Core Viewpoint - The recent sharp decline in gold and silver prices is attributed to a correction following a period of excessive market enthusiasm, driven by reduced geopolitical risks and easing trade tensions [2][4][8]. Group 1: Market Trends - Gold prices experienced a significant drop, with spot gold falling by 6.3%, marking the largest single-day decline since April 2013, while silver saw an even steeper decline of 8.7% [3]. - Following the drop in precious metal prices, gold stocks also weakened, with notable declines in companies such as Hunan Silver (down nearly 8%) and Shandong Gold (down 3%) [3][4]. Group 2: Company Performance - Shandong Gold projected a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 83.9% to 98.5%, although the quarterly profit showed a significant decline compared to the previous quarter [5]. - Zijin Mining reported a 55.5% increase in net profit to 37.86 billion yuan, with the third quarter achieving a record net profit of 14.57 billion yuan, although revenue growth showed signs of slowing down [6]. Group 3: Investor Sentiment - Investor sentiment towards Zijin Mining has become cautious, with significant shareholders like the Abu Dhabi Investment Authority exiting the top ten shareholder list [7]. - Analysts suggest that the recent adjustments in gold and silver prices are part of a "de-bubbling" process, indicating that the underlying narrative supporting gold remains intact despite the current volatility [9].

东方金诚研究发展部副总监瞿瑞表示，由于当前多头市场拥挤度已处于较高水平，加之市场参与者对特 朗普关税政策、美元指数大幅波动、地缘政治突变、美联储货币政策与预期的差异等突发信息高度敏 感。任何相关消息都会影响市场情绪，加大金价的波动，短期内金价波动会成为常态。 不过，瞿瑞分析，主因支撑金价长期上行的核心因素未发生根本改变，包括全球不确定性、实际利率下 行趋势等。"黄金的大牛市是短期震荡，并没有就此见顶。在此情况下，对普通投资者而言，仍可以投 资黄金，但需理性看待当前黄金的行情。"他说。 瞿瑞提醒，一是要警惕高位波动风险，避免盲目跟风追涨，需结合自身风险承受能力、资产配置规模及 投资周期，合理规划黄金资产占比；二是立足长期逻辑，当前支撑金价长期上行的核心因素未发生根本 改变，建议把握市场节奏，采取逢低布局策略，待金价回调至合理区间时择机逐步建仓；三是明确投资 目标，以资产保值、对冲风险为核心，而非单纯追逐短期价差收益，规避盲目追高导致的投资风险。 黄金价格在近期冲高后迎来高位震荡阶段，近两日国际金价直线"跳水"。10月21日现货黄金从最高 4374.79美元/盎司高点回落，收于4123.37美元/盎司，单日跌幅高 ...

Core Viewpoint - The recent 6% drop in gold prices has caught many investors off guard, especially those who entered the market at high prices, highlighting the risks of treating gold as a short-term speculative asset rather than a long-term investment [1][3]. Group 1: Market Dynamics - The volatility in gold prices has been increasing, with recent surges attracting speculative capital, which can lead to sharp corrections when profits are realized [3]. - The recent price drop is attributed to short-term profit-taking by speculators rather than a fundamental shift in the long-term outlook for gold, which remains supported by ongoing central bank purchases and geopolitical uncertainties [3][5]. Group 2: Investment Strategy - Investors are advised to maintain a long-term investment mindset, focusing on gold's core value as a hedge and store of value rather than seeking short-term gains [5][7]. - A recommended strategy is to limit gold holdings to 5%-10% of total assets, allowing for opportunistic buying during price corrections without overexposing oneself to risk [5][7]. - It is emphasized that no one can accurately predict gold price movements, and both bullish and bearish assumptions can lead to market misjudgments [5][7].

