Core Viewpoint - The significant drop in gold and silver prices during the Chinese New Year holiday has left investors in a state of shock, as domestic markets were closed while international prices plummeted, leading to substantial losses for those holding precious metals [1][3]. Group 1: Market Performance - COMEX gold futures fell by 2.33%, closing at $4896.10 per ounce, and briefly touching $4857, erasing half a month's gains [3]. - COMEX silver futures experienced a more severe drop of 3.93%, with spot silver reaching a maximum decline of 5.13%, hitting $72.3 per ounce [3]. - Domestic markets, despite being closed, saw estimated declines of 1.47% for gold T+D, 1.61% for Shanghai gold futures, 3.26% for silver T+D, and 5.52% for Shanghai silver futures [3]. Group 2: Reasons for Price Drop - The primary reason for the price drop is that while domestic markets were closed for the holiday, international markets continued to operate, leading to a disconnect where domestic prices had to adjust to international declines upon reopening [5]. - A sudden easing of geopolitical tensions, particularly between the U.S. and Iran, diminished the "safe haven" appeal of gold and silver, prompting investors to sell off their holdings [6][7]. - The U.S. Federal Reserve's dovish stance and strong economic data led to a surge in the U.S. dollar, which negatively impacted gold and silver prices as investors shifted their funds to dollar-denominated assets [8]. - The absence of domestic buying power during the holiday created a liquidity vacuum, exacerbating the price drops as there were no buyers to stabilize the market [9][10]. - High leverage and margin calls forced many investors to liquidate their positions, contributing to a downward spiral in prices [11][12]. Group 3: Investor Sentiment - The stark contrast in experiences during the holiday highlighted the distress among precious metal investors, who faced significant losses while others enjoyed festive celebrations [13][14]. - Despite the short-term volatility, the long-term fundamentals for gold and silver remain intact, with ongoing central bank purchases and a potential future shift in monetary policy [14][15].

Group 1 - The international precious metals futures prices have generally declined, with COMEX gold futures dropping by 2.33% to $4896.10 per ounce and COMEX silver futures falling by 3.93% to $73.55 per ounce [1] - Spot gold decreased by 2.33% to $4878.89 per ounce, while spot silver fell by 4.16% to $73.50 per ounce [1] - This morning, some precious metal prices continue to show a trend of fluctuating declines [1] Group 2 - Current prices for London gold and silver are reported at 4875.790 and 73.432 respectively, with slight changes of -0.02% and -0.08% [2] - COMEX gold is priced at 4887.1, reflecting a decrease of 0.38% [2] - COMEX silver is at 73.400, down by 0.19%, while SHFE gold and silver are reported at 1110.10 and 19782 respectively, with declines of 1.61% and 5.52% [2]

2月18日，日经225指数高开，涨幅扩大超1%，截至发稿，上涨666点，报57232.49点。韩国股市因春节休市。 日元汇率一度短线走高，美元兑日元最新报153.483。 当地时间2月18日，日本财务省公布的数据显示，日本1月国际贸易逆差为11526亿日元。 日债收益率全面下跌，日本10年期国债收益率跌至2.114%。30年期日本国债收益率跌至3.392%。 | 日本10年期国债 | 2.114 | | --- | --- | | 0 9:41:11 JP10YT=XX | -0.024 (-1.12%) | | 日本 30年期国债 | 3.392 | | @ 9:51:11 JP30YT=XX | -0.001 (-0.03%) | | 日本5年期国债 | 1.602 | | 0 9:11:12 JP5YT=XX | -0.015 (-0.93%) | | 日本1年期国债 | 1.022 | | O 10:01:09 JP1YT=XX | 0.000 (0.00%) | | 日本3年期国债 | 1.364 | | 0 9:11:09 JP3YT=XX | -0.010 (-0.73%) | 国际贵金属方面， ...

每经记者｜马原 每经编辑｜程鹏 记者|马原 编辑|程鹏 杜波 校对|金冥羽 2月18日，日经225指数高开，涨幅扩大超1%，截至发稿，上涨666点，报57232.49点。韩国股市因春节休市。 日元汇率一度短线走高，美元兑日元最新报153.483。 消息面上，据新华社报道，18日上午，日本高市早苗内阁全体辞职。当地时间18日下午（北京时间18日中午），日本国会众参两院将分别举行首相指名选 举。新当选的首相当天将组建新内阁。日本宪法规定，众议院选举后第一次召集国会之际，内阁必须全体辞职。 | 日本10年期国债 | 2.114 | | --- | --- | | 0 9:41:11 JP10YT=XX | -0.024 (-1.12%) | | 日本30年期国债 | 3.392 | | 0 9:51:11 JP30YT=XX | -0.001 (-0.03%) | | 日本5年期国债 | 1.602 | | 0 9:11:12 JP5YT=XX | -0.015 (-0.93%) | | 日本1年期国债 | 1.022 | | O 10:01:09 JP1YT=XX | 0.000 (0.00%) | | 日本3年 ...

