银价创出历史新高 由于押注美联储降息，投机资金涌入。关于今后的行情，有分析师表示："如果认为明年以后将继续降 息的看法公布，那么贵金属的行情将进一步迎来东风"。也有意见指出："（银价）目前的上升速度很 快，很有可能在近期暴跌" …… 日经中文网 https://cn.nikkei.com 视频号推荐内容： 美国一旦再次降息将使得没有利息的黄金和白银等贵金属的投资价值提升。针对美联储截至10日召开的 美国联邦公开市场委员会（FOMC）会议，日本市场分析师丰岛逸夫表示"如果认为明年以后将继续降 息的看法公布，那么贵金属的行情将进一步迎来东风"。 另一方面，如果传出对未来的进一步降息保持慎重的信号，将成为行情的负担。 关于白银价格，日本Market Strategy Institute的代表龟井幸一郎指出，"目前的上升速度很快，很有可能 在近期暴跌"。白银还存在因相对于黄金的低估值而吸引投机性资金、进而暴涨的一面，如果市场的降 息预期消失，也有可能出现大幅调整。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 白银价格再次迅速上涨。作为国际指标之一的伦敦现货价格12月9日首次突破60美元/ ...

严控风险是生存之本。黄金日内波动常超30美元，盲目追涨杀跌易致爆仓。合规平台会强调提示设置止 损止盈，建议根据账户资金比例（如单笔亏损不超过2%）动态调整点位，例如金价突破关键阻力位后 及时上移止损，锁定利润空间。 心态管理常被忽视却至关重要。连续盈利时需警惕贪婪情绪，严格执行既定计划；遭遇浮亏则要冷静复 盘，区分短期波动与趋势反转。合规平台的风控系统会实时监测异常交易行为，主动提醒客户规避非理 性决策。 富格林曝光，在当前全球货币政策调整与地缘局势复杂化的背景下，黄金价格波动加剧，现货黄金以其 灵活的交易机制吸引大量投资者入场。然而，市场行情机遇背后暗含风险，因此需依托合规平台的科学 指引才可以把握住机会。富格林作为香港黄金交易所旗下的合规交易平台，始终将客户的交易安全置于 首位，为此特在下文给大家曝光一些交易参考。 首先，严格遵守仓位纪律。黄金波动剧烈时，重仓操作易引发强平风险。建议单笔交易占用保证金不超 过总资金的3%，整体持仓控制在20%以内，保留充足流动性应对突发波动。例如近期美联储加息预期 反复，金价日内振幅常超2%，轻仓策略可显著降低爆仓概率。 ...

当地时间12月09日至12月10日，美国联邦储备委员会将举行12月货币政策例会，美联储利率决议和经济预期摘要将于北京时间12月11日凌晨03:00公布。随 着美联储议息会议进入倒计时，市场对美联储降息25个基点的预期概率上升至87.4%左右。一直以来，美联储的货币政策都是黄金市场的重要风向标，美联 储利率决议前后的黄金市场波动将愈发剧烈。 目前，全球金融市场聚焦美联储利率决议，从历史经验来看，当美联储宣布降息，则可能削弱美元，支撑黄金价格上涨，并为敏锐的投资者提供重要的布局 机会。对投资者来说，在持续波动的市场行情中，毫秒级的交易延迟都可能导致错失最佳投资时机或造成投资亏损扩大。金荣中国作为最值得投资者信赖的 贵金属交易平台，以业内领先的极速交易体系助力投资者抢占市场先机，盈利快人一步。 自2010年成立以来，金荣中国始终秉承客户至上的服务理念，以客户利益为先，面对市场和投资者对极速交易的迫切需求，通过科技赋能金融，以技术创新 驱动平台发展，凭借顶级流动性中枢和业内领先的AI驱动交易系统，构建了覆盖交易执行、资金划转和工具应用的全流程极速交易体系。 由金荣中国自主研发的金荣中国APP专业贵金属交易软件，集成强 ...

