Core Insights - The domestic financial investment market is currently thriving, with foreign futures gold being a popular investment choice among investors [1] - Foreign futures gold refers to gold trading priced in foreign currencies (USD) on overseas platforms, which has gained significant attention from individual investors [1] - The article provides a ranking of the top ten international foreign futures gold trading platforms for 2025, aimed at guiding investors in their platform selection [1] Group 1: Trading Platforms Overview - **Jinrong China**: Established in 2010, regulated by the Hong Kong Gold Exchange, recognized for its strong risk control and customer service, serving millions globally [3] - **Wanzhou Gold**: Offers a wide range of gold and silver products, recognized by the Hong Kong Gold Exchange, with a focus on high-quality financial services [4] - **Dingzhan Gold**: Provides 24-hour trading services, recognized as an AA category member of the Hong Kong Gold Exchange, emphasizing customer service and market information [5] Group 2: Platform Qualifications and Services - **Hong Kong Guotai Gold**: A member of the Hong Kong Gold Exchange, offering 24-hour trading services with a focus on professional and individual investors [6] - **Hansheng Group**: Recognized electronic trading member of the Hong Kong Gold Exchange, offering various gold and silver trading services [7] - **Yongfeng Precious Metals**: Focuses on mobile trading systems, providing a stable platform for trading various precious metals [8] Group 3: Additional Trading Platforms - **Tianyu Gold**: A member of the Hong Kong Gold Exchange, specializing in gold, silver, and platinum trading [9] - **First Gold**: Established in 1991, offers professional trading services for gold and silver, recognized as an AA category member of the Hong Kong Gold Exchange [10] - **Gaosheng Gold**: Emphasizes user data security and offers advanced trading features, recognized as an AA category member of the Hong Kong Gold Exchange [12] - **Hengda Gold and Silver Investment**: Established in 1990, offers a variety of gold and silver trading services, recognized as an AA category member of the Hong Kong Gold Exchange [13]

Core Viewpoint - The precious metals market is experiencing a perfect rotation with silver prices surging significantly, outperforming gold and platinum in recent months [1][2]. Group 1: Silver Price Surge - Silver prices have seen a dramatic increase, reaching over $39 per ounce, marking a 14-year high, with a year-to-date increase of 33%, surpassing gold's 27% rise [1][2]. - As of July 15, the Shanghai Futures Exchange's silver futures price rose to 9,225 yuan per kilogram, with a year-to-date increase of 23.5% [2]. Group 2: Drivers of Silver's Rise - The surge in silver prices is attributed to industrial demand driven by the acceleration of global energy transition and geopolitical risks, leading to increased investment in precious metals [3][6]. - The global photovoltaic market is expected to see a significant increase in silver demand, with projections of over 600 GW of new installations by 2025 [3]. Group 3: Sources of Investment Flow - Recent inflows into the silver market are primarily from institutional investors and individual investors, with a notable increase in silver ETF holdings and speculative positions in futures markets [4]. - As of July 14, the largest silver ETF, SLV, reported a holding of 14,966.24 tons, marking a peak for the year [4]. Group 4: Future Price Expectations - The World Silver Association forecasts that silver prices could reach $40 per ounce by the end of the year, driven by strong industrial demand and investment inflows [5][7]. - Analysts predict that silver's price will continue to rise due to supply constraints and robust industrial demand, particularly from green technologies [6][7]. Group 5: Market Dynamics and Trends - The silver market is currently experiencing a structural deficit, with industrial demand expected to remain strong, particularly in sectors like electric vehicles and solar energy [7][8]. - Despite some cautious outlooks regarding short-term price movements, there is an expectation that silver will outperform gold in the long run as economic growth accelerates [9].

上海黄金交易所黄金T+D 7月16日（周三）收盘下跌0.29%报772.2元/克； 上海黄金交易所白银T+D 7月16日（周三）收盘下跌0.5%报9109.0元/千克。 黄金延期 白银延期 ...

