1. Report's Industry Investment Rating - No relevant information provided 2. Core View of the Report - The market may be more affected by the impact of US economic data on Federal Reserve policy expectations and geopolitical situation disturbances. In general, the short - term news impact weakens, the market maintains a relatively strong oscillation, and the volatility declines. Gold long - positions above the 20 - day moving average can be held, and out - of - the - money put options can be sold to earn time value [1] - For silver, the short - term suspension of the 232 investigation tariff by the US and the exchange's position - limit measures have eased the capital sentiment. The price may enter a high - level oscillation. Unilateral trading should be cautious, and out - of - the - money options can be sold to earn volatility - reduction returns [1] - Platinum and palladium are affected by the macro and supply - demand fundamentals and follow the relatively strong oscillation of gold in the short term, but the fluctuation space narrows. Platinum futures are recommended to be traded in a high - selling and low - buying manner around the 20 - day moving average, with a fluctuation range of 587 - 640 yuan. Palladium shows relatively weaker performance than platinum, and out - of - the - money call options above 510 yuan can be sold [1] 3. Summary According to the Catalog Domestic Futures Closing Prices - AU2604 contract closed at 1048.88 yuan/gram on January 19, up 16.56 yuan (1.60%) from January 16 [1] - AG2604 contract closed at 23,189 yuan/10 grams on January 19, up 706 yuan (3.14%) from January 16 [1] - PT2606 contract closed at 615.10 yuan/gram on January 19, up 5.05 yuan (0.83%) from January 16 [1] - PD2606 contract closed at 477.95 yuan on January 19, up 8.60 yuan (1.83%) from January 16 [1] Foreign Futures Closing Prices - COMEX gold主力合约 closed at 4,601.10 dollars/ounce on January 19, down 19.40 dollars (- 0.42%) from January 16 [1] - COMEX silver主力合约 closed at 89.95 dollars/ounce on January 19, down 2.27 dollars (- 2.46%) from January 16 [1] - NYMEX platinum主力合约 closed at 2,342.90 dollars/ounce on January 19, down 72.90 dollars (- 3.02%) from January 16 [1] - NYMEX palladium主力合约 closed at 1,846.50 dollars/ounce on January 19, down 19.00 dollars (- 1.02%) from January 16 [1] Spot Prices - London gold was at 4,671.72 dollars/ounce, up 72.68 dollars (1.58%) from the previous value [1] - London silver was at 94.40 dollars/ounce, up 4.26 dollars (4.73%) from the previous value [1] - Spot platinum was at 2,374.54 dollars/ounce, up 46.09 dollars (1.98%) from the previous value [1] - Spot palladium was at 1,841.56 dollars/ounce, up 41.81 dollars (2.32%) from the previous value [1] - Shanghai Gold Exchange's gold T + D was at 1,045.27 yuan/gram, up 14.18 yuan (1.38%) from the previous value [1] - Shanghai Gold Exchange's silver T + D was at 23,136 yuan/10 grams, up 495 yuan (2.19%) from the previous value [1] - Shanghai Gold Exchange's platinum 9995 was at 605 yuan/gram, up 3 yuan (0.45%) from the previous value [1] Basis - Gold TD - Shanghai gold主力: The current value was - 3.61, down 2.38 from the previous value, with a 1 - year historical quantile of 46.10% [1] - Silver TD - Shanghai silver主力: The current value was - 53, down 211 from the previous value, with a 1 - year historical quantile of 60.60% [1] - London gold - COMEX gold: The current value was - 2.06, up 2.92 from the previous value, with a 1 - year historical quantile of 92.90% [1] - London silver - COMEX silver: The current value was 0.19, unchanged from the previous value, with a 1 - year historical quantile of 90.00% [1] Price Ratios - COMEX gold/silver: The current value was 51.15, up 1.05 (2.09%) from the previous value [1] - SHFE gold/silver: The current value was 45.23, down 0.68 (- 1.49%) from the previous value [1] - NYMEX palladium/platinum: The current value was 1.27, down 0.03 (- 2.02%) from the previous value [1] - GZFE platinum/palladium: The current value was 1.29, down 0.01 (- 0.99%) from the previous value [1] Interest Rates and Exchange Rates - 10 - year US Treasury yield: The current value was 4.24%, up 0.09% (2.2%) from the previous value [1] - 2 - year US Treasury yield: The current value was 3.59%, up 0.08% (2.3%) from the previous value [1] - 10 - year TIPS Treasury yield: The current value was 1.91%, up 0.05% (2.7%) from the previous value [1] - US dollar index: The current value was 99.04, down 0.33 (- 