黄金市场机遇与风险并存，新手入门第一步不是寻找高收益，而是识别陷阱、守住本金。 公安部数据显示，2025年涉黄金平台诈骗案件已超8000起，平均每位受害人损失18.6万元。随着国际金价持续走高，越来越多的新手投资者开始进入黄金市 场，但缺乏经验往往让他们成为不法分子的目标。作为2025年的新手炒黄金者，了解市场风险并学会识别正规渠道，比追求收益更为紧迫。 一、牌照识别：合规是第一道防线 监管资质是判断平台合法性的核心依据。正规的黄金交易平台必须受到权威金融机构监管，这是资金安全的基本保障。香港黄金交易所AA类牌照是亚洲市 场广泛认可的合规标准之一。投资者在选择平台时，应优先考虑持有此类牌照的机构。核实牌照真实性的方法很简单：直接访问香港黄金交易所官网，输入 平台宣称的牌照编号，查验其状态是否正常且与宣传一致。有些平台会宣称拥有"国际认证"或"全球监管"，这类模糊表述往往缺乏实质内容。真正的合规平 台会明确标注其监管许可证号码，供公众随时查询。金盛贵金属作为香港黄金交易所AA类047号会员，其牌照信息可在交易所官网公开查询，这种透明度是 新手识别平台合规性的重要参考。 对于新手炒黄金而言，选择正规平台比获取收益 ...

Core Viewpoint - Silver prices have surged significantly since the end of October, driven by strong buying interest, with the latest price exceeding $60 per ounce, marking a year-to-date increase of over 110% [3][4][5]. Group 1: Market Performance - As of December 10, the London spot silver price reached $60.82 per ounce, reflecting a year-to-date increase of 110.56% [4]. - The Shanghai Futures Exchange has adjusted margin requirements and price limits for silver futures to mitigate excessive speculation, with the margin for the AG2602 contract set at 16% for holding positions and 17% for general positions [5][7]. Group 2: Demand Drivers - The recent surge in silver prices is attributed to two main factors: increased financial allocation demand as investors seek safe-haven assets amid market volatility, and strengthening industrial demand driven by sectors such as AI, renewable energy, and electronics [5][6]. - Global silver ETF holdings have shown steady growth, indicating that both institutional and individual investors are increasing their allocations to silver, with the largest silver ETF, iShares Silver Trust, reporting a holding of 15,973.16 tons, up approximately 6% from the previous month [6]. Group 3: Supply and Inventory Concerns - Global silver inventories are at historically low levels, with the Shanghai Futures Exchange reporting a stock of 688 tons, down over 50% year-to-date [9]. - The London Metal Exchange's silver inventory has decreased by about 75% from its peak in 2019, exacerbating liquidity risks in the market [9]. Group 4: Market Regulation - The Shanghai Futures Exchange's dual approach of increasing margin requirements and expanding price limits aims to prevent excessive speculation and better serve the risk management needs of the real industry [9][10]. - The rapid increase in silver prices has attracted significant capital inflow, leading to premium risks in related silver funds, with some funds trading at premiums exceeding 10% [10].

业内资深分析师指出，止损是交易的"安全带"。不设止损等同于裸奔，一次"黑天鹅"事件就可能导致本金归零。成熟的投资者通常会将单笔交易的亏损控制 在总资金的2%-5%以内。此外，选择风控严格的平台至关重要，例如金盛贵金属在平日维持20%的强制平仓线，这种科学的机制能帮助投资者在极端行情下 有效保住大部分本金，避免穿仓风险。 二、 忽视隐性成本：点差与佣金的"温水煮青蛙" 在现货黄金的高频交易中，很多投资者只盯着金价涨跌，却忽略了每一笔操作背后的成本。传统的佣金和高额点差会像"温水煮青蛙"一样侵蚀利润。 假设你每天交易1手，一个月下来交易成本可能高达数千美元。因此，精明的投资者会优先选择"0佣金"且点差极低的平台。以行业知名的金盛贵金属为例， 其不仅免收佣金，还提供伦敦金高达30美元/手（VIP账户32美元/手）的点差优惠。这意味着在同样的交易策略下，使用金盛贵金属的投资者能比普通平台 用户多保留一笔可观的利润。 在2025年全球经济充满不确定性的背景下，现货黄金凭借其灵活的双向交易机制和卓越的避险属性，成为了投资市场的焦点。然而，市场机遇往往与风险并 存。根据2025年多家权威交易平台的综合数据统计，散户在贵金属 ...

