Core Points - The announcement from the Ministry of Finance and the State Taxation Administration outlines new tax policies regarding gold transactions, effective from November 1, 2025, to December 31, 2027 [10] Tax Policy for Gold Transactions - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) when selling standard gold [1] - For physical delivery of gold, VAT policies will apply as follows: - If members purchase standard gold for investment purposes, VAT will be levied and refunded immediately, and they will be exempt from urban maintenance and construction tax and education fees [1] - If members purchase standard gold for non-investment purposes, VAT will be exempt, and they will issue ordinary invoices [2] - Clients purchasing standard gold will also be exempt from VAT and will receive ordinary invoices [2] Definitions and Conditions - The term "standard gold" refers to gold that meets specific purity and weight standards, including AU99.99, AU99.95, AU99.9, AU99.5, and weights of 50 grams, 100 grams, 1 kilogram, 3 kilograms, and 12.5 kilograms [4] - Investment purposes include direct sales and processing into gold products with a purity of 99.5% or higher [4] Invoice and Tax Calculation - The calculation of VAT for members purchasing standard gold for investment purposes involves specific formulas for determining unit price, amount, and tax amount based on actual transaction prices [5] - If the purpose of the gold changes after physical delivery, members must report this change to the exchange within six months [6] Compliance and Penalties - Members failing to report changes in gold usage or not issuing invoices as required may face penalties, including a shift from immediate VAT refund to VAT exemption [8][9] - Serious tax violations related to gold transactions may result in the inability to issue VAT invoices [9] Implementation Timeline - The new tax policies will be effective from November 1, 2025, and will replace previous regulations from 2002 and 2008 [10]

Core Viewpoint - The article discusses the new tax policies regarding gold transactions as announced by the Ministry of Finance and the State Taxation Administration, highlighting the exemption of value-added tax (VAT) for certain transactions involving standard gold [1][2]. Tax Policies Summary - When member units or clients trade standard gold through the Shanghai Gold Exchange or Shanghai Futures Exchange, the seller is exempt from VAT if there is no physical delivery [1]. - For physical delivery transactions, member units purchasing standard gold for investment purposes will receive an immediate VAT refund and be exempt from urban maintenance and education fees, while issuing a special VAT invoice based on the actual transaction price [1][2]. - If the purchased standard gold is sold or processed into investment gold products (excluding legally issued gold currency), the buyer must pay VAT according to existing regulations and issue a regular invoice [1][2]. - For standard gold purchased for non-investment purposes, the transaction is also exempt from VAT, and a regular invoice is issued based on the actual transaction price [3][4]. - Buyers who are general VAT taxpayers can calculate input tax based on the amount stated on the regular invoice and a 6% deduction rate [4]. - Customers purchasing standard gold will similarly benefit from VAT exemption and will receive a regular invoice, with the same input tax calculation applicable for general VAT taxpayers [4].

Group 1 - Gold T+D performance showed a significant increase of 1.79%, reaching 921.5 CNY per gram, with an intraday high of 923.45 CNY per gram [1] - Technical analysis indicates resistance levels at 949-1000 CNY per gram and support levels at 890-940 CNY per gram, with a potential rise to 970 CNY if it breaks above 950 CNY [3] Group 2 - The U.S. government shutdown has entered its 30th day, causing flight delays at major airports due to air traffic control staff shortages, with average delays of 91 minutes at Ronald Reagan Washington National Airport and 21 minutes at Dallas-Fort Worth International Airport [2] - U.S. Vice President Vance warned that a prolonged government shutdown could disrupt travel during the busy holiday season, as the White House intensifies pressure on Democrats regarding the funding impasse [2]

Group 1: Currency and Financial Markets - The People's Bank of China is advancing the internationalization of the Renminbi and researching foreign exchange futures, aiming to develop a Renminbi foreign exchange derivatives market and promote Renminbi trading with more neighboring and Belt and Road countries [1] - The Hong Kong government is inviting the Shanghai Gold Exchange to participate in establishing a central clearing system for gold, with a goal to surpass 2000 tons in gold trading within three years [1] - The World Gold Council reported that global gold demand reached 1313 tons in Q3, marking a record high for a single quarter, with investment demand increasing by 47% year-on-year [1] Group 2: Commodity Prices and Economic Outlook - The World Bank's Commodity Market Outlook indicates that global commodity prices may decline for the fourth consecutive year, reaching a six-year low by 2026, with energy prices expected to drop by 12% in 2025 and further by 10% in 2026 [2] - Gold prices are projected to rise by 42% in 2025 and an additional 5% in 2026 [2] Group 3: Economic Performance - The Eurozone's Q3 GDP preliminary value showed a year-on-year increase of 1.3% and a quarter-on-quarter increase of 0.2%, both exceeding market expectations [5] - France's Q3 GDP grew by 0.5% quarter-on-quarter, marking the fastest growth rate in 2023 [6] - Germany's Q3 GDP remained flat quarter-on-quarter, continuing a trend of low performance for 14 consecutive quarters [7]

