金价的强势上涨之际，高盛再度上调黄金目标价。 高盛分析师Lina Thomas和Daan Struyven指出，自8月26日以来黄金17%的涨势主要由两大"粘性"资金流入推动：西方ETF资金流入和央行购买。与此形成对 比的是，波动性较大的投机性头寸保持相对稳定。 西方ETF持仓在9月大幅增长后，目前已完全达到高盛基于美国利率的隐含估值水平，表明近期ETF的强势表现并非过度反应。央行购买力度的重新增强也反映 了夏季淡季过后的反弹。 未来两年涨幅预期保持不变 据追风交易台，高盛将2026年底黄金价格预测大幅上调至每盎司4900美元，较此前预测的4300美元上调600美元，涨幅近14%。这一调整基于自8月26日以来 推动黄金价格上涨17%的"粘性"资金流入，主要来自西方ETF资金流入和央行购买。 对投资者而言，这意味着黄金在未来两年仍有23%的上涨空间，其中央行购买贡献19个百分点，美联储降息带动的ETF持仓增长贡献5个百分点。 粘性资金流入成为关键驱动力 上行风险依然显著 高盛认为，升级后的黄金价格预测风险仍偏向上行，主要原因是私人部门对相对较小的黄金市场的多元化配置可能推动ETF持仓超出基于利率的隐含估值。 央 ...

金价的强势上涨之际，高盛再度上调黄金目标价。 据追风交易台，高盛将2026年底黄金价格预测大幅上调至每盎司4900美元，较此前预测的4300美元上调 600美元，涨幅近14%。这一调整基于自8月26日以来推动黄金价格上涨17%的"粘性"资金流入，主要来 自西方ETF资金流入和央行购买。 对投资者而言，这意味着黄金在未来两年仍有23%的上涨空间，其中央行购买贡献19个百分点，美联储 降息带动的ETF持仓增长贡献5个百分点。 粘性资金流入成为关键驱动力 高盛分析师Lina Thomas和Daan Struyven指出，自8月26日以来黄金17%的涨势主要由两大"粘性"资金流 入推动：西方ETF资金流入和央行购买。与此形成对比的是，波动性较大的投机性头寸保持相对稳定。 西方ETF持仓在9月大幅增长后，目前已完全达到高盛基于美国利率的隐含估值水平，表明近期ETF的 强势表现并非过度反应。央行购买力度的重新增强也反映了夏季淡季过后的反弹。 上行风险依然显著 高盛认为，升级后的黄金价格预测风险仍偏向上行，主要原因是私人部门对相对较小的黄金市场的多元 化配置可能推动ETF持仓超出基于利率的隐含估值。 央行购买的结构性增长主 ...

Group 1: Price Performance - London Gold's latest price is 3643.70 with no change [3] - London Silver's latest price is 41.86 with no change [3] - London Platinum's latest price is 1369.00 with no change [3] - London Palladium's latest price is 1161.00 with no change [3] - WTI Crude's latest price is 63.57 with no change [3] - LME Copper's latest price is 9962.50 with a change of 20.00 [3] - The US Dollar Index's latest value is 97.37 with no change [3] - Euro to US Dollar's latest exchange rate is 1.18 with no change [3] - Pound to US Dollar's latest exchange rate is 1.36 with no change [3] - US Dollar to Japanese Yen's latest exchange rate is 148.00 with no change [3] - US 10 - year TIPS's latest value is 1.75 with a change of 0.02 [3] Group 2: Trading Data - COMEX Silver's latest inventory is 16300.91 with no change [4] - SHFE Silver's latest inventory is 1159.44, a decrease of 44.08 [4] - Gold ETF's latest holding is 994.56, an increase of 18.90 [4] - Silver ETF's latest holding is 15205.14 with no change [4] - SGE Silver's latest inventory is 1283.61 with no change [4] - SGE Gold's latest deferred fee payment direction is 2, an increase of 1.00 [4] - SGE Silver's latest deferred fee payment direction is 1 with no change [4]

