高盛分析师莉娜·托马斯（Lina Thomas）对第一财经记者表示，白银价格仍将面临"相当极端的波 动"。她表示，近期个人投资者通过白银表达对降息预期的交易动机，与伦敦市场库存偏低、实物流 动性紧张叠加，放大了价格波动幅度。 在政策层面，高盛判断美国对白银加征关税的可能性仍然较低，但如果相关政策逐步明朗，白银从美 国市场回流至伦敦、缓解伦敦库存紧张，反而可能引发价格阶段性回调；相反，如果白银继续留在纽 约COMEX市场交易（类似此前黄金取消关税后的情况），价格高位运行的状态或将延续。 她同时提到，近期白银大幅上涨也与中国和印度的实物需求增加有关。虽然从短期看价格已明显偏 高，但在现货溢价明显收敛之前，并不建议贸然做空。 白银破百 2026.01. 24 本文字数：1602，阅读时长大约3分钟 作者 | 第一财经 胡弋杰 周五，全球贵金属市场迎来历史性时刻。在地缘政治不确定性持续发酵、以及市场对美联储年内降息 预期升温的背景下，避险资金大举涌入黄金与白银市场。 现货白银价格盘中史上首次突破100美元/ 盎司关口，黄金同步刷新历史高位，逼近5000美元/盎司。 与此同时，央行持续增持黄金、全球资产配置"去美元化" ...

| 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 道琼斯工业 | 49098.71 | -0.58% | | DJI.GI | | | | 纳斯达克指 | 23501.24 | 0.28% | | IXIC.GI | | | | 标普500 | 6915.61 | 0.03% | | SPX.GI | | | 科技股涨跌不一，微软（MSFT）、奈飞（NFLX）涨超3%，AMD、亚马逊（AMZN）涨超2%；英特尔（INTC）跌超17%，创2024年8月以来最大单日跌 幅。 隔夜美股盘中走弱。截至收盘，美股三大指数涨跌不一，道指（DJI）跌0.58%，纳指涨0.28%，标普500（SPX）指数涨0.03%。 1月23日周五，全球贵金属市场迎来历史性时刻。在地缘政治不确定性持续发酵、以及市场对美联储年内降息预期升温的背景下，避险资金大举涌入黄金 与白银市场。现货白银价格盘中史上首次突破100美元/盎司关口，黄金同步刷新历史高位，逼近5000美元/盎司。 当地时间1月23日，截至收盘，ICE布油、NYMEX WTI原油均涨逾3%。 现货黄金价格逼近5000美元/盎司，高盛将2026年12 ...

Core Viewpoint - The recent surge in silver prices, reaching $103 per ounce, is attributed to a combination of geopolitical tensions, industrial demand, and supply constraints, marking a significant shift in the market dynamics for silver [1][3][4]. Geopolitical Factors - Geopolitical instability has led to increased demand for safe-haven assets like silver, similar to trends observed during past conflicts [3][4]. - The current global unrest has prompted investors to seek security in silver, which has seen a price increase of over 7% in a single day [1][3]. Industrial Demand - Silver's dual role as both a safe-haven asset and a critical component in the renewable energy sector, particularly in solar energy and electric vehicles, is driving its demand [3][4]. - The construction of 1 GW solar power plants requires approximately 7-8 tons of silver, highlighting the tangible industrial demand for the metal [3]. Supply Constraints - Over 70% of the world's silver supply comes as a byproduct of copper, lead, and zinc mining, making it difficult to increase production quickly to meet rising demand [3][4]. - Recent policy changes in China, which prioritize domestic industrial use of silver, have further tightened global supply, exacerbating the supply-demand imbalance [3][4]. Market Dynamics - The silver market is significantly smaller than the gold market, meaning that even small inflows of capital can lead to substantial price movements [3][4]. - Current visible silver inventories have dropped to a ten-year low, capable of supporting only a little over a month of consumption, indicating a persistent supply-demand imbalance [4]. Investment Strategies - Investors are advised to consider silver ETFs for indirect exposure to silver, as they offer lower fees and ease of trading compared to physical silver [4]. - It is recommended to focus on silver mining stocks with solid fundamentals and core assets, avoiding speculative investments in lesser-known companies [4]. - A suggested allocation of 5%-10% of an investment portfolio to silver can provide exposure to potential gains while managing risk [4]. Price Outlook - While the current price of $103 may experience short-term corrections, these dips could present buying opportunities for long-term investors [5]. - The focus should be on capturing the main upward trends rather than attempting to time the market perfectly [5].