Core Viewpoint - The surge in gold prices to unprecedented levels signals a global financial trust crisis, marking the end of an old era and the birth of a new monetary landscape, with China reshaping the global currency trust logic based on gold [1][18]. Group 1: Dollar's Declining Trust - The dollar's status as the world's safest asset has been undermined, particularly after the U.S. froze $300 billion of Russian foreign reserves, revealing the dollar as a political tool rather than a universal deposit [3][5]. - By 2025, the repercussions of this trust crisis are expected to be significant, with the U.S. fiscal deficit surpassing $1 trillion in just five months and the dollar index dropping nearly 10% within the year [3][5]. Group 2: Central Banks' Response - In response to the declining trust in the dollar, global central banks net purchased 1,136 tons of gold in 2024, the second-highest level in history, with China, Poland, and Turkey accounting for over half of the purchases in the first quarter of 2025 [5][10]. - China's official gold reserves have reached an impressive 73.9 million ounces, reflecting a strategic move beyond mere accumulation to enhancing the international status of the renminbi [5][10]. Group 3: Shanghai Gold Exchange (SGE) Developments - The SGE has established a "gold corridor" that allows gold bars produced in China to be directly traded on the international board, significantly reducing transaction costs [7][10]. - By 2025, the business scale of this "gold corridor" is expected to exceed 10 billion yuan, enabling Southeast Asian countries to purchase Chinese goods directly with renminbi in exchange for physical gold [8][10]. Group 4: New Monetary Pathways - The SGE's international version has already reached 3.67 trillion yuan in transaction volume in the first ten months of 2024, covering 16 countries and facilitating a new path to bypass dollar settlements [10][12]. - The BRICS nations are exploring the possibility of using gold as collateral for loans in renminbi for infrastructure projects in Africa, aiming to escape dollar debt and high-interest burdens [10][12]. Group 5: Gold's Financial Recognition - In July 2025, gold will be officially recognized as a level one asset under Basel III, allowing it to be fully counted in risk asset calculations, thus enhancing its status in the financial system [12][14]. - The World Gold Council is promoting the concept of "digital gold," which utilizes blockchain technology to create unique records for each gold bar, transforming gold into an active asset that can be used for collateral financing [12][14]. Group 6: Global Monetary Landscape - The global monetary system is increasingly divided into two camps: the Eastern camp led by China and BRICS, focusing on a gold-backed currency, and the Western camp led by the U.S., emphasizing digital assets [14][18]. - Currently, central banks allocate 20% of their total reserves to gold, with analysts suggesting this should increase to 30%, representing a potential demand for gold worth $2 trillion [16][18]. Group 7: Investment Opportunities - For ordinary investors, incorporating a certain percentage of gold ETFs into asset allocation is advisable, while also considering copper and emerging digital assets like Bitcoin for short-term trading opportunities [16][18]. - Renminbi-denominated assets, including Chinese government bonds and blue-chip stocks, are positioned to become a new "safe haven" for global capital during turbulent times [16][18].

Core Viewpoint - The recent decline in gold prices is seen as a necessary correction after a significant speculative surge, with industry experts anticipating further price drops to stabilize the market [2][5][6]. Group 1: Price Movements - Gold prices fell below $4,000 per ounce, reaching a low of $3,980, after a 27% increase over seven weeks, peaking at $4,381 on October 20 [2]. - The recent drop represents a decline of over 9% from the recent high [2]. - Analysts expect gold prices may need to drop further, with some suggesting a potential target of $3,700 before testing new highs [5]. Group 2: Market Sentiment - Industry executives view the current price drop as a "healthy correction" to the overheated market, with many welcoming a deeper pullback [5]. - John Reade from the World Gold Council noted that many in the industry would prefer a more significant correction to clear speculative positions [5]. - The sentiment among some analysts is that a price around $3,500 could be considered healthy for the market [7]. Group 3: Future Outlook - Despite short-term concerns, major banks like HSBC, Bank of America, and Société Générale maintain a bullish outlook with a target price of $5,000 for gold next year [4][7]. - The sustainability of retail investor demand and central bank purchasing activity remains uncertain, with recent trends showing increased interest from retail investors in Australia and Japan [7]. - Central banks have been diversifying their assets by purchasing gold, although recent data indicates a slowdown in these purchases [6][7].

