转变从何而来？投资者终于意识到白银已变得何等稀缺。 有分析师指出，白银在此轮涨势中的缺席实则抑制了投资者对黄金的整体兴趣。毕竟在典型牛市中，白 银通常因高波动性表现更优。但多年来其持续滞后，给整个贵金属交易蒙上了质疑阴影。 不过这种质疑正在迅速消散。 白银上周以每盎司56美元上方的历史新高收官，自1月以来累计涨幅达惊人的97%。同期黄金正努力企 稳在4200美元关键阻力位上方，年内涨幅近61%。 与全球经济加速电气化相关的工业需求，已导致白银供应连续五年出现显著缺口。地上库存持续消耗， 而现有金属往往形态不符或位置不当。这种错配在2025年引发了一系列供应冲击。 黄金的牛市行情及其背后持续三年的基本面逻辑已被广泛探讨，但在此过程中始终缺失关键一环：白 银。 今年初市场目睹了第一轮冲击波：在特朗普的全球贸易议程可能加征关税的预期下，大量白银涌入美 国。尽管白银最终未受关税制裁，但担忧从未完全消散，尤其在华盛顿正式将其列为关键金属之后。 凭借其纯粹货币属性，黄金已从贵金属阵营中脱颖而出。各国央行在寻求脱离法定货币、转向更稳定有 形资产的过程中，创造了前所未有的需求。而波动剧烈的白银显然难以符合官方部门持有人的要求 ...

Core Viewpoint - Spot gold has experienced a significant decline, breaking below $4200, with a drop of 3.8%, marking the largest decline in four years [1]. Price Movements - As of the latest update, spot gold is priced at $4205.25 per ounce, having opened at $4359.15, reached a high of $4375.27, and a low of $4189 [2]. - Spot silver also saw a substantial decline, initially dropping over 6% and currently down 5.04%, priced at $49.76 per ounce [1][2]. Market Reactions - The Shanghai gold futures market has seen the main contract drop by 3%, currently at 959.88 yuan per gram, while the main silver contract fell by 4%, now at 11386.00 yuan per kilogram [3]. - Due to the recent volatility in gold prices, several financial institutions, including Everbright Bank, have implemented stricter measures on gold trading to protect investors [3][5]. Institutional Responses - Everbright Bank announced that starting October 20, it will gradually terminate business relationships with clients who have no positions in gold trading, alongside adjustments to margin requirements [3][10]. - Other banks, such as Industrial Bank, China Merchants Bank, and China Construction Bank, have also issued warnings regarding the increased market risks associated with precious metals [6][8]. Margin Adjustments - The Shanghai Gold Exchange has raised the margin requirements for gold trading contracts, with standard margin ratios for various contracts increasing from 38% to 40% and for silver from 41% to 43% [10][11].

Core Insights - Hong Kong Gold and Silver Exchange Society (CGSE) is the oldest and largest precious metals spot trading venue in Hong Kong, established in 1910 [1][6] - CGSE is the only officially recognized gold and silver exchange by the Hong Kong government, adhering to strict membership regulations and trading rules [3] - The exchange is set to become a core hub for gold trading in Asia following the establishment of the Hong Kong Gold Exchange in January 2025 [4] Trading Operations - CGSE offers a variety of trading products including 999 gold, kilogram bars, and London gold/silver, with an average daily trading volume of 800-1000 billion HKD [5] - The exchange employs a dual trading system, maintaining traditional open outcry in HKD while also providing an electronic trading platform for 24-hour global connectivity [7] - A margin system and price limit mechanisms are in place, supervised by a board to ensure market continuity and liquidity [8] Historical Context - The exchange originated from street gold merchants and has evolved into a regulated entity, demonstrating resilience through multiple financial crises [6] - The headquarters is located at 12-18, Ginseng Street, Sheung Wan, Hong Kong, and it currently has 171 members, including 30 gold group members [1]

Core Points - On September 29, 2025, GF Bank announced an adjustment in margin ratios for its gold and silver deferred contracts, increasing the gold margin from 23% to 31% and the silver margin from 26% to 34% [1] Group 1 - The margin ratio for gold deferred contracts will be raised to 31% effective from the market close on September 30, 2025 [1] - The margin ratio for silver deferred contracts will be increased to 34% effective from the market close on September 30, 2025 [1] - Investors are advised to monitor their precious metal trading account balances and manage their positions prudently to mitigate market risks [1]

Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are $3681.00, $41.27, $1401.00, $1184.00, $64.52, and $10064.50 respectively, with changes of -$14.40, -$1.42, $10.00, -$3.00, $0.00, and -$55.00 [4]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 96.64, 1.19, 1.36, 146.46, and 1.67 respectively, with no changes [4]. Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 16317.89, 1221.43, and 1283.61 respectively. The inventory of SHFE Silver decreased by 9.83 [5]. - The latest holdings of Gold ETF and Silver ETF are 975.66 and 15189.61 respectively, with decreases of 4.29 and 28.23 [5]. - The latest deferred - fee payment directions of SGE Silver and SGE Gold are 1 and 2 respectively, with no changes [5].