Market Overview - The U.S. stock market showed mixed performance on Friday, with the Dow Jones Industrial Average declining significantly due to pressure from Goldman Sachs and Caterpillar, while the S&P 500 remained nearly flat and the Nasdaq saw a slight increase [2] - The Dow Jones fell by 285.30 points, or 0.58%, closing at 49098.71 points, with a weekly decline of 0.53%. The S&P 500 rose by 2.26 points, or 0.03%, closing at 6915.61 points, with a weekly drop of 0.35%. The Nasdaq Composite increased by 65.23 points, or 0.28%, closing at 23501.24 points, with a weekly decrease of 0.06% [2] Company Performance - Major technology stocks exhibited mixed results, with Nvidia up 1.53%, Microsoft up 3.28%, Amazon up 2.06%, Meta up 1.72%, Netflix up 3.09%, AMD up 2.35%, and Micron Technology up 0.52%. In contrast, Google fell by 0.79%, Apple by 0.12%, Tesla by 0.07%, Broadcom by 1.67%, and Oracle by 0.57% [3] - Within the Dow components, Goldman Sachs dropped by 3.75% and Caterpillar by 3.36%, contributing to downward pressure on the blue-chip index. Intel's stock plummeted by 17.03% to $45.07, primarily due to a weak earnings outlook that fell short of market expectations [4] Economic Data - The U.S. Composite Purchasing Managers' Index (PMI) for January was reported at 52.8, slightly above the previous value of 52.7. The services index was at 52.5, and the manufacturing index at 51.9 [6] - The University of Michigan's consumer sentiment index for January was revised to 56.4, up from an initial value of 54.0. Inflation expectations for the next year were at 4.0%, while the five to ten-year outlook was at 3.3% [6] Commodity Performance - International oil prices increased, with West Texas Intermediate crude oil futures rising by $1.71 to $61.07 per barrel, a gain of 2.88%. Brent crude oil futures rose by $1.82 to $65.88 per barrel, a gain of 2.84% [7] - Precious metals continued to reach historical highs, with spot gold at $4964.81 per ounce, up 0.6%, and briefly touching $4988.17. February gold futures closed at $4979.70, up 1.4%. Spot silver rose by 7.0% to $102.89 per ounce, marking a weekly increase of 14.60% [7] Market Sentiment - Overall market sentiment was influenced by geopolitical and policy uncertainties, with concerns over potential tariffs on European countries by the U.S. government impacting global stock markets [5] - Focus Partners Wealth's Chief Investment Strategist noted that while the U.S. economic fundamentals remain strong, market volatility is expected to persist, especially with the upcoming midterm elections in 2026 [5]

Market Overview - The U.S. stock market showed mixed performance, with the Dow Jones Industrial Average falling by 285.30 points (0.58%) to close at 49098.71, marking a weekly decline of 0.53% [3] - The S&P 500 index rose slightly by 2.26 points (0.03%) to 6915.61, with a weekly drop of 0.35% [3] - The Nasdaq Composite increased by 65.23 points (0.28%) to 23501.24, experiencing a minor weekly decline of 0.06% [3] Key Stock Performances - Major tech stocks had mixed results, with Nvidia up 1.53%, Microsoft up 3.28%, and Amazon up 2.06% [4] - Intel's stock plummeted by 17.03% to $45.07, significantly impacting market sentiment due to weak earnings guidance [6] - Chinese concept stocks showed varied performance, with Alibaba down 2.23% and Pinduoduo up 0.34% [6] Economic Indicators - The U.S. Composite Purchasing Managers' Index for January was reported at 52.8, slightly above the previous value of 52.7 [7] - The Michigan Consumer Sentiment Index for January was finalized at 56.4, up from an initial value of 54.0, with inflation expectations for the next year at 4.0% [7] Bond Market - The yield on the 10-year U.S. Treasury bond fell by 1.6 basis points to 4.235%, while the 2-year yield also dropped by 1.6 basis points to 3.607% [8] - Market expectations indicate that the Federal Reserve will maintain interest rates in the range of 3.50% to 3.75% during the upcoming meeting [8] Commodity Market - International oil prices increased, with West Texas Intermediate crude oil futures rising by $1.71 to $61.07 per barrel, a 2.88% increase [10] - Gold prices reached new highs, with spot gold at $4964.81 per ounce, up 0.6%, and silver prices also rising significantly [10][11] - Platinum and palladium prices saw substantial increases, with platinum up 5.20% and palladium up 5.85% [11] Upcoming Events - Key earnings reports from major tech companies such as Apple, Tesla, Meta, and Microsoft are expected next week, which will significantly influence market perceptions regarding AI investments and corporate capital expenditures [9]

