Core Viewpoint - The article discusses the recent decline of the US dollar, driven by a resurgence of "currency devaluation trading" and investor concerns about the long-term purchasing power of the dollar, despite reassurances from US Treasury Secretary Scott Basset regarding a strong dollar policy [1] Group 1: Dollar Performance - The US dollar index fell to 96.03 on the 29th, marking a decline of approximately 0.3% [1] - The decline in the dollar's value is attributed to investors shifting towards alternative assets due to fears of prolonged depreciation of the dollar's purchasing power [1] Group 2: Market Reactions - Following comments from President Trump suggesting a favorable view of a weaker dollar for US businesses, a wave of dollar selling was triggered [1] - Investors are increasingly favoring tangible safe-haven assets like gold, as the dollar has not demonstrated characteristics of a safe-haven currency [1] Group 3: Institutional Actions - BlackRock, a major asset management firm, has reportedly joined the ranks of those shorting US Treasuries, with concerns about persistent inflation risks in the US and UK [1] - BlackRock's Tactical Opportunities Fund, managed by Tom Becker, has been increasing its short positions in long-term US and UK government bonds since late last year, anticipating that high inflation will hinder interest rate cuts [1] - Several European pension funds have also begun selling dollar-denominated assets due to concerns over the unpredictability of US fiscal and debt conditions [1]

Group 1 - International gold and silver prices experienced significant volatility, with gold prices nearing $5,600 per ounce before a sharp decline on January 29 [1] - The World Gold Council's report indicates that gold demand trends for Q4 2025 will solidify gold's position among central banks, investors, and consumers, with structural adjustments expected to last until early 2026 [1] - In the UK, consumer demand for gold remains strong despite price fluctuations, with the Royal Mint reporting record online sales of gold bars [3] Group 2 - In South Korea, rising gold prices have led companies to shift from providing gold as longevity rewards to cash payments for employees, with costs nearly doubling compared to two years ago [4] - The recent surge in gold prices coincides with the U.S. dollar hitting a four-year low, prompting a trend of "selling America" among investors seeking safer assets [6] - Factors influencing the dollar's decline include concerns over U.S. economic leadership and potential changes in U.S. fiscal policy, which may undermine the dollar's long-term stability [8] Group 3 - Experts warn of increased short-term adjustment risks in the international precious metals market due to significant fluctuations and algorithmic trading activity [10]

美国财政部长斯科特·贝森特对"强势美元政策"的确认未能逆转美元跌势。美元反弹戛然而止，29日再 度下挫。 美元指数29日一度下跌至96.03，跌幅约0.3%。据披露，美元重拾跌势，原因是"货币贬值交易"卷土重 来，其影响超过贝森特先前发表的稳定美元汇率言论。"货币贬值交易"是指投资者担心美元购买力将长 期下降而转向其他替代资产。 贝森特28日说："美国始终奉行强势美元政策。"此前一天，美国总统特朗普暗示自己对美元贬值持开放 态度，认为这对美国企业有利，从而引发一轮美元抛售潮。 双线资本首席执行官杰弗里·冈拉克说，一段时间以来，投资者更倾向于选择黄金这类有形的避险资 产，而美元未表现出避险货币的特性。 对比美元汇率下挫，国际现货黄金价格29日一度上涨至每盎司5598.75美元，再创历史新高。 随着"抛售美国"现象再次上演，23日，有消息称，美国资产管理巨头贝莱德公司近期加入做空美债的队 伍。贝莱德高级投资经理汤姆·贝克尔说，市场低估了美国和英国通胀将持续存在的风险，他一直在抛 售这两个国家的政府债券。 来源：央视新闻客户端 贝克尔与他人共同管理约41亿美元规模的"贝莱德战术机遇基金"。自去年年底以来，他一直在增 ...

经济观察网据央视新闻客户端消息，美国财政部长斯科特.贝森特对"强势美元政策"的确认未能逆转美 元跌势。美元反弹戛然而止，29日再度下挫。 美元指数29日一度下跌至96.03，跌幅约0.3%。据披露，美元重拾跌势，原因是"货币贬值交易"卷土重 来，其影响超过贝森特先前发表的稳定美元汇率言论。"货币贬值交易"是指投资者担心美元购买力将长 期下降而转向其他替代资产。 贝森特28日说："美国始终奉行强势美元政策。"此前一天，美国总统特朗普暗示自己对美元贬值持开放 态度，认为这对美国企业有利，从而引发一轮美元抛售潮。 双线资本首席执行官杰弗里.冈拉克说，一段时间以来，投资者更倾向于选择黄金这类有形的避险资 产，而美元未表现出避险货币的特性。 对比美元汇率下挫，国际现货黄金价格29日一度上涨至每盎司5598.75美元，再创历史新高。 随着"抛售美国"现象再次上演，23日，有消息称，美国资产管理巨头贝莱德公司近期加入做空美债的队 伍。贝莱德高级投资经理汤姆.贝克尔说，市场低估了美国和英国通胀将持续存在的风险，他一直在抛 售这两个国家的政府债券。 贝克尔与他人共同管理约41亿美元规模的"贝莱德战术机遇基金"。自去年年底以来， ...

