Group 1: Report Industry Investment Rating - Gold investment rating: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] - Silver investment rating: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] Group 2: Core View of the Report - Overnight, precious metals first declined and then rebounded, halting the downward trend. Events such as China - US trade, the Russia - Ukraine war, and the US government shutdown are at critical stages of the game, with uncertain prospects and volatile risk sentiment. In the short term, precious metals have large intraday fluctuations, the severe over - buying is being corrected, and after the correction, they may enter a stage of high - level consolidation. It is recommended to wait and see for a buying opportunity after stabilization [1] Group 3: Summary by Related Topics Russia - Ukraine Situation - The EU approved the 19th round of sanctions against Russia, including a ban on liquefied natural gas imports [1] - US media reported that the US allowed Ukraine to use long - range missiles against Russia, but Trump called it fake news [1] - Bettsent said there would be a "substantial increase" in sanctions against Russia, and then the US Treasury Department announced sanctions on two major Russian oil companies [1] - Trump cancelled the meeting with Putin in Budapest, stating that the meeting would make no progress [1] US Government Shutdown - On October 22, local time, the US Senate voted 54 to 46 to reject the Republican - proposed temporary appropriation bill again, and the government "shutdown" deadlock continues. This is the 12th time the Senate has voted down the bill since the government shutdown [2] Tariffs - India and the US are about to reach a trade agreement, reducing tariffs on India to 15% - 16% [2] - The Trump administration is preparing a drug investigation to pave the way for new tariffs [2]

Core Insights - Recent surge in precious metals: Spot gold has surpassed $4,152 per ounce, with a year-to-date increase of 32%; silver has risen from $29 at the beginning of the year to $53, marking a year-to-date increase of over 78%, reaching a historical high [1] Group 1: Market Dynamics - The current rally in gold and silver is driven by three core factors: the opportunity cost of holding cash, the anticipated interest rate cuts by the Federal Reserve, and the weakening of the US dollar [1] - The Federal Reserve is expected to cut interest rates for the first time in September 2025, with a 99% probability of a rate cut in October, leading to reduced implicit losses from holding gold and silver [1] - The US dollar has weakened by 2.3% since October, contributing to the rise in gold and silver prices when priced in dollars [1] Group 2: Supply and Demand Factors - Global risk events in 2025, including the Russia-Ukraine conflict and tensions in the Middle East, are increasing volatility in risk assets, making gold and silver attractive as safe-haven assets [3] - The largest silver ETF has seen a significant increase in holdings, with nearly 20 tons added in a single day on October 14, indicating accelerated institutional investment [3] - Silver is a critical raw material for industries such as photovoltaics, electric vehicles, and semiconductors, with a projected global solar installation exceeding 655 GW in 2025, consuming over 5,000 tons of silver [3] - The silver market has experienced a supply-demand imbalance for five consecutive years, with a projected shortfall of 4,000 tons in 2025, further driving price increases [3] Group 3: Investment Strategies - Institutions have mixed views on the market: Citigroup predicts silver could reach $55 in three months, while Goldman Sachs warns of short-term overbought conditions [3] - Investors are advised to allocate 5%-10% of their funds to physical gold and silver or precious metal ETFs as a long-term hedge [3] - For short-term speculation, investors should be cautious of high volatility in silver and consider a staggered buying strategy [4] Group 4: Policy and Risk Signals - Monitoring the Federal Reserve's interest rate cut timeline is crucial as it impacts gold and silver prices [6] - Tracking geopolitical situations and global economic data is essential; a reduction in risks may lead to decreased holdings [6] - Investors are advised to avoid leveraged trading in precious metal futures and options, prioritizing non-leveraged products [6] - Caution is advised regarding commemorative gold and silver items, which tend to have high premiums and low liquidity, making them less effective as a store of value [6]

