行情回顾： 国际黄金周五（10月24日）震荡收跌，开盘价4141.67美元/盎司，最高价4148.52美元/盎司，最低价4043.89美 元/盎司，收盘价4130.44美元/盎司。 今日重点关注： 消息面： 据CNBC报道，美国劳工统计局周五发布的报告显示，9月各类商品与服务价格涨幅低于预期。这份在政府停 摆期间获准发布的唯一官方经济数据显示，整体CPI环比上涨0.3%，同比涨幅达3.0%，均低于市场预期的0.4% 和3.1%。剔除食品和能源的核心CPI环比上涨0.2%，同比涨幅亦为3.0%，分别低于0.3%和3.1%的预期值。这份 报告为全面暂停经济数据发布期间的美国经济提供了观察窗口。但后续政策路径仍不明朗：各方持续担忧特朗 普关税政策可能引发新一轮恶性通胀，同时美联储决策者担心今年招聘疲软可能蔓延（尽管裁员率仍处低 位）。美联储主席鲍威尔与其同僚在权衡通胀威胁与劳动力市场疲软时，始终对降息节奏保持谨慎，而特朗普 则坚称通胀已非问题，要求美联储激进降息。 据华尔街日报报道，美国9月CPI年率略有上升，美国消费者继续感受到价格上涨带来的压力。根据美国劳工统 计局周五公布的数据，美国9月CPI年率为3.0%， ...

Core Viewpoint - The recent crash in the gold market, with a 6.3% drop marking the largest single-day decline since 2013, was widely anticipated and did not trigger panic among investors, instead sparking a buying frenzy among retail investors [1][3]. Market Reaction - Despite the significant drop, global retail investors rushed to buy gold, viewing the price decline as a buying opportunity, with reports of high demand from dealers in Singapore and the U.S. [7][8][9]. - Analysts generally maintain a positive outlook, considering the price drop a "healthy correction" necessary to clear market excesses and ensure the sustainability of the bull market [10][11]. Analyst Perspectives - Analysts from MKS Pamp SA and Morgan Stanley suggest that the recent price drop will be absorbed by other buyers, including central banks, leading to limited overall price declines [11]. - The core drivers of the current gold bull market include significant purchases by central banks, concerns over unsustainable sovereign debt levels, and increased participation from retail investors [11]. Contrarian Views - Some analysts, like Michael Hartnett from Bank of America, question the solidity of the "devaluation trade" supporting gold prices, citing factors such as low U.S. Treasury yields, a budget surplus in September, and the resilience of the U.S. dollar index [12][13]. - Even bullish analysts acknowledge risks, including a potential slowdown in central bank purchases, which could impact the bullish outlook for gold [15].

