Wmax对全球白银实物枢纽库存保持高频监测，其中中国市场库存变化堪称核心风向标。2025年中国白银出口创历史纪录后，上海黄金交易所与上海期货交 易所可追踪库存已跌至十年低位。作为全球白银核心流转枢纽，中国库存的大幅下滑迅速传导至全球市场——而这一变化，恰好发生在白银市场连续第五年 结构性短缺的关键阶段。当前地上白银库存持续消耗，COMEX白银库存同步降至多年低位，且Wmax通过全球主要银矿产能摸排确认，多数新产能释放窗 口需推迟至2027-2028年之后。据此Wmax判断，白银供应紧张并非短期脉冲，而是未来数年的常态基线。 Wmax通过对高景气产业用银场景的实地调研与数据核验，测算得出2025年光伏行业白银消耗量达1.957亿盎司，刷新历史峰值；叠加电动汽车、高效半导 体、5G基站及人工智能数据中心的庞大电力配套需求，白银已成为少数需求曲线逐年陡峭化的工业金属。更关键的是，Wmax产业端验证确认，白银在上述 高附加值领域暂无有效替代品——任何替代尝试要么以失败告终，要么导致终端产品性能显著折损。在Wmax供需平衡模型中，"需求持续攀升+供应物理性 瓶颈"的格局，正是资产价格获得长期结构性支撑的核心逻辑。 作为 ...

印尼财政部网站上的一份文件显示，12月23日起将对黄金产品的出口征收关税。根据文件，当政府设定的参考价格跌至每金衡盎司2800美元至3200美元之间时，将根据黄金产品的类型征收7.5%至12.5%的出口关税。当价格在3200美元以上时，关税将上调至10%至15%。🗒️黄金出口税的时点相对于之前的消息提前。今年的这轮黄金牛市推动印尼前9个月黄金出口额至16.4亿美元，已远超去年全年，来自新加坡、瑞士和香港的买家抢购黄金，而印尼国内投资者却反映难买到金条。 ...

Core Viewpoint - The article discusses the current sentiment in the precious metals market, particularly focusing on gold and silver, in light of recent CFTC data and the potential for interest rate changes by the Federal Reserve [2][26]. Group 1: Market Sentiment and CFTC Data - Due to the U.S. government shutdown, CFTC data on futures market positions was only updated until October 28, showing a significant increase in both gold and silver net long positions, with gold up 14.7% and silver up 22.4% [2][6]. - The gold-silver ratio has decreased from over 80 to 72, marking the lowest level since August 2021, with a cumulative decline of 20.7% this year [2][21]. - The market sentiment is influenced by expectations of interest rate cuts by the Federal Reserve, with the probability of a rate cut in December rising to nearly 90% [2][24]. Group 2: Investment Strategies and Future Outlook - Investors are advised to consider their strategies for the period between potential rate cuts in December and April, as the market anticipates a 50% chance of another cut in April [2][26]. - The article suggests that if Trump were to regain influence over the Federal Reserve, it could lead to further rate cuts, thereby supporting gold prices [26][29]. - The current market dynamics indicate a strong demand for physical gold, which may not be fully reflected in futures market positions, suggesting a potential for price increases [16][30]. Group 3: Performance of Precious Metals - Year-to-date, net long positions in gold futures have decreased by 42%, while silver has seen a 35% increase [7][8]. - Platinum and copper have also shown significant changes, with copper net positions turning positive for the first time this year [10][13]. - The article highlights that the gold price has remained high despite a reduction in long positions, indicating strong physical demand [16][19]. Group 4: Broader Economic Context - The article notes that the global economic outlook remains uncertain, with expectations of continued inflationary pressures and potential stagflation, which typically favors investments in commodities [29][30]. - The relationship between U.S. interest rates and gold prices is emphasized, suggesting that a decline in rates could lead to higher gold prices, especially if inflation persists [30][32].

Core Viewpoint - Investors are increasingly interested in precious metals, particularly silver, which has seen significant price increases, leading to a surge in stocks of companies like Pan American Silver [1][2]. Company Summary - Pan American Silver's stock rose by 11.16%, outperforming the S&P 500 index, with a current price of $48.41 and a market cap of $18 billion [1][6]. - The company has a gross margin of 30.20% and a dividend yield of 1.06% [6]. - The recent acquisition of Yamana Gold has diversified Pan American Silver's assets, enhancing its position in both silver and gold markets [7]. Industry Summary - Silver prices have reached all-time highs, exceeding $61 per troy ounce, and have more than doubled this year, outpacing gold and platinum [2]. - Anticipation of a 25-basis-point interest rate cut by the Federal Reserve is driving silver prices higher, as lower rates make non-interest-bearing assets more attractive [4][5]. - The weakening of the dollar due to lower interest rates is making dollar-denominated precious metals more appealing to international investors [5].

