Core Insights - The recent decline in gold prices has spurred consumer interest and purchasing activity in Shenzhen's Shui Bei market, with spot gold prices settling at 778.65 yuan per gram and 999 gold priced at 797 yuan per gram [2][3] Consumer Behavior - There is a notable increase in demand for small-weight gold bars and gold beans, with some merchants reporting rapid sales following a significant price drop [3] - Different consumer segments are responding variably to market fluctuations, with investors and young consumers actively purchasing gold, while wedding-related buyers are opting for smaller weights due to price increases [3][4] Market Dynamics - Merchants are actively restocking in anticipation of increased demand, especially with the upcoming May Day holiday [4] - The gold buyback business is experiencing a surge, with a reported 96.33% year-on-year increase in gold buyback volume from March 15 to April 15, driven by rising gold prices [4] Price Trends and Investment Sentiment - Experts highlight that the ongoing bull market in gold is influenced by global economic instability, geopolitical tensions, and inflation expectations, suggesting that gold remains a safe-haven asset [5] - Caution is advised for investors, emphasizing the importance of treating gold as an investment rather than speculation, particularly in light of market volatility [5]

据渣打银行分析师杰夫肯德里克（Geoff Kendrick）称，比特币在今年年初的下跌态势，将在本季度让 位于新一轮涨势，并创下历史新高。 渣打银行预计比特币二季度将创下历史新高，该行策略师已经看到资金从黄金ETF流向比特币ETF...... 肯德里克预计，全球第一大加密货币将在未来几个月内创下新的历史高点，利好因素将推动比特币涨至 12万美元。 关税引发的购买行为 其次，渣打银行的分析显示，自特朗普4月9日宣布将大多数国家的对等关税推迟90天以来，美国投资者 一直在抢购比特币。 这位数字资产研究全球主管周一写道："虽然很难预测比特币大幅上涨的时机，但我们认为，目前从美 国资产中撤出的潜在战略资产重新配置，可能引发这样的上涨行情。" "如果是这样的话，我们预计比特币将在第二季度创下历史新高，并在夏季进一步上涨。我们维持比特 币年底达到20万美元的预测。" 这位坚定的加密货币多头为今年以来表现令人失望的比特币描绘了乐观的前景。人们曾寄望于特朗普政 府对加密货币友好的政策能推动比特币进一步上涨，但在1月份触及10.9万美元后，它失去了上涨动 力。 如今，肯德里克认为有三大理由将推动比特币大幅上涨。 经济动荡提升比 ...

Core Insights - John Paulson gained fame by shorting the U.S. real estate market, creating a legendary investment narrative, and his long-term journey in gold investment reflects the volatility of global economic and financial markets [1][3] Group 1: Investment Journey - After profiting from the U.S. housing market collapse, Paulson shifted focus to gold, predicting inflation risks amid the Federal Reserve's quantitative easing policies, leading to a significant profit of $15 billion for his hedge fund in 2007 [3] - Paulson's early investments in gold were initially successful, but his misjudgment regarding inflation led to setbacks in gold-related investments, particularly in mining stocks, as well as losses in pharmaceutical and banking sectors [3][4] - In 2020, Paulson transformed his hedge fund into a private investment management firm, focusing on serving himself and related entities, while also engaging in legal disputes and political activities [3] Group 2: Market Dynamics - The COVID-19 pandemic triggered massive stimulus policies and inflationary pressures, enhancing gold's appeal as a safe-haven asset, with gold prices surpassing $3,500 per ounce amid declining stock and bond markets [4] - Paulson increased his investment in gold, spending $800 million to acquire a 50% stake in Barrick Gold's Donlin project in Alaska, which is estimated to contain 39 million ounces of gold, equivalent to a quarter of Fort Knox's reserves [4] - The development of the Donlin mine faces challenges, including infrastructure needs and location on indigenous land, with production not expected until the early 2030s, yet Paulson remains optimistic about its long-term value [4] Group 3: Investment Philosophy - Paulson believes in gold's enduring value as a physical reserve that can withstand inflation, war, and asset confiscation, despite its high storage costs and lack of interest income [5] - He emphasizes the potential for mining companies to significantly increase profits as gold prices rise, and even if prices fall, mining companies can still remain profitable [5] - Paulson's investment strategy includes focusing on emerging mining companies, such as Perpetua Resources and Agnico Eagle Mines, to maximize returns in a fluctuating market [5]

风险资产波动剧烈，资金正在流向这些避险资产>> 国债期货30年期主力合约盘中涨0.4%，现报120.64点。10年期涨0.16%，现报109.035点。5年期涨 0.1%，现报106.04点。2年期涨0.04%，现报102.362点。 ...