一、基本面： 隔夜公布美国温和通胀数据一度提振美国股债齐涨，黄金价格受到打压下行，但关税影响仍存、压制美联储降息预期，黄 金闪现回落买进的机会。具体来看，美国劳工统计局公布数据显示，美国6月CPI同比上涨2.7%为2月以来最高纪录，略超过 预期2.6%，前值2.4%；环比0.3%符合预期，前值0.1%，涨幅扩大主要受能源价格上涨影响。美国6月核心CPI同比上涨2.9% 符合预期，高于前值2.8%；环比涨幅从前月的0.1%小幅回升至0.2%，但低于预期0.3%，为连续第五个月低于预期。利率互 换数据显示，交易员认为美联储在9月降息25个基点的概率为62%，并且预计到年底前将累计降息近两次。 关税上面，美国总统特朗普又宣布和贸易伙伴达成协议。印尼是美国前25大贸易伙伴之一，也是全球主要铜生产国，当前 印尼将对进口自美国的商品免关税并购买超百亿美元美国商品，美国将对印尼实行的关税低于上周特朗普威胁的水平。美 东时间7月15日周二，据新华社报道，特朗普在社交媒体平台"真实社交"上发文宣布，美国将对所有进口的印度尼西亚商品 征收19%的关税，而美国对印尼的出口将享受免关税和非关税壁垒待遇。报道称，特朗普表示，他与印尼总 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the precious metals and industrial metals sectors, highlighting the performance and outlook for gold, silver, copper, and aluminum [1][2][3][4][10]. Key Points and Arguments Precious Metals - **Gold Price Outlook**: The gold price has shown a strong performance in the first half of the year, with expectations for continued strength in the second half due to ongoing U.S. fiscal pressures, including rising national debt and fiscal deficits [2][3]. - **Monetary and Financial Attributes**: The core drivers for gold's long-term performance are its monetary and financial attributes, which are expected to remain significant as U.S. debt and dollar credibility weaken [2][3]. - **Central Bank Support**: Global central banks' backing of gold reserves is anticipated to create a positive feedback loop supporting gold prices [3]. - **Silver Demand**: There is optimism for silver in the second half of the year, with a focus on its rigid supply and industrial applications, which are expected to drive price recovery [4][10]. Industrial Metals - **Copper and Aluminum Trends**: The copper market is expected to show strong price elasticity due to low inventory levels, while aluminum has also seen a recovery post-tariff adjustments [7][10]. - **Supply Constraints**: The supply of aluminum is tightening, with production capacity growth limited, which may lead to price increases [9]. - **Electricity Investment**: Strong investment in electricity infrastructure is noted, contributing to demand resilience across various sectors, including appliances and automotive [6][9]. - **Energy Metals**: The prices of lithium and nickel products are currently low, but there is potential for a bottom reversal if supply constraints are addressed [10][11]. Additional Insights - **Tariff Impact**: The increase in tariffs is expected to contribute to inflationary pressures in the U.S., which may further support precious metals [2]. - **Global Inventory Levels**: Current global inventories are at historically low levels, which may exacerbate supply-demand imbalances in the future [7]. - **Investment Recommendations**: The call suggests focusing on companies with significant cost advantages and growth potential in the precious and industrial metals sectors [11]. Important but Overlooked Content - **Market Sentiment**: Despite short-term demand concerns, the overall supply rigidity in silver is expected to lead to a supply shortage, supporting price increases [4]. - **Geopolitical Factors**: The concentration of supply in countries like Guinea may pose risks to the raw material supply chain, which should be monitored closely [8]. This summary encapsulates the key insights and projections discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the precious and industrial metals sectors.

各位投资者早上好我是这双金属分析师沈浩俊那么在关税之后我们一直强调的两条主线一条是黄金白银而贵金属第二条就是稀土瓷材整个板块那么稀土瓷材整个板块在上周迎来了比较强烈的行情养花补玉的涨价逻辑也在逐步的兑现当中那么今天我们就来详细聊聊 如何看待现阶段的稀土石材整个板块以及美国国防部入股MP可以说是美版的自主可控这件事那么在此之前我先按惯例来复排一下最新的一周行业的编辑变化以及 上周密集披露的中报预告有超预期和符合预期以及低预期的标题提示从整个行情表现来看的话年初到现在有色行情可以说是符合我们周末发的半年度策略报告的标题金属牛市那么最近一周的话 有编辑变化 我觉得就是国际金属铜铝这块特别是铜 特朗普对铜加了50%的关税那么后续怎么看待这个事 我觉得是这么看待的铺颗铝依然是现实层面很强只不过这个关税这事呢 影响到了需求 预期层面后续铜价的变化 我觉得 依赖于现阶段参谋会不会真的在8月1号去严格的去落实这个50%同的关税那么目前LME和COMEX同价的价差已经拉大到了27%换句话说之前市场普遍预期关税加25%的时候这个LME和COMEX的价差是在12%左右那么目前的话50%关税 中金黄金交通万方华有物业都是超预期的符合 ...