南华金属日报：黄金&白银：低位震荡 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年10月23日 【行情回顾】 周三贵金属价格整体低位震荡，周边美指震荡，10Y美债收益率走低，美股下跌，比特币下跌，原油回升。 影响因素看，近期伦敦市场金银现货紧缺度明显缓解，ETF租赁利率下降且可租借量已经回到挤仓前水平，同 时伦敦现货较COMEX期货溢价缩减，期权隐波下滑，但仍高于此前常规水平。最终COMEX黄金2512合约收 报4116.6美元/盎司，+0.18%；美白银2512合约收报于48.18美元/盎司， +1%。SHFE黄金2512主力合约 收952.56元/克，-3.92%；SHFE白银2512合约收11404元/千克，-3.86%。消息面，高盛维持黄金2026年底 达到每盎司4900美元的目标价，主要因市场对黄金作为战略投资组合多元化工具的兴趣日益增长，他们认为 充满"粘性"且结构性的购买将持续下去。美国财长威胁升级对俄制裁，引发美国下午盘时段贵金属回升。 【降息预期与基金持仓】 降息预期小幅降温。据CME"美联储观察"数据显示，美联储10月维持利率不变概率 ...

Report Investment Rating - The investment rating for gold and silver is cautiously bullish, and the strategy for arbitrage is to short the gold-silver ratio at high levels, while the option strategy is to hold off [9][10] Core View - The main logic for being bullish on precious metals remains unchanged: long-term concerns about US debt put pressure on the credit currency system, and precious metals are expected to continue to benefit. Meanwhile, risks from tariffs and geopolitical black swan events have not been fully eliminated. Gold and silver prices are expected to maintain a volatile pattern, with potential for a rebound in the future [9][10] Market Analysis - The US government shutdown has lasted for 22 days, becoming the second-longest in history. The two parties remain deadlocked on the upcoming expiration of medical subsidies, and the shutdown may last until November and exceed the 35-day record during Trump's first term. As of October 21, the total US federal government debt exceeded $38 trillion for the first time, just over two months after reaching $37 trillion in mid-August [2] Futures Quotes and Volumes - On October 22, 2025, the Shanghai Gold main contract opened at 962.82 yuan/gram and closed at 952.56 yuan/gram, a change of -4.17% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 934.72 yuan/gram, down 1.87% from the afternoon close [3] - On the same day, the Shanghai Silver main contract opened at 11,400.00 yuan/kg and closed at 11,404.00 yuan/kg, a change of -3.40% from the previous trading day's close. The trading volume was 1,682,838 lots, and the open interest was 386,233 lots. The night session closed at 11,331 yuan/kg, down 0.64% from the afternoon close [3] US Treasury Yield and Spread Monitoring - On October 22, 2025, the US 10-year Treasury yield closed at 3.947%, unchanged from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.513%, up 0.63 BP from the previous trading day [4] SHFE Gold and Silver Positions and Volume Changes - On October 22, 2025, on the Au2508 contract, the long positions decreased by 2,019 lots compared to the previous day, and the short positions decreased by 302 lots. The total trading volume of the Shanghai Gold contract the previous day was 1,023,342 lots, a change of 47.18% from the previous trading day [5] - On the Ag2508 contract, the long positions increased by 2 lots, and the short positions decreased by 2 lots. The total trading volume of the silver contract the previous day was 2,631,399 lots, a change of 10.40% from the previous trading day [5] Precious Metal ETF Position Tracking - The gold ETF holdings remained unchanged at 1,058.66 tons from the previous trading day, while the silver ETF holdings decreased by 79 tons to 15,598 tons [6] Precious Metal Arbitrage Tracking - On October 22, 2025, the domestic gold premium was 46.83 yuan/gram, and the domestic silver premium was -576.11 yuan/kg. The ratio of the main contracts of gold and silver on the SHFE was approximately 83.53, a change of -0.81% from the previous trading day, and the overseas gold-silver ratio was 85.59, a change of 4.25% from the previous trading day [7] Fundamental Analysis - On October 22, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 99,064 kg, a change of 13.83% from the previous trading day. The trading volume of silver was 2,347,356 kg, a change of 10.92% from the previous trading day. The gold delivery volume was 14,890 kg, and the silver delivery volume was 184,560 kg [8] Strategy - Gold: Cautiously bullish. The price is expected to fluctuate mainly and gradually develop a rebound repair market. The oscillation range of the Au2512 contract may be between 915 yuan/gram and 965 yuan/gram [9] - Silver: Cautiously bullish. The price is also expected to maintain a volatile pattern. The oscillation range of the Ag2512 contract may be between 10,800 yuan/kg and 11,800 yuan/kg [10] - Arbitrage: Short the gold-silver ratio at high levels [10] - Options: Hold off [10]