Core Insights - Gold prices have surged to nearly $4,400 per ounce, leading to warnings from traders about the metal being overbought and crowded in terms of trading positions [1][3] - A significant drop of 6.3% in gold prices occurred on October 21, marking the largest decline since 2013, with prices closing at $4,113.05 per ounce [3] - Despite the recent price drop, there is a notable interest in purchasing gold, as evidenced by a large turnout at a major precious metals conference in Kyoto [3][4] Group 1: Market Trends - The recent decline in gold prices is primarily attributed to profit-taking by hedge funds, with no clear catalyst identified for the drop [3] - Gold prices have increased by 30% over the past two months, prompting expectations of a correction among experts [3] - The interest in gold put options has reached its highest level since 2008, indicating a shift in market sentiment [4] Group 2: Investor Behavior - Many dealers reported a surge in buying interest following the price drop, with some experiencing record sales [4] - The deputy CEO of BullionStar noted that October 21 was the busiest day in the company's history, with buyers significantly outnumbering sellers [4] - Analysts expect that demand from central banks and other sectors will support gold prices, limiting the extent of any corrections [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The performance of platinum group metals was weak due to the decline in precious metal prices. However, high lease rates and the continuous release of expectations for the Fed to cut interest rates will strongly support the subsequent trends of platinum and palladium prices [3]. - As CME inventories accumulate, lease rates indicate a tightening of overseas platinum group metal spot markets. The market expects the Fed to continue a 25 - basis - point interest rate cut in the upcoming meeting, which is expected to support platinum group metal prices at high levels [3]. 3. Summaries According to the Table of Contents 3.1 Weekly Assessment and Market Outlook - **Price Changes**: NYMEX platinum主力合约价格本周下跌2.13%至1595.1美元/盎司，NYMEX钯金主力合约价格下跌3.79%至1458.5美元/盎司 [3]. - **Inventory and ETF Changes**: From September 24 to October 24, CME platinum inventory increased from 18.96 tons to 20.845 tons, and CME palladium inventory increased from 5.09 tons to 5.49 tons. The total holdings of platinum group metal ETFs that lock in spot goods have rebounded [3]. - **Lease Rates**: As of October 24, the one - month implied lease rate for overseas platinum spot reached 31.87%, and that for palladium spot reached 18.56%, both at multi - year highs [3]. 3.2 Market Review - **Platinum Price**: NYMEX铂金主力合约价格本周下跌2.13%至1595.1美元/盎司，总持仓截至9月23日为97978手。上海金交所铂金现货价格截至10月24日为396.2元/克 [18][21][25]. - **Palladium Price**: NYMEX钯金主力合约价格下跌3.79%至1458.5美元/盎司，总持仓量截至最新报告期为20282手 [22]. - **Lease Rates**: As of October 24, the one - month implied lease rate for platinum rose to 31.87%, and that for palladium was 18.56%, both showing significant increases [29]. - **CFTC Net Positions**: As of the latest reporting period on September 23, the net long position of NYMEX platinum managed funds increased by 3638 hands to 18285 hands, and the net short position of NYMEX palladium managed funds was 5176 hands [32][35]. 3.3 Inventory and ETF Holdings Changes - **ETF Holdings**: As of October 24, the total holdings of platinum ETFs were 76.43 tons, and the total holdings of palladium ETFs were 14.84 tons [46][49]. - **Platinum Inventory**: As of October 24, CME platinum inventory was 20.85 tons, with a decrease in registered inventory and an increase in unregistered inventory [53]. - **Palladium Inventory**: As of October 24, CME palladium inventory was 5497.03 kilograms, with a decrease in total inventory mainly due to a decrease in unregistered inventory [58]. 3.4 Supply and Demand - **Platinum Supply**: The platinum production forecast of the top 15 mines shows that the platinum production in the fourth quarter of 2025 will reach 33.18 tons, and the annual production in 2025 will be 127.47 tons, a 1.9% decrease from 2024 [64]. - **Palladium Supply**: The total production of the top 15 palladium mines in the fourth quarter will be 41.36 tons. In 2025, the annual production of the top 15 mines will slightly contract, with a 0.86% decrease to 165.78 tons [67]. - **Chinese Imports**: China's platinum imports in September were 10.7 tons, showing a rebound from August. China's palladium imports in September were 6.5 tons, showing a significant increase from August [70][73]. 3.5 Monthly and Cross - Market Spreads - **NYMEX Platinum Monthly Spreads**: Presented NYMEX铂金1 - 4价差、4 - 7价差、7 - 10价差和10 - 1价差的相关数据 [89][90]. - **NYMEX Palladium Monthly Spreads**: Presented NYMEX钯金3 - 6价差、6 - 9价差、9 - 12价差和12 - 3价差的相关数据 [102][98]. - **London Spot and NYMEX Spreads**: Presented the spreads between London market spot platinum price and NYMEX platinum price, and between London market spot palladium price and NYMEX palladium price [104].

