北京时间2026年1月30日夜今晨，黄金出现自1980年初以来最大的单日跌幅，杠杆资金的逃离，让市场 出现了严重的踩踏事件！ 市场之所以出现大幅回撤，跟此前涨得太多、太急， 获利盘极为丰厚、杠杆资金太多有关。 只有与美国关系不好的国家，为了避免外汇储备被冻结，需要减持美元，增持贵金属。 这些国家的民众，也有配置贵金属的必要性。 西方投资机构和投资者，对贵金属始乱终弃，大涨、挣钱之后，会毫不犹豫抛售，然后静待下一个周 期。 由于特朗普"不靠谱"，不断试图改变世界秩序，才造成这一轮贵金属的大牛市。 剧烈下跌之后，金银将走向何方，充满不确定性。 市场认为特朗普跟美联储的冲突即将结束， 由此带来的美元贬值风险有所化解，这也是导致金银价格下跌的原因之一。 沃什被提名，美元指数重返97点上方，对贵金属构成利空。 西方国家和投资者对贵金属的看法或者需求，跟我们有显著差异。 历史上，多位美联储主席、巴菲特，都对黄金嗤之以鼻，认为价值不高。特朗普构想的未来货币体系， 是"美元+加密货币"，其中加密货币中的稳定币，很大程度上以美元为锚。 长线可以看好，但短期风险较大，只适合冲浪爱好者。 ...

1月31日，国际金银价格同步大跌，创40余年来最大跌幅。国内金饰价格同样明显下跌，多家品牌金饰克价重回1500~1600元区间。 专家分析，这轮下跌的核心诱因是美联储释放降息延后信号及人事变动，叠加获利盘集中出逃，形成恐慌性抛售。 北京时间1月31日，现货黄金收盘价为4894.49美元/盎司，跌幅超过9%，一夜跌回1月21日的价格，盘中一度跌破4700美元。白银收盘价84.63美元/盎司，大 跌近27%，最低跌至77.7美元。 ▲菜百首饰展示的最新金价 中国商业经济学会副会长、华德榜创始人宋向清告诉红星新闻记者，今日金银出现历史级暴跌，核心诱因是美联储释放降息延后信号且人事变动推升美元与 高利率预期，直接削弱贵金属避险和持有价值。宋向清还提到，前期金银受投机资金推动涨幅过大，交易所上调保证金触发高杠杆资金平仓，叠加获利盘集 中出逃，形成恐慌性抛售循环放大跌幅。本轮金银上涨缺乏基本面供需支撑，白银的金融与工业双重属性进一步加剧下跌，贵金属相关板块同步重挫，资金 转向美元、美债等资产。 ▲1月31日，国际金价暴跌9% ▲1月30日，消费者在菜百首饰试戴金饰 图据视觉中国 1月30日，在金价已经出现大幅波动的情况下 ...

一夜之间，全崩了 昨天白天的时候，看到白银和黄金在大跌，想想昨夜跌跌就差不多了，结果一觉醒来完全颠覆了认知，现货白银期货大跌了36%，应该是历史以来的最大单 日跌幅，现货黄金也大跌12%，盘中击穿了4700美元，也是最近40年以来的最大跌幅。 从白银期货层面而言，昨晚的波动真的是堪称史诗级，盘中最高为114美元，最低为74美元，也就是说最大跌幅达到了35%，我看了一下昨天一天的跌幅把1 月份的涨幅全部跌没了，这就是说此前经历了白银加速上涨的群体，如果还没有卖出，相当于是一场空欢喜。 再看纽约黄金期货也是相当的惨烈，昨天盘中高点5400美元，最低点到了4700美元，昨夜的最大跌幅达到了12%，这波黄金的加速走势是从1月19日开始， 大概是4600美元，也就是说黄金加速上涨这段看起来很美，如果你现在还持有的话，也是一场空欢喜。 原因解读： 每次出现这种事件的时候，总是有各种各样的解读，在我看来美联储提名的负责人仅仅是导火索，大家觉得这可不是一个简单的鹰派，也未必会大幅度降 息，并且有收紧流动性的可能，这点从昨天美元指数的反弹就可以看出，如此对贵金属当然是利空了。 实际上这个解读看起来逻辑很顺，实际道理并不是那么明 ...

