12月29日，近期白银价格出现剧烈波动，其走势呈现出类似比特币的特征。ZFX山海证券认为，这主要 受市场对降息预期和工业需求变化的双重影响。白银在周末交易中表现出极高的波动性，短时间内价格 快速拉升又迅速回落，这显示出贵金属市场短期内存在明显投机活跃，投资者情绪波动加剧。相比传统 贵金属，白银的交易特征正在呈现出加密资产的高频波动模式。 12月29日，近期白银价格出现剧烈波动，其走势呈现出类似比特币的特征。ZFX山海证券认为，这主要 受市场对降息预期和工业需求变化的双重影响。白银在周末交易中表现出极高的波动性，短时间内价格 快速拉升又迅速回落，这显示出贵金属市场短期内存在明显投机活跃，投资者情绪波动加剧。相比传统 贵金属，白银的交易特征正在呈现出加密资产的高频波动模式。 据市场观察，白银在周日一度触及約84美元的新高，同时黄金价格也被推升至約4530美元。ZFX山海证 券表示，白银的波动在短短一个小时内尤为剧烈——当地时间下午6点20分，白银期货开盘仅20分钟便 飙升至83.75美元，涨幅达6%；而到7点30分，价格又迅速回落至75.15美元，蒸发约10%的价值。这种 行情反映出市场对利率变化和美元走势的敏感 ...

Group 1: Silver Price Surge - The price of silver has surpassed $74 per ounce, exceeding the price of crude oil for the first time in 45 years, driven by strong demand and structural supply constraints [1][2] - Silver's price increase is attributed to both investment demand and industrial applications, particularly in clean energy sectors like solar panels and electric vehicles [2][7] - The current silver market is characterized by a significant supply constraint, as global pure silver deposits are nearly depleted, leading to silver being produced as a byproduct of mining other metals [11] Group 2: Industrial Demand and Investment Behavior - The industrial demand for silver is robust, with the solar industry consuming nearly 30% of the global annual silver production, highlighting a structural demand gap [8] - Investment behavior is shifting, with some investors turning to silver as a more affordable alternative to gold, especially as gold prices rise above $4,500 per ounce [9] - The ETF market reflects this trend, with iShares Silver Trust showing a significant price advantage over SPDR Gold ETF, attracting funds into the silver sector [10] Group 3: Oil Market Challenges - The global oil market is facing a supply surplus and structural demand transformation, with international oil prices having dropped 21% since 2025, reaching low levels post-pandemic recovery [3][14] - Analysts predict that unless major oil-producing countries coordinate substantial production cuts, the oversupply situation in the global oil market will worsen [14] - Geopolitical stability could further exacerbate supply-demand imbalances by releasing more oil production capacity [15]

央视财经12月29日报道，由于近期贵金属和工业金属期货价格快速上涨，大幅波动风险加剧，美国芝商 所集团宣布全线上调包括金、银、钯金、锂等在内的金属期货交易保证金。新规将于当地时间本周一收 盘后生效，其中，黄金期货保证金上调10%，白银期货上调约13.6%，铂金上调约23%。 芝商所上调保证金曾导致银价大跌 分析人士指出，CME提高保证金的操作让人们回想到了历史上的相似情形。 但也有分析人士认为和以往投机驱动的周期不同，支撑此轮白银涨势的不仅因为白银是贵金属里相对可 负担的一种投资品，还因为它在工业领域具有不可替代性，就连马斯克也对此发声。近期，马斯克在旗 下社交平台X上针对银价上涨的现象发文称：这可不好，白银被用于许多工业生产环节。 纽商所明年2月交割的黄金期价报每盎司4497.9美元，跌幅为1.20%； 3月交割的白银期价报每盎司75.930美元，跌幅为1.65%； 1月交割的铂金期价报每盎司2323.6美元，跌幅为5.98%； 3月交割的钯金期价报每盎司1839.0美元，跌幅为9.11%； 3月交割的铜期价报每盎司5.773美元，跌幅为1.17%。 上世纪80年代左右，美国亨特兄弟试图通过囤积垄断白银市场 ...