真实案例：在出现浮亏时，不少投资者总抱有幻想："再等等，说不定价格会回来"，结果行情持续不利，亏损不断扩大，最终要么被迫平仓，要么面临爆仓 结局。请认清现实：市场从不会因个人期待而改变走势，止损是每一位交易者必须严守的生命线。 解决方案：可采用固定比例止损法，例如每笔交易最大亏损不超过本金的2%；或采用技术性止损，一旦价格跌破关键支撑位或趋势线，立即执行离场，不 抱任何侥幸。 为什么在黄金交易中，别人总能有所盈利，而你却屡屡亏损？如果你也长期从事现货黄金投资，却始终陷在亏损的循环中，甚至开始质疑自己是否适合这个 市场，那么本文正是为你而写。今天，我们将系统剖析绝大多数黄金交易者亏损的五大核心原因，并提供具体可行的应对策略，助你走出交易困境，逐步实 现稳健盈利。 香港第一金市场部负责人杨生指出，除了需要维持平稳的交易心态外，选择安全可靠的平台同样至关重要。作为香港黄金交易所贵金属业务中公认的"不卡 盘、不滑点"的优质老牌交易商，第一金始终以稳定、透明的服务赢得市场信赖。接下来，第一金杨生将结合实战经验，为大家逐一解读导致亏损的五大关 键因素。 1. 盲目跟风，缺乏系统交易计划 真实案例：许多初入市场的交易者，一 ...

贵金属日报 2025-10-24 贵金属 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 沪金涨 1.56 %，报 948.64 元/克，沪银涨 1.48 %，报 11517.00 元/千克；COMEX 金报 4127.90 美元/盎司，COMEX 银报 48.48 美元/盎司； 美国 10 年期国债收益率报 4.01%，美元指数报 98.94 ； 北京时间今晚 20:30，美国劳工统计局将公布美国 9 月 CPI 数据。受到美国政府停摆的影响， 本次 CPI 数据晚于既定时间发布。当前市场预期美国 9 月 CPI 同比值为 3.1%，高于前值的 2.9%， 环比值为 0.4%，与前值相符。市场预期美国核心 CPI 同比值为 3.1%，环比值为 0.3%，均与前 值相符。本次 CPI 是美国政府停摆后所公布的首个将会显著影响市场对于美联储货币政策预期 的数据，受到能源价格回落以及二手车价格同比值下降的影响，预计商品通胀将出现缓和，但 近期美国地产销售数据具备韧性，作为核心服务主要构成部分的住 ...

【10月23日纽约尾盘：金银期货上涨，铂金钯金下跌】10月23日周四纽约尾盘，现货黄金涨0.44%，报 4116.53美元/盎司，COMEX黄金期货涨1.62%，报4131.20美元/盎司。费城金银指数收涨0.85%，报 288.00点，纽约证交所ARCA金矿开采商指数收涨1.31%，报2070.16点，美股开盘时"跳空"上涨。 现货 白银涨0.85%，报48.8731美元/盎司，COMEX白银期货涨1.81%，报48.545美元/盎司。COMEX铜期货涨 1.77%，报5.0845美元/磅。 现货铂金跌0.10%，报1628.46美元/盎司，现货钯金跌0.09%，报1452.90美 元/盎司。 和讯财经 和而不同 迅达天下 扫码查看原文 黄金、白银等贵金属:10月23日纽约 尾盘涨跌不一 【10月23日纽约尾盘:金银期货上涨,铂金把金下 跌】 10月23日周四纽约尾盘,现货黄金涨0.44%, 报4116.53美元/盎司,COMEX黄金期货涨1.62%, 报4131.20美元/盎司。费城金银指数收涨0.85%, 报288.00点,纽约证交所ARCA金矿开采商指数收涨 1.31%,报2070.16点,美股开盘时 ...

