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% ...

贺利氏贵金属全球交易负责人HenrikMarx表示："经历如此幅度的价格上涨后，贵金属价格很可能需要 重新定位和盘整。得益于强劲的央行需求和有利的宏观经济环境，黄金预计仍有最坚实的支撑。由于工 业逆风，白银的走势可能更为波动。铂金市场看似依旧紧张，但赤字可能缩窄。与此同时，随着纯电动 汽车的市场份额提升，钯金可能面临过剩扩大。" （编辑：张漫游 审核：朱紫云 校对：翟军） 中经记者 郝亚娟 夏欣 上海 北京报道 12月9日，贺利氏集团发表观点认为，金、银和铂族金属价格在2026年上半年很可能呈现下行趋势。此 前的涨势曾将黄金和白银推至历史高位，也令铂族金属价格创多年新高，不过涨幅过快过高。虽然价格 短期内仍可能上行，但一旦动能减弱，预计贵金属价格将迎来盘整。持续的央行购金、持续的通胀以及 较低的实际利率等关键因素可能支撑价格。然而，工业需求疲软和衰退风险对铂族金属构成较大的下行 压力。 ...

Core Viewpoint - The market is cautious ahead of the Federal Reserve's interest rate decision, with silver prices experiencing narrow fluctuations due to a stable dollar and rising U.S. Treasury yields, while geopolitical risks continue to support safe-haven buying [1][2]. Group 1: Market Sentiment and Economic Indicators - The market widely expects the Federal Reserve to lower interest rates in its final meeting of the year, potentially bringing the target range down to 3.50%-3.75% [2]. - Recent inflation indicators show a slowdown in the disinflation process, and mixed signals from the labor market have led investors to adopt a cautious stance regarding monetary easing before 2026 [2]. - Data on U.S. household spending and inflation, particularly the preferred Personal Consumption Expenditures (PCE) index, indicate a weakening disinflation momentum [2]. Group 2: Precious Metals Analysis - Silver maintains a long-term bullish trend, but short-term movements are characterized by upward corrections followed by declines, with key support levels at 54-55 [3]. - Platinum prices are stable, with traders closely monitoring the dollar for new trading catalysts, needing to hold above the critical support area of 1620-1630 to build short-term upward momentum [3]. - The overall sentiment in the precious metals market is cautious, with investors focusing on monetary policy signals and macroeconomic data for guidance [1][2].

基本面： 考虑到货币政策存在较长的滞后效应，前瞻性指标比回顾性的总体统计数据更为重要，这强化了这样一种观点：限制性政策立场存在风险，可能会不必要地 成为顺周期因素。作为美国经济复苏中最具韧性的支柱，家庭消费也显示出紧张迹象。疫情期间积累的超额储蓄减少过程已基本结束，在借款成本仍然高企 之际，这使消费者更加依赖信贷。美国消费引擎不再加速拖欠率上升和非必要消费更为挑剔表明，消费引擎即使仍在推动整体经济活动，但已不再加速。这 种转变代表着一个转折点：风险平衡已从通胀过热转向政策收紧，可能对需求造成超出政策制定者预期的抑制。通胀动态也发生了显著变化。商品价格仍受 到抑制，服务通胀与趋软的工资压力一致而呈下降趋势，供应链在经历了数年的中断后恢复正常。虽然通胀率仍高于美联储的目标，但新的上行冲击可能性 已经减弱。政策利率最初是为过热的经济设定的，这种环境已经消逝，而维持过度限制性政策立场的代价越来越高。随着通胀风险消退，稳定增长成为一个 更加突出的问题。 周二（12月9日）美元指数于99.10附近震荡。预计即将到来的降息的影响将跨越美国国境，赋予其他央行更大的政策灵活性，并助力全球投资流重获动力。 在会议前预期走强之际， ...