CITIC Futures 白银再度拉涨,月内趋势维持震荡向上 研究员 朱善颖 从业资格号:F03138401 投资咨询号:Z0021426 张皓云 从业资格号:F03114820 投资咨询号: Z0022427 重要提示: 本报告非期货交易咨询业务项下服务，其中的现点和信息仅作参考之用, 不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相 关人员为客户;市场有风险,投资需谨慎。 免责声明．除非另有说明，中信期货有限公司（以下简称"中信期货》拥有本报告的版权/或其他相关知识产权。未经授权，不得发送或复制本报告任何内容。中信 期货对于本报告所载的信息、观点以及数据的准确性、可靠性、时效性以及完整性不作任何明确或稳含的保证。本报告并不构成中信期货给予的任何私人咨询建议。 中信期货研究所 宏观研究组 【贵金属】异动点评 12月10日白银再度大幅拉涨,截至国内收盘,沪银涨幅5.44%,沪金震荡偏强,日内涨幅0.26%。 挤仓交易叠加美联储独立性风险,白银上涨弹性放大。我们在11月30日策略专题《新一轮上涨启动,白银弹性释放》中提出,金 银的新一轮上涨行情已经启动,白银有望迎来更大弹性。原因主要在于 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - In the short - term, before the interest rate cut, precious metal prices are expected to remain in a high - level oscillation. It is recommended to wait and see for silver in the short - term, while gold can still be bought on dips [3][4]. - In the long - term, the Fed is still in an interest rate cut cycle. With global geopolitical uncertainties, unsustainable US debt, and intensified great - power competition, the risk of US dollar credit will increase. The long - term center of gold prices is likely to continue to move up. Long - term investors are advised to mainly adopt a strategy of buying on dips [3][4]. Group 3: Summary by Relevant Catalogs 1. Price Data - On December 9, 2025, compared with December 8, London gold spot decreased by 0.8% to $4180.79 per ounce, London silver spot decreased by 0.6% to $57.97 per ounce, COMEX gold decreased by 0.8% to $4208.50 per ounce, and COMEX silver decreased by 0.7% to $58.40 per ounce. AU2512 decreased by 0.7% to 948.68 yuan per gram, AG2512 decreased by 0.7% to 13600 yuan per kilogram, AU (T + D) decreased by 0.7% to 946.73 yuan per gram, and AG (T + D) decreased by 0.5% to 13602 yuan per kilogram [4]. - Regarding price spreads/ratios on December 9, 2025, compared with December 8, the gold TD - SHFE active price spread was - 1.95 yuan per gram (up 6.6%), the silver TD - SHFE active price spread was 2 yuan per kilogram (down 108.7%), the gold internal - external price spread (TD - London) was - 4.57 yuan per gram (up - 21.7%), the silver internal - external price spread (TD - London) was - 1154 yuan per kilogram (up - 2.1%), the SHFE gold - silver ratio was 69.76 (up 0.0%), the COMEX gold - silver ratio was 72.07 (up - 0.1%), AU2602 - 2512 was 2.86 yuan per gram (up - 21.0%), and AG2602 - 2512 (not given on December 9) had a previous value of 15 yuan per kilogram with a change of - 53.3% [4]. 2. Position Data - As of December 8, 2025, compared with December 5, the gold ETF - SPDR decreased by 0.11% to 1049.11 tons, the silver ETF - SLV decreased by 0.23% to 15888.54201 tons. For COMEX gold non - commercial long positions, it increased by 4.91% to 266308 contracts, non - commercial short positions decreased by 20.19% to 61644 contracts, and non - commercial net long positions increased by 15.89% to 204664 contracts. For COMEX silver non - commercial long positions, it decreased by 8.12% to 60904 contracts, non - commercial short positions decreased by 20.32% to 18840 contracts, and non - commercial net long positions decreased by 0.38% to 37119 contracts [4]. 3. Inventory Data - On December 9, 2025, compared with December 8, SHFE gold inventory remained unchanged at 91299 kilograms (0.00% change), and SHFE silver inventory increased by 2.65% to 717788 kilograms. On December 8, 2025, compared with December 5, COMEX gold inventory decreased by 0.27% to 36213039 troy ounces, and COMEX silver inventory decreased by 0.20% to 456143022 troy ounces [4]. 4. Interest Rate/Exchange Rate/Stock Market Data - On December 9, 2025, compared with December 8, the US dollar/Chinese yuan central parity rate increased by 0.01% to 7.08. The US dollar index increased by 0.12% to 99.10, the 2 - year US Treasury yield increased by 0.28% to 3.57%, the 10 - year US Treasury yield increased by 0.72% to 4.17%, the VIX increased by 8.11% to 16.66, the S&P 500 decreased by 0.35% to 6846.51, and NYMEX crude oil decreased by 2.14% to 58.85 [4]. 5. Market Review and Outlook - On December 9, the main contract of Shanghai gold futures closed down 0.92% to 951.54 yuan per gram, and the main contract of Shanghai silver futures closed down 0.68% to 13607 yuan per kilogram [4]. - With the Fed's interest - rate meeting approaching, although the market has largely priced in a 26bp interest rate cut in December, "Fed Chair" Hammond said that Powell may also think that waiting is prudent, increasing the uncertainty of future interest - rate cut paths. Coupled with the Bank of Japan's continuous strengthening of the possibility of a December interest - rate hike, market sentiment has become cautious [4].

