Group 1: Changes in Regulatory Leadership - Michael Selig was sworn in as chairman of the Commodity Futures Trading Commission on December 22, replacing Caroline Pham after her three-year tenure [2] - Caroline Crenshaw, the SEC's sole remaining Democrat, and other key officials, including Cicely LaMothe and Nekia Hackworth Jones, departed from the SEC in December [5][6] - Joshua White returns as chief economist and director of the division of economic risk analysis at the SEC, replacing Robert Fisher [9] Group 2: Staff Reductions and Restructuring - The SEC announced a 15% headcount reduction under the Trump administration, alongside a shake-up of its enforcement and examinations division, with the CFTC experiencing similar staff reductions [11] Group 3: New Appointments in Financial Institutions - Jamie Gavin left Societe Generale to become an external consultant for the London Stock Exchange Group's SwapAgent platform [13] - Julieta Susara was hired as chief risk officer for the UK at ING, focusing on risk management and regulatory compliance [15] - Jason Forrester has been promoted to group chief risk officer at Standard Chartered, succeeding Sadia Ricke [17] Group 4: Executive Changes in Other Firms - Craig Robertson left Barclays for Carbon Point, a trading firm in Connecticut [19] - Kenneth Pregnell joined Citadel Securities in a senior risk management role, leading the risk team [21] - Tobias Paulun was appointed as the new CEO of the European Energy Exchange, taking over from Peter Reitz [28]

Europe’s banks are set for a watershed year of domestic mergers, as high valuations encourage in-market deals even as regulatory hurdles continue to hinder cross-border transactions, according to the CEO of ING https://t.co/Xo0m35bmy4 ...

Core Viewpoint - The price of gold is approaching $5,000 per troy ounce, driven by geopolitical tensions and increased demand from retail investors and central banks [2][3]. Group 1: Price Trends - As of recent trading, COMEX gold futures for February delivery were priced at $4,930.70 per ounce, reflecting a 0.35% increase [2]. - Gold prices have seen significant appreciation, ending 2024 at 26% higher and rising another 65% in 2025, marking the highest annual price rise in over 45 years [5]. Group 2: Investor Behavior - Retail investors are increasingly turning to gold and gold exchange-traded funds as a safe haven amid global uncertainties, including trade wars and conflicts like the Russia-Ukraine war [4][5]. - Central banks are also major players in the gold market, with Poland being the largest official sector buyer in the previous year [6]. Group 3: Central Bank Dynamics - Other notable central bank buyers include Brazil, China, Kazakhstan, Turkey, and Russia, contributing to the upward pressure on gold prices [7]. - The European Central Bank acknowledged that gold has surpassed the euro as the second-largest reserve asset for central banks, only behind the dollar [7]. Group 4: Future Forecasts - Many forecasters predict that the gold rally will continue, with Goldman Sachs raising its end-2026 price forecast to $5,400 per ounce [9]. - J.P. Morgan Global Research suggests that $6,000 per ounce is a long-term possibility, influenced by ongoing geopolitical risks and expanding ETF holdings [10]. - Despite potential price corrections due to easing geopolitical tensions, the near-term outlook for gold remains bullish, as any price dips may attract more buyers [11].

美国国债收益率在亚洲下午交易中下跌，回吐了周二部分显著涨幅。ING利率策略师表示，周二美债收 益率的跃升部分反映了日本国债收益率在周一大幅上涨的事实，当时美国国债市场因假期休市。他们指 出："是的，在背景中，日本收益率再次飙升，但此次引发了相关的美元走弱，进而推高了美国收益 率。"特朗普总统的格陵兰威胁也与此相关，他对下一任美联储主席的提名亦然。根据Tradeweb数据， 10年期国债收益率下跌1.8个基点至4.276%，30年期收益率下跌1.9个基点至4.901%。 美国国债收益率在亚洲下午交易中下跌，回吐了周二部分显著涨幅。ING利率策略师表示，周二美债收 益率的跃升部分反映了日本国债收益率在周一大幅上涨的事实，当时美国国债市场因假期休市。他们指 出："是的，在背景中，日本收益率再次飙升，但此次引发了相关的美元走弱，进而推高了美国收益 率。"特朗普总统的格陵兰威胁也与此相关，他对下一任美联储主席的提名亦然。根据Tradeweb数据， 10年期国债收益率下跌1.8个基点至4.276%，30年期收益率下跌1.9个基点至4.901%。 责任编辑：王许宁 责任编辑：王许宁 ...

