Group 1: Market Movements - Spot silver experienced a significant drop, with a maximum decline exceeding 5%, after previously rising nearly 6% to approach the $84 mark, currently reported at $76.454 per ounce [1] - Spot gold fell over 1%, dropping below the $4500 threshold, currently at $4495.94 per ounce [1] - Other precious metals also turned bearish, with spot palladium plummeting 6.8% below $1800 per ounce, and spot platinum experiencing a short-term drop of over $100, currently down over 3% to $2377.09 per ounce [1] Group 2: Silver Market Dynamics - The recent surge in silver prices has led to increased sales of silver jewelry, with a reported month-on-month increase of nearly 10% in sales volume [4] - Investment in silver bars and ingots has become more popular among retail investors, with a notable increase in demand and supply constraints in the market [5] - The silver market is influenced by strong industrial and investment demand, tightening inventories, geopolitical tensions, and expectations of further interest rate cuts in the U.S. [5][9] Group 3: Price Trends and Consumer Behavior - The price of platinum jewelry has also seen a significant increase, with prices rising from around 760 yuan per gram to 964 yuan per gram within ten days [6] - Retailers report a surge in customer interest in buying silver, with some experiencing a "frenzy" as customers rush to purchase silver bars [8] - Analysts note that the current demand for silver is robust across various sectors, including jewelry, medical devices, and solar panel manufacturing, with the solar industry consuming nearly 30% of the annual silver production [9] Group 4: Regulatory and Market Risk - Concerns about rising silver prices have been expressed by industry figures, including Elon Musk, who stated that this trend is not beneficial for industrial development [10] - The National Investment UBS Silver Futures Securities Investment Fund announced a suspension of subscriptions to protect the interests of fund shareholders, indicating potential market volatility [10] - The Shanghai Futures Exchange issued notifications to remind the market to manage risks effectively and outlined trading margin ratios and price limits for the upcoming New Year period [10]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 12月23日，上海黄金交易所发布公告，强调受多重因素影响，近期贵金属市场呈现剧烈波动特征。 公告指出，市场面临的不稳定因素增多，导致黄金、白银等主要品种价格出现显著震荡。交易所要求各 会员单位提升风险防范意识，确保风险应急预案持续有效，以维护市场整体运行秩序。同时，交易所向 广大投资者提出了风险防控建议，强调需根据市场状况合理管理仓位，坚持理性投资的原则。 近期，全球宏观经济与货币政策转向的不确定性，叠加地缘局势紧张等因素，共同构成了市场波动的主 要驱动力。这些复杂因素的叠加作用使得贵金属价格波动成为市场的常态现象。 ...

摘要周五（12月19日）亚市盘中，贵金属纷纷下挫，现货黄金跌破4310.00美元/盎司关口，日内跌 0.53%，现货白银日内跌幅达到1.04%，报64.78美元/盎司，现货铂金一度失守1900.00美元/盎司关口， 日内跌1.69%，现货钯金最低触及1655.63，跌超1.00%。 周五（12月19日）亚市盘中，贵金属纷纷下挫，现货黄金跌破4310.00美元/盎司关口，日内跌0.53%， 现货白银日内跌幅达到1.04%，报64.78美元/盎司，现货铂金一度失守1900.00美元/盎司关口，日内跌 1.69%，现货钯金最低触及1655.63，跌超1.00%。 【机构观点】 国信期货：海外现货紧缺与金属板块看多情绪升温推动铂、钯期货价格大幅上涨。当前铂价快速上涨的 主要原因之一是市场看涨预期较强，而铂供应短缺是长期问题，供应瓶颈难以迅速缓解。若金价大幅回 调，那么铂需求也将下降，短期铂价仍有回调风险。 世界铂金投资协会：本次铂期货价格的上涨是多重因素强力共振的结果，根本原因在于市场供应持续短 缺、新兴需求增长和宏观环境转好。 中信期货：基本面偏紧将为铂价提供较强的上行动力。当前，铂需求处于结构性扩张阶段，供应紧缺 ...