Core Viewpoint - The article discusses the volatility of gold prices and its role as a safe-haven asset, contrasting it with the stock market and highlighting the lack of a universally accepted valuation model for gold [1][3]. Group 1: Gold Market Dynamics - Gold experienced significant fluctuations, dropping $31.13 on April 26 but recovering to maintain a price above $3300, reflecting its dual nature as both a safe-haven asset and a speculative investment [1]. - The recent surge in gold prices, approximately 30% over four months, is attributed to factors such as the decline of the US dollar and geopolitical uncertainties, particularly events related to former President Trump [3]. Group 2: Investment Risks and Characteristics - Gold does not generate interest or dividends, which poses risks for investors, particularly those buying at high prices, due to time cost and price volatility [3]. - The lack of a recognized valuation model for gold increases uncertainty for high-level investments, making it essential for investors to be cautious [3]. Group 3: Types of Gold Investments - Gold investment can be categorized into three main types: 1. Physical gold, including gold bars and coins, which has high purity but incurs storage and insurance costs [5]. 2. Financial derivatives, such as paper gold and gold futures, which offer lower entry costs but come with higher risks and require market knowledge [5][7]. 3. Securities like gold ETFs, which track gold prices and have lower transaction fees but may not provide immediate liquidity [11][12]. Group 4: Investment Strategies and Considerations - Choosing the right gold investment method is crucial, with physical gold being suitable for long-term holding and financial investments being more accessible but riskier [7]. - Gold futures and options provide leverage but also entail significant risks, requiring professional knowledge and experience to navigate effectively [10].

Group 1 - The demand for safe-haven assets like the Japanese yen has increased due to investor concerns about the global economic outlook, prompting a reassessment of major currency trends [1][2] - Between April 15 and 22, speculative net short positions in the US dollar significantly increased among G10 currencies, influenced by uncertainties surrounding Federal Reserve policies and tariff issues, leading to a 1.72% decline in the dollar index during this period [1] - The euro appreciated by 1.21% against the dollar during the same period, although speculative positions decreased by 4.3 thousand contracts, indicating a reduction in market confidence for further euro appreciation in the short term [1] Group 2 - The Japanese yen experienced a 1.08% decline against the dollar, but speculative positions increased by 6 thousand contracts, reaching a historical high of 188.1 thousand contracts, reflecting its status as a safe-haven asset amid escalating global trade tensions [1] - The British pound rose by 0.75% against the dollar, with speculative positions increasing by 14 thousand contracts, suggesting a cautiously optimistic market outlook for the pound's future performance [1] - The Canadian dollar fell by 1.04% against the dollar, while speculative positions increased by 17 thousand contracts, indicating a market expectation of a short-term rebound in the dollar [2]

编者按 近年来，作为推动传统产业整合、传统企业提质、战略性新兴产业快速壮大的重要手段，"并购重组"正获得越来越多政府部门和市场主体的认可与支持。 2024年，新"国九条""科创板八条""并购六条"相继发布，并购重组活力率先在资本市场被激活，并向全国各省、各产业快速蔓延，重点产业并购案例不断 涌现。 为更好释放并购重组价值，大河财立方开设"并购汇"栏目，报道追踪并购重组市场动态，纵深研究新政策，拆解新模式，剖析新案例，直面新问题，打造 全国影响力。 【大河财立方 记者 吴春波】2025年4月22日，全球矿业市场迎来一则重磅交易——中国矿业巨头洛阳栾川钼业集团股份有限公司（以下简称洛阳钼业）公 开宣布，将以5.81亿加元（约合人民币30亿元）全现金方式收购加拿大多伦多交易所上市公司Lumina黄金（TSXV:LUM）100%股权。 此消息一经发布，洛阳钼业A股股价当日涨4.05%、H股涨9.58%。在全球黄金价格持续强势的背景下，此次收购"精准卡位"特征明显，将进一步完善洛阳 钼业的全球资产布局和产品布局。 收购标的情况： 金平均品位0.55g/t，内蕴黄金金属359吨 Cangrejos金矿属于典型的斑岩型金矿 ...

