继昨日下跌后，2月17日早上，现货金银再次双双急跌，现货黄金一度失守4980美元/盎司，日内跌超0.2%。 2026年开年以来，金银价格先后冲高回调，但调整中走势分化明显。截至发稿，现货黄金年内仍保有约15%的涨幅；白银则从年初超过50%的累计涨幅大 幅收缩至6%左右。 中信证券金属行业首席分析师敖翀在接受南方财经全媒体记者采访时表示："流动性是整个这一轮推动全球绝大多数资产上涨的一个核心因素。所以，我 们就很好理解就是离流动性越近、离钱越近的资产可能涨得越快。其次，我们认为在目前的情况下，地缘政治冲突还是比较越演越烈的一个情况，导致这 个黄金会不断地扮演避险的这种角色。我觉得金价上涨的趋势并没有完结，依然是可以交易的一类资产。" | 4977.815 | | | | --- | --- | --- | | -12.979 | | 0 | | 最高价 5000.850 持 仓 ------ | 0 | 0 | | 最低价 4974.990 增 仓 ----- | 0 内 盘 | 0 | | ෆ加 | 均价: -- | 盘口 | | | | --- | --- | --- | --- | --- | | 500 ...

经济观察网 科尔黛伦矿业（CDE.N）股价近期大幅震荡，主要受贵金属价格剧烈波动、地缘政治事件 及公司基本面因素共同影响。 股价异动原因 2026年2月初，贵金属市场出现显著波动。2月5日，比特币暴跌引发避险资产重估，黄金、白银价格同 步下挫，拖累矿业股集体回调。随后，2月6日至7日，美伊核谈判取得突破性进展，地缘政治风险缓和 推动资金回流风险资产，贵金属板块大幅反弹；2月9日金价收复5000美元关口，进一步提振矿业股情 绪。同期，美股大盘波动加剧，科技股资本支出计划引发市场对现金流压力的担忧，加剧了资金在避险 与风险资产间的快速轮动。 业绩经营情况 科尔黛伦矿业2025财年三季度（截至2025年9月30日）业绩表现强劲：营业收入13.95亿美元，同比增长 86.39%；净利润3.71亿美元，同比增幅达1662.18%。机构预测显示，2025年第二季度每股收益同比增速 预计为2100%，反映市场对贵金属价格及公司运营改善的积极预期。截至2026年2月，7家机构给出目标 均价25.71美元，较当前股价存在上行空间，86%的机构给予买入或增持评级。 资金面与技术面 从交易数据看，2026年2月5日至13日区间振幅 ...

同时，澳新银行也提及白银市场因持续的工业供应短缺，预计将与金价保持高度联动，共同推高贵金属板块的整体表现。 澳新银行分析师称："银价仍将锚定于金价涨势。我们预计银价将跑输黄金，这意味着金银比将均值回归至70:1。" 近期市场波动后，交易所上调了保证金要求，这给市场流动性带来了挑战，从而加剧了价格波动。尽管近期的波动引发了黄金价格是否已见顶的疑问， 但"我们认为，此轮涨势尚未成熟到足以在短期内逆转。" 分析人士指出，市场关注点正越来越多地转向关税可能产生的影响，而这些影响尚未完全体现在经济或通胀数据中。对美联储未来信誉的担忧持续存在， 这营造出一种可能推高投资者对黄金等实物资产需求的环境。 尽管黄金近期从每盎司5600美元的历史高位回落，但澳新银行的分析师表示，此次回调可能会吸引新的投资，理由是持续的结构性支撑以及几乎没有趋势 逆转的迹象，预计到2026年第二季度价格将达到每盎司5800美元。 澳新银行分析师索尼库马里和丹尼尔海因斯在一份报告中称，宽松的美国货币政策、不断升级的地缘政治紧张局势、持续的政策不确定性以及美元走弱表 明，当前金价的走势与1980年或2013年的投机性泡沫顶峰有着本质区别，目前的上涨更 ...

Core Viewpoint - Despite a recent pullback from the historical high of $5,600 per ounce, analysts at ANZ Bank suggest that this correction may attract new investments due to ongoing structural support and a lack of signs indicating a trend reversal, with expectations for prices to reach $5,800 per ounce by Q2 2026 [1][4] Group 1: Market Dynamics - Analysts from ANZ Bank, Sony Kumari and Daniel Hynes, indicate that the current gold price trend is fundamentally different from speculative bubbles seen in 1980 or 2013, driven instead by deep structural demand [3] - Factors such as loose U.S. monetary policy, escalating geopolitical tensions, ongoing policy uncertainty, and a weakening dollar are contributing to the current gold price dynamics [3] - The perception of credit risk associated with the dollar is prompting central banks and institutional investors to diversify their asset allocations, reinforcing gold's status as the "ultimate safe-haven asset" [3] Group 2: Future Projections - ANZ Bank has revised its gold price target for Q2 2026 from $5,400 per ounce to $5,800 per ounce, indicating a significant upward adjustment [4] - The bank also notes that silver prices are expected to remain closely tied to gold prices, with a forecast that silver will underperform gold, leading to a mean reversion of the gold-silver ratio to 70:1 [4] Group 3: Market Sentiment - There is a growing consensus among major Wall Street investment banks regarding bullish sentiment on precious metals, with Goldman Sachs setting a target price of $5,400 for the end of 2026, while UBS and JPMorgan have more aggressive forecasts of $6,200 and $6,300, respectively [5]

