5月21日，由华安基金管理有限公司主办的"黄金投资高端峰会"在中国金都山东招远举行。本次峰会汇 聚了来自宏观经济研究、黄金产业分析及资产配置领域的顶尖专家学者，围绕"全球宏观变局下的黄金 投资新机遇"这一主题展开深入探讨和交流。 本次会议得到招金矿业的支持，招金矿业品牌总监菅兵对参会嘉宾的来到中国金都——山东招远表示了 欢迎。招金矿业是国内领先的从黄金勘探、开采、精炼、加工、销售的一体化集团公司，凭借着优越的 地理位置、丰富的矿产资源、领先的工艺技术和创新的管理模式，加速跻身中国顶尖、世界领先的黄金 生产企业行列。 在主题演讲环节，中国人民大学美国研究中心专家深入解读了中美关系演变。他表示，当前中美战略竞 争已进入新阶段，美国对华关税政策调整与科技管制措施正在重塑全球供应链格局。与此同时，美联储 货币政策转向预期升温，美元指数波动加剧，这使得黄金作为非主权信用资产的避险属性显著提升。他 强调，在地缘政治风险持续发酵的背景下，各国央行加速外汇储备多元化进程，黄金正重新成为国际货 币体系中的重要稳定锚。 中金公司有色首席分析师齐丁在演讲中深入剖析了黄金市场的新周期特征。他认为，全球宏观经济格局 正在经历深刻重构， ...

Group 1 - The core viewpoint indicates that the gold ETF fund has shown significant performance with a recent price increase and substantial net inflows, suggesting strong investor interest in gold as a safe-haven asset [2][3] - The gold ETF fund has experienced a net inflow of 3.194 billion yuan over the past 20 trading days, with an average daily net inflow of 160 million yuan, reflecting a positive trend in investor sentiment [2][3] - The macroeconomic environment, including concerns over the U.S. financial system and potential recession, is creating favorable conditions for gold, as central banks are likely to continue increasing their gold reserves [3] Group 2 - The gold ETF fund has achieved a net value increase of 91.92% over the past five years, ranking it among the top funds in its category, indicating strong long-term performance [4] - The fund's historical performance metrics include a maximum monthly return of 10.62% and a 100% probability of profit over a three-year holding period, showcasing its reliability as an investment [4] - The fund's management fee is 0.50% and the custody fee is 0.10%, which are competitive rates in the market [4]

美国商品期货交易委员会(CFTC)数据显示，截至5月21日，黄金ETF持有量为919.88吨，较上一交易日 减持了1.72吨。 最新路透调查显示，在日本经济面临关键转折点时，近三分之二的日本企业正急切呼吁日本央行暂停加 息计划。这项由日经研究在5月7日至16日期间进行的调查，覆盖了504家日本企业，其中224家匿名回 应。结果显示，高达65%的企业明确表示希望央行暂缓加息，另有10%的企业甚至呼吁降息，仅25%的 企业支持继续加息。这一强烈呼声背后，是日本经济第一季度意外萎缩的现实，以及特朗普政府关税政 策带来的巨大不确定性。 多家受访企业高管直言，特朗普关税政策如同一片难以驱散的阴云，正严重干扰企业的战略规划。一位 不愿具名的服务业公司经理在调查中写道："当前最大的挑战是根本看不清谈判走向。任何利率调整都 应该等到政策能见度恢复后再做决定。"更严峻的是，电子行业高管指出，若美国对日本商品加征关 税，叠加加息导致的日元升值，出口行业将遭受"双重暴击"——既要承担关税成本，又要面对汇率波动 带来的利润侵蚀。 【上一交易日黄金行情解析】 黄金ETF最新持仓数据： | 日期 | 净持仓量（盎司） | 净持仓量（吨） ...

黄金又支棱起来了！今天（5月21日），现货黄金价格强势上破3300美元关键点位，为5月9日以来首次。在消息面上，地缘政治风险升温成为重要催化 剂。 今天，国内品牌金饰足金报价纷纷重返千元之上，AH股黄金股双双集体走高。 AH黄金股双双大涨 一夜大涨近30元/克 品牌金饰集体回到千元之上 此前，国际金价出现回调，黄金连续下跌，从3500美元到跌破3200美元。 数据显示，5月7日以来，伦敦现货黄金价格从约3430美元/盎司高点连续下挫，其中5月14日单日暴跌约72美元/盎司，单日跌幅2.23%。 但本周金价走出大逆转，连续三天上涨。5月20日晚，现货黄金持续走高，突破3280美元/盎司，日内涨超1.6%。从5月21日开始，黄金价格再度上扬，突 破3300美元大关。截至今日发稿前，现货黄金涨破3310美元/盎司。 AI识股 A股板块涨幅第一 A股贵金属板块今天也同步拉升，截至下午收盘，板块指数大涨近5%，登上板块涨幅第一。 | AI识股 | | --- | | 个股方面，晓程科技领涨，西部黄金涨停，四川黄金、赤峰黄金、山金国际、山东黄金等跟涨。 | | AI识股 | | H股黄金股也集体走高，截至下午收盘，港股紫 ...