图片来源：界面图库 邮储银行则于9月30日宣布，该行代理上海黄金交易所个人贵金属业务即将停办，要求相关持仓客户及 现货库存客户于10月31日0点前择机自主平仓卖出。 除了国有大行，股份行和城商行都有相关行动。10月30日，中信银行发布公告称，因业务合规经营和发 展需要，自11月7日起，将对代理上海黄金交易所个人交易长期不动户（仅有可用金额，无持仓）进行 清理。 9月30日，宁波银行表示，自10月13日起将停止受理代理个人客户上海黄金交易所现货实盘买入交易， 卖出交易不受影响。同时要求在此之前已在该行持有现货实盘库存的客户，结合近期市场情况自主择机 卖出。此外，自10月13日起，对于近三个月无持仓交易的代理个人客户，该行将对客户账户清算后，进 行解约处理。 工商银行将自2025年12月19日起，将上述客户的保证金账户余额批量转出至该业务绑定的结算账户，并 关闭相关业务功能。关闭后，客户与工商银行签署的《代理个人客户贵金属竞价交易业务协议书》将终 止。现有持仓客户的平仓交易不受本次业务调整影响。 除了工商银行之外，此前建设银行、农业银行、邮储银行等也有相关动作。 12月8日，建设银行也发布了"关于代理个人客户上海 ...

在贵金属价格剧烈波动的背景下，商业银行正加速退出代理上金所个人贵金属交易业务。 12月15日，工商银行发布公告称，为顺应市场变化，保护投资者权益，工商银行对于代理上海黄金交易 所个人贵金属交易业务将加强管理。无持仓、无库存、无欠款、保证金账户仍有资金余额的客户，请尽 快自助办理资金转出手续。 工商银行将自2025年12月19日起，将上述客户的保证金账户余额批量转出至该业务绑定的结算账户，并 关闭相关业务功能。关闭后，客户与工商银行签署的《代理个人客户贵金属竞价交易业务协议书》将终 止。现有持仓客户的平仓交易不受本次业务调整影响。 除了工商银行之外，此前建设银行、农业银行、邮储银行等也有相关动作。 12月8日，建设银行也发布了"关于代理个人客户上海黄金交易所贵金属交易业务近期安排的公告"。 10月22日，农业银行发布公告称，自10月29日起，该行将陆续与代理上海黄金交易所个人贵金属交易业 务部分存量客户解除业务协议。此处的客户范围为"连续一个月交易账户下无持仓、无库存、无欠款的 存量客户"。对于保证金账户仍有资金余额未转出的客户，该行将自掌银消息中心通知所载之日起为其 完成资金自保证金账户转出至业务签约借记卡操 ...

每经AI快讯，周五（12月12日）纽约尾盘，现货白银跌2.47%，报61.98美元/盎司，本周累涨6.29%。现 货铂金涨2.77%，报1746.83美元/盎司；现货钯金跌0.42%，报1496.01美元/盎司。 ...

周五（12月5日）纽约尾盘，现货白银涨2.08%，报58.3240美元/盎司，北京时间23:42曾涨至59.3336美 元创历史新高，本周累涨3.22%。COMEX白银期货涨2.28%，报58.810美元/盎司，23:42也曾涨至59.900 美元创盘中历史新高，本周累涨2.82%。COMEX铜期货涨1.47%，报5.4525美元/磅，日线图上，7月30 日从5.9美元崩跌出现的失地不断得到收复，本周累涨3.37%。现货铂金跌0.09%，报1644.59美元/盎司， 本周累跌1.58%；现货钯金涨0.41%，报1461.26美元/盎司，本周累涨0.79%。 ...

听说银行把明年白银的目标价调到了65美元，要是真涨到这个数，现在囤银条的人说不定真能赚一笔，街边金店的导购提醒说，别光看数据，去年就有人抄 底黄金，结果加工费把利润全给吃掉了。 就拿菜百首饰那款1290元的足金来说，虽然比周大福便宜38块，工艺说明连999的钢印都没写清楚，这市场里的价格变来变去，比首饰店的吊灯还晃眼。 白银市场更是热闹得不行，昨天伦敦现货银的价格涨到了57美元，这涨幅比黄金高了十倍还不止，菜百首饰的银饰柜台更是人挤人，水泄不通，十二块八一 克的足银链子一下子就卖光了，销售员说库房都快空了。 回收市场的情况也很有意思，实行两套价格，在水贝，黄金回收价才945元，比零售价少了快400块；18K金回收价是694元，铂金回收价也比买价低了快100 块。 有个大叔蹲在柜台前算账，直嘀咕这回收差价，说比股票庄家还狠，收银台显示，钯金pd999报价306元，和足银的价差都没翻倍，这种金属之间的价格波 动，就算是外行人看了，也觉得不太对劲。 黄金价格暴跌，白银价格却一路狂飙，不同品牌之间的价格差异还藏着不少门道，这市场到底在等啥呢？ 最近黄金和白银的市场可真是热闹得很，昨天我路过老凤祥金店，发现店员正在换价 ...

