今年的金价就像坐火箭一样，猛窜直上来回变动，让不少人看不明白，有些人想趁着这个机会投资一波，说不定还能小赚一笔，有的人看着来回跳动的数字 迟迟不敢入手，还有的人觉得金价价格长得这么快，以后孩子结婚连三金也难买，那面对这来回波动的金价，咱们普通人能把握住什么，又该如何避险呢？ 2025年10月起一路猛冲，12月22日成功站上4400美元，12月23日再破4490美元新高。可高位之后就是反复拉扯，涨一下回一下，再冲一下又回调，把市场情 绪吊得七上八下。 金价为啥会这么上蹿下跳？波动越来越剧烈的背景下，该怎么判断进退节奏？其实不用被短期涨跌绕晕，顺着美元、利率、避险情绪、资金流向这四条线梳 理，就能把背后逻辑摸清楚。 很多人最近都有同感，黄金越来越看不懂了，以前大家都认一个理，美元涨黄金就跌，利率高黄金就没机会，可这两年完全不一样，两者经常一起涨，甚至 联袂疯涨。 近期金价走势彻底点燃市场情绪，涨势猛得像坐火箭，1月2日还停留在4365美元，1月5日就冲到4426美元，如今直接突破4447美元关口，三天三个新价位， 这样的疯狂行情里，不少人都在纠结——还敢追吗？回头看过去两三个月，金价走势更像坐跳楼机。 亿万富翁投 ...

中国人民银行授权全国银行间同业拆借中心公布，2025年12月22日贷款市场报价利率（LPR）为： 1年期LPR为3.0%，5年期以上LPR为 3.5% 。两个期限LPR均与上月持平。 来源丨中国人民银行 编辑丨兰银帆 审核丨许晨辉 往期回顾 Review of Past Articles - 郑栅洁主任主持召开民营企业座谈会 就"十五五"时期服务业发展听取意见建议 01 02 等你来投！《清华金融评论》12月刊 " 黄金投资逻辑：历史周期与趋势演变 " 征稿启事 小媒求你加·3 标 TSINGHUA PBCSF TSINGHUA Financial Revi 清华五道厂 明年终的未来 《清华金融评论》专注于经济会融 政策解读与建言,设置一个封面专 题以及宏观经济、政策与监管、 银行与保险、资本市场、财富与资 管、金融与科技、论文故事汇、道 口研究、国际九个专业栏目,所有 栏目都期待这样的来稿: 在风格上 既可以是分析研判式的文稿,也可以是解读评论型的文稿, 既可以建言献策经济金融理论与实践,也可以归纳总结新经 济金融模式与案例。 在形式上 无需复杂的理论与计量模型,无需过多的图形与数据表格, 无需臃肿的注释与 ...

Core Viewpoint - The article emphasizes that increasing the allocation of gold in investment portfolios is becoming an inevitable choice for institutional investors, especially given the significant rise in gold prices this year, which have increased by up to 60%, outperforming major indices like the Nasdaq and Hang Seng [5][6]. Group 1 - Gold has demonstrated a unique investment logic this year, moving beyond traditional pricing mechanisms based on "safe-haven" and "anti-inflation" narratives [6]. - Historical context shows that gold prices surged around 2010 due to inflation and asset bubbles driven by China's stimulus measures, leading to increased domestic demand for gold [6]. - The relationship between gold and the US dollar is highlighted, noting that low US interest rates at the time allowed for profitable arbitrage opportunities involving gold imports and domestic lending [6].