0.33%) from the previous value [1] - Offshore RMB exchange rate: The current value was 6.9568, down 0.0106 from the previous value [1] Inventory and Positions - SHFE gold inventory: The current value was 1,000,530 grams, down 63 grams (- 0.06%) from the previous value [1] - SHFE silver inventory: The current value was 617,760 kilograms, down 9,083 kilograms (- 1.45%) from the previous value [1] - COMEX gold inventory: The current value was 36,135,901 ounces, up 3,000 ounces (0.01%) from the previous value [1] - COMEX silver inventory: The current value was 429,156,441 ounces, down 4,225,669 ounces (- 0.98%) from the previous value [1] - COMEX gold registered warehouse receipts: The current value was 18,864,397 ounces, up 40,600 ounces (0.22%) from the previous value [1] - COMEX silver registered warehouse receipts: The current value was 120,632,557 ounces, down 2,571,966 ounces (- 2.09%) from the previous value [1] - SPDR gold ETF position: The current value was 1,086 tons, up 10.87 tons (1.01%) from the previous value [1] - SLV silver ETF position: The current value was 16,073 tons, up 11.28 tons (0.07%) from the previous value [1]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In 2026, precious metals, especially industrial precious metals, will continue to be strong. Investors are advised to take a long - biased approach but control the position size, and short hedgers should appropriately reduce the hedging ratio [4][5] 3. Summary by Relevant Catalogs Precious Metals Market Conditions and Outlook Intraday Market - Trump's threat to impose tariffs on eight European countries due to the Greenland issue has increased geopolitical risks, pushing up the prices of gold and silver in the Asian session on the 19th. London gold approached the $4700 per ounce mark. The adjustment risk in precious metals was fully released in the late December 2025 correction. This week, attention should be paid to China's annual GDP, US November PCE inflation, the Bank of Japan's interest - rate meeting, the Greenland issue, and the US Supreme Court's ruling on Trump's tariff measures [4] - The previous closing prices, highest prices, lowest prices, closing prices, price change percentages, open interest, and changes in open interest of domestic precious metal contracts such as the Shanghai Gold Index, Shanghai Silver Index, Guangzhou Platinum Index, and Guangzhou Palladium Index are presented [5] Medium - term Market - Trump will focus on consolidating the geopolitical strategic space in the Western Hemisphere in 2026, which may lead to a significant increase in geopolitical risks. The restructuring of the global political and economic landscape and the loose monetary policies of central banks will continue to boost the demand for reserve diversification, strategic value, and liquidity premium of the precious metal sector. In 2026, the precious metal sector will continue the medium - term upward trend since 2024. Silver and platinum will outperform gold, but the large influx of investment funds will also significantly increase price volatility. Investors are recommended to take a long - biased approach, and conservative traders can consider cross - product arbitrage. Long hedgers should hedge in batches as soon as possible, and short hedgers should appropriately reduce the hedging ratio [5] Main Macroeconomic Events/Data - Trump plans to impose a 10% import tariff on goods from eight European countries on February 1st, increasing to 25% on June 1st until the US reaches an agreement to purchase Greenland. EU countries may impose tariffs worth 93 billion euros on the US or restrict US companies from entering the EU market [16] - Canada and China have reached a preliminary trade agreement to cut tariffs on electric vehicles and rapeseed. Canada will allow up to 49,000 Chinese electric vehicles to enter at a 6.1% tariff rate, and China will lower the tariff rate on Canadian rapeseed to about 15% by March 1st. Trump supports Canadian Prime Minister Carney [16] - Trump may keep economic advisor Hassett in his position. He is considering candidates for the next Fed Chair. Fed Vice - Chair for Supervision Bowman said the weak job market may deteriorate rapidly and the Fed should be ready to cut rates again if necessary. Fed Vice - Chair Jefferson signaled support for keeping rates unchanged in the January meeting and is cautiously optimistic about the economy, labor market, and inflation in the coming year [17]

