Core Viewpoint - The Ministry of Finance and the State Taxation Administration have announced a new tax policy regarding gold, effective from November 1, 2025, which introduces a classification system for investment and non-investment gold products, potentially shifting investor behavior towards exchange-traded channels [1] Group 1: Tax Policy Changes - The new policy categorizes gold into investment (e.g., gold bars) and non-investment (e.g., jewelry, industrial uses) for tax management [1] - Gold purchased through exchange channels will continue to enjoy VAT tax benefits, resulting in a lower tax burden [1] - The cost of purchasing gold through non-exchange channels (e.g., banks and jewelry stores) will increase due to the VAT being included in the price and the interruption of the VAT deduction chain [1] Group 2: Investment Implications - The new policy may accelerate the concentration of investors towards exchange channels, benefiting gold ETFs and other non-physical gold investment forms due to tax advantages [1] - Ordinary investors can participate in gold investments through exchange products like gold ETFs and accumulation gold, balancing convenience and tax burden [1] - In the medium to long term, the central price of gold is expected to rise, suggesting that investors may consider participating during subsequent pullbacks and gradually building positions [1] Group 3: Specific Investment Products - Attention is drawn to direct investment in physical gold, which is exempt from VAT, and to gold ETFs with a circulation scale exceeding 25 billion yuan (518800) [1] - There is also a focus on gold stock ETFs (517400) that cover the entire gold industry chain [1]

智通财经APP获悉，盛宝银行大宗商品策略主管Ole Hansen周一发表报告称，自10月20日创下每盎司 4359.40美元的历史高点以来，黄金期货已下跌近8%，期间市场情绪"已从亢奋转向审慎"。目前市场正 在重新评估，2025年黄金面临的诸多利好因素——如美国贸易政策的不确定性及央行强劲购金需求—— 是否已充分反映在期货价格中。但Hansen推测，黄金仍有进一步上行空间，只是启动时点难以确定。 他表示："黄金目前的回调更像是短暂休整，而非趋势逆转。季节性需求疲软、中国政策短期扰动以及 美元走强，是导致短期回落的原因，但这些因素均未改变长期向好的格局。" 据了解，中国相关部门上周末宣布，部分零售商从上海黄金交易所和上海期货交易所购入黄金后，将不 再能全额抵扣增值税。 黄金期货周一微幅收涨，为过去四个交易日中第三日上行，重新站上每盎司4000美元关口。目前投资者 正等待本周三公布的美国ADP就业数据，以及本周发布的ISM采购经理人指数(PMI)，以寻找美联储政 策走向的线索。 由于美国政府停摆导致劳工统计局等机构暂停发布关键经济数据，分析师认为这造就了"观望而非行 动"的谨慎市场氛围。 周一，纽约商品交易所11 ...

Core Viewpoint - The recent decline in gold prices is attributed to a combination of short-term factors, but long-term support remains intact, indicating a healthy correction within a bull market rather than the onset of a bear market [3][4]. Market Analysis - Gold prices have dropped from a peak of 4381 USD/oz to 4025.34 USD/oz, a decline of over 8% [1]. - The recent downturn is driven by three short-term factors: excessive prior gains, easing geopolitical risks, and a temporary rebound in the US dollar [3]. - Despite the short-term pressures, long-term support remains strong due to continued interest rate cuts by the Federal Reserve and significant gold purchases by global central banks [3][4]. Investment Strategies - Investors are advised to look for stability signals, such as gold prices maintaining above 4025 USD for three consecutive days and a downward trend in 10-year US Treasury yields [4]. - Two recommended investment methods include dollar-cost averaging and phased buying to mitigate risks associated with price volatility [6][7]. Product Selection - Preferred investment options include low-premium, easily liquidated products, while high-premium and pseudo-investment products should be avoided [6][8]. - Specific investment vehicles such as gold ETFs and bank gold bars are highlighted for their lower premiums and ease of transaction [8]. Risk Management - It is crucial to limit gold holdings to 5-10% of total assets to avoid liquidity issues and missed opportunities [10]. - Investors should adopt a strategy of taking profits when gold prices rise significantly while maintaining a long-term holding approach during short-term declines [10][11].

