"渐进而谨慎"的做法是明智的。 当前的政策立场代表着一种平衡。 英国央行副行长Lombardelli：潜在通胀压力正在下降。 前瞻性指标显示出抗通胀取得的进展。 工资增长与通胀目标不符。 ...

英国央行首席经济学家Pill：抗通胀仍有一段路要走。 ...

华夏时报（www.chinatimes.net.cn）记者 赵奕 上海报道 5月8日，比特币（BTC）价格自前一日93327美元的低点，一路拉升至99374美元，最大涨幅超6.4%，现报99004.4 美元，市场正密切关注其能否再度突破10万美元关口。 比特币价格回升的背后，机构买盘狂潮愈演愈烈。5月7日，美股上市公司Thumzup宣布拟筹集最高5亿美元的资 金，用于增加运营资本并进一步推进其比特币收购战略。同日，日本上市公司Metaplanet宣布再度斥资5340万美元 增持555枚比特币。除机构外，5月7日，新罕布什尔州成为美国首个通过战略比特币储备法案的州，授权该州财务 部长以受监管的储备结构持有比特币。 "尽管机构的大规模涌入为比特币市场带来了更高的资本流动性和声誉背书，但它同样也引发了市场结构复杂化、 波动性增强与监管敏感度提升等一系列新问题。"Uweb校长、中国通信工业协会区块链专委会共同主席于佳宁向 《华夏时报》记者表示，从流动性角度来看，机构买盘对比特币价格形成了显著的底部支撑，强化市场的中长期 持有信念。但另一方面，若机构配置行为趋同化且高度杠杆化，市场将面临周期性回撤时更强的系统性风险。 ...

操作策略： 1.黄金建议回调3368-3371区域做多，止损在3361，目标看3390-3420，破位3435的话上方看3450-3465. 文章没有太多华丽的语言与鸡汤，一直如此，我相信每一位读者缺乏的不是鸡汤，而是实实在在的分析与强大的理论，我是翁富豪老师，最后祝大家交易愉 快。免责申明:以上纯属个人观点分享，不构成操作建议，投资有风险，盈亏自负。 国内黄金ETF持仓一季度累计增持23.47吨（较2023年末增长10.8%），显示机构投资者对黄金长期配置价值的认可，但野村证券提示需警惕短期技术性回调 风险：其一，SPDR黄金ETF（GLD）资金流呈现"大进大出"特征，3月净流入超20亿美元后4月净流出超15亿美元，资金博弈加剧；其二，技术指标显示金 价偏离200日均线超25%（布林带上轨外扩），RSI指标进入80以上超买区间，若后续无重大地缘事件催化，可能面临"均值回归"压力。此外COMEX黄金投 机净多头头寸降至14个月新低（截至5月3日当周为11.7万手），显示市场对美联储鹰派政策预期的定价已较为充分，但需警惕"多头拥挤度"下降后的反向波 动风险。 昨日黄金市场延续多头攻势，早盘以3335.8美元/盎 ...

Core Viewpoint - Gold exhibits a unique price fluctuation mechanism influenced by multiple factors, including currency pricing systems, macroeconomic risks, market structure evolution, supply-demand elasticity, and technical reinforcement mechanisms. Group 1: Currency Pricing System Linkage - The international gold price is negatively correlated with the US dollar index, where a 1% increase in the dollar index raises gold purchasing costs, suppressing investment demand [1]. - Major central banks' balance sheet expansions directly elevate gold price benchmarks, with each additional $1 trillion in quantitative easing raising gold valuations by 8%-12% [2]. Group 2: Macroeconomic Risk Matrix - The forward price of gold is determined by the nominal interest rate minus inflation expectations, with gold prices reaching a historical peak of $2075 per ounce when the real yield on US Treasuries fell below -1% [3]. - A 10-point increase in the global geopolitical risk index results in a 3.2% increase in average monthly gold holdings, evidenced by events like the Crimea crisis and the Russia-Ukraine conflict [4]. Group 3: Market Structure Evolution - Emerging market central banks have increased gold purchases for 13 consecutive years, with global official reserves rising by 1136 tons in 2022, accounting for 23% of annual supply [5]. - An increase of 100,000 open contracts in COMEX gold futures raises price volatility by 1.8 basis points, with significant spikes in implied volatility during events like the Silicon Valley Bank incident [6]. Group 4: Supply-Demand Elasticity - The average extraction cost of the top ten gold mines has risen to $1250 per ounce, with newly discovered reserves declining by 15% year-on-year [7]. - India and China account for 55% of global physical gold demand, with a 40% surge in imports during festive seasons, despite India's recent increase in import tax to 15% [8]. Group 5: Technical Reinforcement Mechanisms - Algorithmic trading strategies hold over 30 million ounces of gold, with momentum factors contributing over 35% to price volatility, triggering significant buy orders upon breaking key price levels [9]. - A 50% year-on-year increase in Google searches for "gold investment" correlates with a 68% probability of gold price increases in the following 30 days [10].

