464 million, while the iShares Short Treasury Bond ETF saw a loss of $555 million, highlighting the sensitivity of longer-duration bonds to Federal Reserve decisions [4] - SGOV's profile as a near-cash investment with low sensitivity to interest rate changes provided a stable option for investors seeking yield with minimal risk [5] Overall Market Dynamics - Precious metals ETFs, such as SPDR Gold Trust and iShares Silver Trust, attracted approximately $1.3 billion, while emerging-market bond ETF EMB drew $644 million, indicating a continued interest in diversifying yield sources [7] - The overall inflow dynamics suggest that while investors are optimistic about equities, there is a calculated move towards specific low-risk assets like SGOV, reflecting a balance between risk-taking and caution in the current market environment [8]

Core Viewpoint - The article highlights the ongoing trend of central banks, particularly the People's Bank of China, increasing their gold reserves, indicating a strategic shift towards gold as a safe asset amid economic uncertainties and rising geopolitical risks [1][2][3]. Group 1: Central Bank Gold Purchases - The People's Bank of China reported an increase of 30,000 ounces (approximately 0.93 tons) in gold reserves for November, marking the 13th consecutive month of gold accumulation [1][2]. - In October, global central banks net purchased 53 tons of gold, a 36% month-on-month increase, representing the largest monthly net demand of the year [2]. - Year-to-date, global central banks have reported a total net purchase of 254 tons of gold, although the growth rate has slowed compared to the previous three years [2]. Group 2: Gold ETF Demand - Global physical gold ETFs have seen net inflows for six consecutive months, with total holdings reaching 3,932 tons by the end of November [4]. - In 2025, over 700 tons of new purchases are expected, potentially marking the largest annual increase in gold ETF holdings in history, with China being the largest single source of net inflows in November [4]. - The domestic commodity futures market for precious metals has seen a significant capital inflow, with gold futures trading volume reaching 8.62 trillion yuan, a year-on-year increase of 56.7% [4]. Group 3: Market Trends and Predictions - The price of silver has doubled this year, outpacing gold, driven by significant market dynamics and supply shortages [6]. - International gold prices have surged from approximately $2,650 per ounce at the beginning of 2025, breaking through key psychological levels, with predictions for 2026 suggesting potential further increases of 15% to 30% [7][8]. - Investment institutions forecast gold prices to reach between $4,500 and $5,000 per ounce in 2026, driven by expectations of monetary easing and a shift in the global credit landscape [8].

Group 1 - The largest gold ETF, SPDR Gold Trust, reported a holding of 1050.58 tons of gold as of December 4, an increase of 4.00 tons from the previous trading day [1] - As of December 4, the spot gold price closed at $4206.63 per ounce, with a daily increase of 0.09%, reaching a high of $4218.94 and a low of $4173.79 during the day [1] Group 2 - Gabelli Gold Fund's portfolio manager noted that the number of gold ounces held by ETFs is still over 10% lower than the peak in October 2020 [3] - The circulating shares of the VanEck Gold Miners ETF have decreased by about one-third from their peak in 2020 [3] - The market value of the Federal Reserve's gold reserves has increased but only covers 16% of its liabilities, significantly below historical averages [3] - It is suggested that the rise in gold prices reflects significant fiscal, financial, and geopolitical uncertainties, and a paradigm shift is necessary for a sustained bull market [3] - Central bank governors have significantly increased their gold holdings, but most investors have not followed suit, which has proven to be a costly mistake [3] - According to Goldman Sachs, the optimal investment portfolio over the past decade should allocate half of its assets to gold [3]