消息面上，据新华社报道，18日上午，日本高市早苗内阁全体辞职。 现货白银 XAGUSD ▼ 02/18 09:29:40 交易中 〔]:[休市提醒]中国、韩国、越南市场因春节休市。 图表 快讯 头条 盯盘神器 帖子 资金流向 枢轴 73.139 72.309 昨收 最高 73.089+ 72.309 最低 72.224 今开 +1.08% +0.779 73.349 73.089 买入 型出 分时 1分 5分 1小时 日K 30分 > 田 ○ MA BOLL 神奇九转 | ▽ 聪明钱 银弹 假突破雷达 筹矿 73.118 73.118 -- 73.089 MT 72.806 72.495 72.275 72.183 → 08:17 08:43 09:09 → 记者 | 金珊 编辑 | 江佩霞 2月18日，日经225指数高开，涨幅一度扩大超1%，截至北京时间9:30左右，报57098点。 日债收益率全面下跌，日本10年期国债收益率跌至2.111%。30年期日本国债收益率跌至3.378%。 当地时间18日下午（北京时间18日中午），日本国会众参两院将分别举行首相指名选举。新当选的首相当天将组建新内阁。日本宪法规定 ...

Market Performance - US stock markets collectively closed higher, with the Dow Jones up 0.07%, Nasdaq up 0.14%, and S&P 500 up 0.1% [1] - Major tech stocks showed mixed results, with Apple rising over 3%, Amazon and Nvidia up over 1%, while Tesla and Microsoft fell over 1% [3][4] - The Philadelphia Semiconductor Index experienced a slight decline of 0.02%, with Broadcom rising over 2% and Qualcomm, ARM, and Applied Materials up over 1% [4] Commodity Market - Precious metals saw a general decline, with London spot gold dropping over 2% to $4878.69 per ounce and silver falling over 4% [8][9] - Crude oil prices also fell, with WTI crude futures down over 2% [10] International Markets - European stock indices closed higher, with France's CAC40 up 0.54%, the UK's FTSE 100 up 0.79%, and Germany's DAX up 0.8% [7]

Market Performance - US stock indices experienced slight gains, with the Nasdaq up 0.14%, S&P 500 up 0.1%, and Dow Jones up 0.07% [4] - Major tech stocks showed mixed results, with Apple rising over 3%, Nvidia and Amazon up over 1%, while Google, Tesla, Microsoft, and Intel fell over 1% [4] - Chinese concept stocks had mixed performance, with the Nasdaq China Golden Dragon Index down 0.10% [4] Commodity Prices - International crude oil futures settled lower, with WTI crude oil at $62.33 per barrel, down 0.89%, and Brent crude at $67.42 per barrel, down 1.79% [5] - Precious metals futures also saw declines, with COMEX gold down 2.33% at $4896.10 per ounce and COMEX silver down 3.93% at $73.55 per ounce [6] Travel and Entertainment - Ticket prices for popular travel routes saw significant reductions, with prices for flights from Beijing to Haikou dropping from 1999 yuan to around 700 yuan on the first day of the Lunar New Year [8] - The total box office for the 2026 Spring Festival exceeded 1.5 billion yuan, with top films including "Fast Life 3," "Silent Awakening," and "Bears Have Year" [8] Payment Transactions - On the eve of the Lunar New Year, UnionPay and Netlink processed 4.931 billion payment transactions, marking a 21.64% increase compared to the previous year [9] Company Developments - Unitree Technology showcased its Unitree G1 robot, featuring advanced technologies such as a dexterous hand and a 128-line 3D lidar [12] - Douyin Group's Vice President criticized the narrative that ByteDance is the biggest short seller of Hengke as malicious and unfounded [13] - Doubao app topped the Apple App Store's free app chart in China, surpassing Alibaba's Qianwen and Ant Financial's Afu [14] - Wang Sicong expanded into the restaurant industry with a new company focused on restaurant management and delivery services [15][16] - Qianwen app launched a promotional campaign offering discounts on first orders, aiming to boost user engagement and market share [18] - Kimi, an AI unicorn, completed a new funding round, raising over $700 million and achieving a valuation exceeding $10 billion [19][20] - Apple announced an upgrade to Apple Podcasts, introducing video podcast functionality to enhance user experience [21]

