基本面： 周五（12月12日）亚市早盘，现货白银交投于61.85美元/盎司附近。基本面现货白银更是一度上涨1.44%至62.87美元/盎司，本周连续三个交易日刷新历史记 录高点。美联储的最新政策声明显示，此次降息后，他们可能暂时按兵不动，等待就业市场和通胀数据提供更清晰的指引。白银强势领跑贵金属板块值得注 意的是，此轮行情中白银的表现尤为抢眼，现货白银急升近3%，收报每盎司63.54美元，接近盘中创下的64.29美元历史新高。白银似乎正在拉动黄金上涨， 同时带动铂金和钯金等其他贵金属跟进。这种联动效应源于白银的双重属性：一方面作为工业金属，受全球制造业复苏预期支撑；另一方面作为贵金属，受 益于避险情绪升温。 白银的势头强劲，不仅反映了市场对通胀和经济不确定性的担忧，还凸显了贵金属板块整体的复苏迹象。与黄金相比，白银的波动性更大，但其历史新高也 为黄金提供了上行动力，形成一种互补上涨的格局。投资者需注意，白银的工业需求占比更高，若全球经济放缓，其涨幅可能面临回调风险，但当前环境 下，白银的领跑角色无疑强化了黄金市场的多头氛围。地缘政治风险与就业数据悬念全球地缘政治动荡为黄金提供了额外支撑。美国总统特朗普表示将协 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 the first 流的衍生品综合服务商 DATE 入 期 市 市 服 热线 官 方 网 站 需 有 客 译 风 www.itf.com.cn 400-8888-598 慎 险 0）中长朗观点。中长期来看，美联储仍处于宽松周期、全球地缘不确定性持续、美国债务不可持续和大国博弈加剧将长期增加美元信用网险，全球央行机构勾居 民的配置需求延续等,黄金中长期重心大概率继续上移,建议长线投资者以逢低做多配置为主。 本我告中的偏息均源于公元可获得的资料，国资货分文推商工靠。但不对上这信息的准确性及完整性的任何保证。本者告不构成个人投资建议。也未分对个别发资者持放的投资目标、仅资机动需要，投资 者:自行列颐本报告中的任河意见或建议是否符合其特定状况。据此:投资，责任自负。本报告似向推定客户推选。未经国贸联货投资许可，任何引用、转载以及向第三方传播的行为您的成团贸雅货的专贸 我司将视情况追究法律责任。 期市有风险,入市需谨慎。 IIC EN B 4月1日 1 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The expected Fed balance - sheet expansion and global debt inflation support precious metal prices. The Fed is expected to cut interest rates in December and in 2026 - 2027, and start monthly reserve management purchases of short - term Treasuries, which is a technical balance - sheet expansion exceeding expectations. Fiscal easing policies in multiple countries lead to expectations of debt inflation and fiscal deficit expansion. Geopolitical risks and central bank gold - buying also support precious metal prices in the medium to long term [1] - The supply - demand situation of platinum and palladium is different. Platinum supply is expected to be tight in 2025 - 2026, with supply gaps of 26 and 18 tons respectively, and an average annual supply - demand gap of about 19 tons until 2029. Palladium supply is expected to change from tight to loose, with supply gaps of 8 and 3 tons in 2025 - 2026 and a looser supply - demand situation in 2027 [1] Group 3: Summary by Related Catalogs Precious Metal Market Data - **Shanghai Gold**: On December 12, 2025, the closing price was 957.90 yuan/gram, down 3.14 from the previous week and up 1.50 from the previous day. Trading volume was 242,710, and open interest was 192,178. Inventory was 91,302 (in ten - gram units) [1] - **Spot Shanghai Gold T + D**: The closing price was 952.35 yuan/gram, down 3.65 from the previous week. Trading volume was 33,596, and open interest was 200,796 [1] - **Shanghai Silver**: The closing price was 14,447 yuan/kg, up 70 from the previous day and 808 from the previous week. Trading volume was 894,426, and open interest was 3,823,854 [1] - **Spot Shanghai Silver T + D**: Relevant trading and position data are also provided, along with information on spreads and basis [1] - **COMEX Gold Futures**: The closing price was 4,309.30 dollars/ounce, up 74.50 from the previous day. Trading volume was 220,543, and open interest was 321,283. Inventory was 36,115,605.50 (in troy ounces) [1] - **COMEX Silver Futures**: The closing price was 1.78 dollars/ounce, up 5.05 from the previous week. Trading volume was 118,368, and open interest was 118,097. Inventory was 455,817,117.44 (in troy ounces) [1] Important Information - US initial jobless claims increased by 44,000 last week, the largest increase since 2020, and continuing claims dropped to an 8 - month low. The US trade deficit in September fell to a five - year low [1] - Global long - term bond yields soared to a 16 - year high, and the market bets that the global interest - rate cut cycle is about to end [1] Trading Strategies Gold and Silver - Adopt a long - position strategy when prices fall. For London gold, focus on support levels around 3900 - 4100 and resistance levels around 4400 - 4600; for Shanghai gold, focus on support levels around 890 - 920 and resistance levels around 1000 - 1050. For London silver, focus on support levels around 49 - 54 and resistance levels around 63 - 72; for Shanghai silver, focus on support levels around 11500 - 12500 and resistance levels around 15000 - 16000 [1] Platinum - Unilaterally establish long positions when prices fall, and cautiously hold long positions in the "long platinum, short palladium" arbitrage strategy. For London platinum, focus on support levels around 1300 - 1500 and resistance levels around 1800 - 2000; for domestic platinum, focus on support levels around 335 - 385 and resistance levels around 465 - 516 [1] Palladium - Unilaterally establish long positions when prices fall. For London palladium, focus on support levels around 1190 - 1390 and resistance levels around 1600 - 1800; for domestic palladium, focus on support levels around 305 - 357 and resistance levels around 415 - 465 [1]

