华夏时报（www.chinatimes.net.cn）记者 李明会 北京报道 "金价又涨了，五一期间入手'三金'多好！"五一假期的节后第一天，"金价再爆发"又上热搜，正在备婚的钱女士对 《华夏时报》记者直言后悔到拍大腿，"还以为五一过后金价能便宜些，没想到又涨了。" 今年以来，金价高位狂飙，牵动多方神经。像钱女士一样，不少备婚新人都在纠结要不要在此时购买"三金"或"五 金"，生怕买在高位当了"冤大头"。不过，一位新人劝告记者，"要买赶紧买，不然可能越来越贵，我就是从（克 价）七百多拖到一千才买的。" 5月6日，国际金价延续此前一日上涨态势，盘中一度触及3386美元/盎司，截至记者发稿前，现货黄金站上3379美 元/盎司，日内涨1.36%，COMEX黄金期货亦持续上涨，一度突破3390美元/盎司，日内涨幅逼近2%。 受此影响，5月6日，国内多家品牌金店足金饰品价格再度涨破1000元/克，有品牌金饰单克金价甚至一夜反弹超30 元。 金价再爆发 此前4月22日，现货黄金一度涨超3500美元/盎司，刷新历史新高。此后现货黄金连续多日回调，但近日再度卷土 重来。 不过，5月5日，现货黄金大幅拉升，一举突破3300美元/ ...

Core Viewpoint - Buffett expressed concerns about U.S. fiscal issues, noting that they are not unique to the U.S. [1] Group 1 - Buffett stated that Berkshire Hathaway will not take actions to improve quarterly or annual financial reports at the expense of holding worthless currency assets [1] - He emphasized the low cost of borrowing in yen, indicating a different situation in Japan compared to the U.S. [1]

Core Insights - The domestic gold market in China has shown significant growth in transaction volume and value in Q1 2025, driven by various factors across production, consumption, market activity, and policy changes Production Insights - Gold production in China has steadily increased, with companies optimizing resource utilization and accelerating overseas expansion. Major gold mining projects are advancing, and large gold groups are actively pursuing mergers and acquisitions. In Q1 2025, overseas gold production reached 18.485 tons, a year-on-year increase of 13.14% [1] Consumption Insights - There is a structural divergence in gold consumption, with investment demand surging while jewelry consumption remains weak due to high gold prices. Traditional gold and lightweight gold jewelry are in high demand, particularly among younger consumers. Investment in gold bars and coins has significantly increased due to geopolitical uncertainties and economic instability [2] Market Activity Insights - The gold market in China has experienced heightened trading activity, with substantial increases in both transaction volume and value. In Q1 2025, the Shanghai Gold Exchange reported a total trading volume of 16,000 tons, a year-on-year increase of 4.57%, and a transaction value of 10.7 trillion yuan, up 42.85%. The Shanghai Futures Exchange saw a trading volume of 55,400 tons, a 91.17% increase, and a transaction value of 30.52 trillion yuan, up 143.69%. Additionally, domestic gold ETF holdings grew by 23.47 tons, a staggering year-on-year increase of 327.73% [3] Policy Insights - The Chinese government has reinforced the asset allocation properties of gold, with recent policies allowing insurance funds to invest in gold. This has led to the first insurance fund gold investment transaction under the new framework, injecting new vitality into the gold market [4] Investment Logic Insights - The surge in gold ETF holdings is attributed to increased demand for safe-haven assets, expectations of loose monetary policy, rising inflation expectations, a weakening dollar, and heightened investment interest. Factors such as international trade tensions and geopolitical risks have amplified the need for safe-haven investments [6][7][8][9][10][11][12]

高盛：美债遭大幅抛售无明显迹象，但料将面临逐步调整 金十数据4月28日讯，高盛利率策略师在报告中指出，最近几周并无明显迹象显示外国投资者大规模抛 售美国国债，但全球投资组合料将逐步调整。策略师表示："美债风险溢价的重置与美元走弱是对风险 组合恶化进行补偿、激励全球投资者未来需求所需的调整。"他们指出，在安全资产供应增加的环境 下，美债可能会因全球投资组合的渐进调整面临压力，"但外国持仓规模叠加美国特定风险因素，至少 强化了我们的观点，即相对风险溢价调整应具有一定持续性。" ...

Group 1 - The core viewpoint is that the US dollar is entering a prolonged downtrend, with foreign investors reassessing the risk-reward profile of dollar-denominated assets as US Treasury and stock prices decline [1][2] - Kamakshya Trivedi believes that the dollar will continue to weaken, with the trend expected to deepen, particularly against the euro and potentially the yen [2] - Trivedi highlights that the risk of recession in the US is exceptionally high, leading foreign investors to reevaluate the prospects of US assets, including stocks [2][3] Group 2 - The recent surge in gold prices, reaching an inflation-adjusted historical high of over $3,500 per ounce, indicates a shift away from dollar assets towards safer investments [3][5] - Central bank demand for gold is rising, suggesting a desire to diversify away from dollar assets, with Goldman Sachs raising its year-end gold price forecast to $3,700 per ounce due to stronger-than-expected demand [5][6] - If central bank purchases average 100 tons per month, gold prices could reach $3,810 per ounce by the end of 2025, with potential ETF inflows pushing prices even higher [6]

2025年04月22日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 铜：美元走弱，支撑价格 | 2 | | --- | --- | | 铝：区间震荡 | 4 | | 氧化铝：小幅反弹 | 4 | | 锌：窄幅调整，上方仍承压 | 6 | | 铅：区间调整 | 7 | | 镍：矿端矛盾下方支撑，相对经济性收敛上方空间 | 8 | | 不锈钢：负反馈施压估值，成本下行但仍有托底 | 8 | | 工业硅：基本面弱势，逢高布空思路为主 | 10 | | 多晶硅：关注上方空间 | 10 | | 碳酸锂：下游采买意愿仍有限，偏弱震荡或延续 | 12 | 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 商 品 研 究 2025 年 04 月 22 日 铜：美元走弱，支撑价格 季先飞 投资咨询从业资格号：Z0012691 jixianfei015111@gtjas.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | ...

作 者丨李域 编 辑丨巫燕玲，江佩佩 美国资产周一重演股债汇三杀。 当地时间4月2 1日，美股三大指数全线下跌，道琼斯工业指数、纳斯达克指数、标普5 0 0指数 均跌逾2%。 美 债 波 动 率 也 再 度 回 升 ， 长 期 美 债 的 抛 售 导 致 收 益 率 曲 线 急 剧 变 陡 。 美 元 指 数 跌 0 . 8 8% 报 9 8 . 3 5 ， 创 三 年 来 新 低 ， 盘 中 一 度 连 续 跌 破 9 9 、 9 8 两 大 整 数 位 关 口 ； 美 元 兑 日 元 跌 破 1 4 1 关 口，跌0 . 9 4%报1 4 0 . 8 5。 昨夜，美股大跌！道指跌近1 0 0 0点 据Wi n d，截至4月2 1日收盘，美股大幅收跌，道指跌9 7 1 . 8 2点。 | 新版 | 成分 | | 资讯 | 相关基金 | | --- | --- | --- | --- | --- | | 名称 | | 现价 | | 涨跌幅 ◆ | | 苹果(APPLE) | | 193.160 | | -1.94% | | AAPL.O | | | | | | 谷歌(ALPHABET) | | 149.860 ...