投资黄金首先要算成本账，这直接决定了你的回本门槛。 金条的溢价通常比较低，比如银行投资金条 售价可能比上海黄金交易所的原料价只高 黄金ETF几乎零溢价，价格紧贴现货金价，买入1克的成本就是当天沪金价，但交易时会产生手续费， 一次买卖约0.1 有十年黄金理财经验的建行经理李娜提到，每天至少有20人会问她这个问题，选对了能稳赚，选错了可 能白交几万学费。 其实关键在于算清三笔账——成本、流动性和适配性，答案就会清晰起来。 金价最近确实出现了一波回调，伦敦金现徘徊在4029美元附近，较前期高点下跌超过8%，国内沪金也 跌至917.8元/克，一周内就跌去了12元/克。 这种波动让"抄底黄金"的呼声越来越高，但面对金条、黄金 ETF和积存金这些选择，很多投资者反而陷入了选择困难。 ...

Core Viewpoint - The surge in demand for gold bars contrasts sharply with the declining gold prices, indicating a potential misalignment between investor behavior and market realities [1][3] Group 1: Market Dynamics - Investors are flocking to purchase gold bars despite a significant drop in gold prices, with domestic gold prices falling over 8% from previous highs [1][3] - Complaints regarding losses from incorrect gold product choices have surged threefold in the past month, highlighting the risks associated with certain gold investment products [1][3] Group 2: Investment Products and Risks - High-risk products such as "mini piggy bank" gold beans, leveraged gold ETFs, and custom gold bars are leading many investors into difficult situations due to high premiums and fees [3][4] - The cost structure of these products is problematic, with gold beans having a processing fee of up to 10.5%, while bank gold bars have a fee of only 2% [3][4] - Real-life examples illustrate the financial pitfalls, such as a case where an investor lost 120,000 yuan when trying to liquidate a custom gold bar purchased for 470,000 yuan [3][4] Group 3: Investor Behavior and Education - Many investors lack understanding of the complexities of gold investment, leading to poor choices and significant losses [10][12] - The perception of gold as a short-term speculative tool rather than a long-term asset is prevalent, resulting in impulsive buying and selling behaviors [8][10] - Market education is insufficient, with many consumers unaware of how to calculate premiums, leading to blind purchases of high-premium products [10][12] Group 4: Regulatory Environment - The regulatory framework surrounding gold investment is evolving, with recent efforts to curb illegal financial activities in the gold sector [12][14] - Investors are advised to verify the legitimacy of gold products and services, as many non-bank platforms may engage in illegal fundraising activities [4][12] Group 5: Strategic Recommendations - Proper asset allocation is crucial, with recommendations suggesting that gold should only constitute 5-10% of an investor's portfolio, held for over a year [8][16] - Different gold products cater to different investor profiles, with bank gold bars being suitable for long-term holders, while gold ETFs are better for those who can manage volatility [16]

人无远虑，必有近忧，对待行情也同样如此，行情的涨跌不是靠个人主观意志所决定的，而是充斥着多于 空的搏杀，所以，选择远远大于努力，择良师，将会获益匪浅，如果你还在盲目的交易，天天除了套单就 是锁单，那么兴言想说你很失败，路走偏了却不愿意换一条路，只能证明你伤的还不够深！话不多说，行 情未动，策略先行，日内分析即将给出！ 今日黄金操作一览回顾！ 今日第一单：早盘通知学员4002/03附近进场空单，跌至3990一线获利离场！ 今日第二单：午后通知学员4015附近继续进场空单，最低跌至3997，4005附近提前离场！ 今日下午给出4030空单策略，最高涨至4028导致踏空并没有进场，有些可惜！ 黄金：反弹4030-35阻力，防守45-50，目标看3960！ 记住交易并非易事,而是一丝不苟的思路和严谨的操作,而若想早日脱离亏损泥潭,走上稳健收获的正轨，很 简单，找到我！ 责任编辑：赵兴言 【以上观点，仅供参考，投资有风险，入市需谨慎】 对于美盘黄金走势的看法！ 黄金今天整体依旧是维持一个探底回升最后承压震荡的趋势形态，欧盘的话最高上涨逼近我们二次开空的 点位，也就是4030-35一线，临近美盘，目前的话之前的思路暂时保 ...

