据新华财经此前报道，综合来看，基于当前世界的动荡局势，美国中期选举的压力、以及对未来美联储独立性的质疑，金银等贵金属资产可能在较长时期 内都将保持强势。 继1月24日国际银价突破100美元/盎司历史性关口之后，现货黄金26日早盘涨破5000美元/盎司重要心理关口，再创历史新高。截至发稿，报5023.010美元/ 盎司，涨0.70%。 | < W | 伦敦金现 | | | | | | Q | | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | | 5023.010 | | 昨年 | 4988.170 | 总量 | | | 0 | | +34.840 | +0.70% 7 % | | 4988.170 | 现手 | | | 0 | | 最高价 | 5031.065 | 搏 仓 | | 0 Ar | | | O | | 最低价 | 4988.170 | 檀 仓 | | 0 内 | | | 0 | | 分时 | 五日 | HK | 围K | 目K | | 専多 | (0) | | 叠加 | | | | 均 ...

AI 普及伴随成本与税负上升一并而来，导致英国就业市场承受更多压力，致使劳动者受到的冲击更为明显。目前英国的失业率已达到四年来的最高水平， 最低工资上调、雇主国民保险增加也进一步压缩了企业招聘空间。 国际招聘公司 Randstad 的一项调查显示，如今超四分之一的英国劳动者担心自己的工作在五年内被 AI 取代，其中年轻人（Z 世代）对自身能否适应 AI 担 忧最大，而即将退休的"婴儿潮世代"（IT之家注：1946–1964 年出生的人）则表现出更强自信心。 伦敦市长 Sadiq Khan 曾在本月早些时候警告称，AI 可能会取代都会的大量工作岗位，导致新一轮大规模失业潮出现。他认为人们应该在道德、社会和经济 层面采取行动，确保新的工作岗位能取代即将消失的岗位，并且最先受到冲击的往往是入门岗位。 IT之家 1 月 26 日消息，据《卫报》今天报道，投资银行摩根士丹利最近发布研究报告，显示英国因 AI 而流失的工作岗位多于新创造岗位，受冲击程度高于 其他主要经济体。 据报道，英国企业在过去 12 个月中报告称 AI 带来了 8% 的净岗位减少率，这一比例在美国、日本、德国和澳大利亚等主要经济体中显得最高。 这次调 ...

今日周一(1月26日)亚盘时段，伦敦银目前交投于106.15一线上方，今日开盘于104.32美元/盎司，截至发 稿，伦敦银暂报107.34美元/盎司，上涨4.29%，最高触及109.44美元/盎司，最低下探103.26美元/盎司， 目前来看，伦敦银盘内短线偏向看跌走势。 【要闻速递】 自10月以来，纽约商品交易所库存减少了1.14亿盎司，因为"错失恐惧症"驱动了散户和ETF买盘，引发 了投机热潮。上周白银现货价格突破100美元/盎司，这一价格不仅击穿了46年前的历史高位，更超出历 史峰值整整一倍。这一突破颠覆了过去几十年的白银定价体系。 各大投资机构近期密集上调2026年白银价格预期，花旗集团(Citi)表示实物短缺将推动价格在2026年下 半年冲击110美元/盎司；美银证券(Bank of America)则更为激进，在供需极度失衡的场景下看高至170美 元/盎司，认为百元关口仅是价值重估的起点。 另外，顾问机构Metals Focus董事Philip Newman表示："白银将继续受益于多重因素，这些因素同样支 撑着黄金的投资需求。此外，持续的关税担忧以及伦敦市场仍偏紧的实物流动性，也将为白银提供额外 支 ...

Group 1 - Goldman Sachs has promoted Ben Frost to chairman of investment banking, as per an internal memo [1] - Ben Frost led Goldman Sachs in completing two major transactions in the consumer retail sector last year, including advising Kenvue on its nearly $50 billion acquisition by Kimberly-Clark [1] - He also served as a financial advisor for Sycamore Partners in their approximately $24 billion acquisition of Walgreens Boots Alliance [1]

来源：中国证券报-中证网 2026年开年，国际贵金属市场迎来"大爆发"。 1月26日，伦敦现货黄金冲破5000美元/盎司，逼近5100美元/盎司，伦敦现货白银更是一举升破109美元/盎司，双双创下历史新高。 南华期货贵金属新能源研究组负责人夏莹莹表示，本轮贵金属价格上行主要由三重逻辑共振驱动：其一，地缘风险溢价持续发酵，叠加欧洲因关税争端抛 售美债，对美元汇率构成边际压制；其二，政策不确定性加剧，进一步推升市场避险情绪，强化了贵金属的配置需求；其三，美元弱势形成共振，美债遭 抛售的压力直接拖累美元指数走弱，为贵金属价格上涨提供了强劲动能。 国投期货高级分析师刘冬博表示，美联储主席换届、地缘冲突前景、贸易摩擦谈判等令全球宏观走向极具不确定性。大变局背景下，黄金是对冲货币贬值 以及系统性风险的重要选择，更是金融体系中重要的战略性配置工具。 贵金属市场仍处易涨难跌格局 就当前行情而言，刘冬博表示，2025年黄金价格年度涨幅达到1979年以来最高，对比历史牛市行情，此轮行情依然具备向上空间。此前各大国内外机构普 遍给出的5000美元/盎司目标已经实现，后续金价具备继续向更高维度冲击的潜力。 业内人士表示，美欧地缘博弈 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the silver market, particularly focusing on the recent surge in silver prices, which have surpassed $100 per ounce for the first time in history [5][16]. Core Insights and Arguments - **Record Silver Prices**: The spot price of silver has reached an all-time high, driven by unprecedented demand from China, described as "off the charts" [5][16]. - **Speculative Activity**: Despite the record prices, speculative positions in New York and Shanghai remain near historical lows, indicating a cautious market sentiment [6][10]. - **Diversification of Reserves**: The demand for silver is not solely driven by risk hedging but also by a broader trend of reserve diversification, with significant participation from speculative capital [7]. - **Physical Demand from China and India**: The physical demand from China and India, particularly from retail sectors, is identified as a key driver of the current price surge [9][11]. - **Market Dynamics**: The tight supply in the domestic market, influenced by strong exports from China, has led to significant price increases in both the Shanghai Futures Exchange (SHFE) and the New York Commodity Exchange (CMX) [14][13]. Additional Important Insights - **Holding Positions**: Despite high prices and increased macro attention, the holding positions in the Chicago Mercantile Exchange (CMX) and SHFE are surprisingly low, with a notable increase in put options compared to call options [10]. - **Chinese Export Dynamics**: Approximately 90% of China's silver exports are directed to India via Hong Kong, contributing to the current physical premium observed in Hong Kong [14]. - **Tightness in the London Silver Market**: The London Bullion Market Association (LBMA) is experiencing relative tightness due to previous strong imports, although this flow is beginning to reverse [15]. - **Caution from Analysts**: Analysts from Goldman Sachs express that while prices are excessively high, they are reluctant to short the market until they see a decline in physical premiums [18].