金融人必备！股神思维 + 专属助手 黄金跌破每盎司4000美元，业内普遍认为此前的涨势已变得不可持续，市场正在挤出"泡沫"。 周一，国际金价最低跌至每盎司3980美元，此前刚刚在短短七周内飙升27%，于10月20日触及4381美元的高点。一周之内， 金价较近期高点已下跌超过9% ，行业人士将早前的涨势归咎于投资者的"投机性"持仓。 业内高管预计金价将在未来几周进入更深度的回调。 世界黄金协会市场策略师John Reade在伦敦金银市场协会京都年会间隙表示：" 我认为行业内很多人实际 上会欢迎比目前更深的回调 。" 一家大型黄金交易银行的高级主管则更直言不讳："只有疯子才会认为黄金会涨到这么高。" 尽管汇丰、美银和法国兴业银行等机构仍 维持明年金价5000美元的目标，但即便是看涨者也对近期的下跌感到紧张 。眼下，黄金市场面临的问题包括零售投 资者需求的可持续性，以及央行是否会因高价放缓购金步伐。 业内欢迎"健康回调" 10月28日，据媒体报道，在本周黄金行业最大的年度会议上，与会者的乐观情绪被意外的警告所打断—— 金价可能需要进一步下跌才能恢复上涨。 业内高管将这轮下跌视为对过热涨势的"健康回调"。 代表黄金矿 ...

一些市场分析人士认为，由于短期驱动因素减弱，黄金市场价格调整可能会持续一段时间。前期金价持 续大幅上涨导致投资者获利回吐操作增加、市场对国际贸易紧张局势担忧有所缓解、投资者风险偏好回 升等是金价大跌主要原因。 新华社北京10月28日电 综述｜国际金价面临下行压力 新华社记者刘轶芳 经历过去一周剧烈抛售后，国际黄金价格继续面临下行压力，纽约黄金期货价格28日盘中再度跌破每盎 司4000美元。一些市场分析人士认为，尽管外界长期看好黄金市场，但短期内金价可能进一步下跌。 市场对国际经贸关系缓和的预期本周有所增强，此乐观情绪削弱了黄金的避险需求。27日，纽约商品交 易所黄金期货市场交投最活跃的12月黄金期价下跌约2.9%，报收于4019.70美元。 花旗集团市场分析师认为，市场对美国与其他国家达成贸易协议以及美国政府"停摆"局面可能结束的预 期，或在未来几天至几周内对金价构成下行压力，不排除未来3个月内跌回3800美元水平的可能。 世界黄金协会市场分析师约翰·里德指出，各经济体央行的黄金需求已不如之前强劲，而更深度的市场 调整或许能为专业交易商提供一些喘息空间。 8月下旬以来，国际金价在经过几个月盘整后打开上行空间， ...

周二，现货黄金在短暂收复4000美元关口后重返跌势，向下触及3960美元/盎司。业内高管表示，此前的黄金涨势已脱离可持续轨道，当前的下跌剔除了部 分市场"泡沫"。 金价在过去短短七周内飙升27%，并于10月20日创下每盎司4381美元的高点。有业内人士称，这一涨势源于投资者的"投机性"持仓。目前，金价较近期高点 已下跌逾9%。 业内高管预计，未来几周金价将进入更深层次的调整阶段。他们认为，此次下跌是对已不可持续的暴涨行情的一次"健康回调"，值得肯定。 本周，黄金交易商齐聚该行业规模最大的年度会议。原本高涨的参会情绪被意外警告打断——金价在回升前可能还会进一步下跌。 "我认为业内很多人实际上希望能出现比目前更深幅度的回调，"世界黄金协会（World Gold Council）市场策略师约翰・里德（John Reade）在京都举行的伦 敦金银市场协会会议间隙表示。 某大型黄金交易银行的另一位高管则更为直言不讳："只有疯子才会认为黄金能涨到这么高。" 今年以来，黄金价格上涨的动力来自投资者需求——他们将黄金视为对冲地缘政治不确定性、高政府债务水平以及美元贬值的工具。国际货币基金组织 （IMF）数据显示，各国央行也在 ...

Core Insights - The Hong Kong Gold Exchange is set to officially replace the Hong Kong Gold and Silver Exchange, aiming to become one of the world's top three gold exchanges starting January 1, 2025 [3][5] - The government is encouraged to reserve space in the Northern Metropolis for gold storage and refining facilities to support the development of Hong Kong as an international gold trading center [3][5] - The exchange plans to increase gold reserves by 2,000 tons over the next three years, highlighting the importance of physical gold storage for the development of various financial instruments [3][5] Industry Developments - The government is leading initiatives to establish a central clearing system for gold in Hong Kong, which could enhance the credibility of the market, although there are concerns about potential uncertainties from government involvement [7] - The involvement of existing market stakeholders and the Shanghai Gold Exchange is deemed crucial for promoting connectivity and strengthening Hong Kong's position as an international gold trading hub [7] - The current international market uncertainties, including the trend of de-dollarization and central banks increasing gold reserves, are seen as factors that could drive gold prices to new heights [12]