隔夜美股盘中走弱。黄金拉升再创历史新高，白银暴涨。 截至收盘，美股三大指数涨跌不一，道指跌0.58%，纳指涨0.28%，标普500指数涨0.03%。 科技股涨跌不一，微软、奈飞涨超3%，AMD、亚马逊涨超2%；英特尔跌超17%，创2024年8月以来最 大单日跌幅。 本周道指累计下跌0.53%，标普500指数下跌0.35%，纳指下跌0.06%。 热门中概股走势分化，纳斯达克中国金龙指数收跌0.26%，小鹏汽车跌超3%，蔚来、阿里巴巴跌超 2%，霸王茶姬、微博跌超1%；有道涨超4%，新东方涨超2%，携程涨超1%。 1月23日美元走弱，挂钩六种主要货币的美元指数当天下跌0.78%。 央视新闻报道称，近来，围绕"夺岛"风波和关税威胁等问题，美欧矛盾不断。抛售美国资产被视为欧洲 可能采取的反制措施之一。对此，特朗普22日在瑞士达沃斯接受采访时警告说，如果欧洲抛售美国资 产，将招致美国的报复。"如果他们真这么做，那就做吧。但如果真发生这种事，我们将实施重大报 复。" 由于地缘政治动荡和对美国降息的预期，投资者纷纷涌入避险资产。1月23日现货白银首次突破100美 元/盎司，最高触及103美元/盎司，大涨逾7%。黄金一度上涨 ...

隔夜美股盘中走弱。黄金拉升再创历史新高，白银暴涨。 截至收盘，美股三大指数涨跌不一，道指跌0.58%，纳指涨0.28%，标普500指数涨0.03%。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 道琼斯工业 | 49098.71 | -0.58% | | DJI.GI | | | | 纳斯达克指 | 23501.24 | 0.28% | | IXIC.GI | | | | 标普500 | 6915.61 | 0.03% | | SPX.GI | | | | < 日 | 纳斯达克中国金龙指数(HXC) 01-23 16:00:04 | | | | | | --- | --- | --- | --- | --- | --- | | 7878.38 | | 昨收 | 7899.10 | 成交额 | 0.00 | | -20.71 | -0.26% | 今开 | 7909.61 | 成交量 | 0 | | 上涨 | 0 | 平臺 | 0 | 下跌 | 0 | | 最高价 | 7918.23 | 市智率 | 23.94 | 近20日 | 3.13% | | 最低价 | 7871.98 ...

Core Viewpoint - Intel's earnings report fell short of expectations, leading the market to reassess AI valuations and impacting overall market sentiment [1][3]. Market Overview - The Dow Jones Industrial Average dropped by 285.30 points, or 0.58%, closing at 49098.71, with a weekly decline of 0.53%. The S&P 500 index rose by 2.26 points, or 0.03%, closing at 6915.61, with a weekly drop of 0.35%. The Nasdaq Composite increased by 65.23 points, or 0.28%, closing at 23501.24, with a slight weekly decline of 0.06% [1]. - Major tech stocks showed mixed performance, with Nvidia up 1.53%, Microsoft up 3.28%, and Amazon up 2.06%. In contrast, Google fell by 0.79%, Apple by 0.12%, and Tesla by 0.07% [2]. - Goldman Sachs and Caterpillar significantly pressured the Dow, with declines of 3.75% and 3.36%, respectively [3]. Company-Specific Insights - Intel's stock plummeted by 17.03% to $45.07 after the company provided a quarterly revenue and profit outlook that was below market expectations, citing challenges in meeting AI data center demand for server chips [3]. - Upcoming earnings reports from major tech companies such as Apple, Tesla, Meta, and Microsoft are anticipated to have a significant impact on market perceptions regarding AI investment returns and corporate capital expenditures [7]. Economic Indicators - The U.S. Composite Purchasing Managers Index for January was reported at 52.8, slightly above the previous value of 52.7. The services index was at 52.5, and the manufacturing index was at 51.9 [4]. - The University of Michigan's consumer confidence index for January was revised to 56.4, up from an initial value of 54.0, with inflation expectations for the next year at 4.0% and for the next five to ten years at 3.3% [4]. Commodity Market - International oil prices increased, with West Texas Intermediate crude oil futures rising by $1.71 to $61.07 per barrel, a 2.88% increase. Brent crude oil futures rose by $1.82 to $65.88 per barrel, a 2.84% increase [7]. - Precious metals reached new highs, with spot gold at $4964.81 per ounce, up 0.6%, and silver rising by 7.0% to $102.89 per ounce, marking a weekly increase of 14.60% [7][8].