【要闻速递】 在全球投资者翘首期盼降息之际，美联储重量级人物洛根突然投下"震撼弹"。这位达拉斯联储主席当地 时间周二（7月15日）晚上最新表态揭示，美国可能将进入"超长利率平台期"，而背后暗藏三大博弈关 键。 在7月15日的重要演讲中，洛根明确抛出了"长期维持现有利率"的核心观点。她强调当前4.25%-4.5%的 利率区间必须保持"足够长的限缩性"，这个"一段时间"在华尔街解读中至少意味着6-12个月。其根本目 的在于确保通胀能真正稳定在2%目标线，而非目前2.3%的徘徊状态。 值得注意的是，洛根特别使用了"温和限缩性"这个微妙表述。这暗示美联储既不会进一步激进加息，但 也绝不会轻易松闸。就像给经济套上一个"不会窒息但必须保持节食"的紧身衣，这种精准调控背后是对 通胀死灰复燃的深度担忧。 【白银最新行情解析】 白银市场昨日开盘在38.094的位置后行情先拉升，日线最高触及到了38.374的位置后行情强势回落，日 线最低给到了37.564的位置后行情整理，日线最终收线在了37.685的位置后行情以一根上影线很长的中 阴线收线，而这样的形态收尾后，今日的行情延续空，点位上，今日38.1空止损38.3下方目标看37 ...

银河有色 有色研发报告 有色和贵金属每日早盘观察 2025 年 7 月 16 日星期三 | 研究所副所长、有色及贵 | 有色和贵金属每日早盘观察 | | --- | --- | | 金属板块负责人：车红云 | | | 期货从业证号：F03088215 | 贵金属 | | 投资咨询号：Z0017510 | 【市场回顾】 | | | 1. 贵金属市场：昨日，伦敦金在 CPI 数据公布后回吐日内涨幅，一度下破 3320 美元关 | | 研究员：王伟 | 口，最终收跌 0.58%，收报 3323.29 美元/盎司，为连续第二个交易日走低；伦敦银回落 | | 期货从业证号：F03143400 | 至 38 美元关口下方，最终收跌 1.12%，报 37.686 美元/盎司。受外盘影响，沪金主力合 | | 投资咨询从业证号： Z0022141 | 约收跌 0.42%，报 774.92 元/克，沪银主力合约收跌 0.26%，报 9160 元/千克。 | | | 2.美元指数：美元指数持续拉升，最终收涨 0.54%，报 98.62。 | | 研究员：王露晨 CFA | 3.美债收益率：10 年期美债收益率攀升，收报 4.488 ...

2025年07月16日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：震荡上行 | 2 | | --- | --- | | 白银：突破上行 | 2 | | 铜：国内现货坚挺，支撑价格 | 4 | | 锌：承压运行 | 6 | | 铅：下方或相对有限 | 7 | | 锡：价格走弱 | 8 | | 铝：淡季承压 | 10 | | 氧化铝：区间震荡 | 10 | | 铸造铝合金：开工率下行 | 10 | | 镍：矿端支撑有所松动，全球精炼镍边际累库 | 12 | | 不锈钢：现实与宏观博弈，钢价震荡运行 | 12 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2025 年 7 月 16 日 业 服 务 研 究 所 | 王蓉 | 投资咨询从业资格号：Z0002529 | wangrong013179@gtjas.com | | --- | --- | --- | | 刘雨萱 | 投资咨询从业资格号：Z0020476 | liuyuxuan023982@gtjas.com | 【基本面跟踪】 贵金属基本面数据 | | | 昨日 ...

行业 贵金属日评 日期 2025 年 7 月 16 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 美国恢复援助乌克兰并威胁制裁俄罗斯提振贵金属的避险需求，同时美元指 数在持续反弹至关键压力位附近时也小幅回调，避险需求以及计价货币因素推动 伦敦黄金偏强运行至 3360 美元/盎司附近，关注本周陆续公布的美国物价数据对 美联储降息预期的指引；隔夜投机资金推动伦敦白银突破 39 美元/盎司压力位， 但多头获利平仓也使得银价一度回调至 38 美元/盎司下方。特朗普 2.0 新政推动 全球政经格局加速重组且进入乱纪元模式，黄金的避险需求得到极大提振； ...