Central Bank Gold Accumulation - The People's Bank of China has increased its gold reserves to 7,383 million ounces (approximately 2,296 tons) as of the end of May, marking a continuous increase for seven months [1][3] - The accumulation of gold is driven by concerns over the declining value of the US dollar, with US national debt exceeding $36 trillion, equating to about $100,000 per American [3] - China's gold reserves currently account for only 7% of its foreign exchange reserves, compared to a global average of 15%, prompting aggressive purchases [3] Geopolitical Risks - Ongoing geopolitical tensions, including the Russia-Ukraine conflict and Middle East instability, have heightened the demand for gold as a safe-haven asset [4] - Historical data shows that gold prices surged during past crises, such as the 2008 financial crisis and the COVID-19 pandemic, indicating a pattern of gold appreciation during times of uncertainty [4] Gold as a Wealth Preservation Tool - Gold is viewed as a hedge against inflation, with its price increasing significantly since the US dollar was decoupled from gold in 1971 [6] - The recommendation for ordinary households is to allocate 10%-20% of their assets to gold to preserve wealth without compromising living standards [8] Silver Price Surge - Silver prices have recently surged by 9%, with current spot prices exceeding $36 per ounce, reaching a 13-year high [1][11] - The industrial demand for silver is expected to grow, particularly in sectors like solar energy and electric vehicles, which could further drive prices [13] Investment Strategies - For gold investment, options include physical gold, gold ETFs, and systematic investment plans, with a caution against high-risk strategies like futures trading [12][14] - For silver, it is advised to limit exposure to 5% of assets due to its volatility and potential risks associated with economic downturns [12][14]

#图文打卡计划# 尊敬的审阅人员和品鉴读者：本文是经过严格查阅相关权威文献和资料。 全文数据有据可依，可供查证。 你有没有发现，最近金价疯涨得有点过分？真的，金子这玩意儿，前两天还被我们视为稳妥的保值资产，现在居然也开始失控了。 可问题是，金价这波上涨到底是怎么回事？如果说它只是受一些短期因素的影响，那倒也可以理解，可是怎么就突然失控了呢？ 我们得看一下这波金价上涨的背后原因。自今年初以来，全球经济形势一直摇摆不定，尤其是美国通胀压力巨大、美元疲软。美元的贬值通常意味着黄金作 为避险资产的需求增加。加之全球政治局势紧张，尤其是中东和俄乌冲突加剧，导致投资者纷纷转向黄金避险。各大银行和投资机构也在纷纷调整策略，将 更多资金配置到黄金资产上。这就让黄金的市场需求激增，从而推高了价格。 话说回来，这也有点像大家都疯抢某个限量款的商品，结果把价格炒高了。再者，这波上涨的背后，炒作因素也不少。特别是有些商家和博主，他们在利用 市场的情绪波动制造一些不切实际的预期，以此吸引关注和流量。就像我看到的那个博主，他那种预言，真是为了博眼球、吸引眼球，毫无任何实质内容。 说金价会跌到300，简直就是给投资者带来错误的信号。 有些 ...