Group 1 - The core viewpoint of the news is the significant decline of the US dollar index, which fell 1.4% to 95.51 points, marking its lowest level since February 2022, and a cumulative drop of 3.62% over seven days, indicating rising market panic [1] - President Trump's comments downplaying the risks of dollar depreciation and suggesting a fluctuating dollar have been interpreted as the government encouraging a weaker dollar, triggering a new wave of sell-offs [3] - The "Sell America" trade has emerged, with investors moving funds into gold and non-US currencies, as gold prices surpassed $5,180 per ounce, and the euro reached 1.20 against the dollar for the first time since June 2021 [4] Group 2 - Market expectations of a US-Japan joint intervention in the currency market have intensified, with the New York Fed contacting financial institutions to check the yen's exchange rate, which is seen as a precursor to market intervention [6] - The concept of the "Mar-a-Lago Agreement," which suggests using dollar depreciation and debt restructuring to reshape the global economy, has resurfaced, reflecting concerns about the current market situation [6] - Structural issues such as political polarization and the looming debt crisis are eroding confidence in US economic governance, with US net overseas debt exceeding 90% of GDP, totaling $26 trillion [7] Group 3 - Investors are facing unprecedented hedging costs against systemic risks associated with the dollar, with the premiums for short-term put options reaching the highest level since 2011 [8] - The dollar's weakening is prompting a structural adjustment in global capital allocation, with a forecast of dollar depreciation over the next decade as investors question its status as a safe-haven asset and global reserve currency [10] - Foreign ownership of US stocks is approximately 18%, while foreign holdings of US corporate bonds are around 10%, indicating that any loss of confidence in the dollar could trigger significant capital outflows [10]

中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 （文章来源：每日经济新闻） 近期黄金价格的上涨不仅源于其避险属性，也受益于"抛售美国"交易逻辑的再现，市场对美国资产信心 产生动摇、降息周期与地缘局势紧张形成黄金价格上行的合力，投资者持续涌向贵金属。 综合来看，当下贵金属和有色价格上涨，本质是核心逻辑的持续兑现，且金银中长期驱动因素依然清 晰，中期维度大概率还会走出更高价格，但本波段上涨或已经出现一定加速赶顶信号。当下市场正处于 情绪与资金共振的极致阶段，中长期投资机会与短期风险并存，建议投资者结合自己的风险偏好与交易 水平，逢低布局，理性参与中长期的投资机会。 相关机构表示，特朗普昨日表示，不担心美元贬值，可以让其像悠悠球一样涨跌。美元指数DXY在特 朗普评论时先小幅拉升，随后大幅下跌超50点，创下2022年2月以来的新低，非美货币趁势拉高，黄金 价格走强。另外，28日消息，泰国央行行长宣布黄金交易禁止做空操作。 ...

Market Overview - The A-share market showed strong fluctuations today, with the Shanghai Composite Index rising by 0.27% to 4151.24 points, while the Shenzhen Component Index increased by 0.09%. However, the ChiNext Index and the STAR Market Index fell by 0.57% and 0.47%, respectively. The total market turnover reached 2.99 trillion yuan, an increase of 70.8 billion yuan compared to the previous trading day [1][15] - The overall market sentiment is neutral to weak, with over 3600 stocks declining. Small-cap stocks showed mixed performance, with micro-cap stocks underperforming, while growth stocks slightly outperformed value stocks [1][15] Gold and Precious Metals - Spot gold prices surged past the $5200 per ounce mark, leading to significant gains in gold stocks and the non-ferrous metals sector. The Gold Stock ETF rose by 10.00%, the Mining ETF increased by 7.38%, and the Non-Ferrous 60 ETF climbed by 7.37% [1][2][15] - The recent rise in gold prices is attributed to its safe-haven appeal and a renewed "sell America" trading logic, as market confidence in U.S. assets wavers amid a potential interest rate cut cycle and geopolitical tensions [2][16] Commodity Market Trends - The current rise in precious metals and non-ferrous prices reflects the ongoing realization of core market logic, with clear long-term drivers for gold and silver. However, there are signs of potential acceleration towards a peak in this price wave [3][17] - A super cycle for commodities is anticipated this year, supported by a rebound in real estate and infrastructure investments in China, as well as expansionary fiscal and monetary policies in the U.S. during the midterm election year [4][18] Coal and Energy Sector - The Coal ETF saw a significant increase of 4.75%, driven by market sentiment towards resource commodities. The current price of Q5500 thermal coal in Qinhuangdao and Shanxi has stabilized at 685 yuan per ton [6][20] - The oil sector also experienced gains, with the Oil ETF rising by 4.42%. Brent crude oil prices rebounded from around $60 to above $65, influenced by geopolitical uncertainties and supply disruptions [7][22] Investment Opportunities - The coal industry shows strong valuation and dividend potential, with a price-to-book ratio of only 1.59 and a dividend yield of 5.82%, making it attractive in the current low-interest-rate environment [21] - Investors are encouraged to consider the largest Oil ETF, which has a scale of 1.021 billion yuan, as it continues to attract capital inflows [8][23]