2026年开年以来，国际贵金属市场经历了一轮史诗级"过山车"行情，暴涨暴跌交替上演，引发全球金融 市场广泛关注。 1月期间，贵金属价格开启强势单边上行通道，伦敦现货黄金接连突破多道关键整数关口，于1月29日触 及5598.75美元/盎司的历史新高，月度累计涨幅超23%；现货白银同步冲高，一度站上121.44美元/盎司 的历史峰值。这轮上涨主要源于地缘风险加剧、美元走弱与去美元化进程共振，以及市场对美联储政策 转向宽松的预期升温。 针对这轮行情波动，多家机构发布观点。东方证券指出，短期价格与隐含波动率仍处高位，建议中长期 投资者暂时观望，待价格稳定后再考虑低位布局，同时强调美国长期债务问题未解决前，贵金属长期牛 市逻辑并未改变。联储证券认为，沃什提名是特朗普在行政权威与金融稳定间的折中选择，美联储降息 整体趋势并未改变，金价中长期走强基础依然坚实，短期调整源于多头获利了结与情绪释放，后续下行 空间有限。国盛证券提到，此次暴跌是多重因素叠加的结果，沃什的政策主张仍将受美国经济基本面掣 肘，海外投资者对美债的担忧仍在。 截至2月中旬，贵金属市场仍处于高位震荡阶段，机构普遍认为短期波动率仍将维持较高水平，但支撑 行情 ...

Core Viewpoint - The current gold market is consolidating around the $5000 level, but this is not the end of the upward trend, with EasyMarkets raising the second-quarter target price to $5800 due to a deep restructuring of global macro logic [1][2]. Group 1: Market Dynamics - Analysts believe that despite a recent drop from the previous high of $5600, the underlying logic supporting this bull market is fundamentally different from historical cyclical peaks [1][2]. - The anticipated interest rate cuts by the Federal Reserve in 2026, with expectations of 25 basis point reductions in March and June, are expected to drive real interest rates lower, providing solid support for gold prices [1][2]. Group 2: Structural Changes - A structural transformation in the global financial system is acting as a "booster" for gold prices, as traditional safe-haven assets face a severe trust crisis, and rising debt levels are causing long-term bond premiums to widen [3]. - Until structural fiscal issues in major economies are resolved, gold's strategic value as a transitional asset will continue to be released [3]. Group 3: Investment Trends - The explosion of global investment demand in 2026 is expected to take over from central bank gold purchases, with total holdings in gold ETFs projected to exceed 4800 tons this year, particularly driven by growth in emerging markets [4]. - Currently, gold ETFs account for less than 3% of mainstream investment portfolios, meaning even small-scale asset rotation from bonds to gold could have a significant leverage effect on gold prices [4]. - For silver, its performance will continue to be anchored to gold, but due to its sensitivity to industrial demand at high prices, silver's performance in 2026 may lag behind that of gold [4].

2月17日，步入2026年，全球贵金属市场正处于多重力量交织的博弈期。金丰来表示，尽管2025年主权 需求的持续注入为金价提供了坚实底部，但美国就业市场的信号矛盾以及宏观政策的不透明性，正使得 新一年的价格预测变得愈发复杂。 从主权储备视角来看，分析认为全球央行的资产配置重心依然稳固。金丰来表示，2025年全球央行累计 净购金量达到328吨，其中波兰以102吨的增持量领跑全球。即便总额较2024年的345吨小幅下滑，但哈 萨克斯坦、巴西等国的战略补仓依然凸显了黄金作为核心储备资产的地位。与之相对的是，去年美国就 业数据虽然在1月录得13万的超预期增长，但2025全年的向下修正值却超过了100万。金丰来认为，这种 表面繁荣与深层隐忧并存的局面，使得2年期国债收益率在3.5%附近震荡，直接削弱了美联储在近期采 取激进利率行动的可能性。 在白银市场方面，金丰来表示，供需矛盾正因价格高企而发生结构性转移。由于白银现货溢价一度走 高，市场正经历从"投机驱动"向"实物变现"的转变。相关数据显示，1965年以前的银币资产价值在过去 一年中几乎翻了三倍，这种暴利空间彻底激活了北美的二次供应市场。大量长期处于沉淀状态的家传珠 ...