Group 1 - Spot gold experienced a rise and then a pullback, with the increase narrowing to 0.37%, priced at $3649.24 per ounce [1] - Spot silver declined by 0.82%, with a price of $40.98 per ounce [1]

Core Insights - Gold prices increased slightly, with spot gold rising by 0.22% to $3355.74 per ounce and COMEX gold futures up by 0.24% to $3407.10 per ounce [1] - Silver prices showed a stronger performance, with spot silver increasing by 1.56% to $38.5072 per ounce and COMEX silver futures rising by 1.47% to $38.560 per ounce [1] - Copper futures experienced a decline, falling by 0.62% to $4.4975 per pound [1] Gold Market - Spot gold price reached $3355.74 per ounce, reflecting a 0.22% increase [1] - COMEX gold futures traded at $3407.10 per ounce, marking a 0.24% rise [1] Silver Market - Spot silver price rose to $38.5072 per ounce, an increase of 1.56% [1] - COMEX silver futures were priced at $38.560 per ounce, up by 1.47% [1] Copper Market - COMEX copper futures decreased to $4.4975 per pound, showing a decline of 0.62% [1]

Group 1 - The international gold price has surpassed the 3400 mark, reaching a two-week high, driven by escalating global trade tensions and expectations of interest rate cuts by the Federal Reserve [1] - Analysts indicate that the activity level in the precious metals market has significantly increased, with different trading sessions exhibiting distinct characteristics [1] - The trading dynamics vary across sessions: the Asian session often experiences fluctuations due to geopolitical news, the European session sees increased capital inflow, and the American session is prone to significant volatility due to Federal Reserve policy movements [1] Group 2 - Precious metals are global assets with trading sessions covering Asia, Europe, and America, forming a 24-hour continuous trading system [2] - The ability to operate flexibly across different trading sessions directly impacts investors' opportunities to capture safe-haven asset allocations [2] - A reputable spot gold platform must provide trading windows that synchronize with global markets, which is a key measure of the platform's professionalism [2] Group 3 - Different trading sessions exhibit distinct market rhythms, necessitating high demands for order execution speed and capital flexibility on trading platforms [3] - Gold盛贵金属 supports MT4 & MT5 platforms, ensuring high-speed order execution and flexible trading operations across all sessions [3] - The platform's capital flow efficiency is highly aligned with trading sessions, offering instant deposit and two-hour withdrawal services to meet investors' capital adjustment needs [3] Group 4 - Transparency and security are core concerns for investors in the long trading hours and complex market of precious metals [4] - 金盛贵金属, as an AA class member of the Hong Kong Gold Exchange, provides transaction codes for trades over 0.1 lots, allowing for verification on the exchange [4] - The platform employs international standard online coding technology and SSL encryption to safeguard customer data and transaction security during 24-hour trading [4] Group 5 - New investors in gold should choose reputable platforms, verifying their regulatory qualifications and transaction coding [7] - Familiarity with the characteristics of different trading sessions is crucial, as the Asian session is less volatile and suitable for practice, while the American session is more volatile and requires position control [7] - Utilizing stop-loss tools is essential, and maintaining rational judgment is particularly important during periods of market volatility [7]

Core Viewpoint - The article emphasizes the importance of having a reliable and efficient trading platform for precious metals, particularly in a fast-paced market where timing is crucial for capitalizing on opportunities [1][6]. Group 1: Speed Revolution of Localized Trading System - The "Xinhui Zhitou" app offers rapid response times, eliminating delays commonly found in international platforms, ensuring orders are executed in seconds even on lower-end devices [3]. - The app operates independently of web dependencies, providing stable 24/7 online access regardless of location, thus alleviating concerns about connectivity issues [3]. Group 2: Integrated Smart Trading Platform - The app features a precise trading system that allows for quick market orders and strategic limit orders, enabling users to execute complex strategies effortlessly [4]. - It includes robust defensive mechanisms such as intelligent stop-loss features and a "risk freeze" option to secure profits during market volatility [4]. Group 3: Comprehensive Market Insight System - The app provides multi-dimensional views for traders, allowing seamless transitions between different time frames, from minute charts to monthly trends [4]. - It incorporates various technical analysis tools and indicators, catering to diverse trading strategies and enhancing decision-making capabilities [4]. Group 4: User-Friendly Command Center - The app is designed for intuitive use, allowing both novice and experienced traders to navigate easily and customize their trading interface [4]. - It is lightweight, ensuring smooth operation on devices with limited resources, and includes localized support for Chinese traders, addressing language and cultural barriers [4].

Core Viewpoint - The Shanghai Gold Exchange reported a decline in both gold and silver T+D prices on July 31, with gold down by 0.37% and silver down by 2.34% [1] Gold Market - The closing price for gold T+D on July 31 was 766.58 yuan per gram [1] Silver Market - The closing price for silver T+D on July 31 was 8960.0 yuan per kilogram [1]