Core Viewpoint - Silver prices have surged to a historic high, significantly outperforming gold, with a year-to-date increase of approximately 105% [1] Group 1: Price Movement - On December 3, international spot silver rose by 0.8%, reaching a record high of $58.94 per ounce [1] - The domestic futures market also showed strong performance, with the main Shanghai silver contract rising over 2%, achieving eight consecutive days of gains and continuously breaking historical highs [1] Group 2: Supply and Demand Dynamics - Following a silver shortage in London in October, silver inventories from China and the U.S. have flowed into London, alleviating the tight situation, but inventories continue to decline [1] - Shanghai silver inventory has dropped to a near ten-year low, with near-month contract prices exceeding those of far-month contracts, indicating a "backwardation" structure that reflects short-term supply pressure [1] - A global decline in inventories has led to significant signs of warehouse congestion in the spot market, with tight physical delivery conditions triggering a chain reaction of short squeezes that may further drive up silver prices [1] Group 3: Market Analysis - China International Futures believes that silver's rebound potential may be greater than that of gold [1] - While gold remains in an upward channel, it is currently experiencing high-level fluctuations after rapid gains, with future catalysts dependent on the interplay of "declining real interest rates" and "weaker dollar" [1] - In contrast, silver shows stronger short-term certainty, with the historically high "gold-silver ratio" indicating substantial room for correction, and increasing demand from industrial sectors like photovoltaics providing support for silver prices [1]

每日市场动向： 近期美联储降息预期升温，加上美元走弱，黄金多头占据优势。 从美国经济基本面来看，最新公布的宏观数据显示经济增速正逐步放缓。与此同时，美联储多位官员近期释放偏宽松的政策信号，让市场对即将召开的 FOMC会议充满期待，普遍认为会上宣布降息25个基点的可能性极高。 根据CMEGroup的FedWatch工具数据，交易者预测此次降息的概率已接近90%。这一强烈的降息预期直接导致周三亚洲交易时段美元汇率维持低位，而黄金 作为典型的美元负相关资产，在美元走弱的背景下获得了显著支撑。需要说明的是，黄金本身不产生利息收益，当市场预期利率下降时，持有黄金的机会成 本降低，自然会吸引更多资金流入。 此外，全球市场仍存在的不确定性因素，也让黄金的避险属性得以凸显，进一步为金价提供了上涨动力。不过，尽管当前多头氛围浓厚，不少黄金交易者并 未急于开仓新头寸，而是选择等待后续关键经济数据公布后再做决策。 黄金（XAU/USD）在周三亚洲交易时段维持小幅日内涨幅，但由于缺乏持续的买盘跟进或明确的多头信心，上行势头在混合信号中有所放缓。市场普遍预 期美联储或于近期再次调整利率，这一情绪使美元维持在近期低位附近徘徊，从而对无息 ...

Group 1 - International gold prices have shown an upward trend over the past seven trading days, with a cumulative increase of over 4%, indicating a strong market overall [1] - The structural weakening of the US dollar is a key factor supporting gold prices, with market expectations for a 25 basis point rate cut by the Federal Reserve rising to 89.4%, reducing the relative attractiveness of dollar assets [2] - The US dollar index (DXY) is currently hovering around 99.4, below the important psychological level of 100, which lowers the cost of purchasing gold for holders of other currencies, stimulating short-term demand in the international market [2] Group 2 - Changes in fund flows are reflected in the holdings data of gold ETFs, with major global gold ETFs recording net inflows over the past three weeks, indicating a moderate recovery in institutional investors' interest in gold [5] - The current market risk appetite supports gold, as it remains a key safe-haven asset amid rising market uncertainties, with the CNN Fear and Greed Index at 25, indicating "extreme fear" [8] - Technical analysis shows that gold prices have maintained a clear upward channel over the past three months, with indicators like the 14-day Relative Strength Index (RSI) above 50, suggesting dominant buying power [9]

昨日黄金又是过山车的走势，高位震荡回踩向下，同时保持高位抗跌走势。晚间最低回落4163，不过尾盘又强势收回失地。黄金如果继续保持这样的走势， 那么不排除后续日K会震荡上升，盘面重新回到多头主导。 黄金虽短期面临获利回吐压力，但美联储降息预期、央行强劲购金、美债收益率回落、美元走弱以及地缘政治不确定性等多重因素合力推动向上突破。临近 年末，展望未来，5000美元目标可能并非遥不可及。大家多多关注美联储和关键数据的表现。 早盘反弹继续关注4245和4265附近阻力，接近不破轻仓空。回测先关注4183附近，进一步下破关注4163附近支撑。目前来看多空都有机会，反复性强，短线 处于高位反复迂回洗盘，小周期可能伴随反复的冲高回落。积存金关注945-940。日内操作有两个难点：一是支撑快速刺破容易被扫损，二是回踩后持续抗 跌拉升难以形成趋势性回落。保持好自己的节奏，最近不去追单，注意下操作手法 【汇金趋势掌乾坤，每日思路见真章】 【操作思路】 反弹4245轻仓试空，突破关注4265附近压制 回落4183不破多，破位关注4163支撑 积存金关注945-940 更多实时关注李槿后续 投资有风险，入行需谨慎 昨日超神回落多拿下 ...