Core Viewpoint - The article emphasizes the increasing importance of gold as a safe-haven asset due to geopolitical tensions, declining dollar credibility, and central banks' increasing gold reserves, alongside a steady rise in industrial demand for gold driven by the rapid development of electronic and renewable energy industries [4][5]. Group 1: Current Market Dynamics - Geopolitical conflicts and the decline in dollar credibility have enhanced gold's role as a hedge against risk [4][5]. - Central banks globally have significantly increased their gold purchases, with a net total of 634 tons in the first three quarters of 2023, surpassing pre-2022 averages [4]. - As of the end of October, China's gold reserves reached 74.09 million ounces (approximately 2,304.457 tons), marking a continuous increase for 12 months [4]. Group 2: Investment Trends and Regulatory Changes - The domestic gold ETF holdings increased by 79.015 tons in the first three quarters of 2023, reaching a total of 193.749 tons by the end of September [5]. - A new tax policy announced by the Ministry of Finance and the State Taxation Administration categorizes gold transactions into "investment" and "non-investment" types, providing clearer guidelines for future trading [5]. Group 3: Research and Analysis Focus - The article outlines a call for papers on the investment logic of gold, focusing on historical cycles and trend evolution, with specific topics including the cyclical characteristics of gold prices, the impact of inflation and interest rates, and the comparison between gold and digital currencies [6]. - The submission deadline for the papers is set for November 18, 2025, with a word count recommendation of 4,000 to 6,000 words [10].

美联储内讧升级：12月降息悬念逆转与黄金跳水的背后博弈 2025年11月1日，全球金融市场经历了一场戏剧性转折：美联储10月降息决议的"鹰派余震"引发市场剧烈震荡，12月降息预期 从90%骤降至55%，现货黄金价格单日暴跌77美元至3930美元/盎司，美元指数逆势冲高至99.1关口。这场波动不仅暴露了美联 储内部的政策裂痕，更揭示了全球货币政策周期与市场情绪的深层博弈。 一、美联储内讧：从"鸽派降息"到"鹰派警告"的180度逆转 10月30日美联储宣布降息25个基点至3.75%-4%，看似延续宽松周期，但投票环节已埋下隐患：理事斯蒂芬·米兰主张降息50个 基点以刺激经济，而堪萨斯城联储主席杰弗里·施密德则因通胀担忧投下反对票。这种"一鸽一鹰"的对立，标志着美联储自 2022年加息周期以来首次出现立场分裂。 矛盾焦点： - 通胀粘性与增长疲软的拉锯：9月美国核心CPI同比上涨3.3%，住房与医疗成本居高不下，但制造业PMI已连续三个月低于荣 枯线，就业市场呈现"虚假繁荣"（ADP数据显示9月减少3.2万岗位）。 - 政治干预与独立性危机：特朗普提名的官员（如米兰）主张激进宽松，而传统派官员（如鲍威尔）强调政策独 ...

Macro - The rise in gold prices since 2022 is driven by three core factors: 1) cyclical factors related to the Federal Reserve's shift from rate hikes to potential cuts; 2) concerns over the credibility of the US dollar, prompting global central banks to diversify their reserves by purchasing gold; 3) short-term factors such as geopolitical tensions and uncertainties in global trade, leading to increased investment in gold as a safe-haven asset [1] - In the short term, gold prices are expected to experience volatility and enter a consolidation phase, but in the medium to long term, three factors will continue to push gold prices higher: 1) ongoing purchases of gold by global central banks to hedge against dollar credit risk; 2) a shift in global gold ETFs from net sellers to net buyers; 3) market expectations of two more rate cuts by the Federal Reserve this year, with potential for larger cuts after a change in leadership next year [1] Asset Allocation - Gold valuation remains at an acceptable level, with domestic institutions having room for increased allocation: based on quantitative metrics, the short-term focus should be on assessing market risk aversion through economic policy uncertainty indices, while the medium-term valuation perspective shows that the ratio of gold priced in dollars to reserve currency M2 is at a historical percentile of 77%, still within acceptable limits [2] - A horizontal comparison of mean-variance, risk budgeting, and all-weather strategies suggests optimal gold allocation ratios of 5%-10%, 10%-20%, and 20%-25% respectively; current allocations by public funds, bank wealth management, and insurance institutions are still at marginal growth levels, indicating potential for absolute increases [2] Precious Metals - Since mid-October, gold stocks have not followed the upward trend of gold prices primarily due to the significant rise in gold prices since August, leading to overbought technical indicators and cautious sentiment in the equity market, causing gold stocks to peak and retreat ahead of gold prices [3] - As gold prices stabilize and build a base, gold stock prices are expected to realign with gold prices; current valuations of gold stocks are at historical lows, with a rolling P/E ratio of approximately 30 times, indicating potential for recovery [3] - Recommended gold stocks include Lingbao Gold, Tongguan Gold, Zijin Mining International, Shandong Gold, Chifeng Jilong Gold, Shanjin International, and Zhongjin Gold; for silver, recommended stocks include Xingye Silver and Shengda Resources [3] Jewelry and Light Industry - Starting in 2024, the gold jewelry industry is expected to exhibit structural demand characteristics: first, consumption among the middle class and high-net-worth individuals in mainland China is weakening and becoming more rational; second, the continuous rise in gold prices will lead to a decline in the consumption of gold for jewelry starting in 2024; third, brands like Lao Pu, Chow Tai Fook, and others are focusing on craftsmanship upgrades and integrating traditional Chinese culture, positioning gold as a mainstream in the domestic jewelry fashion market [4] - Chow Tai Fook has returned to a mid-to-high-end positioning, with significant improvements in channel reform and product upgrades, resulting in a 4.1% year-on-year increase in overall retail value in Q3, with same-store sales growth of 7.6%; high-margin priced products contributed 30% to retail value, enhancing profitability [4]