Group 1 - The core viewpoint of the articles highlights a significant drop in gold prices, with a single-day decline exceeding 5% after reaching a historical high of $4,398 per ounce [2][6] - Social media reactions indicate mixed investor sentiments, with some remaining calm about the price drop while others express anxiety over the volatility [3][4] - The adjustment in gold prices is attributed to geopolitical developments that have increased market risk appetite, leading to a reduction in safe-haven demand for gold [7][8] Group 2 - Analysts suggest that while short-term fluctuations in gold prices may occur, the long-term fundamentals supporting gold's value remain intact, including potential Federal Reserve rate cuts and challenges to the dollar's credit system [9] - Investment firms recommend that investors consider entering the market during price corrections, as the long-term outlook for gold prices is expected to trend upward [9]

智通财经APP获悉，投资者对黄金的疯狂追捧推动日本最大实物黄金ETF的价格飙升至创纪录水平，甚至超过其所持基础资产的价值。这凸显出在剧烈波动 的市场中投资者面临的潜在风险。 本周初，日本实物黄金ETF——日本唯一以本土存储黄金为支撑的基金——相对于其净资产价值(NAV)的溢价最高达16%。尽管东京证券交易所上周五已经 过投资者注意该ETF的净值，但该ETF仍持续以高溢价交易。 令市场担忧加剧的是，现货黄金价格周二创下逾12年来最大单日跌幅，促使部分分析师发出警告称，该ETF的上涨趋势可能出现反转。乐天证券大宗商品分 析师Satoru Yoshida表示，如果黄金市场继续走弱，"散户投资者可能会集体抛售"，从而加大出现重大亏损的风险。继现货黄金价格周二暴跌6.3%后，该ETF 价格周三一度下跌11%。 一些分析师则认为，从更长期来看，黄金的整体多头趋势将继续支撑日本实物黄金ETF的表现。事实上，截至周三下午，该基金跌幅已迅速收窄至约7%。 这类异常交易活动反映出日本散户投资者近期对黄金兴趣的激增，同时也受到日元贬值与国内零售商暂停黄金销售的推动。部分分析师指出，这些因素加速 了资金流入黄金ETF的步伐。乐天证券 ...

10月21日晚，国际贵金属市场上演"惊魂一夜"，国际黄金市场在此前连创纪录高位后急剧下挫。现货黄 金一度暴跌超6%，创下自2013年4月以来最大单日跌幅，纽约商品交易所12月交割的黄金期货收跌 5.7%，报每盎司4109.10美元。此前一个交易日，金价刚创下4381美元的历史新高。 一名福建网友在网上发视频称："在暴跌之前，我订了1公斤的黄金板料和15公斤的白银板料，1个小时 至少亏损了5万元。" 这"生动的一课"再次表明：黄金投资从来不是稳赚不赔的买卖。 很长一段时间，黄金市场的火爆程度超乎想象，成为街头巷尾热议的焦点。穿透价格波动的表象，厘清 涨势背后的核心逻辑，是理解资本市场变化的关键，更是引导公众理性投资的应有之义。 但是，长期逻辑的确定性，并不意味着短期走势的无风险性。 今年以来，国际现货黄金涨幅已超66%，从3000美元涨至4000美元仅用6个多月，这种过快的涨势本身 就蕴含着回调风险。从市场结构看，当前多头资金集中度显著提升，沪金主连的持仓结构显示，多头持 仓占比已处于近一年高位，市场拥挤度上升意味着一旦出现利空信号，很可能引发集中获利了结，加剧 价格波动。 可以肯定的是，这种"避险+宽松"的驱 ...

Core Viewpoint - The international gold market experienced a significant decline after reaching record highs, with spot gold dropping over 6%, marking the largest single-day decline since April 2013 [1]. Group 1: Market Performance - Spot gold fell to $4,109.10 per ounce, down 5.7% from the previous day, which had seen a record high of $4,381 per ounce [1]. - Silver also saw a substantial drop, with London silver at $48.18 per ounce, down 8.02%, and spot silver down 7.6% to $48.49 per ounce, the largest single-day decline since 2021 [1]. - Domestic gold prices in China fell sharply, with a drop of over 60 yuan per gram overnight on October 21, leading to significant losses for investors [4]. Group 2: Investor Sentiment - Many investors expressed panic on social media after recent purchases of gold, highlighting the emotional impact of the sudden price drop [2]. - Some investors attempted to "buy the dip," but faced challenges as prices continued to fall, leading to significant financial losses [4]. Group 3: Price Adjustments - Major gold jewelry brands in China adjusted their prices downward on October 22, with notable decreases such as Lao Miao's price dropping 83 yuan per gram [6]. - The price adjustments reflect the broader market trend, as gold and silver prices have seen substantial increases earlier in the year, with gold up over 50% and silver nearly 70% [7]. Group 4: Market Analysis - Analysts attribute the rapid price adjustments to easing geopolitical tensions and profit-taking behavior among investors [9]. - The current high prices of gold and silver have led to accumulated short-term downside risks, suggesting a need for rational investment strategies based on individual risk tolerance [9]. Group 5: Future Outlook - HSBC forecasts that the upward momentum for gold could continue until 2026, with a target price of $5,000 per ounce, driven by factors such as U.S. fiscal deficits and central bank demand [11]. - However, potential obstacles to this trajectory include fewer interest rate cuts by the Federal Reserve than anticipated, which could hinder gold's price growth [11].