Market Overview - The A-share market showed a strong fluctuation today, with the Shanghai Composite Index rising by 0.27% to 4151.24 points, while the Shenzhen Component Index increased by 0.09%. However, the ChiNext Index and the Sci-Tech Innovation Board Index fell by 0.57% and 0.47% respectively. The total market turnover reached 2.99 trillion yuan, an increase of 70.8 billion yuan compared to the previous trading day [1] Sector Performance - The gold sector led the market, with significant gains in cyclical products such as non-ferrous metals, coal, oil, and chemicals. Conversely, sectors like machinery, photovoltaics, and pharmaceuticals experienced some pullbacks. Overall, the market sentiment was neutral to weak, with over 3600 stocks declining [1] - The gold price surged past the $5200 per ounce mark, driving up gold stocks and the non-ferrous metal sector. The Gold Stock ETF (517400) rose by 10.00%, the Mining ETF (561330) increased by 7.38%, and the Non-Ferrous 60 ETF (159881) gained 7.37%. The recent rise in gold prices is attributed to its safe-haven appeal and a renewed "sell America" trading logic, alongside geopolitical tensions and expectations of interest rate cuts [1] Commodity Market Dynamics - The Coal ETF (515220) rose by 4.75%, supported by soaring gold and silver prices, a bullish atmosphere in the non-ferrous sector, and ongoing price increases in chemicals. The rise in oil and natural gas prices has also led to expectations of higher coal prices. From a fundamental perspective, there is potential for reduced supply, and winter demand for electricity and heating is improving, leading to a gradual depletion of accumulated coal inventories [2] - The Oil ETF (561360) increased by 4.42%, influenced by heightened geopolitical uncertainties and a significant reduction in U.S. crude oil production due to extreme weather conditions, which saw a drop of 2 million barrels per day. This disruption in supply is expected to have a notable impact on short-term supply and demand dynamics [2] Debt Market Insights - The bond market has seen a continued rebound, with the 10-Year Treasury ETF (511260) rising by 0.47% over the past 10 days. The outlook remains for narrow fluctuations due to the K-shaped economic recovery, where old growth drivers are weakening while new ones are emerging. This situation complicates the assessment of the macroeconomic state [3] - The traditional economy's downturn may further support the bond market, as the profitability of long-term bonds has decreased, leading to significant outflows from trading positions. The remaining allocation is likely to focus more on economic realities. The current monetary policy stance is neutral, providing strong guidance for maintaining a reasonable range in the bond market [3]

1月28日，黄金股票ETF（517400）收盘10cm涨停，连续5日资金净流入超5.3亿元，"抛售美国"交易逻 辑再现 每日经济新闻 中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 相关机构表示，近期黄金价格的上涨不仅源于其避险属性，也受益于"抛售美国"交易逻辑的再现，市场 对美国资产信心产生动摇、降息周期与地缘局势紧张形成黄金价格上行的合力，且白银持续突破关键点 位点燃市场情绪，投资者持续涌向贵金属。中长期看，美联储降息周期、海外不确定性加剧、全球去美 元化趋势、央行和Tether等发行商购金等，黄金的长逻辑仍然稳 ...

特朗普昨日表示，不担心美元贬值可以让其像悠悠球一样涨跌。美元指数DXY在特朗普评论时先小幅拉升，随后大幅下跌超50点，创下2022年2月以来的新 低，非美货币趁势拉高，黄金价格走强。另外，28日消息，泰国央行行长宣布黄金交易禁止做空操作。 | 序号 类型 代码 | | 涨跌幅 ▼ 5日涨跌幅 | | --- | --- | --- | | 1 主 517400 黄金股票ETF | 10.00% | 19.82% | | 2 主 561330 矿业ETF | 7.38% | 15.11% | | 3 主 159881 有色60ETF | 7.37% | 13.99% | 数据来源：Wind，截至2026/1/28 收盘 现货黄金价格加速上冲站上5200美元/盎司整数关口，黄金股票、有色金属板块大涨。截至今日（1月28日）收盘，黄金股票ETF（517400）10cm涨停，矿业 ETF（561330）涨幅7.38%，有色60ETF（159881）涨幅7.37%。 【上涨原因分析】金银继续狂飙 今日，国际现货黄金延续大涨势头，盘中首次突破5200美元，日内涨幅扩大超1%。 近期黄金价格的上涨不仅源于其避险属性，也受益 ...