新浪合作大平台期货开户 安全快捷有保障 责任编辑：李桐 周一（1月19日）纽约尾盘，现货黄金涨1.63%，报4670.87美元/盎司，创收盘新高，盘中触及4690.88美 元点历史高位；现货白银涨4.66%，报94.3270美元/盎司，盘中触及94.68美元的历史高位。 周一（1月19日）纽约尾盘，现货黄金涨1.63%，报4670.87美元/盎司，创收盘新高，盘中触及4690.88美 元点历史高位；现货白银涨4.66%，报94.3270美元/盎司，盘中触及94.68美元的历史高位。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：李桐 ...

Group 1: Gold and Silver Prices - International gold and silver prices reached historical highs on January 19, with London spot gold exceeding $4,690 per ounce and spot silver surpassing $94 per ounce [1] - As of the report, London gold was priced at $4,671.07 per ounce, up 1.64%, while London silver was at $93.194 per ounce, up 3.39% [1] - COMEX gold and silver also saw increases, with COMEX gold at $4,681.7 per ounce (up 1.88%) and COMEX silver at $93.7 per ounce (up 5.83%) [1] Group 2: Domestic Gold Jewelry Prices - Domestic gold jewelry prices have surged, with major brands like Lao Feng Xiang and Lao Miao quoting prices around 1,456 to 1,459 yuan per gram [2] - The rising prices have led to increased interest in alternative investment metals, particularly copper bars, which are being offered by merchants in Shenzhen [2][9] Group 3: Investment Copper Bars - Investment copper bars are being introduced in the market, with prices ranging from 180 to 280 yuan for a 1,000-gram bar [2][11] - Despite the interest, actual purchases remain low, with concerns about future resale value and market perception of copper as a low-value metal [9][12] - The price of copper has increased over 30% in the past year, with significant fluctuations noted in the market [11]

Core Viewpoint - The article highlights the investment strategy of Cheung Hai, known as the "Hong Kong Buffett," who allocates a significant portion of his wealth to gold, far exceeding the average allocation among peers, and adheres to a "buy and hold" strategy without trading or using derivatives [1][2]. Group 1: Investment Strategy - Cheung Hai has allocated approximately 25% of his family office assets, totaling around $1.4 billion, to precious metals, particularly gold, while the average allocation among family offices is only 2% [1][2]. - His investment in precious metals began with small amounts in 2008, leading to substantial purchases of physical gold ETFs ten years later, resulting in cumulative gains of $251.1 million and a growth rate of 167% [1][2]. - He recommends an investment portfolio consisting of 60% stocks, 20% bonds, and 20% precious metals, primarily gold, citing geopolitical tensions as a driving force for gold and silver [1][2]. Group 2: Historical Context and Performance - Cheung Hai's significant gold purchases were funded by selling shares of his company, Wei Li Group, before a major market correction in 2015 [4]. - He launched the Value Gold ETF in 2010, storing physical gold in Hong Kong, and remains the largest shareholder of the fund, valued at approximately HKD 1.3 billion ($167 million) [4]. - The prices of gold, silver, copper, and tin reached historical highs in early 2026, driven by anticipated easing policies from the Federal Reserve, political pressures from the Trump administration, and ongoing geopolitical tensions [1][4]. Group 3: Market Trends and Insights - Cheung Hai believes that the world is entering a period of large-scale "vault migration," with wealthy Asian families increasingly moving their assets back to the region to avoid U.S. sanctions or potential asset seizures [4]. - He emphasizes that owning physical gold is a secure way to store wealth, as it does not rely on any third party [4][5]. - The article notes that some Asian family offices are bypassing intermediaries to trade physical gold directly, reflecting a growing trend in precious metal investments [5].

深圳商报·读创客户端记者 胡星访 文/图 2026 年1月14日，伦敦现货白银价格突破 90 美元 / 盎司，带动整个贵金属板块热度飙升，各类投资热梗在互联网上火速刷屏，引发网友热议。业内称白银 暴涨受地缘博弈、产业需求、国家战略等多重因素驱动。而白银剧烈的价格波动，也让机构频频发出理性投资、警惕高波动风险的警示。 现货白银1月14日实时价格 白银"飙涨"引发热议 "白银今年涨幅超过了100%，今年的总体收益也超过了700%"。近日，一位来自香港的投资客在小红书分享了投资白银，让200万元本金翻了数倍的帖子。 帖子引发众多网友跟帖热议。而网络上类似"卖房梭哈白银，一夜财富自由"等聊天记录的截屏传播，一下点燃了一波互联网投资"狂欢"，也被戏称"带火"了 整个贵金属板块。 | ● 白银 | 11694328.8 | | --- | --- | | ● 黄金 | 1781165.19 | | ● 期权 | 152594.8 | | ● 铜 | 132346.08 | | ● 中证500 | 72940.02 | | ● 中证1000 | 28864.02 | 香港投资客在小红书分享，2025年投资白银收益已超700 ...

