国际市场的回调与国内品牌金价的"抗跌"形成微妙对比，这或许暗示，国内零售端情绪仍对高位价格有所支撑，国际风向的转变，是否会最终传导至国内终 端，是后续观察的关键。 三、黄金回收市场价差清晰 贵金属回收价格清晰反映出不同品类与纯度的价值分层，足金回收价约为1067元/克，与零售价差超过400元，蕴含了高昂的工艺与品牌溢价，K金回收价随 成色递减，14K金为614元/克。 白银方面，足银回收价仅21.11元/克，零售价可达数倍，铂金、钯金各类纯度回收价亦呈现阶梯分布，水贝市场的回收价更具参考意义，金饰回收为1058元/ 克，回收市场是贵金属真实流动性的体现，与零售市场的巨大价差，恰恰是投资者购入时需首要考量的成本隐形成本。 2026年初，贵金属市场在创新高后迎来剧烈震荡，黄金品牌价差显著，国际金价高位回调，白银在冲高后闪崩。 一、品牌金价个别出现调整 2026年1月23日，国内品牌黄金价格呈现明显梯队分布，第一梯队以每克1498元保持高位，其中中国黄金单日下跌8元，多数头部品牌如周大福、金至尊等价 格持平。中间梯队中，老庙黄金逆势上涨3元至1496元，老凤祥、周生生则小幅下跌3元。六福珠宝等品牌价格保持稳定。 周 ...

| 国际 首页 > | | | 贵金属日报 | | --- | --- | --- | --- | | | 操作评级 | | 2026年01月23日 | | 黄金 | ★☆☆ 白银 | ★☆☆ | 刘冬博 高级分析师 | | 销 | ★☆☆ 紀 | ★☆☆ | F3062795 Z0015311 | | | | | 吴江 高级分析师 | | | | | F3085524 Z0016394 | | | | | 孙芳芳 中级分析师 | | | | | F03111330 Z0018905 | | | | | 010-58747784 | | | | | gtaxinstitute@essence.com.cn | 隔夜贵金属表现强势,金银继续刷新历史新高。特朗普称关于格陵兰岛的协议将允许美国对格陵兰岛实现全 面准入,如果欧洲因关税威胁抛售美国资产,将面临重大报复,再次强调对与伊朗有贸易往来的国家加征关 税,其对于全球秩序的颠覆令责金属重心抬升趋势难改。短期如黄金冲破5000美元/盎司同时白银冲突100美 元/盎司整数关口，需要警惕资金获利了结带来的波动,技术指标持续超买也有一定修复的诉求,等待构筑 震荡平台以及波 ...

类别 宏观贵金属周报 日期 2026 年 1 月 23 日 宏观金融研究团队 研究员：何卓乔(宏观贵金属) 020-38909340 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 格陵兰岛风波迷雾重重 请阅读正文后的声明 周度报告 一、宏观环境评述 1.1 经济：中国达成 2025 年经济增长目标 2025 年中国实际 GDP 同比增长 5%，持平于 2024 年且顺利完成年度经济增长 目标；2025 年名义 GDP 略超过 140 万亿元，同比增长 4%，为 2021 年以来的最低 值；GDP 平减系数同比萎缩 0.96%，萎缩程度较 2024 年扩大 0.16 个百分点。2025 年最终消费拉动 GDP 同比 2.6 个百分点，拉动率较 2024 年提升 0.37 个百分 ...