Core Insights - The global economy in 2025 is expected to experience volatility due to geopolitical conflicts, anticipated interest rate cuts by the Federal Reserve, and inflationary pressures, leading to a historic high in spot gold prices. Central bank gold purchases, increased demand for safe-haven assets, and innovations in financial instruments like gold ETFs are driving gold as a core asset for investors against risks [1] Group 1: Main Channels for Domestic Gold Investment - Online trading platforms allow electronic trading with 24-hour access, supporting standard contracts like London gold and silver, with low entry thresholds suitable for various investor scales [3] - Banks offer gold-related products such as physical gold bars or paper gold, suitable for long-term holders, with attention to fee differences like buyback fees ranging from 0.5% to 1% [4] - Physical gold shops and exchanges, such as Chow Tai Fook, facilitate the buying and selling of physical gold, but come with high processing fees (30-200 yuan per gram) and potential markdowns during liquidation [5] Group 2: Core Standards for Choosing Compliant Platforms - Regulatory qualifications are essential, with platforms needing to hold AA-class member status from the Hong Kong Gold Exchange, ensuring funds are stored in third-party banks and transactions are regulated by Hong Kong law [6] - Transaction costs and transparency are critical, with a preference for platforms with low spreads (e.g., $0.34 per ounce) and no hidden fees, ensuring all costs are publicly disclosed [7] - Technical stability and tool support are necessary, with platforms supporting MT4/MT5 systems to ensure order execution speed under 0.1 seconds during extreme market conditions, along with AI strategy suggestions and financial calendars [8] Group 3: Practical Strategies for Gold Investment - Opening an account and verification involve selecting a compliant platform, completing real-name authentication, and activating the account to receive potential new customer bonuses (up to $30,000) [12] - Utilizing a demo account to familiarize with trading rules and test technical indicators (e.g., MACD, Bollinger Bands) helps avoid blind operations during real trading [13] - For real trading, short-term strategies should focus on Federal Reserve policies and geopolitical events, while long-term strategies recommend allocating 5%-15% of household assets to gold for inflation and systemic risk hedging [14][15] Group 4: Common Pitfalls and Counter Strategies - Avoiding blind chasing of price spikes is crucial, as historical data shows that gold prices often retreat after short-term surges (e.g., a 0.4% drop in Q4 2024) [16] - Distinguishing between investment and consumption is important, as gold jewelry incurs high processing fees and is not suitable for investment; standardized contracts or physical gold bars should be prioritized [16] - Ensuring platform compliance is vital to avoid unqualified platforms promising high returns, with a focus on fund safety over short-term profits [16] Conclusion - The gold market in 2025 presents both opportunities and risks. Investors should rely on compliant platforms, employ scientific strategies, and maintain strict risk controls to achieve stable value growth amidst volatility. Whether engaging in short-term trading or long-term holding, gold's role as a ultimate safe-haven asset will add certainty to asset portfolios in uncertain times [18]

上周五（4月25日）亚洲交易时段，现货黄金市场呈现典型的多空拉锯态势。截至东京时间7点52分，金价在触及3370.58美元/盎司日内高点后回落至3350美 元关键心理价位震荡整理。这种波动格局恰似当前全球金融市场的缩影——在周三经历3%的剧烈回调后，周四以1.83%的强势反弹收复3348.50美元，彰显 出避险资产在动荡环境中的独特韧性。 政治博弈主导短期走势 本周黄金市场的戏剧性波动，本质上是大国博弈的镜像映射。周二金价创纪录飙升至3500美元的历史性时刻，直接诱因是特朗普针对美联储主席鲍威尔 的"非常规威胁"。这种政治干预预期迅速推高市场避险情绪，但随后特朗普的"政策急转弯"——撤销罢免威胁并释放贸易缓和信号，导致金价在24小时内回 撤超150美元。这种政策不确定性并非孤立事件，而是全球贸易体系重构进程中的典型波动。 亚洲大国周四的强硬表态为市场注入新变量。要求全面取消关税的立场与白宫释放的"谈判善意"形成鲜明对冲，这种立场差异在金融市场引发连锁反应：美 元指数单日重挫0.61%至99.29，而黄金则获得17亿美元的避险资金流入。这种政策博弈的"罗生门"状态，使得传统资产定价模型面临严峻挑战。 政策迷雾中 ...