Group 1 - The 10-year U.S. Treasury yield rose by 11.16 basis points to 4.5985%, marking the first time since February 13 that it surpassed the 4.6% threshold [1] - The 20-year Treasury yield increased by 13.21 basis points, reaching a daily high of 5.1247%, approaching the peak of 5.2838% from November 1, 2023 [1] - The 30-year Treasury yield climbed by 12.27 basis points to 5.0923%, nearing the October 23, 2023 peak of 5.1764% and the psychological 6% level [1] Group 2 - Concerns over U.S. fiscal sustainability have led to a significant sell-off in long-term Treasuries, with the 30-year yield surpassing 5%, raising worries about future financing costs [1] - The U.S. stock market experienced a sharp decline, with major indices recording their worst single-day performance in a month, influenced by the pressures from the bond market [1] Group 3 - From a medium to long-term perspective, the decline in U.S. dollar credit and the onset of a Federal Reserve rate cut cycle, along with global central banks increasing gold purchases, suggest that gold prices may continue to trend upward after a short-term adjustment [2] - The easing of tariff policies has improved market risk appetite, putting pressure on the safe-haven attributes of precious metals in the short term [2] - In the context of global trade policy uncertainty and ongoing central bank gold purchases, gold prices are expected to exhibit a pattern of rising more easily than falling [2] Group 4 - Companies related to gold and precious metals include Zijin Mining (02899), Shandong Gold (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), WanGuo Gold Group (03939), LaoPu Gold (06181), and JiHai Resources (02489) [3]

● 本报记者 葛瑶 COMEX黄金期货价格同步攀升至3310美元/盎司上方，单日涨幅0.78%。 消息面上，据新华社报道，美国有线电视新闻网（CNN）20日援引多名美国官员的话报道，美国获得 的新情报表明以色列正准备袭击伊朗核设施。报道说，目前尚不清楚以方是否做出了最终决定。该情报 基于以色列高级官员公开和私下交流的情况、截获的以色列通信及对以色列军事行动的观察，这一切都 表明以色列即将发动袭击。 机构人士表示，全球地缘政治局势骤然升温，提振了避险需求。同时市场对美国财政健康的持续担忧， 以及贸易谈判的不确定性，也使黄金保持相对强劲的买盘，帮助金价收复上周部分跌幅。 5月21日亚洲交易时段，伦敦金现货价格再次站上3300美元/盎司大关，COMEX黄金期货价格同步攀升 至3310美元/盎司上方。消息面上，据新华社报道，美国有线电视新闻网（CNN）20日援引多名美国官 员的话报道，美国获得的新情报表明以色列正准备袭击伊朗核设施。 机构人士认为，黄金或将进入一段时间的调整期，以消化此前的大幅上涨和对恐慌情绪的过度定价，但 黄金长期上涨动力仍然充足。 国际金价反弹 5月21日，国际金价迎来反弹，收复上周部分失地。伦敦 ...

Core Viewpoint - The current rise in gold prices is driven by geopolitical tensions in the Middle East and uncertainties surrounding U.S. fiscal policy, leading to increased demand for safe-haven assets [1][3]. Market Sentiment - Market sentiment is significantly leaning towards risk aversion, with geopolitical risks enhancing gold's appeal as a safe-haven asset [3]. - The market's willingness to hedge and arbitrage has noticeably increased due to the Middle East risk premium reflected in gold price movements [3]. Technical Analysis - Gold prices are approaching a double top formation, indicating potential technical pullback risks [3]. - If geopolitical tensions ease and market risk appetite returns, gold prices may test support levels at $3,230 and potentially drop to $3,120 [3]. - Current trading patterns show gold fluctuating around $3,300, with a notable resistance at $3,320 and support at $3,285 [5]. Trading Strategy - The trading strategy suggests monitoring the $3,315 and $3,320 resistance levels for potential short positions, while keeping an eye on the $3,285 support level for possible downward movements [5]. - The analysis indicates a need for caution as the market shows signs of a quick rise followed by corrections, suggesting a shift in trading strategy may be necessary [5].