Core Insights - Gold has officially surpassed the euro to become the second-largest reserve asset for global central banks, driven by a surge in gold purchases and rising prices [1] - In 2024, gold is projected to account for 20% of global official reserves, exceeding the euro's 16%, while the dollar remains dominant at 46% [1] - Central banks are increasing gold holdings at a record pace, with net purchases expected to exceed 1,000 tons for the third consecutive year in 2024, doubling the average levels of the 2010s [1] Group 1 - The European Central Bank reports that the share of the dollar has decreased by 4 percentage points since 2020, while the euro's share has shrunk by 8 percentage points over the past five years [1] - Major buyers of gold include China, India, Turkey, and Poland, with China's central bank increasing its holdings by 289 tons, the highest since 2015 [1] - The global central bank gold reserves have rebounded to 3.6 million tons in 2024, nearing levels last seen in 1965, reflecting a strategic demand for non-sovereign credit assets [1] Group 2 - The shift in asset allocation is evident, with a significant increase in global gold ETF holdings in 2024, while developed country bonds face the largest sell-off since 2008 [2] - Investors are now viewing gold not just as an inflation hedge but as a core tool for geopolitical risk management, leading to a 25% year-on-year increase in gold ETF inflows in 2024, the highest in four years [2] - Gold prices surged by 30% in 2024, with further increases of 27% expected in the first half of 2025, reaching historical highs above $3,500 per ounce [2] Group 3 - Despite not generating interest and having high storage costs, gold's unique safe-haven properties make it the "ultimate currency" during crises [4] - The annual storage cost for gold held by global central banks is estimated at $8.7 billion, and the opportunity cost increases with rising interest rates [4] - The European Central Bank warns that gold's liquidity is only 1.2% of the global foreign exchange market, and an expansion of its reserve function could increase market volatility [4]

当地时间6月3日，美股三大股指震荡走高。英伟达大涨，再度成为全球市值最高的上市公司，热门中概 股多数上涨。 多位美联储官员当日就美国通胀前景发声，认为宣布抗通胀已取得胜利为时尚早。对于美联储即将在本 月召开的议息会议，市场普遍认为美联储将再度暂停降息。 美联储官员担忧通胀升温 美股上涨 Wind数据显示，截至收盘，美股道指、纳指、标普500指数分别上涨0.51%、0.81%、0.58%。 图片来源：Wi n d 万得美国科技七巨头指数上涨0.47%，英伟达以2.8%的涨幅领涨，公司总市值达到3.45万亿美元，超越 微软（3.44万亿美元）再度成为全球市值最高的上市公司。 | < w 52251.92 242.63 0.47% | 万得美国科技七巨头指数(MAGS | | | --- | --- | --- | | 资料 成分 | 资讯 | 相关基金 | | 名称 | 现价 | 涨跌幅 -- | | 英伟达(NVIDIA) | 141.220 | 2.80% | | NVDA.O | | | | 苹果(APPLE) | 203.270 | 0.78% | | AAPL.O | | | | 特斯拉(TESLA) ...

Group 1 - The Federal Reserve official Bostic emphasized that there is still a long way to go in combating inflation, indicating that core price levels remain a concern [1][3] - Bostic expressed a cautious stance towards rapid interest rate cuts, stating that more progress in reducing inflation rates is needed before considering such actions [1][3] - The current best monetary policy approach is to remain patient, reflecting the central bank's careful assessment of the economic situation [3] Group 2 - Following Bostic's remarks, the stock market saw a significant rally, with major tech stocks leading the gains; Nvidia rose by 3%, Tesla increased by over 2%, and Apple gained 0.44% [3] - The Nasdaq China Golden Dragon Index rose by 0.6%, with many Chinese concept stocks also showing positive performance, including gains of over 2% for companies like Xunlei and NIO [3] - The charging station, solid-state battery, and photovoltaic sectors experienced substantial increases, with Li Auto's stock rising over 6% after announcing the expansion of its supercharging stations [3]

美联储博斯蒂克：尚未宣布抗通胀已获胜。 ...

美联储博斯蒂克：抗通胀仍有很长的路要走，核心价格"仍然是一个问题"。 ...

Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation of 291.1 billion yuan at a fixed rate of 1.40%, with a net injection of 148.6 billion yuan after accounting for maturing reverse repos [1] - The interbank market showed slight fluctuations in repo rates, with overnight rates around 1.4% and a rise in rates for overnight borrowing against credit bonds to 1.6% [3] - The central bank's liquidity support remains strong, with no liquidity gap expected in June, although fluctuations may occur due to fiscal spending at month-end [3] Interest Rate Adjustments - The latest LPR was set at 3% for 1-year loans and 3.5% for loans over 5 years, marking a decrease of 10 basis points, the first reduction since October of the previous year [5] - Major state-owned banks have begun to lower deposit rates, with reductions ranging from 5 to 25 basis points, and some large-denomination deposit rates dropping by up to 35 basis points [5][6] - The recent interest rate cuts are seen as a continuation of the easing policy, with expectations that the next rate cut window may not occur until at least the third quarter [6] Economic Outlook and Policy Measures - The central bank emphasized the need for a moderately loose monetary policy to support effective financing for the real economy and maintain reasonable growth in financial aggregates [7] - The government is focusing on stabilizing employment, enterprises, and market expectations while promoting consumption and supporting key sectors such as technology innovation and foreign trade [7] - A recent monetary policy execution report highlighted the importance of boosting consumption to expand domestic demand and stabilize growth, while also addressing the balance of supply and demand in the economy [7]

Core Viewpoint - The article discusses the current market trends and economic indicators, highlighting the cautious stance of financial institutions and the impact of international trade policies on various commodities and sectors [1][4][5]. Domestic News - The Chinese government encourages U.S. financial institutions to deepen cooperation in the capital market [1]. - State-owned enterprises reported total revenue of 262,755 billion yuan from January to April, with a profit of 13,491.4 billion yuan, a year-on-year decrease of 1.7% [5]. International News - The European Commission aims to reduce carbon emissions by 54% by 2030, slightly below its 55% target, and plans to propose a 90% reduction by 2040 despite opposition from member states [4]. Commodity Insights Oil - SC night trading rose by 0.84%, with OPEC and its allies planning to hold meetings to discuss production levels, including a potential increase of 41.1 million barrels per day [2][10]. Coal and Coke - Short-term expectations for thermal coal prices are stable, but a downward trend is anticipated afterward. Coke supply is slightly reduced, but high inventory levels hinder market sentiment [3][24]. Agricultural Products - Oilseed prices are weak due to increased domestic soybean supply and expectations of rising inventories. Palm oil production is also increasing, leading to higher stock levels [3][25]. Metals - Copper prices are expected to fluctuate due to stable domestic demand and external factors such as U.S. trade negotiations. Zinc prices are also expected to be volatile, supported by improving domestic automotive and construction sectors [15][17]. Shipping Index - The European shipping index has weakened, with expectations of further declines in freight rates due to increased capacity and lower demand [29].

Recent Gold Price Trends - International gold prices have experienced a significant decline, with spot gold dropping below $3,300 per ounce and COMEX futures falling to $3,299.70 per ounce, marking a nearly 1.5% decrease [1] - Domestic gold prices have also adjusted, with wholesale market prices in Shenzhen decreasing from 792 yuan per gram to 756 yuan per gram, a drop of over 4% [3] Factors Influencing Gold Price Fluctuations - Short-term drivers include a stronger US dollar and delayed interest rate cuts by the Federal Reserve, which have diminished gold's appeal [4] - Easing geopolitical risks, such as President Trump's postponement of tariffs on the EU and the lack of escalation in the Russia-Ukraine situation, have reduced safe-haven demand [5] - Technical adjustments following a rapid price increase have also contributed to the recent downturn [6] Market Reactions and Consumer Trends - Consumer purchasing behavior is showing a divide, with smaller jewelry items gaining popularity while larger purchases, like wedding gold, are being approached with caution due to high prices [8] - There is an increase in gold recycling as some holders are selling old jewelry to cash in on the price drop [8] Investment Strategies - Ordinary investors are waiting for lower entry points, such as below 700 yuan per gram, while institutions view the current adjustment as a buying opportunity [9] - Wall Street quantitative funds are leaning towards short positions, whereas Asian investors are buying on dips [10] Future Price Predictions - Short-term forecasts indicate that gold will fluctuate within a range of $3,300 to $3,350, with $3,320 as a key support level; a drop below this could lead to a decline to $3,280 [11] - Long-term projections from institutions like Goldman Sachs suggest that gold prices could reach between $3,500 and $4,000 per ounce by 2026, supported by central bank purchases, normalized geopolitical risks, and weakened dollar credibility [12]