Core Viewpoint - Recent fluctuations in international gold prices have raised questions about whether the current downturn is a temporary adjustment or indicative of a fundamental shift in the market dynamics [1] Group 1: Market Analysis - The recent sharp decline in gold prices is attributed to potential geopolitical changes and emotional market corrections following a period of rapid price increases [2] - Gold's long-term stability is supported by ongoing global economic unilateralism and the unchanged fundamental logic of dollar credit depreciation, suggesting a positive long-term outlook for gold prices [2] - Short-term price movements may lead to a consolidation phase, with caution advised for short-term investors [3] Group 2: Investment Strategies - Despite recent price drops, the macroeconomic environment and potential trends in the overseas spot market indicate that gold and silver prices still have room for growth, although some consolidation time is necessary [4] - The prevailing bullish sentiment towards precious metals remains, with expectations that the current upward trend in gold and silver prices is not yet over, despite potential short-term risks [5] - Ongoing purchases of gold by central banks and concerns over the U.S. job market may support precious metal prices in the medium to long term [6]

Core Viewpoint - The Federal Reserve's recent interest rate cut of 25 basis points has significant implications for the gold market, leading to a notable drop in gold prices shortly after the announcement [1][13]. Group 1: Gold Market Dynamics - The spot price of London gold reached a historic high of over $3700 per ounce on September 17, prior to the Fed's announcement [2]. - The three main factors influencing gold prices are: 1) hedging against the dollar's credit system, 2) the global central bank gold purchasing trend, and 3) the accumulation of risk aversion due to geopolitical tensions and economic instability [3][21][30]. - The recent rise in gold prices from late August to mid-September was primarily driven by market expectations of the Fed's interest rate cut [10][11]. Group 2: Interest Rate Impact - A reduction in interest rates decreases the attractiveness of the dollar, leading to a decline in global capital inflow into dollar-denominated assets [6][7]. - The market had already priced in the 25 basis point cut, resulting in a normal price correction for gold following the announcement [13][14]. Group 3: Central Bank Behavior - As of mid-September, global central bank reserves of gold surpassed those of U.S. Treasury bonds for the first time since 1996, indicating a significant shift in asset allocation [25][26]. - The ongoing trend of central banks purchasing gold is a key driver of the current gold market dynamics [24]. Group 4: Geopolitical and Economic Factors - Recent geopolitical events, such as conflicts in the Middle East and concerns over U.S. government shutdowns, have contributed to fluctuations in gold prices [17][18][27]. - The interplay between U.S. monetary policy and global economic conditions remains a critical factor in determining gold's future trajectory [22][32].

Core Viewpoint - The recent decline in gold prices has triggered panic among investors, raising questions about the potential bottom and whether the current investment logic has completely turned bearish [1] Group 1 - Gold prices have been experiencing a continuous drop, leading to increased investor anxiety [1] - The live analysis by trader Rinly aims to provide insights into the current market situation and trading strategies [1]