避险情绪推动黄金、白银、铂金和钯金价格齐创历史新高。 *英特尔财报不及预期，市场重新审视AI估值 *金银齐创新高，避险需求持续升温 *苹果、特斯拉、Meta和微软下周放榜 美股周五走势分化，高盛与卡特彼勒显著承压拖累道指回落，标普500指数基本持平，纳指小幅收高。 此外，英特尔发布疲弱业绩展望后股价重挫亦拖累市场情绪，投资者在动荡一周结束之际风险偏好有所 降温。 【热门股表现】 主要科技股涨跌不一。英伟达上涨1.53%，微软上涨3.28%，亚马逊上涨2.06%，Meta上涨1.72%，奈飞 上涨3.09%，AMD上涨2.35%，美光科技上涨0.52%；谷歌下跌0.79%，苹果下跌0.12%，特斯拉下跌 0.07%，博通下跌1.67%，甲骨文下跌0.57%。 道指成分股中，高盛跌3.75%，卡特彼勒跌3.36%，共同加重对蓝筹指数下行压力。 英特尔股价暴泻17.03%，收于45.07美元，成为当日最主要的利空因素之一。公司给出的季度营收和利 润指引低于市场预期，并坦言难以满足人工智能数据中心对服务器芯片的需求。 中概股涨跌互现，纳斯达克中国金龙指数下跌0.26%。阿里巴巴下跌2.23%，京东下跌0.53%，蔚来 ...

Market Performance - The three major indices showed mixed results, with the Dow Jones down 0.53% for the week, the S&P 500 down 0.35%, and the Nasdaq down 0.06% [1] - As of the close, the Dow Jones fell by 285.30 points, a decrease of 0.58%, closing at 49098.71 points; the Nasdaq rose by 65.22 points, an increase of 0.28%, closing at 23501.24 points; the S&P 500 increased by 2.26 points, a rise of 0.03%, closing at 6915.61 points [1] Cryptocurrency - Bitcoin fluctuated between $89,000 and $91,000; Ethereum slightly decreased to $2,949.5 [2] Commodities - The US dollar index fell below 98 for the first time since December 30 of the previous year [3] - Gold and silver prices reached new historical highs, with spot gold rising by 1.05% to $4,988 per ounce, and spot silver surpassing $103 per ounce, increasing by over 7.4% [3] - Oil prices rose on Friday, with Brent crude futures increasing by $1.82, a rise of 2.84%, closing at $65.88 per barrel; West Texas Intermediate (WTI) futures rose by $1.71, a rise of 2.88%, closing at $61.07 per barrel [3] Economic Indicators - The US leading economic indicators declined again in October and November, primarily due to weak consumer confidence [4] - The Conference Board's leading economic indicators showed that weak consumer confidence was the main driver of the decline, with a secondary factor being a decrease in new orders [4] - Despite a 4.4% growth in real GDP in Q3 2025, leading indicators suggest a potential slowdown in the US economy in 2026 [4] Regulatory Environment - The EU is calling for banking regulators to ease regulations to enhance competitiveness, coinciding with a comprehensive review of financial regulatory frameworks [4] - The European People's Party (EPP) emphasized the need to include competitiveness in the regulatory responsibilities of EU banking and market regulators [4] Corporate News - Meta announced a suspension of AI character features for teenage users globally, aiming to create a tailored version for this demographic [6] - UBS analysts noted that Intel is expected to launch its 14A process design kit by the end of the year, which may lead to collaborations with major tech companies [7] - UBS raised Intel's target stock price from $49 to $52 [7]