Core Viewpoint - The article highlights the significant rise in gold prices driven by geopolitical instability, with spot gold reaching a historic high of $4800 per ounce, marking a monthly increase of over 10% [2][3]. Group 1: Gold Price Surge - Spot gold has surged to $4800 per ounce, marking a near 0.8% daily increase and over 10% monthly growth [2]. - The Polish central bank has approved a plan to purchase up to 150 tons of gold, increasing its reserves to 700 tons, positioning Poland among the top ten countries globally in gold reserves [3]. - The value of Russia's gold reserves has increased by over $216 billion since the onset of the Russia-Ukraine conflict in February 2022, highlighting gold's role in maintaining financial stability amid sanctions [5]. Group 2: Market Reactions - The stock and ETF markets have reacted positively to rising gold prices, with significant gains in gold-related stocks in both A-shares and Hong Kong markets [3]. - Major gold ETFs have seen increases close to 3%, reflecting strong investor interest in gold as a safe-haven asset [3]. Group 3: Central Bank Trends - A survey by the World Gold Council indicates that 95% of central banks expect to increase their gold reserves over the next 12 months, signaling a continued trend of gold accumulation as a strategic asset [4]. - The Polish central bank's decision to increase gold holdings is part of a broader strategy to diversify assets and reduce reliance on currencies like the US dollar [5]. Group 4: Future Price Predictions - Analysts predict that gold prices may continue to rise, with UBS suggesting a potential target of $5000 per ounce in the near term due to increased demand for diversification amid macroeconomic uncertainties [6]. - Major financial institutions have optimistic forecasts for gold prices, with estimates ranging from $4150 to $4900 per ounce for 2026 [5][6].

Glapinsk认为，黄金是一种零信用风险的资产，不受其他国家货币政策决定的影响，并且对金融冲击具有较强的抵御能力，高额黄金储备也有助于提升波 兰经济的稳定性。 波兰央行(NBP)当地时间周二表示，已批准一项购买多达150吨黄金的计划，此举将使该国的黄金储备总量增加到700吨。 波兰央行在一份声明中称："这将使波兰跻身全球黄金储备量最大的前10个国家之列。"波兰央行行长Adam Glapinsk上周宣布，他希望央行管理委员会将 黄金持有量上限从截至12月31日的550吨提高到700吨。 波兰黄金储备超越欧洲央行的消息，其意义远不止于象征层面。欧洲央行的黄金储备约为506.5吨，相较之下，波兰央行持有的550吨规模令人瞩目，也进 一步强化了波兰在欧洲金融体系中的地位。 波兰央行的购金行动正值黄金价格不断刷新历史纪录之际。尽管2026年价格上涨速度可能放缓，但主要金融机构的预测仍偏乐观。ING预计平均价格约为 每盎司4150美元，德意志银行给出4450美元，高盛将预测上调至4900美元。在全球需求强劲的情景下，摩根大通甚至预计价格可能达到每盎司5300美元。 Bassani-Prusik强调："央行需求上升是对经 ...

Core Viewpoint - The US dollar has fallen to its lowest level in two weeks, influenced by President Trump's aggressive stance on international trade and currency hedging costs have increased as a result [1][3]. Currency Market Impact - The Bloomberg Dollar Spot Index has reached its weakest level since January 6, indicating a potential for the worst two-day performance in about a month [1]. - The euro has risen to a more than two-week high, while the Swiss franc has shown the most significant gains among Group-of-10 currencies [1]. Investor Behavior - Increased hedging by non-US investors holding dollar securities is likely contributing to the dollar's weakness, as noted by the global head of markets strategy at Brown Brothers Harriman & Co. [2]. - There has been a notable rise in euro options volume, reflecting heightened demand for protection and a bullish sentiment towards the euro, marking the sharpest bullish repricing since early August [5]. Trade Tensions - President Trump has threatened to impose tariffs on European nations opposing his Greenland acquisition plans, raising concerns about a potential trade confrontation [3]. - A Danish pension fund has expressed a lack of confidence in US creditworthiness, committing to sell approximately $100 million in Treasuries, which has further pressured the dollar [4]. Market Reactions - Short-dated volatility has increased, aligning with the historical trend of a weaker dollar coinciding with higher hedging costs [5]. - Options positioning has shifted against the dollar, with investors favoring long positions in the euro and Australian dollar since the beginning of the week [7].