Core Viewpoint - The gold price has surged past $4,000, reflecting a divided market where some investors are cashing out while others are buying in, driven by various economic indicators and geopolitical tensions [1][3]. Market Dynamics - On October 30, gold prices rose by 2.45% in a single day, influenced by a drop in the U.S. core PCE to 3.7%, leading to intense speculation regarding Federal Reserve policies [3]. - The internal conflict within the Federal Reserve, characterized by contrasting views on interest rate cuts, has contributed to significant fluctuations in the dollar index and gold prices [3]. - Geopolitical risks, particularly the escalation of conflicts in the Middle East, have acted as catalysts for gold's price increase, with the VIX index rising by 23% in October [3]. Central Bank Activity - As of September, the People's Bank of China has increased its gold holdings for 11 consecutive months, with global central bank purchases reaching 800 tons in the first three quarters of the year, a 14% year-on-year increase [4]. - Despite some central banks like the Philippines reducing their gold holdings, global gold demand surged by 45% to $132 billion in Q2, indicating a shift in central bank strategies [4]. Technical Analysis - As of November 3, gold prices are facing a critical resistance level at $4,030 and strong support at $3,960, suggesting potential volatility in the market [6]. - The trading volume for Shanghai gold futures surged by 18% on November 1, indicating heightened market activity and potential for continued price movements [6]. - Institutional perspectives are divided, with Goldman Sachs raising its gold price target to $5,000, while Morgan Stanley warns of excessive speculative positions [6]. Trading Structure Changes - The proportion of algorithmic trading in gold has increased from 25% in 2020 to 42%, leading to faster price reactions to market news [7]. - The premium for gold jewelry has risen to 15%, significantly above the historical average of 8%, indicating a shift in consumer behavior [7]. Inflation and Economic Indicators - The current inflation environment, with the U.S. core CPI at 3.3%, supports gold as a hedge against inflation, as it avoids aggressive rate hikes while maintaining demand [9]. - Different market participants are adopting varied strategies, with some mining companies increasing their hedging ratios in response to current price levels [9]. Market Sentiment and Supply Chain - The correlation between gold and traditional assets like U.S. stocks and bonds has weakened, making gold an "anomaly" in asset allocation [11]. - There are signs of tightening in the physical gold supply chain, with some retailers experiencing stock shortages, driven by increased consumer demand during promotional events [11]. Pricing Mechanism Evolution - The historical negative correlation between the dollar index and gold prices has been disrupted, suggesting a shift in the factors driving gold prices towards credit risk hedging [13]. - The increase in open interest in gold futures on the New York Mercantile Exchange by 5.2% contrasts with a 3.1% decrease in Shanghai, highlighting differing market perceptions [13].