Core Viewpoint - Recent fluctuations in gold prices have raised concerns among investors, highlighting the risks associated with gold as a safe-haven asset in the current economic climate [3][4]. Market Dynamics - An investor recently lost 470,000 yuan after purchasing gold at 829 yuan per gram, only to sell the next day as prices fell [3]. - The current spot gold price has dropped by 2%, falling below 3,230 USD per ounce, with gold jewelry prices also declining to 995 yuan per gram [3]. - Three months ago, the World Gold Council reported a 38% increase in gold prices due to geopolitical tensions and a weakening dollar, but the situation has reversed with the dollar index rising above 100 and 10-year U.S. Treasury yields approaching 4.3% [3][4]. Institutional Responses - Banks have issued risk warnings and increased fees for gold accumulation, indicating concerns about market volatility and the potential inability of retail investors to withstand price fluctuations [4]. - The increase in the minimum purchase amount for gold accumulation from 100 yuan to 500 yuan reflects institutional caution in the current market environment [4]. Long-term Outlook - Gold is fundamentally viewed as a hedge against inflation and a safe-haven asset, but short-term price movements are heavily influenced by market sentiment and the strength of the dollar [4]. - The potential for a recession due to continued interest rate hikes by the Federal Reserve could lead to a resurgence in gold prices, but current economic indicators suggest caution in betting on a rebound [4]. Investment Strategy - Investors are advised not to use essential funds for gold trading due to its high volatility compared to stocks [4]. - A long-term investment strategy should involve waiting for clearer trends, such as a peak in the dollar index or a reversal in Treasury yields, before entering the gold market [4]. - Silver may present a more attractive investment opportunity at this time, given the historical high ratio of gold to silver prices [4].

Group 1: Gold Price Surge - The gold price has surged approximately 19% in Q1 2024, a rare historical increase, with prices reaching over $3,500 per ounce in Q2 [1] - As of April 18, 2024, the total assets of gold-themed ETFs reached 145.1 billion yuan, more than doubling from the end of 2023 [1] - The influx of funds into gold ETFs has exceeded 51 billion yuan since the beginning of the year, driven by factors such as U.S. tariffs and a weakening dollar [1] Group 2: Central Bank Purchases - In 2024, global central bank gold purchases reached 1,044.6 tons, a 5% increase from 2023, with Q1 purchases totaling 289 tons [2] - The People's Bank of China has increased its gold reserves to 73.7 million ounces (approximately 2,292.33 tons) as of March 2024, marking a historical high [2] Group 3: Gold ETFs Performance - Gold ETFs have generally seen gains exceeding 30% since the beginning of the year, with performance slightly outpacing that of physical gold [4] - The 华夏 Gold ETF has the lowest management and custody fees in its category, which can significantly reduce investment costs over the long term [5] - The 华夏 Gold ETF has ranked second in excess returns among similar products in 2024, demonstrating strong performance while controlling investment costs [6] Group 4: Gold Mining Stocks ETFs - Gold mining stocks ETFs, such as 黄金股 ETF, focus on companies whose profits are highly sensitive to gold price fluctuations, providing significant upside potential [7] - The 黄金股 ETF has seen a cumulative increase of 38.5% in 2024, outperforming many gold ETFs [7][8] - The supply-demand dynamics in the gold market support the investment value of gold mining stocks ETFs, with global gold mine production growth slowing and investment demand increasing [9] Group 5: Economic Context and Predictions - Goldman Sachs has raised its gold price forecast for the end of 2025 from $3,300 to $3,700 per ounce, with potential peaks reaching $4,500 under extreme conditions [12] - The current trading volume in gold futures has reached record levels, indicating heightened market activity [13] - Gold is viewed as a hedge against economic downturns, with historical data showing it often provides excess returns during periods of economic decline [14] Group 6: Investment Strategies - A "core + satellite" investment strategy is recommended, combining the 华夏 Gold ETF for stability and the 黄金股 ETF for growth potential [15][16] - This strategy aims to balance the low elasticity of direct gold investments with the higher volatility of stock investments, providing a comprehensive approach to gold market exposure [16]

欧洲央行首席经济学家Lane：自夏季以来，贸易政策的不确定性一直备受关注。 有理由对经济保持长期乐观。 由于欧元和能源的存在，抗通胀的力量在那里。 欧洲经济正在增长，展现出韧性。 尽管存在贸易负面因素，经济应会保持增长。 美国是我们的贸易伙伴，但不是唯一的贸易伙伴。 ...