Core Viewpoint - The market for gold and silver has experienced significant declines, with spot gold dropping over 4% and spot silver falling more than 5%, indicating a bearish trend in precious metals [1][4]. Group 1: Market Performance - Spot gold is reported at $5,139.38 per ounce after a daily decline of over 4% [4]. - Spot silver is currently priced at $108.90 per ounce, reflecting a drop of more than 5% [4]. - The A-share market opened lower, with all three major indices declining by over 1%, led by the gold and base metals sectors [4]. Group 2: Stock Performance - Several gold and silver-related stocks have hit the daily limit down, including companies like 盛达资源 (Shengda Resources) and 中金黄金 (Zhongjin Gold), which both saw a 10% drop [4][5]. - Specific stock performances include: - 晓程科技 (Xiaocheng Technology) down 19.92% with a trading volume of 2.289 billion [5]. - 贵研铂业 (Guiyan Platinum) down 10.01% with a trading volume of 1.031 billion [5]. - 山东黄金 (Shandong Gold) down 10% with a trading volume of 3.775 billion [6]. Group 3: Risk Announcements - Multiple companies, including 白银有色 (Baiyin Yese) and 招金黄金 (Zhaojin Gold), issued risk warnings due to the volatility in precious metals prices [6][9]. - The domestic prices of gold jewelry have also seen a decline, with major brands like 周生生 (Chow Sang Sang) and 周大福 (Chow Tai Fook) adjusting their prices [6].

据智通财经1月31日消息，因市场担忧沃什的鹰派立场，贵金属获利抛压激增，黄金、白银出现崩盘式跳水，白银盘中一度暴跌36%，黄金最高跌超 12%。现货黄金最终收跌9.52%，报4865美元/盎司。白银收跌26.9%，报84.7美元/盎司。黄金、白银1月仍有12%、18%的涨幅。现货铂金重挫17.59%，1 月累涨1.65%。现货钯金重挫14.89%，1月累涨4.66%。 北京时间1月31日凌晨，恐慌性抛售席卷全球贵金属市场。 1月30日下午，中国工商银行发布公告称，自2026年2月7日起，在周末以及法定节假日等非上海黄金交易所交易日，工行将对如意金积存业务进行限额管 理，限额类型包括全量或单一客户单日积存/赎回上限、单笔积存或赎回总量上限等，并进行动态设置，提金不受影响。 黄金价格剧烈波动下，两家国有大行同日有最新动作。 同日，中国建设银行也发布公告称，自北京时间2026年2月2日9时10分起，建行个人黄金积存业务定期积存起点金额（包括日均积存及自选日积存）上调 至1500元。调整前已设置成功的定期积存计划将继续执行，不受影响。值得注意的是，这也是继工行、农行后，1月以来又一家国有商业大行对积存金起 购金额进行 ...

Core Viewpoint - The nomination of Kevin Warsh as the next Federal Reserve Chairman has alleviated market concerns regarding the independence of the Fed, leading to a rise in the dollar and a significant drop in precious metal prices [1][3]. Group 1: Market Reactions - The COMEX silver price for February delivery plummeted over 35%, reaching a low of $74 per ounce, while COMEX gold fell more than 10%, nearing $4,700 [1]. - The sell-off extended to the entire precious metals market, with LME platinum and palladium futures both declining over 15%, entering a technical bear market alongside silver [1]. - Analysts attribute the panic selling to profit-taking and crowded trading positions, with leveraged positions exacerbating market volatility [1][3]. Group 2: Investor Sentiment - The market is trading on expectations of a "hawkish" Warsh, which has contributed to a stabilization of the dollar and a reduction in the asymmetric risks of continued dollar depreciation, leading to the sharp declines in gold and silver prices [3]. - The current market trend is described as irrational, with forced selling likely due to the high levels of leverage in the silver market, prompting margin calls [3][4]. - The sentiment among retail investors has been a significant driver of recent silver price volatility, indicating a crowded trade in precious metals [4]. Group 3: Demand and Supply Dynamics - The World Gold Council reported that global gold demand reached a record high, with total demand projected to exceed 5,000 tons by Q4 2025, valued at $555 billion, marking a 45% year-over-year increase [6]. - The increase in gold ETF holdings by 801 tons represents the second-highest annual growth, while central bank purchases have decreased, with a total of 863.3 tons bought in the year [6]. - The demand for gold is driven by a mix of risk aversion and asset diversification, with price movements also influencing investment demand [6]. Group 4: Future Projections - Analysts suggest that if private investors increase their gold allocation from 3% to 4.6%, gold prices could theoretically rise to between $8,000 and $8,500 per ounce, although this path may be fraught with volatility [8]. - The current overbought conditions in gold and silver markets indicate potential risks of profit-taking and price corrections in the short term [8]. - Long-term bullish logic for gold remains intact, with $5,000 per ounce seen as a reasonable support level for adjustments [8].