Core Viewpoint - The gold prices in the Shenzhen Shui Bei market have seen a significant increase, with retail prices rising approximately 60 yuan per gram on November 3, 2023, reflecting a broader trend in the gold market amid high volatility in international and domestic gold prices [1][2][6]. Price Changes - On November 3, the wholesale price of gold in Shui Bei reached 991 yuan per gram, up from around 930 yuan earlier that day, indicating an overall increase of about 7% [1][2]. - Major jewelry brands also adjusted their prices, with Chow Tai Fook increasing its price from 1198 yuan to 1259 yuan per gram, and Chow Sang Sang raising its price from 1193 yuan to 1255 yuan per gram [1][6]. Market Dynamics - The increase in gold prices has led to a notable change in consumer behavior, with some customers opting to wait before making purchases due to the price hike [6]. - The price difference between buying and selling gold has widened, with the current buyback price at 902 yuan per gram, resulting in a price spread that has increased from 30 yuan to 90 yuan per gram [7]. Tax Policy Impact - A recent announcement from the Ministry of Finance and the State Administration of Taxation has categorized gold into investment and non-investment types, affecting the tax rates for non-investment gold jewelry, which has increased the VAT cost for businesses [8]. Banking Sector Response - Banks have temporarily suspended the acceptance of physical gold withdrawals, with some institutions like Industrial and Commercial Bank of China (ICBC) initially halting their gold accumulation services before resuming them later the same day [12][13]. - The banking sector's actions reflect a cautious approach in response to the changing market conditions and tax policies [12][13]. International Market Trends - International gold prices have recently experienced a downward trend after reaching a peak in mid-October, influenced by factors such as profit-taking by investors and a decrease in market risk aversion due to geopolitical developments [15]. - Analysts suggest that while there are fluctuations, the long-term upward trend in gold prices remains supported by fundamental factors like declining real interest rates [15].

Core Insights - The price of investment gold bars surged significantly within a single afternoon, with prices rising from 9280 yuan to 10218 yuan per 10 grams [1] - Following the announcement of new tax policies by the Ministry of Finance and the State Administration of Taxation on November 1, the market for investment gold bars has been notably affected, leading to widespread price increases and product unavailability [1] Price Changes - Investment gold bars and gold beans that were previously priced below 1000 yuan per gram have almost entirely disappeared from the market, with most currently available products priced above 1000 yuan per gram [1] - Some brands of gold bars have exceeded 1200 yuan per gram, surpassing the prices of gold jewelry [1] Market Reactions - Consumers expressed surprise and concern over the rapid price changes, with many questioning the availability of gold bars and the reasons behind the price hikes [1] - The sudden increase in prices has led to a flurry of inquiries from potential buyers, indicating heightened interest and urgency in the market [1]

Core Insights - The Federal Reserve's ongoing interest rate cuts are reshaping the global financial landscape, leading to increased volatility in gold prices, with historical data indicating potential price increases of 28%-35% during such periods [1] - Hong Kong is accelerating its transformation into an international gold trading center, benefiting from gold prices surpassing $4,000 per ounce, which presents both investment opportunities and challenges in platform selection [1] - The global gold demand showed a robust recovery in Q3 2025, with a year-on-year increase of 3%, reaching a record high of 1,313 tons, driven by geopolitical uncertainties and inflation pressures [3] Market Dynamics - The surge in gold demand is attributed to central banks and investors turning towards physical assets amid economic uncertainties [3] - Hong Kong's gold exchange saw a significant trading volume increase of 68.7%, reaching 2.5 million troy ounces, highlighting its potential as a pricing center [3] - The entry of Swiss precious metals giant MKS PAMP into Hong Kong is expected to enhance infrastructure and challenge London's traditional dominance in gold trading [3] Platform Selection Criteria - New investors are advised to prioritize compliance, such as ensuring the platform holds AA class membership with the Hong Kong Gold Exchange, which guarantees traceable transaction codes [4] - Key factors for platform selection include the speed of deposit and withdrawal processes, with ideal platforms offering instant deposits and withdrawals within two hours [4] - The technology underpinning the trading platform is crucial, with platforms utilizing MT4/MT5 systems for fast order execution and transparent pricing mechanisms [4] Trading Strategies - Investors often face challenges in executing trades during favorable market conditions; thus, platforms that provide flexible contract sizes and transparent pricing mechanisms are essential [5] - Implementing stop-loss and take-profit settings can automate risk management and avoid unexpected overnight interest charges [5] - The importance of data integrity is emphasized, with reputable platforms providing synchronized market data to prevent manipulation [5] Avoiding Trading Pitfalls - Verification of regulatory backing and the isolation of client funds from company operations are critical to ensuring long-term safety in trading [7] - Platforms should have robust measures against slippage and network attacks, ensuring accurate order execution [7] - Practical steps for selecting a platform include comparing membership codes, conducting small-scale test trades, and consulting independent analysts to align with personal risk preferences [7]