澳大利亚联邦银行矿业和能源大宗商品研究主管Vivek Dhar表示，这与美国总统特朗普执政下美国贸易 政策的巨大转变有关，黄金已"填补空白"，成为市场首选的避险资产。 Dhar补充说："近期这种涌向避险资产需求的独特之处在于，美元和美国国债的避险吸引力下降，导致 它们遭到抛售。" 黄金价格持续创下新高，周二触及每盎司3500美元，更多分析师预测金价将进一步上涨。摩根大通预计 这种贵金属将在2026年第二季度达到4000美元，并在2025年第四季度达到平均每盎司3675美元。 近期的贸易动荡推动投资者涌向避险资产，黄金价格因此一路飙升，而作为竞争性资产的美国国债和美 元则出现下跌。 相反，最近几周美国国债出现抛售，30年期国债收益率本月早些时候触及2023年11月以来的最高水平。 同时，美元指数一直在下跌，LSEG数据显示，今年迄今已累计下跌8%。 尽管今年迄今30年期美债收益率仅上涨约2个基点，但特朗普宣布对等关税后一周内，该收益率飙升超 过30个基点——基准的10年期美债收益率也飙升了30个基点。同时，LSEG数据显示，今年迄今现货黄 金价格已上涨25%。 尽管长期美国国债收益率已从本月早些时候触及的高点回 ...

Core Viewpoint - The article discusses Warren Buffett's long-standing skepticism towards gold as an investment, emphasizing its lack of productive capacity and practical utility compared to income-generating assets like stocks and bonds [3][4]. Group 1: Strategic Value of Gold - Buffett's view underestimates gold's role as a "super-sovereign reserve" and its institutional demand, as evidenced by central banks purchasing 1,045 tons of gold in 2024, with China's reserves reaching 2,292.33 tons by March 2025 [5]. - The systemic impact of de-dollarization is underestimated, with U.S. government debt reaching $36.1 trillion (120% of GDP) and the dollar index declining by 8.53% since 2025, leading to concerns about the dollar's status as a reserve currency [5]. Group 2: Fear-Driven Investment - The article argues that fear has transformed into a long-term risk hedge, with sovereign funds and insurance companies incorporating gold into their portfolios due to structural uncertainties like geopolitical conflicts and financial market vulnerabilities [7]. - Data shows that gold prices increased by 25% during the Fed's interest rate hike cycle in 2024, and by 26.7% in early 2025, outperforming the S&P 500 and Nasdaq, indicating institutional demand rather than mere speculative behavior [7][10]. Group 3: Repricing of Risk Assets - The article highlights that gold's pricing logic as a "anti-fragile asset" is often overlooked, as its value increases when dollar credit is shaken, leading to a self-reinforcing cycle of institutional allocation [9][14]. - The scarcity of gold, with central banks purchasing 1,045 tons in 2024, represents 28% of that year's mine production, providing long-term price support beyond traditional supply-demand dynamics [14]. Group 4: Non-Productive Assets in Modern Portfolios - The article critiques Buffett's assumption that asset value must derive from productivity, arguing that gold's low correlation with equities makes it an essential tool for risk diversification in modern investment portfolios [15]. - In 2025, gold's weekly correlation with the S&P 500 was -0.03, indicating its effectiveness in hedging against stock and bond volatility, especially during market downturns [15]. Group 5: Inflation Hedge and Monetary Economics - The article asserts that gold's anti-inflation properties are often ignored, as it serves as a hedge against currency devaluation, with a limited supply growth of only 1.5% annually [17]. - Historical data shows that during the high inflation period of the 1970s, gold prices surged by 1,781%, significantly outperforming stocks and bonds, underscoring its unique value during currency depreciation [17]. Group 6: Divergence in Investment Frameworks - The article concludes that Buffett's critique of gold stems from an industrial-era investment framework, while gold's current valuation is rooted in monetary economics, especially in a post-Bretton Woods context where trust in credit systems is eroding [17]. - Gold's core value has evolved from a commodity to a stabilizer of the monetary system, necessitating a reevaluation of its strategic importance in modern financial ecosystems [17].