Brooks指出，虽然美元指数在去年下半年保持相对稳定，但今年开局已呈下行轨迹。Brooks写道，"美元下跌将为金价上涨和货币贬值交易注入强劲动力， 因为它提高了非美元买家的购买力。" 高盛最近将年底目标价从4900美元上调至5400美元，并指出寻求投资组合多样化和财富保值的私人投资者参与度有所增加。 该行分析师表示，"我们将上调后的金价预测风险视为双向，但仍显著偏向上行，因为在全球政策持续不确定的情况下，私营部门投资者可能会进一步分散 投资。" 今年每一个重大地缘政治事件都推动了金价走高，包括美国强行控制委内瑞拉领导人马杜罗，以及美国总统特朗普为追求格陵兰岛而发出的关税威胁。 周一，黄金价格一举突破每盎司5000美元大关，并一度冲上5080美元上方。这一重要里程碑的到来比华尔街预期的还要早，引发了人们对贵金属涨速惊人的 疑问。 黄金的飙升已成为所谓"货币贬值交易"的标志，随着全球各地政府债务飙升引发担忧，投资者纷纷买入资产，以对冲购买力丧失的风险。 "贵金属价格的上涨令人咋舌，也让人深感恐惧，"布鲁金斯学会高级研究员Robin Brooks上周日写道，并指出金价上涨是"更大事件的一部分"。 "我们正处于全球 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【1月26日消息，上周美元指数大跌，贵金属大幅上涨】上周，美元指数大幅下挫，黄金、白银等贵金 属同步大涨。黄金涨幅达8.4%，白银涨幅升至14.4%，此前遥不可及的5000美元/盎司关口近在咫尺。 各大机构纷纷上调黄金目标价，高盛最新研报将2026年底黄金价格预测从4900美元/盎司上调至5400美 元/盎司。 原因是私人投资者与各国央行的黄金需求持续攀升。高盛预计，2026年各国央行每月将增持 60吨黄金。 叠加美联储降息背景，黄金ETF配置规模也将同步增加，推动黄金估值进一步走高。 ...

Core Insights - The global economy is entering a "virtuous but complex" new phase, characterized by robust growth but significant structural differentiation among major economies [1][2][3] Economic Growth - Global real GDP growth is projected to reach 2.8% in 2026, slightly above the market consensus of 2.5% [1][6] - The U.S. economy is expected to accelerate from a growth rate of 2.1% in 2025 to 2.6% in 2026, driven by reduced tariff drag, fiscal stimulus from new tax legislation, and easing financial conditions due to anticipated Fed rate cuts and AI investment [1][10] - China's economy is forecasted to grow by 4.8%, supported by a strong manufacturing and export sector, particularly in critical resources like rare earths, which offsets domestic demand pressures [1][14] Employment Trends - Despite economic growth, job market expansion is slowing, with rising unemployment rates in major developed economies, particularly in the U.S. [2][5] - The disconnect between growth and employment is partly attributed to productivity gains, especially from AI, which have not yet significantly impacted job creation [2][11] Price Stability - Core inflation in developed economies is expected to gradually decline to near the 2% policy target by 2026, aided by a slowdown in housing inflation and wage growth [2][5] - The easing of inflationary pressures creates conditions for a shift in monetary policy among major central banks [2][3] Policy Outlook - A "converging decline" in global monetary policy is anticipated, with the Fed likely to cut rates by 50 basis points in 2026, while the Bank of England may also follow suit [3][5] - Emerging market central banks will exhibit varied policies, with some regions expected to pursue further monetary easing [3] Market Implications - The macroeconomic backdrop is seen as favorable for risk assets like stocks, although tensions between growth and valuation concerns may intensify [5]

高盛最新研报将2026年底黄金价格预测从4900美元/盎司上调至5400美元/盎司，原因是私人投资者与各 国央行的黄金需求持续攀升。高盛预计，2026年各国央行每月将增持60吨黄金，叠加美联储降息的背 景，黄金ETF的配置规模也将同步增加，进一步推动黄金估值走高。 人民财讯1月26日电，上周美元指数大幅下挫，黄金、白银等贵金属同步迎来大涨，其中黄金涨幅达 8.4%，白银涨幅更是升至14.4%。此前被市场视作高不可攀的5000美元/盎司关口如今近在咫尺，各大机 构也纷纷上调黄金目标价。 ...