2025 年 12 月 29 日现货白银上演极端波动行情：开盘暴力拉升突破 80 美元 / 盎司关口，迅速触及 83 美元 / 盎司，日内涨幅一度超 5%，年内累计涨幅扩大至 52 美元；但随后 30 分钟内大幅跳水逾 6 美 元，日内振幅达 9 美元，最新报 76.5 美元 / 盎司，跌幅超 3%。同期，现货黄金高开逼近 4550 美元 / 盎 司新高后回落，跌破 4500 美元关口至 4497 美元 / 盎司。 此次异动并非偶然，Wmax拆解数据后明确三大核心驱动：一是地缘政治升级、美元弱势延续为贵金属 提供底层支撑，契合年末历史涨势规律；二是年末流动性稀薄加剧短期走势偏离基本面；三是白银纸货 与实物供需错配，Wmax供需模型验证显示实物库存难以满足交割需求，叠加美国关键矿产进口调查可 能引发贸易限制，进一步激化市场争夺。值得注意的是，Wmax风险预警系统已捕捉短期回调信号，贵 金属高位下短期投资者获利了结意愿升温，瑞银提示的交易风险与Wmax测算的"高位波动率阈值"共 振，成为白银大幅跳水的重要诱因。 2026 年贵金属走强的结构性支撑 Wmax结合宏观经济模型与行业数据推演，识别出2026年贵金属市场 ...

Group 1 - The overall trading pace in the market remains restrained due to the year-end holiday effects, but liquidity has improved compared to previous periods [1] - Gold and silver prices have experienced a pullback after reaching historical highs, indicating a phase of profit-taking and market consolidation [1] - The U.S. dollar index is maintaining a low range, showing limited volatility in major non-U.S. currencies, which has not provided clear direction for precious metals [1] Group 2 - Despite short-term pressure, gold has seen a cumulative increase of nearly 70% in 2025, marking its best annual performance since the late 1970s [2] - Trump's comments regarding the next Federal Reserve chair maintaining a low interest rate stance have reignited discussions about policy independence and future monetary paths, reinforcing the long-term value of traditional safe-haven assets like gold [2] - The Bank of Japan's recent monetary policy meeting highlighted concerns over inflation risks, although market expectations for actual policy changes remain cautious [2] Group 3 - Technically, gold prices are holding above the 100-day exponential moving average, with the Bollinger Bands indicating an ongoing upward structure [3] - Key resistance for gold is noted at $4550, with potential upward movement towards the psychological level of $4600 if trading volume supports it; initial support is at $4430 [3] - The current pullback in gold prices is viewed as a structural consolidation rather than a reversal of fundamental logic, with market focus shifting to Federal Reserve policy signals and global risk sentiment [3]

Group 1 - The core viewpoint of the articles highlights the significant fluctuations in precious metal prices, particularly gold, driven by geopolitical uncertainties and market adjustments [1][2] - On December 29, gold prices initially dropped below $4500 per ounce due to profit-taking and easing tensions in the Russia-Ukraine conflict, but later rebounded to around $4510 per ounce [1] - The Chicago Mercantile Exchange announced a major margin adjustment on December 26, increasing the margin requirements for gold, silver, and lithium futures, aimed at tightening market liquidity and encouraging rational trading [1] Group 2 - Recent increases in precious metal prices are supported by four main factors: rising geopolitical uncertainties enhancing safe-haven demand, a weakening dollar reducing the attractiveness of dollar-denominated assets, accelerated demand for metals due to AI and energy transition, and ongoing supply constraints in copper, silver, and platinum [2] - The demand structure for metals is changing, influenced by significant investments in the photovoltaic energy sector, necessitating a reevaluation of traditional risk assessment models [1][2]