Bitcoin gold silver. Photo by BeInCrypto Bitcoin, gold, and silver experienced a sudden surge in strength on Tuesday, the eve of what appears to be another Fed rate cut. The pioneer crypto, as well as the two commodity safe havens, Gold and Silver, may face volatility around the Fed’s interest rate decision, even as XAG price breaks above $60/oz for the first time in history, now up +108% in 2025. Top BTC, XAU, and XAG Price Targets Ahead of the Fed Cut All eyes are on the Fed’s interest rate decision t ...

Group 1: Market Performance - Silver and copper have outperformed gold, with iShares Silver Trust (SLV) gaining about 96% this year and United States Copper ETF (CPER) advancing approximately 31.7% [1] - Over the past month, CPER has increased by 5.2%, SLV has surged 15.1%, while gold bullion ETF GLD has added 1.9% [1] Group 2: Silver Market Dynamics - Silver's price has nearly doubled this year, primarily due to a historic supply crunch in the London market driven by high demand from India and silver-backed ETFs [2] - Chinese silver inventories have reached their lowest levels in over a decade, contributing to the supply squeeze [2] - Silver has climbed more than 11% to new highs since gold's record on October 20, while copper has advanced nearly 9% [3] Group 3: ETF and Options Activity - Implied volatility on iShares Silver Trust (SLV) reached its highest level since early 2021, leading to a brief "meme-stock" phase for silver [4] - Nearly $1 billion has flowed into SLV over the past week, surpassing inflows into the largest gold fund and adding momentum to spot prices [4] Group 4: Future Outlook for Silver - Silver is trading at an 82% premium to its five-year average, nearing its most stretched year-end level since 1979 [5] - Industrial demand for silver is rising, particularly in green energy and automotive sectors, which is expected to drive higher demand [5] Group 5: Copper Market Fundamentals - Copper's price rally is driven by long-term fundamentals rather than financial speculation, with growing demand for electrification expected to outpace supply [6] - Morgan Stanley projects a 590,000-ton copper market deficit by 2026, with a base case price forecast of $10,650 per ton and a bull case of $12,780 per ton [7] Group 6: Macroeconomic Factors - The Federal Reserve has enacted two rate cuts in 2025 and is likely to cut interest rates further, which typically supports non-yielding assets like silver, gold, and copper [8] - A weaker U.S. dollar, influenced by potential rate cuts, is expected to favor global metal prices, as most metals are priced in dollars [10]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号:Z0013700 | | | 2025/12/9 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | CONEX白银 | AU2512 | AG2512 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点包 | | | | | | | | | | | 格跟踪 | 2025/12/8 | 4215. 55 | 58. 35 | 4243.80 | 58. 81 | 955. 08 | 13691.00 | 953. 25 | 13668.00 | | (本表数 ...

Group 1 - ASA Gold and Precious Metals Limited (ASA) is a closed-end fund that offers investors broad exposure to the precious metals industry, including both miners and junior mining companies [1] - Investments in gold are gaining momentum as a store of value, indicating a potential increase in demand for gold-related assets [1] Group 2 - Michael Del Monte is identified as a buy-side equity analyst with expertise across various sectors, including technology, energy, industrials, and materials [1]

The ASA Gold and Precious Metals Limited ( ASA ) is a closed-end fund designed to provide investors with broad exposure to the precious metals' industry, including miners and junior mining companies. With investments in gold gaining momentum as a store of value orMonte Independent Investment Research: Michael Del Monte is a buy-side equity analyst with expertise in the technology, energy, industrials, and materials sectors. Prior to working in the investment management industry, Michael spent over a decade ...

Vancouver, British Columbia--(Newsfile Corp. - December 8, 2025) - Versamet Royalties Corporation (TSXV: VMET) ("Versamet" or the "Company") is pleased to announce that it has received final approval to have its common shares listed on the Toronto Stock Exchange ("TSX") and graduate from the TSX Venture Exchange ("TSXV"). The common shares of the Company will begin trading on the TSX effective at the market open on Wednesday, December 10, 2025. Dan O'Flaherty, CEO of the Company, commented, "Graduation to ...