12月9日晚间，黄金小幅走高，白银则攀升至历史新高。现货白银首次站上60美元/盎司的心理关口，纽 约期银也首次站上60美元/盎司，沪银主力合约现涨幅超过3%，最高涨至14086元/千克，续创历史新 高。 | 伦敦银(现货白银) CFD | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 XAG | | | | | | | | | 60.06 +1.93 +3.32% | | | | | | | | | 12-09 23:57:00 | | | | | | | | | 今开 | 58.12 | 最高 | | 60.07 | 持仓量 | | | | 振幅 57.57 | 4.30% | 最低 | | | 昨结算 | | 58.13 | | 美元指数 99.2406 +0.1418% | | | | | | | | | 分时 | 王日 | 日K | 園K | | 月K | 重零 | | | 均价:58.37 最新:60.06 +1.93 +3.32% | | | | | | | | | 60.07 | | | | | | | 3 ...

现货白银涨4.34%，报60.6777美元/盎司，北京时间16：00过后保持上涨状态，23：10过后加速上涨， 05：06刷新历史高位至60.8305美元。 COMEX白银期货涨4.78%，报61.205美元/盎司，05：06也（在收盘之后的电子交易盘中）刷新历史高 位至61.295美元。 COMEX铜期货跌1.98%，报5.3365美元/磅，14：00前后显著走低，日内过半时间持续低位震荡。 周二（12月9日）纽约尾盘，现货黄金涨0.44%，报4208.92美元/盎司，日内交投区间为4170.29-4221.39 美元。 COMEX黄金期货涨0.47%，报4237.40美元/盎司，也曾在美国职位空缺数据发布后刷新日高至4251.70美 元。 费城金银指数收涨3.54%，报322.02点，美股早盘持续走高，北京时间00：00过后持续高位窄幅震荡。 （全球时段）纽约证交所ARCA金矿开采商指数收涨2.55%，报2292.39点，22：30美股开盘之前维持微 跌状态、持续交投于2230点附近，之后持续走高，也在00：00之后持续高位横盘震荡。 现货铂金涨2.62%，报1697.12美元/盎司；现货钯金涨2.41% ...