•财信期货：市场情绪趋于平稳后黄金依以逢低做多为主 •新湖期货：关注伦敦金4000美元以及伦银48美元的关键技术关口 •东吴期货：投机性多头头寸可能已过度累积，进一步放大了此次贵金属回调幅度 •盛宝银行：金银正在经历早该出现的调整，但大幅抛售后仍被低估 •MKS PAMP：经历了周二的抛售后，贵金属可能需要币预期更长的时间才能重新站稳脚跟 盛宝银行大宗商品策略主管Ole Hansen表示，黄金和白银价格正在经历早就应该出现的调整，白银的大 幅下跌突显了这两种金属之间的流动性缺口，但两者在投资组合中的持有量仍然不足，反弹背后的结构 性驱动因素仍然完好无损。汉森补充称，在经历了年内迄今的大幅上涨之后，金银这两种金属都应该进 行调整，以防止形成泡沫，但从长期来看，对2026年黄金和白银走势仍持乐观态度。"推动今年贵金属 历史性上涨的事态发展并没有消失，并且可能会继续为不再超买但投资组合中仍不足的金属提供支 撑。"汉森表示。 MKS PAMP研究与金属策略主管Nicky Shiels在其最新报告中指出，黄金市场仅用30周时间就从每盎司 3000美元反弹至4000美元，远快于之前1000美元涨幅所用的周期。在她看来，尽 ...

美东时间周三，美股三大指数集体收跌，纳指跌近1%，跌幅领跌主要股指。 截至收盘，道琼斯指数跌0.71%，报46,590.41点；标普500指数跌0.53%，报6,699.40点；纳斯达克指数跌0.93%，报22,740.40点。 奈飞股价同样拖累市场。该流媒体平台因与巴西税务机构的纠纷导致业绩不及预期，股价暴跌10%。 热门中概股普跌，纳斯达克中国金龙指数跌0.93%，阿里巴巴跌0.49%，京东跌1.13%，拼多多跌0.50%，蔚来涨0.59%，小鹏汽车跌1.12%，理想汽车跌 0.64%，哔哩哔哩跌1.54%，百度跌1.77%，网易跌4.51%，腾讯音乐跌0.44%，小马智行跌6.91%。 黄金价格延续跌势 贵金属方面，截至收盘，伦敦现货黄金价格跌0.65%，报4097.94美元/盎司，伦敦现货白银价格跌0.46%；COMEX黄金期货涨0.18%，报4116.6美元/盎司， COMEX白银期货涨1%。 8月下旬以来，国际金价在经过几个月盘整后打开上行空间，从每盎司3300美元附近一路涨至超过4000美元。地缘政治变动和全球经济不确定性加剧、美 联储降息、全球央行购金等，是此轮黄金走强的重要推动因素。本周初， ...

Core Viewpoint - The recent updates on gold and platinum prices reveal significant variations among different brands, influenced by brand positioning and market demand, highlighting the importance of price comparison for consumers [1][2][13]. Gold Prices Overview - On October 22, 2025, gold prices from various brands were reported, with most brands like Liufu Jewelry, Xie Rui Lin, and others priced around 1292 CNY per gram, while China Gold offered a lower price of 1175 CNY per gram [1]. - The price differences among brands are primarily due to brand premiums, with high-end brands commanding higher prices compared to more affordable options [2]. Platinum Prices Overview - Platinum prices were noted to be lower than gold, with major brands like Liufu Jewelry and others maintaining a price of 661 CNY per gram, while more affordable options like Cai Bai offered prices as low as 508 CNY per gram [4]. - Consumers are advised to consider both price and purity when purchasing platinum jewelry [4]. Gold Bar Prices - Gold bar prices are generally more stable, with major brands like Liufu and others priced at 1146 CNY per gram, while Cai Bai offered a lower price of 1078 CNY per gram [5]. - Banks typically offer slightly lower prices for gold bars, making them suitable for investment or long-term value retention [5][6]. Recovery Prices - The recovery prices for gold and platinum jewelry are significantly lower than retail prices, with gold jewelry recovery at approximately 953 CNY per gram and platinum at 331 CNY per gram [8]. - This price disparity indicates that many consumers purchase gold jewelry for wearing and collecting rather than for short-term investment [8]. Purchasing Guidelines - Consumers should clarify their purpose for buying precious metals, whether for investment or personal use, and choose accordingly [10]. - Attention should be paid to the purity of the metals, with 99.9% gold or 950 platinum being ideal for long-term value [11]. - Price comparison among different brands is crucial, as significant price differences exist for the same purity levels [12]. - Market fluctuations, particularly in international gold prices, can impact domestic prices, making it essential to time purchases wisely [13].