Group 1 - Recent fluctuations in international gold prices have led to changes in consumer sentiment, with gold prices reaching $3,300 per ounce on May 21, marking the first time since May 9 that prices have returned to this level [1] - On April 22, gold prices hit a historical high of $3,509 per ounce, followed by significant volatility, including a drop below $3,300 per ounce on May 1 [1] - In the Shenzhen Shui Bei gold jewelry market, gold jewelry prices returned to approximately 780 yuan per gram on May 21, after dropping to around 742 yuan per gram on May 15, which is over an 11% decline from the April 22 high of 837 yuan [1] Group 2 - The younger consumer demographic is increasingly participating in the gold market, with many preferring to invest in gold due to declining deposit interest rates, viewing it as a means of preserving value [2] - Despite recent price corrections, many market operators report that downstream sales volumes have not seen significant increases, indicating a cautious market environment [2] - Several institutions maintain a long-term bullish outlook on gold prices, with UBS predicting that gold prices will reach $3,500 per ounce by the end of the year [3]

Group 1 - The core driving factors for the current rise in gold prices include heightened risk aversion due to the downgrade of the US credit rating, geopolitical uncertainties in Europe and the US, global trade tensions, and escalating tensions in the Middle East, leading to increased capital inflow into the gold market [3] - The weakening of the US dollar's credibility is evident as the Federal Reserve's interest rate cut expectations rise, with US debt surpassing $36 trillion, prompting central banks worldwide to increase gold holdings to mitigate risks associated with dollar assets [3] - Technical buying has been triggered as gold prices surpassed $3,000, leading to algorithmic trading following suit, with gold ETF holdings nearing their peak for the year, indicating strong bullish sentiment in the market [3] Group 2 - Optimistic analysts, such as those from the China Foreign Exchange Investment Research Institute, believe that gold is likely to remain in an upward trend in the medium to long term, with prices potentially reaching $3,350 to $3,700 per ounce by 2025, while Goldman Sachs predicts extreme scenarios could see prices hit $4,500 [3] - Conversely, cautious analysts from the World Gold Council warn of a potential slowdown in growth and short-term pullback pressures, with technical indicators suggesting signals similar to the 2011 peak [3] - There is a long-term consensus that gold retains its strategic value as a hedge against inflation and a safe-haven asset, although short-term volatility risks should be monitored [3] Group 3 - For ordinary investors, it is recommended to allocate 5%-15% of their investable assets to gold to balance risk and return, suggesting that a 10% allocation in a 60/40 stock-bond portfolio can reduce overall volatility [4] - Investment options include physical gold, which is suitable for long-term value retention but incurs transaction costs (buy-sell spread of approximately 5-10 yuan per gram), and gold ETFs or accumulation gold, which offer strong liquidity and lower entry barriers, making them suitable for dollar-cost averaging or risk diversification [5] - High-risk tools such as futures and options are advised against for ordinary investors due to their extreme volatility and potential for significant losses [6] Group 4 - Timing strategies suggest that, given the current high gold prices (London gold at $3,301 per ounce), investors may consider waiting for a pullback to the $2,800-$3,000 range for phased entry [7] - For long-term strategies, monthly dollar-cost averaging or buying on dips is recommended to mitigate the impact of volatility through a "time smoothing" approach [7] Group 5 - Successful case studies include investors who began monthly investments in gold ETFs from 2019, achieving over 250% returns by 2025 [9] - Conversely, a cautionary tale involves a Shenzhen-based merchant who suffered over 100 million yuan in losses due to leveraged trading in gold futures, leading to a payment crisis [9] - Overall, gold remains strategically valuable for 2025, but ordinary investors should avoid chasing high prices, control their positions, and engage in long-term investments or phased buying during market pullbacks [9]

哎呀，一觉睡醒，存款人的 "天" 塌了！为什么呢？因为又降息了。按现在的利率算，活期利率只有 0.05%，一年期、三年期、五年期的存款利率也都下降 了。这让老年人该怎么办？很多老年人靠吃利息生活，存个百八十万在银行赚点利息，加上退休金，基本够生活，毕竟老年人花销不大。但现在利息越来越 低，据中信证券测算，今年还会再降息两次。照这样下去，100 万存银行，一年利息可能连 1 万块都没有，平均每个月不到 1000 块，怎么生活？ 这时很多人会想：买点黄金行不行？黄金抗通胀，又是实物，感觉安全。但实际上，在利率下行的当下，大家不要盲目买黄金。很多人觉得黄金稳健，其实 错了 —— 黄金的稳健要放在 20 年、30 年甚至 50 年的长周期看，短期内（一两年内）波动极大。从历史走势看，黄金 50 年整体向上，但每个十年或十几 年都会有大的下滑周期，可能持续三五年甚至十年。如果在高点买入，赶上下跌周期，可能五到十年都解不了套，而且跌幅可能达 30%—50%。单看年度涨 幅，黄金一年可能涨 20% 左右，而 A 股指数一年波动都不一定有这么大，足见黄金风险很高。 2275 I (which 1 P 股票是非常重要机股股份资 ...