Core Viewpoint - The Shanghai Futures Exchange has issued a notice regarding the recent volatility in the precious metals market due to complex international circumstances, urging relevant parties to take appropriate measures for risk prevention and to maintain market stability [1] Group 1 - The notice highlights the complexity and variability of the current international situation impacting the precious metals market [1] - It emphasizes the need for investors to adopt rational investment strategies and to be aware of potential risks [1] - The exchange calls for collective efforts to ensure the smooth operation of the market [1]

监管资质是平台合规的基石。一家正规的现货黄金交易平台，必须受到权威金融监管机构的监督与管理。香港黄金交易所AA类行员资格是业内公认的合规 标准之一，这类平台需遵循严格的运营规范和财务审计要求。2025年以来，随着现货黄金价格持续波动，投资者对平台合规性的重视程度日益提升。资金安 全机制是合规性的具体体现。正规平台会将客户资金存放于受监管的第三方银行账户，与平台运营资金严格分离，有效避免资金挪用风险。以业内较为知名 的金盛贵金属为例，该平台作为香港黄金交易所AA类047号行员，其交易流程接受交易所监管，投资者可通过交易编码查询每一笔交易的详细信息，确保了 交易过程的透明可追溯 。 02 核心指标：如何评估平台的可靠性 交易成本直接关系到投资者的盈利空间。点差是现货黄金交易的主要成本，不同平台点差差异明显。有些平台点差低至20美元/手，但也可能存在隐性收 费。金盛贵金属在成本控制上较为透明，其对伦敦金产品提供明确的点差优惠，且实行零佣金政策，有助于投资者更清晰地计算交易成本。订单执行速度关 乎交易体验。在市场价格快速波动时，订单执行速度尤为关键。优质平台能够提供快速的订单执行，减少滑点现象，确保投资者交易意图的准 ...

贵金属年内累积较大涨幅，高位波动加剧。短期，美联储政策预期变化及官方经济指标缺失等带来不确定性。中长期，全球央 行购金趋势延续、债务问题冲击货币信用等因素仍为贵金属提供支撑。 华安期货：12月8日黄金/白银偏强震荡 重要信息： 1、经合组织发布最新经济展望报告，今明两年，预计全球经济增速分别为3.2%和2.9%，与今年9月预测一致；美国经济预计将 分别增长2%和1.7%，欧元区经济将增长1.3%和1.2%。 核心逻辑： 金银方面，白银继续创新高，金融属性增加及供需面向好带来支撑。黄金高位盘整，短期关注12月多个主要经济体利率决议， 长期看全球经济前景。 铂钯方面，广期所铂、钯期货上市一周，市场几个特点，一是目前成交还少，且集中在2606合约；二是没有夜盘，建议可以同 步关注纽约铂钯期货行情；三是期权同步上市。 市场展望： 偏强震荡 2、美国11月ISM制造业PMI指数下降0.5点至48.2，连续九个月低于50的荣枯线。 3、新的一周关注美联储利率决议、美国CPI及进出口等；中国CPI和PPI、M2、社融等指标。 ...

Core Viewpoint - The global financial market is experiencing volatility due to geopolitical conflicts, fluctuating inflation expectations, and adjustments in Federal Reserve policies, leading to increased demand for gold as a safe-haven asset, which has driven up prices and attracted investor attention [1] Group 1: Company Overview - The company, Lingfeng Precious Metals, has established itself as a preferred platform for investors entering the gold market by providing a stable trading environment and high-quality services [1] - Lingfeng Precious Metals has been a member of the Hong Kong Gold Exchange since its inception, emphasizing compliance, safety, and transparency as core operational principles [2] Group 2: Regulatory Framework - The company adheres strictly to regulatory requirements, maintaining independent client fund segregation accounts to ensure the separation of investor funds from operational funds [4] - The platform operates with transparency in pricing and trade execution, following open and fair trading standards to protect order execution quality and prevent price manipulation [4] Group 3: Technological Capabilities - Lingfeng Precious Metals utilizes the internationally recognized MT4 trading system, known for its stability and a wide range of analytical tools, which is favored by global traders [5] - The platform's servers are configured to high standards, optimizing latency and enhancing order matching speed, ensuring a fast order experience even during significant market events [6] Group 4: Investor Education - The company is committed to investor education, offering systematic teaching through live lectures and strategy explanations, supported by an experienced analyst team that provides in-depth market analysis [7] - By continuously delivering professional content, the company aims to enhance investors' market understanding and analytical skills, improving their trading decision-making accuracy [7] Group 5: Market Positioning - In the context of a changing global economic structure and increasing market volatility, investors are encouraged to choose trading platforms with regulatory advantages, technological strength, and quality service [7] - Lingfeng Precious Metals offers promotional incentives for new account openings, including a bonus of up to $10,000 and a rebate of $26 per lot traded, significantly lowering the entry barrier for investors [7]

Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 4243.00, 58.11, 1636.00, 1446.00, 59.67, and 11678.50 respectively. The price changes are 42.40, 0.54, -10.00, -5.00, 0.00, and 202.50 respectively [3] - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.06, 1.16, 1.33, 155.12, and 1.88 respectively. The changes are 0.00, 0.00, 0.00, 0.00, and 0.03 respectively [3] Trading Data - The latest inventory of COMEX Silver, SHFE Silver, and SGE Silver are 14221.15, 687.96, and 774.71 respectively. The changes in inventory are 0.00, 33.86, and 0.00 respectively [4] - The latest holdings of Gold ETF and Silver ETF are 1050.25 and 15925.21 respectively. The changes are -0.33 and -169.24 respectively [4] - The latest deferred - fee payment directions of SGE Silver and SGE Gold are 1 and 2 respectively, with no change [4]

Group 1 - The world is potentially forming a dual financial trend, with COMEX and SHFE as potential winners, while LME may suffer significant losses, particularly in industrial and financial-related precious metals like gold, silver, and copper [1] - The liquidity trends indicate a national-level withdrawal of liquidity, as no single entity can manage the liquidity of three precious metals simultaneously, highlighting the challenges faced by the London market [1] - China's foreign exchange reserves reached $3346.4 billion in November, marking a slight increase of $3 billion from October, and maintaining stability above $3.3 trillion for four consecutive months, the highest since December 2015 [1][5] Group 2 - The central bank's gold reserves increased by 30,000 ounces to 74.12 million ounces, marking 13 consecutive months of accumulation, reflecting a strategic choice to optimize reserve structure and mitigate financial risks amid a complex international environment [3][5] - The stable foreign reserves are crucial for ensuring smooth international trade payments and cross-border investments, providing a solid external credit environment for Chinese enterprises [5] - The slight increase in foreign reserves in November was influenced by market factors, including a 0.3% decline in the US dollar index and rising non-US currencies, indicating a reduced correlation with other major currencies [5][9] Group 3 - Gold is viewed as a quality asset to avoid sanctions and currency fluctuations, with China's accumulation aimed at stabilizing the RMB exchange rate and enhancing its pricing power in the global precious metals market [8] - The current gold reserves account for approximately 9.28% of total foreign reserves, significantly below the global average of 15%, indicating a need for continued accumulation to diversify reserves [8] - The increase in gold reserves is expected to enhance international trust in the RMB, supporting trade models that involve "RMB pricing + gold settlement" in Southeast Asia and the Middle East [8][9] Group 4 - The recent foreign reserve data alleviates concerns over exchange rate fluctuations, stabilizing expectations for import-export enterprises and reducing hedging costs [9] - The surge in China's gold ETF size by 223% in 2025, from 73 billion to 236.1 billion, demonstrates the positive market impact of the central bank's gold accumulation [9][12] - The combination of stable foreign reserves and a reasonable reserve structure is likely to attract foreign investment, enhancing confidence in the Chinese market [12]