Core Insights - The Swiss Franc (CHF) has become a favored safe-haven asset due to Switzerland's political stability, low debt, and diversified economy, outperforming the US Dollar and Japanese Yen over the past year [1] - The CHF appreciated nearly 13% against the USD in 2025 and reached an 11-year high against both the USD and EUR in 2026, although it faced a temporary decline of about 1.2% against the USD on January 30 due to a sell-off in gold and silver [1] - The strong CHF poses challenges for Switzerland's export-driven economy, contributing to low inflation rates of just 0.1%, and may compel the Swiss National Bank (SNB) to intervene to stabilize the economy [1] Market Analysis - The USD/CHF exchange rate is currently in a volatile range, with key support at approximately 0.7650 and potential testing of the 0.7600 level if this support is breached; resistance is found between 0.7800 and 0.7900 [3] - The market is influenced by expectations surrounding Federal Reserve policies and the safe-haven appeal of the CHF, while the SNB's decision to maintain interest rates adds complexity to the monetary policy landscape [3] Economic Forecasts - UBS economists predict a depreciation of the CHF against the USD by about 2% by the end of 2026, with the SNB likely to conduct only sporadic interventions in the foreign exchange market [2] - Analysts from Ebury and MUFG believe that the CHF has solidified its status as the preferred safe-haven currency, with the appeal of the Yen and Dollar diminished due to geopolitical instability [2]

黄金承压走低，交易商持续聚焦美国就业市场数据，并静待通胀报告出炉。 市场普遍回调之际，交易商寻求避险资产，美国国债收益率承压下行。但今日美债收益率走低并未对金价构成支撑。值得注意的是，近 月来黄金交易商基本未理会收益率及美联储政策前景。 美国股市因科技板块抛售面临沉重压力。此番抛售可能迫使交易商了结黄金盈利头寸以弥补其他市场亏损，从而对黄金市场形成压制。 金价未能站稳5100-5120美元阻力区，转而回落测试4880-4900美元支撑位。若金价成功跌破4880美元关口，将进一步下探4670-4690美元 的下一个支撑区。 【华通白银网2月13日讯】 黄金市场承受巨大压力 然而，当前的抛售可能是由全球流动性问题和追加保证金要求所导致的，这意味着多头可能没有足够的力量在当前价位阻止回调。 目前，白银正试图跌破78.00-79.00美元支撑位。如果这一尝试成功，白银将向下一个支撑位71.00-72.00美元区间移动。 如果银价跌破71.00美元，将表明白银市场正处于恐慌状态。如果银价进一步跌破重要心理水平70.00美元，预计将会出现更多的追加保证 金要求和强制抛售行为。 上行方面，银价需要回升至80美元上方，才有机 ...

Core Viewpoint - The global market experienced a peculiar "indiscriminate sell-off," with significant declines in various asset classes, including gold and silver, despite the absence of clear negative catalysts [1][4]. Group 1: Market Dynamics - The sell-off was characterized by algorithmic trading, where CTA strategy models triggered stop-loss orders, leading to a rapid sell-off without consideration for fundamental factors [3]. - The phenomenon is described as a liquidity squeeze, where even traditionally safe-haven assets like gold were sold off to raise cash and cover losses elsewhere [4]. Group 2: Investment Outlook - The short-term view suggests that the decline is driven by emotional panic, while the long-term fundamentals supporting gold prices remain intact, including ongoing central bank purchases and low real interest rates [4]. - Three operational guidelines are proposed: avoid catching falling knives, distinguish between trading and long-term positioning, and monitor specific signals indicating a return to safe-haven characteristics for gold and silver [5].