"大约一个半月前，我们还有三千条白银无人问津，但突然之间，购买者蜂拥而至，导致我们生产的白 银供不应求。"该金行的负责人对21世纪经济报道记者表示。面对激增的市场需求，该金行目前已推 出"限购令"，规定每位顾客每日限购5条白银，每条重量约为150克。 记者在现场注意到，排队购买白银的市民中不乏中老年人的身影。在与他们的交流中，记者了解到，他 们之所以选择投资实物银条，主要是因为对其他投资途径不甚了解，也缺乏信任。对他们而言，"真金 白银握在手里的感觉"更为踏实和安心。 （实习生张艺宁对本文亦有贡献） 南方财经 21世纪经济报道记者 张伟泽 香港报道 凌晨1点、3点、4点——这些本应属于深度睡眠的时刻，如今却成了香港上环某金行门前排队购买白银 的"黄金时段"。21世纪经济报道记者在现场观察到，不少市民自备凳子甚至被褥，在寒冷的冬夜中耐心 守候数小时，只为在金行开门后能购得几条白银。有人甚至排队超过六小时才得以进店，此番情景，堪 比曾经春运抢票或抢购限量版球鞋的盛况。 这股抢购潮的背后，是近期国际贵金属价格的持续飙升。进入2026年，黄金与白银价格双双创下历史新 高。数据显示，2025年全年，黄金价格的累计涨幅超 ...

Core Viewpoint - Gold and silver are experiencing unprecedented price increases, with silver reaching a new historical peak of $95.885 per Comex futures contract, making it the current focus of the commodity market [1][2]. Group 1: Market Dynamics - Gold prices are approaching the significant level of $4900, following an increase of over $43 in February contracts [3][4]. - The strong buying momentum driven by charts reflects the market's firm confidence in the bullish trend of precious metals, despite an overall increase in market risk appetite [3][4]. - Geopolitical easing has unexpectedly failed to suppress the upward trend of precious metals, with strong demand for hard assets remaining robust [3][4]. Group 2: Economic Indicators - The continuous decline of the US dollar index and the stability of the US 10-year Treasury yield at 4.25% provide ongoing liquidity support for non-yielding precious metals [4]. - The fluctuation of crude oil prices around $59.75 further highlights gold's hedging advantages [4]. Group 3: Technical Analysis - Both gold and silver exhibit high bullish momentum, with gold's next key target set at $5000, while the current psychological resistance is at $4891.10 [4]. - Silver bulls have fully taken control of the charts, aiming for a milestone closing target of breaking the $100 mark [4]. - Given the high technical ratings, any short-term pullbacks may attract institutional funds for re-entry [4].

Core Viewpoint - The price of silver has been on an upward trend since 2026, reaching historical highs, which has significantly increased market demand for investment and collection of silver products [1][2]. Group 1: Silver Price Trends - As of January 23, 2026, spot silver prices have surpassed $99 per ounce, with a year-to-date increase of over 37% [1]. - The main silver futures contract in Shanghai has also broken through the 25,000 yuan per kilogram mark, setting new historical records [1]. - The surge in silver prices has led to a notable increase in customer traffic and transaction volume in markets dealing with silver coins and collectibles [1][2]. Group 2: Market Dynamics - Major banks, including Industrial and Agricultural Banks, are experiencing temporary shortages of silver products due to increased demand driven by rising silver prices [2]. - The frequency of transactions for physical silver products, such as silver coins and bars, has significantly increased in both the collection market and trading platforms [2]. - The investment attributes of silver coins, particularly the Panda silver coin, are influenced by both the price of silver and their collectible value, which can lead to confusion among investors [2][3]. Group 3: Investment Characteristics - The Panda silver coin has seen a price increase from approximately 200 yuan at the beginning of 2025 to 715 yuan by January 22, 2026, representing a cumulative increase of 257% [3]. - Younger investors tend to focus on the price alignment with silver prices, preferring lower premium coins, while older consumers often prioritize long-term collection [4][6]. - The dual attributes of the Panda silver coin—its value as a precious metal and its collectible nature—create complexities in investment decisions [6][8]. Group 4: Investment Strategies and Risks - Investors are advised to prioritize silver products with a strong alignment to silver prices and to be cautious of high premiums associated with collectible items [6][8]. - The market for silver coins is characterized by significant volatility, with prices influenced by both silver market trends and speculative trading [9][10]. - Experts recommend avoiding impulsive buying during price surges and suggest a more measured approach to investing in silver, including strategies like dollar-cost averaging [10].

