一年内黄金价格飙升70%，白银暴涨超170%，铂金涨幅达160%，2025年的贵金属市场以史诗级涨幅改写了历史。 2025年12月24日，伦敦现货黄金价格历史上首次突破每盎司4500美元关口，最高触及4531美元。同一时间，白银价格冲高至75.5美元/盎司，铂金也以黑马 之姿大幅上涨。 这场贵金属的"狂飙"大戏贯穿了整个2025年。截至12月底，黄金年内涨幅达70%，白银超过140%，铂金涨幅高达160%，钯金也实现三位数增长。 01 行情全景：贵金属市场的史诗级表现 2025年贵金属市场整体呈现前稳后急的走势特征。年初，市场处于调整蓄势阶段，现货黄金在2600-3000美元/盎司区间震荡，白银徘徊于28-32美元/盎司。 3月中旬，伦敦金价突破3000美元/盎司关键阻力位，一季度收获19.01%的涨幅。二季度，铂金开始发力，单季度涨幅达36.58%，而黄金和白银表现相对平 淡。 世界黄金协会中国区CEO王立奇指出："2025年，影响黄金市场的最大因素可能还是投资者对美元信用和美国主权债务的担忧。"美元债务的大幅扩张推动黄 金等贵金属成为投资者眼中更安全的资产。 全球央行持续购金为金价提供了坚实支撑。据世界黄 ...

家人们，见证历史了！就在最近，国际贵金属市场就像坐了 "过山车"，突然来了个大跳水，黄金、白银价格直线下跌，这波动荡可把投资者们的小心脏 吓得不轻。 除了金银这对 "难兄难弟"，其他贵金属如铂金、钯金也未能幸免，纷纷加入了下跌的队伍，市场一片惨淡。 跳水原因深度剖析 1.监管政策之剑 要说这暴跌的 "导火索"，芝商所（CME Group）上调保证金可是功不可没。芝商所突然宣布上调金银等金属合约的保证金要求，这一消息就像一颗 "炸 弹"，瞬间在市场炸开了锅。为啥呢？保证金可是投资者参与期货交易的 "入场券"，上调保证金，就意味着交易成本大幅增加。原本投资者可能用较少的 资金就能撬动大额的期货合约，现在不行了，得掏出更多真金白银，这对于资金有限的投资者来说，压力可太大了。 从历史经验来看，芝商所上调保证金后，贵金属价格下跌的情况屡见不鲜。就拿 2011 年来说，当时白银价格一路飙升，市场投机氛围浓厚。芝商所见 状，在九天内五次上调白银保证金要求，这一举措直接让高杠杆资金 "望而却步"，纷纷退出期货市场。结果，银价在数周内大跌近 30% ，那跌幅，真是 让人触目惊心。这次也不例外，芝商所上调保证金后，投资者纷纷抛售 ...

Core Viewpoint - Gold is regaining attention as a traditional safe-haven asset amid the instability of the dollar credit system, with countries like Cambodia leading the way by entrusting their gold reserves to China, indicating a potential shift in the global financial landscape [1][2]. Group 1: Gold Reserves and Global Trends - China's gold reserves have increased significantly, with an addition of 351 tons in the first two quarters of this year compared to the same period in 2020, surpassing India's increase of 219 tons over the past five years, showcasing China's growing confidence in the global gold market [2]. - Despite the increase, China's gold reserves remain insufficient compared to developed countries like the U.S. and Germany, suggesting that China will continue to enhance its gold reserves to secure a more prominent position in the global economy [2]. - Cambodia's decision to store its gold reserves in China, backed by strong bilateral trade relations, may inspire other Southeast Asian countries to follow suit, potentially revitalizing China's gold market [2]. Group 2: Geopolitical Implications and Financial Strategy - Cambodia's choice to collaborate closely with China reflects not only economic interests but also a strategic foresight regarding future international dynamics, potentially enhancing Cambodia's influence in regional and global affairs [3]. - China's ambition to become a global gold reserve center aims to create a financial environment independent of the dollar and Western financial systems, which could reshape the global financial order [5]. - The current U.S. government faces challenges such as a potential shutdown and rising inflation, increasing the demand for safe-haven assets like gold, while central banks worldwide continue to purchase gold, signaling a shift away from reliance on the dollar [5]. Group 3: Challenges and Market Dynamics - The rise in gold demand may lead to increased market price volatility, and concerns regarding the transparency of China's gold reserves could hinder its goal of becoming a reserve center [5]. - Geopolitical changes, including wars or major conflicts, could significantly impact gold supply and demand dynamics, making these uncertainties critical variables in the future gold market [7]. - The evolving global financial system is underway, with countries reassessing their gold storage strategies, and Cambodia's early actions may serve as a catalyst for broader changes in the international financial landscape [7].

Core Insights - The dominance of the US dollar is weakening, leading to a significant rise in gold prices, which have surpassed $3500 per ounce, marking a historical high [3][10] - Central banks, particularly the People's Bank of China, are increasing their gold reserves as a strategic response to the declining trust in the dollar, with China's reserves reaching 2292 tons by March 2025 [3][6] - The shift towards gold as a safe-haven asset is driven by global economic uncertainties exacerbated by US trade policies, prompting countries to diversify away from dollar-denominated assets [3][10] Summary by Sections Dollar's Decline - The US dollar index experienced a rare drop below 100 in April 2025, causing turmoil in global financial markets [3] - The share of the dollar in global foreign exchange reserves has decreased from 71% in 2000 to 59% currently, indicating a weakening status as a reserve currency [6] Central Bank Actions - Central banks globally purchased a net total of 1045 tons of gold in 2024, with China being a significant contributor to this trend [6] - The increase in gold reserves is aimed at mitigating risks associated with the dollar and optimizing foreign exchange reserve structures [6] Investment Trends - Bridgewater Associates has significantly increased its holdings in gold ETFs, reflecting deep concerns about the traditional monetary system [8] - Individual investors are advised to approach gold investments cautiously, considering past volatility and potential losses in physical gold transactions [10] Market Dynamics - The current gold bull market is seen as a response to a restructuring of the global credit system, driven by uncertainties in the economic landscape [10] - Investing in gold mining stocks, such as Zijin Mining, may offer a more effective way to benefit from rising gold prices while avoiding the challenges of physical gold ownership [10]

Group 1 - The core viewpoint of the article highlights the significant rise in gold prices, with spot gold reaching an all-time high of $3,406.653 per ounce, marking a year-to-date increase of over 29% [1][9][23] - The surge in gold prices is attributed to a weakening trust in the US dollar and the international monetary system, driven by US fiscal policies and rising debt levels [9][10] - Central banks in countries like China and India are increasing their gold reserves, contributing to the bullish market for gold [9][10] Group 2 - The price of gold jewelry in China has also seen a historic increase, with major brands like Chow Tai Fook and Lao Miao Gold surpassing 1,000 yuan per gram [5][7] - The volatility in gold prices has led to several ETFs suspending large purchases to manage risks associated with rapid price increases [17][18] - Financial institutions are warning investors about the heightened risks in the gold market, advising caution and rational investment strategies [16][18][19]