中经记者 慈玉鹏 北京报道 12月22日，现货黄金（伦敦金现）强势拉升，一度涨破4400美元/盎司，再创历史新高。Wind数据显 示，现货黄金价格年内涨幅超67%。 《中国经营报》记者采访了解到，金价短期面临技术性调整风险，波动率或升高。但中长期在全球货币 政策转向宽松、央行持续购金及不确定性环境下，黄金价格仍有望保持坚挺。 短期回调压力或增大 世界黄金协会12日报告显示，11月全球实物黄金ETF流入达52亿美元，已连续六个月实现流入。截至11 月底，资产管理总规模增至5300亿美元，环比增长5.4%；总持仓上升1%至3932吨，均创新高，今年全 球黄金ETF流入总量有望创下历史最佳年度表现。 但从中长期来看，支撑金价的核心逻辑并未改变。吴龙表示，首先，全球央行购金趋势预计将持续。为 推进外汇储备多元化，降低对美元资产的过度依赖，包括中国央行在内的多国央行仍在增持黄金，这为 金市提供了结构性的需求支撑。其次，背景中提到的全球黄金ETF持续资金流入，这也反映了机构投资 者对黄金的配置需求旺盛，这一趋势若得以延续，将构成重要利好。最后，地缘政治风险与全球经济不 确定性依然存在，黄金的避险属性价值突出。 警惕价格波 ...

周一（12月22日）纽约尾盘，现货黄金涨2.48%，刷新历史高位至4449.18美元/盎司，全天持续走高。 COMEX黄金期货涨2.16%，（在电子交易盘）报4482.30美元/盎司，也创历史新高。 *免责声明：文章内容仅供参考，不构成投资建议 驱动金价大涨的核心逻辑包括全球货币政策转向宽松及供需结构性偏紧。全球央行降息比例已从2022年 10月的13.33%攀升至2025年10月的85.33%。截至2025年11月，中国央行已连续十三个月增持黄金，累 计净增量达41吨，全球黄金实物持仓ETF年内累计净流入674.2吨。与此前行情相比，此次金价突破不 仅受益于流动性宽松，更叠加了供需缺口扩大的支撑，全球矿产金供应进入低增长阶段，而需求端央行 购金与投资需求形成双重支撑。 *风险提示：股市有风险，入市需谨慎 机构普遍认为，此次金价创历史新高印证了贵金属行业的高景气周期，流动性溢价与避险溢价的双重发 酵将推动定价重心持续上移。 公司方面，据东兴证券等表示， 赤峰黄金：作为全球化布局的黄金企业，境内拥有吉隆、五龙矿业等高品质金矿，海外布局老挝、加纳 等资产，总资源量达425吨。 四川黄金：四川省最大黄金矿山企业，保 ...

Core Viewpoint - Recent significant declines in international gold and silver prices have been observed, with physical silver experiencing shortages in the market [1] Group 1: Market Trends - A Guangdong investor reported a delay of half a month to purchase 6 kilograms of silver bars, indicating supply chain issues [1] - The investor bought silver bars at approximately 13 yuan per gram and is currently facing a loss exceeding 8,000 yuan [1] Group 2: Expert Analysis - The research director of the China Foreign Exchange Investment Research Institute, Li Gang, cautioned against viewing silver merely as a "low-priced version of gold" [1] - Silver possesses dual characteristics as both a precious metal and an industrial commodity, with the gold-silver ratio remaining at historically high levels [1] - There is potential for silver to experience a relative rebound against gold if global monetary policies shift towards easing [1]

Core Viewpoint - Recent significant declines in international gold and silver prices have been observed, with physical silver experiencing shortages in the market, indicating potential investment opportunities and risks in the precious metals sector [1]. Group 1: Market Trends - International gold and silver prices have dropped sharply as of the latest reports [1]. - There is a noted shortage of physical silver, with investors facing delays in purchasing, as exemplified by an investor who waited two weeks to acquire 6 kilograms of silver bars [1]. Group 2: Investment Insights - An investor reported purchasing silver bars at approximately 13 yuan per gram, indicating a substantial unrealized loss exceeding 8,000 yuan based on current market prices [1]. - The research director at the China Foreign Exchange Investment Research Institute, Li Gang, emphasizes that silver should not be viewed merely as a "lower-valued version of gold," highlighting its dual nature as both a precious metal and an industrial commodity [1]. - The gold-silver ratio remains at historically high levels, suggesting that if global monetary policy shifts towards easing, silver may experience a relative price increase compared to gold [1].