央广网北京12月2日消息（记者 宓迪）近期，人民币汇率受到市场关注。12月1日，人民币对美元汇率 中间价报7.0759，相较前一交易日中间价7.0789，调升30个基点，创下逾一年以来高点。12月2日，人民 币对美元汇率中间价报7.0794，较前一交易日下调35个基点。 如何看待近期汇率走势？中信证券首席经济学家明明认为，近期，央行稳汇率政策保持一定力度，叠加 年末、季末临近，结汇需求或阶段性释放，支撑人民币汇率走强。广发证券近期研报提到，2025年人民 币整体升值，升值的背后包括国内经济基本面韧性、美元走弱、国内资本市场表现活跃等因素。11月美 元相对偏强，人民币的加快升值更具内生性，原因包括出口环境的不确定性下降、海外对中国经济和人 民币资产的中期和短期预期均更为积极等因素。 财信金控首席经济学家、财信研究院副院长伍超明对央广财经记者表示，本轮人民币升值是内外因素共 振、市场与政策协同作用的结果，有三大推动因素。 一是美元走弱提供了外部窗口。美联储货币政策转向是关键外部因素。随着美国就业数据降温，美联储 降息信号由模糊不定、争议分歧大逐渐变为大概率降息，导致美元指数整体波动下降，如11月下降约 0.3%， ...

今日思路： 结合当前多空交织的市场环境，操作上建议以谨慎看多、回调布局为主，避免追高。 若金价反弹至4250-4264美元。此区域并出现上涨乏力迹象，激进交易者可考虑轻仓试空。 另外关注4200-4185美元区域。若金价回落至此区域并出现15分钟K线企稳信号，可考虑轻仓布局多单。 重要数据动态： 第一金杨生，DYJPPLI，香港第一金，第一金官网，第一金平台，第一金代理 1. 经济数据：本周将公布美国11月ADP就业报告以及因政府停摆而推迟发布的9月PCE物价指数（美联储最看重的通胀指标），这些数据可能引发市场波 动。 今日看法： 2. 美联储动向：继续关注任何关于12月利率决定的官员表态，以及下任美联储主席人选的进展。 对于今天的黄金市场，金价在触及六周高位后高位整理，核心逻辑依然是市场对美联储12月降息近乎"板上钉钉"的预期。同时，美元走弱和潜在的避险情绪 共同为金价提供了支撑。 市场对12月降息的概率预期已升至87%，这降低了持有黄金的机会成本，是近期最主要的上涨动力。而美元指数下跌至两周低位，使得以美元计价的黄金对 其他货币持有者来说更具吸引力。另外最新公布的美国制造业PMI等数据疲软，加剧了对经济放 ...

Group 1: Precious Metals Market - Gold climbed to its highest level in six weeks, with spot prices exceeding $4,240 an ounce as investors increased bets on a US interest-rate cut [2][3] - Silver reached a record near $57.86, now up more than 100% this year, driven by rate-cut expectations, a weaker dollar, and stronger industrial demand [2][3][8] - The anticipation of looser monetary policy and recent soft US economic data have contributed to the rally in precious metals [3] Group 2: Cryptocurrency Market - Bitcoin has dropped over 30% from its October peak of approximately $126,000, currently trading around $86,000, marking the worst late-year performance since the 2022 bear market [4][8] - The wider crypto market has lost about $1 trillion in value over the past six weeks, with Bitcoin accounting for over $400 billion of that decline [5] - US spot Bitcoin ETFs experienced roughly $3.5 billion in net outflows in November, the heaviest monthly withdrawal since approvals early last year, indicating rising macro risks [5][8] Group 3: Market Sentiment and Trends - Analysts highlight stronger industrial demand for silver as a supportive factor, alongside its role as a hedge against declining confidence in paper assets [4] - Despite the challenges in the crypto market, there are signs that ETF outflows may be slowing, with a modest return to net inflows of about $70 million late in November [7]

杜绝弄虚作假，以实事求是为准。大家好，我是冷艺婕。（添加冷老师即刻给出目前跟单思路） 目前实盘可提供跟单账户查验收益!自10月10号截止现在已经完成多次增倍! | XAUUS 21:43 A | | .. I V 2 200 - 11 | XAUUS 21:4 | | | 899 | | --- | --- | --- | --- | --- | --- | --- | | | | 76.40 | | | | | | GBPUSD, sell 1 | | 20 16:46:53 | GBPUSD, sell * | | | 25.11.20 16:46:53 | | I 1.31181 -> 3 | | 自定义 407.10 | 1.31181 -> | | Mi | 自定义 407.10 | | AUDUSD, sell 1.15 | | 2025.11.20 16:47:39 | AUDUSD, sell 1.15 | | | 2025.11.20 16:47:39 | | 0.64984 -> 0.64486 | | 572.70 | 0.64984 -> 0.64486 | | | 572.70 | ...