Group 1 - The core viewpoint of the article highlights that high volatility in international gold prices has led to a significant decline in gold stocks, with notable actions taken by prominent investors like Deng Xiaofeng, who reduced his holdings in Zijin Mining for the first time this year [1][5][7] - The article discusses the recent sharp drop in gold prices, with the COMEX gold index experiencing a daily decline of 5.39% on October 21, reaching a low of approximately $4020 per ounce [2][3] - Analysts attribute the recent decline in gold prices to technical overbought conditions and profit-taking by investors, alongside improved geopolitical conditions that have reduced the demand for gold as a safe haven [3][5] Group 2 - Deng Xiaofeng's fund, Gao Yi Xiaofeng No. 2 Letter Fund, has reduced its holdings in Zijin Mining by approximately 18.6 million shares, marking the first reduction this year, while previously increasing its stake in the first and second quarters of 2025 [8][9] - The article notes that Zijin Mining's stock price has nearly doubled this year, but has faced volatility and a downward trend entering the fourth quarter [5][10] - The article emphasizes that while short-term fluctuations in gold prices are influenced by trading sentiment and major events, long-term demand from central bank purchases and investment is expected to support a rise in precious metal prices [2][3][11]

国际金价大幅波动，黄金股承压。 据紫金矿业三季报，高毅资产 邓晓峰年内首度 对该股进 行了减持。 业内认为，从中长期维度看，央行购金与投资需求将推动贵金属价格上抬。 邓晓峰曾分析称，部分上游工业金属品种价格向下的弹性会缩减、向上的弹性会增加。中长 期看，短期不确定性带来的波动反而提供了较好的投资窗口。 多重因素共振 金价大跳水 10月21日，国际贵金属价格大幅"跳水"，COMEX黄金指数单日跌幅为5.39%；22日， COMEX黄金指数盘中最低触及约4020美元/盎司。 【 导读 】 三季度，高毅资产 邓晓峰年内首度减持 紫金矿业 中国基金报记者 储是 邓晓峰年内首度减持紫金矿业 黄金股随国际金价急涨而受益，紫金矿业年内涨幅接近100%。进入四季度，紫金矿业股价震 荡下跌。 | 2025 三季报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 股东名称 | 持股数量(股) | 占总股本比例(%) | 期末参考市值(亿元) | 持有限售股数量(股) 方向 ? | 持股数量变动(股) 持股比 | | | 闽西兴杭国有资产投资经营有限 ...

10月21日晚间，国际贵金属市场风云突变，金、银价格上演"断崖式"跳水。Wind数据显示，伦敦现货 黄金盘中最大跌幅达6.3%，创下2013年4月以来最大单日跌幅；现货白银最大跌幅更达8.7%，刷新2021 年以来的单日跌幅纪录，金银市场同步遭遇"黑色夜晚"。 恐慌情绪继续传导。10月22日，伦敦现货黄金盘中最低触及4002.89美元/盎司，伦敦现货白银盘中最低 下探至47.48美元/盎司；A股贵金属板块开盘即承压，西部黄金、招金黄金、湖南黄金等盘中跌幅超 5%。这场历史性暴跌为何突然降临？牛市行情是否就此终结？投资者又该如何应对？ 金银骤跌"变脸" 在连续多日刷新历史高点后，贵金属"黑马"突现变脸。10月21日午后至晚间，国际贵金属市场突发剧烈 震荡，金、银价格上演"断崖式"跳水，引发全球投资者高度关注。Wind数据显示，伦敦现货黄金盘中 最大跌幅达6.3%，创下自2013年4月以来的最大单日跌幅；现货白银跌幅更为迅猛，盘中最低触及 47.817美元/盎司，较前一交易日收盘价最大跌幅达8.7%，创下自2021年以来的单日跌幅纪录，金银市 场同步遭遇"黑色夜晚"。 进入10月22日，国际金银跌势未止，延续前一 ...