摘要全球最大黄金etf--iSharesSilverTrust持仓报告显示，10月21日黄金etf持有量为1058.66吨，较上一交 易日持平。周二(10月21日)截止收盘，现货黄金报4123.37美元/盎司，跌幅5.33%，日内最高上探至 4374.79美元/盎司，最低触4085.39美元/盎司。 【市场要闻速递】 全球最大黄金etf--iSharesSilverTrust持仓报告显示，10月21日黄金etf持有量为1058.66吨，较上一交易日 持平。周二(10月21日)截止收盘，现货黄金报4123.37美元/盎司，跌幅5.33%，日内最高上探至4374.79 美元/盎司，最低触4085.39美元/盎司。 10月22日，世界黄金协会数据显示，2025年9月，全球实物黄金ETF录得有史以来最大单月流入规模， 推动三季度总流入达到创纪录的260亿美元。截至三季度末，全球黄金ETF资产管理总规模（AUM）增 至4720亿美元，再创历史新高；总持仓环比增长6%至3838吨，较2020年11月第一周3929吨的历史峰值 仅低2%。 ...

对于价格暴跌的原因，有机构分析指出，全球风险偏好提升导致避险资金撤离、地缘冲突缓和，叠加前 期市场交易过热引发的获利了结，共同促成了此次调整。 面对市场剧烈波动，普通投资者需保持理性。业内人士指出，首先要警惕高位波动风险，避免盲目跟风 追涨，根据自身风险承受能力合理规划黄金资产占比；其次，中长期来看，黄金对冲美元信用风险的核 心逻辑未变，可把握回调机会逢低布局，而非追逐短期价差；最后，需明确投资目标，若为资产保值可 配置实物黄金，若为投资则需谨慎选择正规渠道，避开转售、套现等违规操作。 作者：龙思言 责编：伍镆 一审：伍镆 二审：印奕帆 三审：谭登 来源：华声在线 华声在线10月22日讯（全媒体记者 龙思言）10月21日—22日凌晨，今年一路狂飙的黄金价格突然高台 跳水。10月21日，国际金价盘中暴跌，一度跌超6%。截至22日凌晨收盘，COMEX黄金失守4200美元， 单日跌幅5.07%，创下自2020年8月11日以来最大单日跌幅。 "昨天金价还是990元/克，今天就跌到了949元/克，不少顾客给我发消息说前几天买早了，这会儿挂树上 了。"10月22日，在长沙五一商圈的名汇达黄金珠宝交易中心，工作人员朱女士有 ...

来源：市场资讯 （来源：环球豪源基金） NEWS 近日，紫金矿业发布公告称，今年前三季度，公司实现营业收入约2542亿元(人民币)，同比增长10.33%；实现归属于 上市公司股东的净利润约378.64亿元，同比增长55.45%。 公告还显示，今年第三季度，紫金矿业实现营业收入约864.89亿元，同比增长8.14%；实现归属于上市公司股东的净利 润约145.72亿元，同比增长57.14%。 截至10月21日收盘，该公司总市值近8000亿元，稳居全球矿业公司前三位，在A股全市场市值排名中位列第16位。 高盛9月发布的一份报告显示，当前除了各国央行购金，在美元走弱的环境下，个人和私营投资者将投资分散至黄金趋 势明显。 中国黄金储量之王：紫金矿业以近4000吨储量领跑行业 黄金作为重要的避险资产和储备资源，其储量是衡量黄金上市公司投资价值的重要指标。根据最新数据，中国黄金行 业中资源储量居前的上市公司格局明朗，紫金矿业以绝对优势位居榜首。 紫金矿业是国内黄金行业的绝对龙头，截至2024年底，黄金储量高达3973吨，占全国黄金储量的显著比重。 该公司不仅是国内第一，也是全球第六大黄金生产商，2024年矿产金产量达到72 ...