Group 1 - Copper prices on the London Metal Exchange reached a record high of $12,960 per ton, with a daily increase of 6.18% [1] - The rise in copper prices is attributed to market expectations of continued loose monetary policy by the Federal Reserve next year and a weaker dollar reducing holding costs [1] - Spot silver experienced significant volatility, initially rising nearly 6% before dropping close to 5%, while spot gold fell below $4,500, with a decline of over 1% [1] Group 2 - Domestic gold jewelry prices have also decreased, with Chow Sang Sang's gold jewelry quoted at 1,406 yuan per gram, down 6 yuan from 1,412 yuan per gram on December 27 [4] - Analysts warn that precious metal prices are at a precarious point, with a risk of correction accumulating [4] - Market analysts suggest that the rise in precious metal prices is driven by expectations of multiple rate cuts by the Federal Reserve in 2026, along with strong buying from central banks and private investors [4]

证券之星消息，12月29日贵金属板块较上一交易日下跌1.86%，晓程科技领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。贵金属板块个股涨跌见下表： | 代码 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002716 湖南白银 | | 3.63 Z | 10.02% | -1.98 Z | -5.47% | -1.65 Z | -4.55% | | 002155 湖南黄金 | | 3454.40万 | 2.94% | -2026.55万 | -1.73% | -1427.85万 | -1.22% | | 601069 西部黄金 | | 2407.17万 | 3.12% | -3245.24万 | -4.20% | 838.06万 | 1.09% | | 002237 恒邦股份 | | -3635.61万 | -3.40% | 5182.45万 | 4.85% | -15 ...

12月29日A股三大指数涨跌不一，沪指微涨走出九连阳，创业板指一度跌超1%。截至收盘，沪指涨 0.04%，深成指跌0.49%，创业板指跌0.66%。 盘面上，全市场超3300只个股下跌。从板块来看，机器人概念午后反复活跃，步科股份20cm涨停创历 史新高，五洲新春、等多股涨停。商业航天概念延续强势，神剑股份8连板，金风科技、雷科防务等十 余股涨停。碳纤维概念表现活跃，吉林化纤、和顺科技双双涨停。下跌方面，电池、乳业、电力等板块 跌幅居前。沪深两市成交额2.14万亿，较上一个交易日缩量209亿。 白银等贵金属价格出现巨震 今日(12月29日)继上周五的"史诗级"暴涨后，国际白银价格上演了过山车式的大逆转行情：现货白银开 盘暴力拉升，一度上涨逾5%，站上83美元/盎司；之后又上演跳水，截至发稿，伦敦银现货价格跌幅达 4%，价格在75美元/盎司左右。与此同时，现货钯金日内重挫12%，现报1674.99美元/盎司。对于下跌原 因，有分析认为交易员开始从创纪录的贵金属涨势中获利了结。 值得注意的是国投白银LOF复牌后也出现大幅波动，直线跌停后又快速拉升，截至收盘，二级市场涨幅 达0.75%，溢价率为24.15%。 今年 ...

12月29日，截止发稿，COMEX白银价格为75.75美元/盎司，现货白银价格为75.89美元/盎司，WTI原油为57.39美元/桶。自1983年WTI原油期货交 易启动以来，白银价格持续高于原油的情形极为罕见，仅在2020年疫情期间短暂出现过两次。 白银价格突破45年纪录并预计将翻倍上涨，创造了大宗商品市场的罕见景象：一盎司现货白银和期货白银的价格均超过了一桶原油。贵金属在避 险需求与结构性供应紧张推动下持续走强，而原油市场则在供需格局再平衡过程中承压。 白银价格的强劲上涨，主要得益于投资者和工业需求的双重驱动。在工业应用方面，从太阳能电池板到电动汽车等清洁能源领域，对白银的消耗 量持续攀升，为其提供了坚实的长期需求支撑。与此同时，全球原油市场面临供给过剩与需求结构转型的双重压力，2025年以来国际油价累计下 跌21%，已回落至疫情复苏后的低位水平。 在工业应用层面，白银因其优异的导电性与抗菌性，成为新能源转型与科技产业的关键材料。需求不仅来自传统珠宝与医疗器械制造，更显著的 推动力源自光伏、电动汽车及数据中心等高速增长领域。花旗分析指出，仅太阳能产业就已消耗全球白银年产量的近30%，凸显其结构性需求缺 口 ...