2. 佣金：明面上的额外抽成 有些平台每手还要收10-30美元，来回一趟就是几十美元，相当于又交了一道税。 3. 隔夜利息：长期持仓的慢性消耗 空头每天可能被收取十几美元甚至20多美元利息，一周就能抹平好几个点的利润。 4. 出入金与兑换成本 出金手续费、跨境汇率差、实物交割时的铸锭运输费……这些零碎费用加起来往往上千元，却最容易被忽略。 第二步：为什么同样是贵金属，成本差距能差10倍？ 目前投资者主要通过银行和专业交易商两种渠道，实际体验和成本完全不是一个量级。 在过去三年全球动荡周期里，黄金平均每年上涨超过18%，但绝大部分投资者的实际到手收益却不到10%。差的那部分钱，并不是市场没给，而是被各种隐 形成本悄悄吃掉了。 今天用最直白的方式，把贵金属投资里所有"看不见的支出"一次性讲透，顺便告诉你怎样才能把这些钱省回来，真正留到自己口袋里。 第一步：先搞清楚你的钱到底被谁拿走了 1. 点差：相当于你每次买卖都要先交的"过路费" 正常情况下，伦敦金的合理点差只有0.3-0.5美元，很多平台却报到1.5-3美元。意味着你一开仓就先亏了2-5 美元/盎司，一年下来高频交易者光这一项就能亏掉本金的15%-25%。 ...

Core Viewpoint - The report from Heraeus Precious Metals indicates that gold, silver, and platinum group metals prices may experience a downward trend in the first half of 2026, following previous highs driven by strong demand and macroeconomic factors [1][2] Group 1: Price Trends and Influencing Factors - Precious metal prices are expected to undergo consolidation after significant increases, with gold likely to have the strongest support due to robust central bank demand and favorable macroeconomic conditions [1] - Industrial demand weakness and recession risks pose significant downward pressure on platinum group metals, while silver's price may be more volatile due to industrial headwinds [1][2] - The report anticipates that the global market will face both economic and geopolitical challenges, with major economies like the US and Europe experiencing slower growth and persistent inflation affecting monetary policy [1] Group 2: China's Role and Future Demand - China remains a key factor in global demand trends, with economic stimulus measures potentially supporting industrial activity, although adjustments in photovoltaic policies may slow silver demand growth [2] - Initiatives related to green hydrogen and fuel cell technology in China's 14th Five-Year Plan may drive long-term demand for ruthenium and iridium [2] - The precious metals market may be influenced by slowing economic growth, geopolitical uncertainties, and ongoing transformations in the automotive industry, with low real interest rates and sustained inflation supporting investment demand [2]

金融监管委员会12月8日数据显示，2025年第三季度共有51家法人和495名个人持有贵金属、宝石及其制 品交易许可证，从业人员同比增长7.6%。法人股东共81人，总资本63亿图格里克(约人民币1262.53万 元)。第三季度，市场购入贵金属1380公斤、总额2938亿图格里克(约人民币5.89亿元)，购入额同比增长 13.2%；售出985公斤、销售额3121亿图格里克(约人民币6.25亿元)，售出价值同比增长20.3%。珠宝购 入额262亿图格里克(约人民币5252.50万元)，销售额455亿图格里克(约人民币9118.24万元)。行业资产总 额87.8亿图格里克(约人民币1759.52万元)，其中流动资产占84.6%、负债占58.8%、所有者权益占 41.2%。行业总利润为627亿图格里克(约人民币1.26亿元)，支出529亿图格里克(约人民币1.06亿元)，净 利润98亿图格里克(约人民币1963.93万元)。 ...