Core Insights - Recent fluctuations in precious metal prices, particularly silver, have garnered market attention, with silver reaching a historical high of $54.47 per ounce before a significant drop [1] - Year-to-date, spot gold has increased by 56.77%, while spot silver has surged by 70.03%, raising questions about silver's future trajectory [1] Price Movements - On October 21, the London spot silver price experienced a decline of 7.11%, marking the largest single-day drop since early 2021 [1] - As of October 22, the closing prices were $4,097.94 per ounce for gold and $48.44 per ounce for silver, resulting in a gold-silver ratio of approximately 84, indicating a gradual return to a historically reasonable range [3] Market Dynamics - The correlation between gold and silver prices has remained high, with a rolling annual correlation coefficient around 80% since 2004 [3] - The gold-silver ratio typically ranges from 50 to 70, and when it exceeds this range, silver prices tend to rise rapidly to restore balance [3] Historical Context - Silver has undergone three major bull markets since the 1970s, influenced by factors such as inflation, geopolitical tensions, and monetary policy [6] - The most recent bull market began in 2020, with silver prices increasing from $17.82 per ounce at the end of 2019 to around $48 per ounce, reflecting a rise of over 169% [6] Future Outlook - Analysts suggest that the silver market is currently entering a high-level consolidation phase after significant prior gains, with a potential for a double top formation similar to trends observed in 2011 [7] - Long-term support for precious metal prices remains intact, but short-term caution is advised due to the risk of technical corrections following rapid price increases [8]

在贵金属投资领域，现货白银凭借其24小时交易、双向操作、杠杆放大收益等特性，成为全球投资者资产配置的重要工具。然 而，面对市场上数百家交易平台，如何筛选出合规、安全且具备竞争力的平台？本文结合最新市场数据与行业实践，从价格走 势分析、平台筛选标准、主流平台对比三大维度，为投资者提供系统性指南。 1、万洲金业 作为香港黄金交易所AA类141号行员，万洲金业采用MT5交易系统，支持0.01手起投，白银点差低至100美元/手，滑点率严格控 制在0.02%以内。其自主研发的APP集成开户、交易、资金存取功能，日均交易量超10亿美元。用户评价显示，该平台操作流 畅，适合新手与高频交易者。 2、金荣中国 作为香港黄金交易所AA类84号行员，金荣中国支持MT4/MT5双系统，点差成本透明，客户满意度达96%。其APP集成实时行 情、财经资讯及专家策略，资金托管于第三方银行，出入金到账速度行业领先。中小投资者普遍反馈其服务响应迅速。 3、荣昇金业 荣昇金业在贵金属市场中稳步发展，凭借其可靠的交易平台和广泛的客户基础，成为了行业中不可忽视的一股力量。该平台主 打STP直通式交易模式，订单直连国际银行间市场，无人工干预。平台采用 ...

Core Viewpoint - The recent surge in gold and silver prices has led to increased consumer interest in purchasing physical and paper precious metals, but many investors using the "Rongtongjin" platform have reported their bank accounts being frozen due to alleged fraud related to their transactions [2][9]. Group 1: Incident Overview - Multiple investors across various regions, including Shanghai, Beijing, Guangdong, and others, have experienced account freezes after transactions on the "Rongtongjin" platform, with police indicating that these freezes are linked to potential fraud by the transaction counterparties [2][3][6]. - The platform requires investors to transfer funds to designated accounts for precious metal transactions, which has led to complications when funds associated with fraud enter these accounts [9][10]. Group 2: Investor Experiences - Investors have reported varying experiences with account freezes, with some having all their bank accounts, credit cards, and payment services like Alipay frozen, while others faced only temporary restrictions [8][11]. - Specific cases include a woman from Shanxi whose accounts were frozen for 20 days after purchasing gold, and another investor from Chongqing whose accounts were marked for "emergency stop payment" [3][6]. Group 3: Platform Response - The "Rongtongjin" platform has acknowledged the issue, stating that the freezes are a result of funds from fraudulent activities entering their accounts, triggering bank risk prevention mechanisms [9][10]. - The platform has formed a special team to assist affected investors in unfreezing their accounts and has received documentation from law enforcement to clarify that they are not involved in fraudulent activities [10][12]. Group 4: Industry Context - This incident is not isolated, as there have been multiple cases in recent years where legitimate businesses in high-frequency trading sectors, such as precious metals and digital assets, have faced account freezes due to the influx of fraudulent funds [12][13]. - Legal experts have noted that criminals often exploit legitimate trading platforms to launder money, complicating the situation for innocent investors [12][13].