每经AI快讯，11月14日，现货黄金日内跌1.51%，回落至4110美元/盎司下方；现货白银跌1.49%，报 51.49美元/盎司。 ...

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The A - share market is in a repricing adjustment after the quarterly reports, with common short - term rebounds and limited downside risks [2]. - The bond market pricing may tilt towards fundamentals as credit data is expected to weaken in October, and the strong equity market suppresses the bond market [2]. - International gold prices will mainly show a volatile consolidation trend, with silver following gold's fluctuations [2]. - The shipping index (European line) will be volatile in the short term [2]. - The supply of iron elements in the steel market is loose, and there are various trading strategies for different steel - related products [2]. - The prices of some chemical products are affected by supply - demand and cost factors, with limited rebound space or downward pressure [2]. - Agricultural product prices are influenced by factors such as trade negotiations, supply, and production, showing different trends [2]. - Special and new energy products have their own price trends and trading logics [2]. 3. Summary by Related Catalogs Financial Futures - **Stock Index Futures**: After the market冲高兑现预期, there is a slight callback, and the technology sector recovers. A - shares are in repricing adjustment, with short - term rebounds and limited downside risks. It is recommended to wait and see [2]. - **Treasury Bond Futures**: The bond market pricing may tilt towards fundamentals, and the strong equity market suppresses the bond market. It is recommended to go long on a single - side strategy and pay attention to the positive arbitrage strategy due to the rising IRR [2]. - **Precious Metals Futures**: International gold prices will oscillate between 3900 - 4030 dollars, and silver will fluctuate between 47 - 49 dollars [2]. - **Shipping Index Futures (European Line)**: It will be volatile in the short term, and it is recommended to buy on dips for the December contract [2]. Black Metals - **Steel**: The supply of iron elements in the January contract is loose. It is recommended to hold a strategy of going long on coking coal and short on hot - rolled coils, and to go short on the iron ore contract at high prices [2]. - **Iron Ore**: After the shipping volume declines and the arrival volume increases, the port inventory rises, and the iron ore price drops after rising. It is recommended to go short at high prices and consider an arbitrage strategy of going long on coking coal and short on iron ore [2]. - **Coking Coal**: The coal price in the producing area is strong, and the Mongolian coal price is firm. It is recommended to go long on coking coal at low prices and consider an arbitrage strategy of going long on coking coal and short on coke [2]. - **Coke**: The third - round price increase of mainstream coking enterprises has been implemented, and coking coal provides cost support. It is recommended to go long on coke at low prices and consider an arbitrage strategy of going long on coking coal and short on coke [2]. Non - ferrous Metals - **Copper**: The copper price center has回调, and the downstream demand has briefly recovered. Pay attention to the support at 84000 and the pressure at 86500 [2]. - **Aluminum**: The aluminum price has increased in both volume and price, but the short - term fundamentals restrict the upward height. The main operation range is 20800 - 21600 [2]. - **Other Non - ferrous Metals**: Each metal has its own price range and trading suggestions, such as zinc oscillating at a high level between 22300 - 23000, tin maintaining a high - level oscillation, etc. [2]. Chemical Products - **PX, PTA, Short - fiber, Bottle - chip**: The supply - demand expectations are weak, and the cost - end support is limited, with limited rebound space [2]. - **Ethanol**: The supply is abundant, and there is an expectation of inventory accumulation. It is recommended to hold out - of - the - money call options and consider a reverse arbitrage strategy [2]. - **Other Chemicals**: Each chemical product has its own supply - demand situation and trading suggestions, such as PVC being recommended to go short on rebounds [2]. Agricultural Products - **Grains and Oils**: The prices of some grains and oils are affected by factors such as trade negotiations and production. For example, the price of palm oil is weak, and it is recommended to close the long positions of some contracts [2]. - **Livestock and Poultry**: The pig price is oscillating, and it is recommended to hold a 3 - 7 reverse arbitrage strategy [2]. - **Other Agricultural Products**: Each product has its own price trend and trading suggestions, such as sugar being recommended to trade short on rebounds [2]. Special and New Energy Products - **Glass**: There is support at the bottom due to the peak construction season and production line disturbances. It is recommended to pay attention to the spot market for short - term long - trading opportunities [2]. - **Rubber**: The negative factors have been gradually digested, and the rubber price has rebounded. It is recommended to wait and see [2]. - **Industrial Silicon and Polysilicon**: They are mainly oscillating, with specific price ranges [2]. - **Lithium Carbonate**: The trading logic has changed recently, and it is in a weak adjustment [2].