当天3月交割的白银期价下跌55.3美分，收于每盎司58.500美元，跌幅为0.94%。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 据CME"美联储观察"最新数据显示，美联储12月降息25个基点的概率为89.4%，维持利率不变的概率为 10.6%。美联储到明年1月累计降息25个基点的概率为68.5%，维持利率不变的概率为7.8%，累计降息50 个基点的概率为23.8%。 衡量美元对六种主要货币的美元指数当天上涨0.1%，在汇市尾市收于99.087。 虽然金价可能在短期内受到部分利空情绪的压制，但市场对中长期市场仍旧看好。Zaner Metals副总裁 兼高级金属策略师Peter Gra ...

2025年的黄金市场，比任何时候都更"刺激"——地缘冲突、央行购金、美联储反复横跳，让金价一天波动几十美元成为常态。 很多投资者还在苦苦追逐"精准买点"，却不知道真正决定你能不能活下来、赚到钱的，从来不是预测准不准，而是有没有一套完整的交易体系。 作为香港黄金交易所AA类047号会员，金盛贵金属服务数万投资者多年，发现所有长期盈利的客户，都无一例外地在执行下面这五层闭环。只要把这五层做 好，2025年你照样可以把黄金当成"稳健资产"来操作。 第三层：用"倒金字塔"让利润自己奔跑 重仓是找死，轻仓赚不到钱。 第一层：把"活着"当成最高战略目标 再好的行情，爆仓一次就全归零。 2025年黄金假突破多、急拉急跌频繁，不设止损就是在裸奔。 金盛贵金属的客户中，坚持"单笔亏损不超过总资金2%"的人，存活率超过95%。平台支持一键预埋止损、追踪止损、条件单，把保护本金从"意志力考验"变 成"自动执行"，让你想犯错都难。 第二层：只跟最明显的趋势做朋友 今年黄金的主基调仍然是震荡偏多，但小级别的反抽和假突破能把人甩出局。 真正聪明的人不猜顶猜底，只做一件事：判断当前处于哪种结构。 高点不断抬高、低点不断抬高＝上升趋势，只做 ...

皇御贵金属作为香港黄金交易所的认可行员（编号79号），持有AA类别市场交易牌照，平台在合规性和稳健性方面优势明显。 皇御贵金属在教学支持和直播服务方面表现优异，是新手投资者及希望获得策略辅助用户的主要选择之一。 口碑亮点： 1.交易安全：资金隔离管理，保障投资者资金安全。 2025-12-11 15:22:15 作者：狼叫兽 现货黄金作为全球热门投资品种，凭借灵活的交易机制和高流动性，吸引了越来越多的新手投资者。然而，市场上平台众多， 良莠不齐，新手如果不谨慎选择，很容易踩雷。本文将为大家盘点5家口碑超好的现货黄金平台，并分享新手安全投资指南，帮 助大家避坑上手。 一、皇御贵金属——香港黄金交易所港交所认可行员，稳健可靠 2.平台稳定：系统稳定性高，交易延迟低。 3.新手友好：提供模拟账户和操作指导，适合初学者入门。 新手在选择平台时，安全性应放在首位，皇御贵金属在这一点上口碑最佳。 二、领峰贵金属——用户体验佳，服务周到 作为香港黄金交易所AA类行员（编号：145），领峰贵金属十四年稳健运营，成为本次实测排名第二的优质平台。核心优势在 于全方位的交易保障与24小时灵活低门槛交易，当天开户当天盈利当天提现到账 ...

Group 1 - The Federal Reserve's decision to lower interest rates by 25 basis points is expected to create potential breakthrough opportunities for the year-end "Christmas market" while also introducing significant uncertainties [3][5] - The interest rate cut reduces the opportunity cost of holding gold, enhancing its appeal compared to fixed-income assets, while global central banks' continued gold purchases provide support for gold prices [3][5] - Investors face a dilemma in the current gold market, with expectations of long-term upward movement due to the rate cut and central bank purchases, contrasted by short-term volatility and potential price corrections [5][6] Group 2 - The market is entering a phase that requires dynamic strategies rather than a one-sided bullish or bearish approach, with companies like WanZhou Gold Industry offering T+0 two-way trading services to adapt to market conditions [5][6] - The platform provides 24/7 customer service to assist investors with trading processes and risk management, emphasizing the importance of combining fundamental analysis with trading tools to enhance decision-making [6] - As the Christmas market unfolds, the gold market is expected to experience both trend extensions and local adjustments, with ongoing confrontations between bullish and bearish forces [6]