转自：贝壳财经 【金银之后又一金属火了 #投资铜条1公斤200元# 】最近，贵金属市场热潮涌动，特别是黄金和白银价 格一路走高，成为大众追捧的投资焦点。而在这股热潮之下又一种金属悄悄"出圈"——投资铜条。最 近，深圳水贝商家除了抢黄金和白银还推出了投资铜条，规格有500克和1000克，不过以1000克居多， 一根1000克的投资铜条的报价从180元至280元。"铜适合一吨一吨囤，不适合一斤一斤囤，铜条的溢价 空间太大了，放几年都回不了本。"一位贵金属投资客说。另外，铜和黄金、白银最大的不同在于，黄 金白银本身具备避险和货币属性而金属铜并不具备，主要是由工业需求推动。比如，铜占空调成本约 30%，"所以铜并不适合作为个人投资。"#金银大涨后铜条悄悄火了##潮宏基吊坠一夜涨了1.9万#(新闻 晨报) ...

Core Viewpoint - The article highlights the recent surge in gold and silver prices, driven by macroeconomic factors such as easing inflation in the U.S. and expectations of interest rate cuts by the Federal Reserve, which support the long-term upward trend of precious metals [1][3]. Group 1: Gold and Silver Price Movements - On January 19, international gold and silver prices reached new highs, with spot gold peaking at $4690.88 per ounce and COMEX gold at $4698 per ounce, both showing an increase of over 2%. Spot silver reached $94.12 per ounce, with a rise exceeding 4%, while COMEX silver hit $94.365 per ounce, up over 6% [1]. - As international gold prices rise, domestic gold jewelry prices have also significantly increased [2]. Group 2: Macroeconomic Factors - Recent economic data indicates a reduction in inflationary pressures in the U.S., with a weaker job market. The core CPI for December showed a rebound lower than expected, reinforcing expectations for interest rate cuts and a global easing cycle, which supports the rise in precious metals [3]. - The weakening of the U.S. dollar's credibility and ongoing central bank gold purchases provide solid support for gold prices, suggesting a continuation of the long-term upward trend [3]. Group 3: Supply and Demand Dynamics - Silver and platinum, possessing both financial and industrial attributes, are influenced by macroeconomic factors and additional support from supply-demand gaps. Silver supply remains tight due to limited mining output, while industrial demand, particularly from solar energy, remains robust, stimulating investment demand for silver [3]. - Platinum supply is also constrained, with increasing demand for catalytic converters in hybrid vehicles and hydrogen energy becoming a core growth source, activating investment demand for platinum as prices rise [3].

北京商报讯（记者 孟凡霞 周义力）1月19日，黄金、白银再次冲高，现货白银站上94美元/盎司关口， 最高触及94.12美元/盎司；现货黄金攀升至4690.88美元/盎司，双双再创历史新高。纵观来看，现货白 银年内已涨超30%，现货黄金年内涨超7%。 ...

最近，贵金属市场热潮涌动，特别是黄金和白银价格一路走高，成为大众追捧的投资焦点。而在这股热 潮之下，又一种金属悄悄"出圈"——投资铜条。 你没听错，就是被戏称为"破铜烂铁"的铜。 最近，深圳水贝商家除了抢黄金和白银，还推出了投资铜条，一根1000克的投资铜条报价从180元至280 元不等。 有网友说，一开始以为是段子，结果发现是真的。还有网友开玩笑说：以后再也不敢叫破铜烂铁了…… 1公斤投资铜条180元至280元不等 问的人多买得人少 深圳水贝是国内最大的黄金珠宝集散地，就在这个月，金座、银座、特力等市场的不少商家试探性地推 出了纯铜999.9的投资铜条，规格有500克和1000克，不过以1000克居多，一根1000克的投资铜条的报价 从180元至280元。 THE LEAR 水贝铜条来了 深圳速度哈哈哈 只有你想不到 没有水贝做不到感 Q 猜你想搜 水贝铜条 深圳水贝 关注 次開会 官 能 限 坏啦,现在又开始玩铜条啦 每天现货几十公斤#不懂就问有问必答 #万能的小红 书 #铜 #贵金属 . . 不过大部分商家没有铜条现货，需要预订，时间3至7天不等。 一位水贝商家说，这两天问的人比较多，真正下单的人很少。 ...