Core Insights - The article highlights the rapid growth of Bitcoin spot ETFs, with institutional capital significantly increasing their market share, currently holding over 1.296 million BTC, which is nearly 6.5% of the circulating supply [1][5] Group 1: Institutional Dominance - BlackRock's iShares Bitcoin Trust (IBIT) has emerged as a dominant player, managing approximately 744,500 BTC, representing about 3.3% of the total Bitcoin supply [3] - IBIT has been increasing its holdings at a rate of about 4,300 BTC per month, potentially adding around 130,000 BTC by the end of the year [3] - Wells Fargo has significantly increased its exposure to IBIT, raising its holdings from $26 million to over $160 million, indicating a shift from a passive to an active investment strategy [3][4] Group 2: Market Dynamics - The influx of ETF capital is tightening the supply-demand structure of the Bitcoin market, with net inflows surpassing the daily mining supply of approximately 450 BTC post-halving [5] - This structural change is leading to stronger price support while also increasing price sensitivity to macroeconomic factors and fund flows [5] - Bitcoin recently reached a historical high of $124,000, closely linked to expectations of interest rate cuts and strong ETF inflows [5] Group 3: Liquidity and Trading Challenges - The concentration of holdings in top funds like IBIT may lead to potential liquidity bottlenecks, as ETF shares cannot be directly redeemed for underlying Bitcoin [6] - The rising demand for efficient risk management tools is driving the development of new derivatives markets that combine traditional financial assets with cryptocurrencies [6] Group 4: Decentralized Trading Platforms - The value of decentralized exchanges like XBIT is being reassessed as centralized exchanges face potential liquidity constraints and stricter regulations [8] - XBIT allows users to retain actual control of their assets, executing trades through smart contracts without relying on centralized custodians [8] Group 5: Future Variables - The path to surpassing 1.5 million BTC in ETF holdings is not guaranteed, as various factors could alter the current trajectory, including macroeconomic changes and regulatory dynamics [9] - The concentration of holdings may raise systemic risk concerns, prompting regulatory scrutiny or market corrections [9] Group 6: Market Evolution - Bitcoin spot ETFs have accumulated over $50 billion in assets under management (AUM) in less than a year and a half, reshaping the market ecosystem [11] - The interaction between institutional products and the underlying scarce digital asset is entering a more complex phase, with significant implications for market dynamics [11]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog Price Performance - London Gold's latest price is 3346.85 with a change of 48.00 [1] - London Silver's latest price is 36.49 with a change of 0.27 [1] - London Platinum's latest price is 1306.00 with a change of -83.00 [1] - London Palladium's latest price is 1217.00 with a change of -39.00 [1] - LME Copper's latest price is 9644.50 with a change of 22.50 [1] - The latest dollar index is 98.69 with a change of -1.36 [1] - The latest euro - to - dollar exchange rate is 1.16 with a change of 0.02 [1] - The latest pound - to - dollar exchange rate is 1.33 with a change of 0.01 [1] - The latest dollar - to - yen exchange rate is 147.40 with a change of -3.36 [1] - The latest yield of US 10 - year TIPS is 1.90 with a change of -0.08 [1] Trading Data - The latest inventory of SHFE silver is 1183.96 with a change of -24.07 [1] - The latest gold ETF持仓 is 953.08 with a change of -1.43 [1] - The latest silver ETF持仓 is 15056.67 with a change of -5.65 [1] - The latest payment direction of SGE gold deferred fee is 1 with a change of 0.00 [1] - The latest payment direction of SGE silver deferred fee is 1 with a change of 0.00 [1]

Group 1 - The ETF holdings data is updated around 5:30 AM Beijing time from Tuesday to Saturday, reflecting the previous day's positions [3] - The data indicates fluctuations in holdings, with significant changes observed on specific dates, such as a decrease of 131.41 tons on July 11, 2025, and an increase of 207.72 tons on July 15, 2025 [2] - The overall trend shows a mix of increases and decreases in holdings, suggesting volatility in the market [2]

Group 1 - The report indicates a significant decrease in silver ETF holdings, with a reduction of 36.73 tons on July 16, 2025, and a total decrease of 110.22 tons over the previous days [3] - On July 15, 2025, there was an increase of 207.72 tons in silver ETF holdings, suggesting volatility in investor sentiment [3] - The data is updated weekly, specifically from Tuesday to Saturday at 5:30 AM Beijing time, reflecting the previous day's holdings [4] Group 2 - The fluctuations in silver ETF holdings highlight the dynamic nature of the silver market, with notable changes occurring within a short time frame [3][4] - The report serves as a trading tool for investors, providing insights into market trends and potential investment opportunities [5]

金十图示：2025年07月31日（周四）白银ETF持仓报告 2025-07-15 -110.22吨 +207.72吨 2025-07-14 2025-07-11 -131.41吨 -76.31吨 2025-07-10 2025-07-09 +31.09吨 0 200 -100 100 300 400 减仓 -200 增仓 注: ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 ...

金十图示：2025年07月30日（周三）白银ETF持仓报告 2025-07-14 +207.7244 2025-07-11 -131.41吨 -76.31吨 2025-07-10 +31.09吨 2025-07-09 +66.41吨 2025-07-08 0 200 -100 100 300 400 增仓 减仓 -200 注: ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 ...

Group 1 - The ETF holdings data is updated around 5:30 AM Beijing time from Tuesday to Saturday, reflecting the previous day's positions [3] - The data indicates fluctuations in holdings, with notable changes on specific dates, such as a decrease of 131.41 tons on July 11, 2025, and an increase of 66.41 tons on July 9, 2025 [2]