Core Viewpoint - The domestic gold market has shown relative stability after experiencing significant fluctuations in international gold prices, with prices remaining above the critical psychological level of $5000 per ounce [1][5]. Domestic Gold Prices - The Shanghai Gold Exchange's gold T D price is reported at 1128.94 yuan per gram, a slight increase of 0.61% from the previous trading day [3]. - The basic gold price for AU9999 is 1117.37 yuan per gram, showing a minor decrease of 0.04% [3]. - Investment gold bars are priced between 1136 yuan and 1148 yuan per gram, with specific bank offerings such as China Construction Bank's Longding gold bar at 1144.25 yuan per gram and Bank of China at 1148.36 yuan per gram [3]. - Brand gold jewelry prices remain high, with brands like Chow Tai Fook and Chow Sang Sang priced at 1560 yuan per gram, which includes brand premiums and craftsmanship costs, approximately 400 yuan higher than the basic gold price [3]. International Gold Market - The spot gold price is at $5032.87 per ounce, slightly down by 0.50%, but still above the $5000 mark [5]. - International gold prices experienced extreme volatility, with a significant drop on January 30, followed by a sharp increase on February 3, marking the largest single-day increase since 2009 [5]. - The Shanghai Gold Exchange's gold T D price fell to a low of 1081 yuan per gram on February 5, a decrease of 4.29% from the previous day [5]. Factors Supporting Gold Prices - Global central bank gold purchases are a major driving force, with a reported net purchase of 230 tons in Q4 2025, a 6% increase quarter-on-quarter [6]. - China's gold reserves reached 2304.5 tons by the end of October 2025, reflecting a continuous increase over 12 months [6]. - The Federal Reserve's interest rate cuts have reduced the opportunity cost of holding gold, enhancing its appeal as a non-yielding asset [6]. - Geopolitical risks continue to inject uncertainty into the market, reinforcing gold's status as a traditional safe-haven asset [6]. - The supply-demand dynamics show a tightening market, with global gold production around 3600 tons per year from 2016 to 2024, while demand has surged to over 4500 tons annually from 2022 to 2024, creating a persistent supply gap [6]. Consumer Behavior in the Gold Market - The domestic physical gold market is characterized by simultaneous "consumption heat" and "recovery heat," driven by festive consumption and preservation needs as the Spring Festival approaches [8]. - There is a notable increase in foot traffic in brand gold stores, with some popular styles experiencing supply shortages [8]. - The gold recovery market is also bustling, with consumers opting to cash in at high prices, leading to increased business for recovery shops [8]. - Young consumers are changing their perception of gold, viewing it as both a store of value and a fashionable accessory [8]. - Sales personnel report a surge in customers concerned about potential price increases after the holiday, prompting pre-holiday purchases [8]. Market Dynamics - On February 10, the gold T D opened at 1119.5 yuan per gram, with a peak of 1130.8 yuan and a low of 1114.5 yuan, indicating a strengthening bullish sentiment [10]. - The silver market has shown even more volatility, with a reported drop of 9.71% as of February 5, highlighting the broader market fluctuations [10].

2月8日至9日，基辅遭遇多次爆炸，俄军打击乌军用机场等基础设施，俄外长拉夫罗夫强硬表态称，若 欧洲对俄攻击，俄方将采取"完全军事回应"。同时，俄美《新削减战略武器条约》已于2月5日到期，双 方未就新条约达成共识，加剧地缘不确定性。 资金动向 经济观察网 根据欧盟外交事务代表卡拉斯的表态，欧盟将向成员国提交一份对俄罗斯的让步要求清 单，内容包括要求俄方归还被绑架的乌克兰儿童、限制武装力量等，并可能将冻结的约2100亿欧元俄罗 斯资产作为谈判筹码。此前的2月5日，俄美乌三方在阿布扎比举行新一轮会谈，但核心领土问题仍未突 破，且会谈前后双方冲突持续。爱沙尼亚情报机构发布报告指出，俄罗斯可能将和谈作为"拖延战术"， 旨在恢复与美国关系而非真正寻求和平。 数据显示，跨境ETF中稀有金属ETF领涨，反映资金向资源防御性板块倾斜。尽管东欧区域基金未直接 列明，但地缘风险升温可能推动资金流向避险资产。此外，弘毅远方基金获股东增资2900万元，FOF配 置重心转向被动工具，或间接影响区域基金流动性。 近期事件 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - Coeur Mining (CDE.N) has experienced significant stock price volatility over the past week, reflecting high trading activity driven by fluctuations in the precious metals market [1] Price Movement Summary - On February 5, the stock price dropped by 7.90% - On February 6, it rebounded with a rise of 12.19% - On February 9, it continued to increase by 7.42% - On February 10, there was a slight pullback of 0.83% - The latest closing price on February 11 was $22.67, resulting in a cumulative increase of 9.25% over the period and a price fluctuation of 22.22% [1] Market Drivers - The recent volatility in the precious metals market is identified as the core driver of the stock's performance - On February 5, a significant drop in Bitcoin led to a reassessment of safe-haven assets, causing both gold and silver prices to decline - Breakthroughs in U.S.-Iran nuclear negotiations from February 6 to 7 eased geopolitical tensions, prompting a return of funds to risk assets - On February 9, gold prices rose above the $5,000 mark, further boosting mining stocks - Increased volatility in the U.S. stock market, particularly concerning technology sector capital expenditure plans, has indirectly affected market sentiment [1] Institutional Outlook - Institutions maintain a positive outlook on Coeur Mining, with seven firms setting a target average price of $25.14, indicating potential upside from the current price - 86% of institutions have rated the stock as a buy or hold - Earnings forecasts suggest a significant year-on-year increase in quarterly earnings per share, with a projected growth of 2100% in the second quarter of 2025, reflecting expectations for precious metal prices and improvements in company operations [1]