Group 1 - The recent surge in precious metal prices, particularly gold and silver, has led to increased market investment activity, prompting two gold and silver-themed LOF products to announce purchase limits [1] - As of January 28, the international spot gold price reached a new high of $5,300 per ounce, with a daily increase exceeding 2% and a cumulative rise of over 21% since early 2026 [1] - The silver market also experienced a historic surge, with international spot silver prices surpassing $100 per ounce and silver futures rising over 60% since early 2026 [1] Group 2 - Regulatory bodies have taken swift action to curb market overheating and prevent violations, with the Shanghai Futures Exchange adjusting margin requirements and trading limits for nickel and other futures contracts [2] - On January 28, the Shanghai Gold Exchange announced adjustments to the margin levels and price fluctuation limits for silver deferred contracts, effective January 30 [2] - The Shanghai Futures Exchange also implemented measures against clients who exceeded trading limits in silver and tin futures, indicating heightened regulatory scrutiny in the precious metals market [3] Group 3 - Analysts suggest that the current high investment sentiment in the precious metals market, while supported by macroeconomic narratives, may lead to irrational trading behaviors due to rapid price increases [3] - The manager of the Bosera Gold ETF highlighted gold's role as a strategic investment during periods of economic and political uncertainty, especially as equity market valuations are high and cryptocurrency volatility is declining [4] - Silver's long-term outlook is expected to remain strong due to significant supply growth and increasing demand from sectors like photovoltaics, electric vehicles, and AI data centers, alongside declining inventories [4]

CHIll Andrews 2026年1月30日 中信期货研究所 宏观研究组 投资咨询业务资格: 正监许可 2012 669号 【贵金属】异动点评 1月30日金银价格自高位回落。伦敦金现盘中一度下探至5067美元/盎司附近:伦敦银同步走弱,价格回落至100美元/盎司附 近。在前期连续快速拉升并刷新历史高位后,贵金属整体进入高位震荡并伴随回落,短期价格波动明显放大。 美联储主席提名预期持续扰动市场,美元走强压制贵金属价格。特朗普表示将很快公布下一任美联储主席候选人,市场对 凯文 · 沃什获提名的预期进一步升温,并将其解读为相对更偏鹰的政策情景之一,美元阶段性走强,对金银形成持续压力。 从交易层面看,当前回落仍主要由预期变化与仓位调整驱动,尚未演变为系统性风险出清。 在风险偏好阶段性回落背景下,贵金属出现一定"流动性出清"特征。前期快速上涨积累了较高的短线多头与杠杆头寸, 在美元反弹与政策预期扰动下,获利了结与被动减仓共振,放大了回撤幅度,但并未伴随实际金融条件的系统性收紧。 展望后市,金银预计整体维持高位震荡格局。若沃什提名预期继续强化,美元与政策立场交易或对贵金属形成阶段性压 制,但美联储独立性争议,财政扩张 ...

Core Viewpoint - The precious metals market experienced a significant downturn on January 30, with silver and other metals facing historic declines after a period of rapid price increases [1][5]. Price Movements - International spot silver prices plummeted by over 18%, dropping below $100 per ounce and reaching a low of nearly $95 per ounce, after having peaked above $120 per ounce in the previous trading session [2][6]. - Other precious metals also saw sharp declines, with London gold prices falling over 8%, dipping below $5,000 per ounce from a high of nearly $5,600 per ounce [8]. - Platinum and palladium futures on NYMEX dropped by over 18% and nearly 15%, respectively, while domestic futures for platinum and palladium also fell by more than 11% [10]. Market Context - The recent sharp adjustments in precious metal prices followed a period of aggressive price increases, with silver and gold prices rising nearly 70% and about 30%, respectively, since the end of 2025 [11]. - The market's reaction was influenced by expectations of a hawkish stance from potential candidates for the Federal Reserve chair, particularly following the nomination of Kevin Walsh by President Trump [11]. Investment Risk Warnings - Several banks, including Industrial and Commercial Bank of China and Bank of China, issued warnings regarding the risks associated with precious metal investments, urging clients to manage risks and avoid speculative trading [3][17]. - The volatility in precious metals has also impacted the stock market, with a significant drop in precious metal-related stocks on the A-share market, where 13 out of 17 stocks in the Wind precious metals index hit the daily limit down [15].

建设银行将上调个人黄金积存业务定期积存起点金额。 1月30日，建设银行发布公告称，自北京时间2026年2月2日9:10起，该行个人黄金积存业务定期积存起点金额（包括日均积存及自选日积存）上 调至1500元。调整前已设置成功的定期积存计划将继续执行，不受影响。设置展期的定期积存计划到期后，若原计划积存金额满足建设银行最新 要求，则展期成功，否则展期失败。修改定期积存计划需满足建设银行最新积存金额要求。 同时，建设银行在公告中提醒："近期国内外贵金属价格波动加剧，市场风险提升。请您提高贵金属业务的风险防范意识，基于自身财务状况和 风险承受能力理性投资。贵金属投资时需合理控制仓位，及时关注持仓情况和保证金余额变化情况，防范贵金属市场风险。" 此前，招商银行于1月27日发布公告，调整黄金账户认购起点金额。公告显示，自北京时间2026年2月2日起，黄金账户活期及黄金账户定投按金 额认购的起点调整为1200元。调整前已设置成功的定投计划（含普通定投与智能定投）将继续执行，不受影响。调整后新发起的定投计划金额须 满足招商银行最新起点要求。 近期，国际金价在持续刷新历史纪录后，波动明显加大。1月29日，现货黄金价格最高逼近5 ...