波兰央行(NBP)当地时间周二表示，已批准一项购买多达150吨黄金的计划，此举将使该国的黄金储备 总量增加到700吨。 Bassani-Prusik强调："央行需求上升是对经济紧张局势与地缘政治变化的回应。尽管机构性购买不会直 接推高价格，但会间接影响个人投资者的决策。" Glapinsk认为，黄金是一种零信用风险的资产，不受其他国家货币政策决定的影响，并且对金融冲击具 有较强的抵御能力，高额黄金储备也有助于提升波兰经济的稳定性。 正如波兰造币厂专家所指出，市场不确定性越高，投资者对黄金这种避险资产的兴趣就越大，也日益认 识到黄金在长期投资中的资产保护作用。 截至12月底的估算数据显示，黄金在波兰外汇储备中的占比为28.22%，成为全球央行中储备结构变化 最快的案例之一。 在2025年最后几个月，波兰大举增持黄金，当时正值市场波动加剧与地缘政治紧张局势升温之际。 根据世界黄金协会的分析，2025年全球央行持续呈现增持黄金的趋势。除少数例外外，大多数国家都在 增加黄金持有量，将其作为对冲货币与金融危机的战略资产。在2025年，接受调查的央行中高达95%预 计未来12个月黄金储备将继续增长。 波兰造币厂投资产品与 ...

摘要周一(1月19日)亚市尾盘，受特朗普宣布对八个反对其格陵兰岛计划的欧洲国家加征关税影响，市 场避险情绪骤升，黄金与白银周一双双刷新历史纪录。现货白银一度暴涨超4%，最高触及93.69美元/盎 司；现货黄金盘中涨逾2%，报4690美元/盎司，续创历史新高。 周一(1月19日)亚市尾盘，受特朗普宣布对八个反对其格陵兰岛计划的欧洲国家加征关税影响，市场避 险情绪骤升，黄金与白银周一双双刷新历史纪录。现货白银一度暴涨超4%，最高触及93.69美元/盎司； 现货黄金盘中涨逾2%，报4690美元/盎司，续创历史新高。 策略师观点分化：瑞穗称关税成"地缘武器"，ING警告欧美贸易战无赢家;Pepperstone认为威胁或 成"TACO时刻"(虎头蛇尾)，回调即买入机会。Kitco调查显示，华尔街对黄金分歧，散户看涨;OANDA 提醒技术超买或致回调，Zaye Capital则看好地缘支撑金价冲4700美元。 此外，美国最高法院本周或裁决特朗普用《国际紧急经济权力法》征关税的合法性，若败诉将削弱其关 税权力，财长贝森特则称"不太可能推翻"。 【技术分析】 当前全球局势波诡云谲，特朗普政策风向瞬息万变。技术面仅作辅助，基本 ...

Group 1: Market Sentiment and Trends - There is a conflict among analysts regarding strategies for U.S. dollar-denominated assets, with some recommending diversification away from U.S. equities due to unpredictability in the Trump administration [1] - Recent data indicates a potential shift in sentiment, as the S&P 500 increased by 0.26% and is up 1.45% year-to-date, suggesting positive growth [2] - The U.S. Treasury International Capital Data revealed net foreign inflows into U.S. assets of $212 billion, indicating strong foreign investment [3][4] Group 2: Sector Performance and Predictions - Cathie Wood of Ark Invest suggests that her "rolling recession" theory may be ending, predicting a strong economic rebound in the coming years [5] - Tech stocks are expected to perform well in Q4, with analysts projecting strong earnings driven by demand for AI technologies from major companies like Microsoft, Alphabet, and Amazon [9] - The price of copper has risen by 33% over the last 12 months, indicating robust activity in tech sectors that require significant copper for AI data centers [9] Group 3: Political and Economic Context - Investors are becoming desensitized to political drama surrounding Trump, recognizing that many threats may not materialize into significant actions [12] - ING's analysis suggests that while there is a long-term trend towards de-dollarization, the U.S. dollar remains strong, having gained nearly a full percentage point on the DXY index since the start of the year [13] - Recent U.S. economic data, including retail sales and jobless claims, has shown positive trends, contributing to a stable outlook for the dollar [14]