于是奇怪的问题就来了，高贵的黄金没成投资界主流，爱炒股的人们像极了"飞蛾扑火"。 这种"资产狂欢与个人亏损"的背离，其实还是藏着金融市场的底层逻辑与人性的博弈，值得每一位读者深思。 作者｜快刀财经 唐纳德 怎样钱生钱一直是个最简单又是最难的双面问题。买黄金？还是买股票？可以被视为此问题的具体延伸。 近期，A股冲上十几年点位新高，对资本市场又爱又恨之人，忍不住着急入手。 但相比跌宕起伏的股市，黄金反而更容易成为消费市场的"不倒翁"，它既是消费品，更具有投资属性。诡异的 是，一边是黄金持续创新高，看似却不曾成为大众的投资主流，一边是牛市氛围浓厚，偏偏又是多数普通投资者 却赚少亏多。 说投资是一种策略或者机会选择，不如把其比作人生一场修行，修的是术，更是修心。 黄金不生息，玩的是地缘逻辑 涨是当下黄金的主题，26日国际金价上涨 重回每盎司4200美元关口上方。很多人质疑，既然黄金如此被看好，大 众干脆都去买黄金好了？ 常识往往看上去合理，逻辑上却行不通。 长期以来，黄金被视为避险资产或高通胀下的"保值"资产。"黄金不生息"的观点在市场上广为流传。股神巴菲特 对黄金也持批判观点，称其为"不会下蛋的鸡"，不产生现金流、 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the precious metals sector, focusing on gold and silver, as well as other base metals like copper and aluminum, and the energy metals sector, particularly lithium and nickel. Core Insights and Arguments Precious Metals Market - In the early stages of interest rate cuts, gold dominates the market while silver follows. As inflation expectations rise in the later stages, silver begins to catch up with gold, indicating a transition into the second phase of the rate cut trade, which is supported by improving economic expectations [1][2][3]. - The expectation of a weaker dollar is anticipated to trigger a second wave of bullish trends in the non-ferrous metals market, with silver expected to outperform and gradually influence copper and aluminum prices [1][3]. - Silver stocks are expected to perform strongly, similar to gold stocks in the previous year, due to a resonance between valuation and earnings [4]. Specific Company Recommendations - Key silver industry stocks in the A-share market include: - **Shengda Resources**: Approximately 50% gross profit margin, significant performance inflection expected in the next 3-4 quarters [5][6]. - **Xingye Mining**: Holds 40% of China's silver reserves, the second-largest resource endowment globally [5][6]. - **Shan Jin International**: Notable for its gold-silver resonance characteristics, expected to have significant valuation differences in a growing market [5][6]. Gold Market Insights - Gold prices are expected to stabilize around $4,000, with significant valuation recovery potential for gold stocks, which have returned to early-year levels (approximately 15x PE for current and 10x PE for long-term) [7][8]. - Recommended gold stocks include **Zhongjin Gold**, **Shan Jin International**, **Chifeng Jilong Gold**, **Shandong Gold**, and **Zhaojin Mining** [8]. Copper Market Dynamics - Copper prices recently broke through $11,000, driven by supply disruptions and negotiations between domestic smelters and overseas mines, with a potential 10% production cut expected [9]. - The copper market is anticipated to remain tight, supporting higher prices, with current valuations around 12x, which is considered low compared to historical averages [9]. Aluminum Market Outlook - Aluminum is viewed as the most cost-effective metal, with prices expected to recover significantly from previous crisis levels. Current prices are projected to be in the $24,000-$25,000 range [10][11]. - Companies to watch in the aluminum sector include **Yun Aluminum**, **Shenhuo**, and **China Hongqiao** [11]. Energy Metals Sector - The lithium carbonate industry is optimistic, with expectations for price increases in 2026 compared to 2025, despite short-term supply disruptions [12][13]. - Recommended companies in the energy metals sector include **Tianhua New Energy**, **Dadong Mining**, and **Huaou Cobalt** for high elasticity, and **China Molybdenum** for stability [13][14]. Nickel Market Insights - Nickel prices are at historical lows, but there is potential for recovery due to improving demand from electric vehicles and overseas markets [13][14]. - **Huayou Cobalt** is highlighted for its potential to double nickel production in the next two to three years, with significant profit growth expected [14][15]. Additional Important Points - The overall sentiment in the precious metals and base metals markets is bullish, driven by macroeconomic factors such as interest rate cuts and inflation expectations, which are expected to create favorable conditions for investment in these sectors [1][2][3][4][9].