在生产上，该产品采用智能化加工技术，从原材料到成品入库实现全流程质量管控。工艺全面升级，有 效解决了传统加工中银条微裂纹、收缩孔多等问题。每根银条不仅纯度过硬，外观也精美均匀，真正实 现"里子面子都在线"。 责任编辑：任行 审核：杨勇 2025年下半年以来，随着金价持续走高，白银也进入价值发现期。投资银条凭借低门槛、易保存、保值 性强等特点，迅速成为贵金属投资的"新宠"。西安秦金迅速响应市场，依托成熟的25吨贵金属压延类新 材料项目技术积淀与产能，助力投资者把握白银赛道机遇。 本报讯（通讯员 易千力）近日，陕西黄金集团权属西安秦金公司正式推出1000g规格投资银条，纯度经 国家金银制品质量检验检测中心检测，达到99.99%，并正式投放市场。 ...

Core Viewpoint - The silver futures market is experiencing a significant upward trend, with the main contract reaching 24,903.00 yuan/ton, reflecting an increase of 8.23% as of January 23 [1]. Market Data - By 2025, global silver supply is projected to be 32,100 tons, while demand is expected to reach 35,700 tons, with industrial silver accounting for 60% of total demand [2]. - As of January 22, the Shanghai Futures Exchange reported silver warehouse receipts at 589,052 kg, a decrease of 11,727 kg compared to the previous trading day [2]. - The People's Bank of China plans to conduct a 900 billion yuan MLF operation on January 23, 2026, to maintain liquidity in the banking system [2]. Institutional Perspectives - According to Zhongjin Wealth Futures, the precious metals market is in a "self-spiral" upward environment, and since the silver short squeeze began in November last year, it is advised to follow the market rather than attempt to predict its peak [4]. - Zhongcai Futures notes that a weaker dollar, expectations of Federal Reserve easing, and geopolitical uncertainties contribute to a strong outlook for precious metals. The long-term view remains bullish on silver due to ongoing supply-demand imbalances and global central bank gold purchases [4].

Group 1 - Domestic futures market saw significant gains on January 23, with platinum rising over 8%, silver over 7%, synthetic rubber over 6%, and ethylene glycol, lithium carbonate, and tin over 4% [7][8] - In contrast, crude oil and European shipping indices fell by more than 1% [7][8] Group 2 - Overnight market in London saw spot gold surge past $4900 per ounce, reaching a new high, while COMEX silver futures rose by 4.05% and SHFE gold increased by 1.53% [5][9] - Geopolitical tensions have escalated, with the U.S. declaring intentions for "full entry" into Greenland and threatening Europe with repercussions if they sell off U.S. debt assets [5][9] - Analysts suggest that the uncertainty from military threats and asset constraints may lead to a short-term bullish trend for precious metals [5][9]

Core Viewpoint - The emergence of "investment copper bars" in Shenzhen's Shui Bei market has raised concerns about their actual investment value, with many merchants indicating that these products are overpriced and lack genuine investment attributes [1][2][5]. Group 1: Market Dynamics - "Investment copper bars" have gained popularity due to rising consumer interest in precious metals and a significant increase in copper prices [7][8]. - The price of these copper bars ranges from 180 to 288 yuan for a 1000g bar, but many merchants express skepticism about their investment potential [2][5]. - Despite a ban on their sale, some merchants continue to offer "investment copper bars," indicating a disconnect between market regulations and actual sales practices [2][5]. Group 2: Investment Risks - Experts warn that investing in physical copper bars carries substantial risks, as they may only be resold as scrap metal unless a subsequent buyer is found [9]. - The value of copper bars is subject to significant depreciation due to oxidation and lack of a robust recovery system compared to gold and silver [6][9]. - It is suggested that individual investors should consider more liquid and standardized investment options, such as gold ETFs, rather than engaging in speculative activities with copper bars [10].