Group 1 - The price of silver (TD) has shown a significant increase, currently trading above 19,197, with a rise of 7.08% from the opening price of 18,180 per kilogram [1][3] - The highest price reached today was 19,551, while the lowest was 18,105, indicating a bullish trend in the short term [1][3] - Technical indicators such as the MACD and RSI suggest strong bullish momentum, with the market remaining active and a focus on upward price movement [3] Group 2 - Venezuela's representative at the UN condemned the US's actions against Venezuela as illegal and a violation of international law, emphasizing the geopolitical motives behind these actions [2] - The representative called for the UN Security Council to condemn the use of force against Venezuela and to uphold international law principles [2] - Venezuela maintains that its national institutions are functioning normally and that the government will defend its sovereignty through diplomatic and legal means [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The price of precious metals strengthened due to the escalation of geopolitical risks caused by the US military strike on Venezuela, and the geopolitical trend is expected to continue supporting precious metal prices in the short - term [6]. - The spot silver price maintains a high premium, indicating a tight supply pattern that supports the silver price, but there may be game risks. It is recommended to pay attention to important US economic data, the new Fed chairperson, and the results of key mineral tariffs [6]. - Based on the gold - silver ratio at a near - decade low, it is recommended to focus on the opportunity of buying gold on dips [6]. - In the long - term, the Fed is in an easing cycle, geopolitical uncertainty will persist, dollar credit risk will increase, and the allocation demand of global central banks, institutions, and residents is expected to continue. Gold prices are likely to move upward, and long - term investors are advised to buy on dips [7]. Group 3: Summary by Relevant Catalogs 1. Price Tracking - **15 - point price of internal and external gold and silver on January 5, 2026**: London gold spot was $4420.31/ounce, London silver spot was $75.44/ounce, COMEX gold was $4429.90/ounce, COMEX silver was $75.25/ounce, AU2602 was 995 yuan/gram, AG2602 was 18260 yuan/kilogram, AU (T + D) was 992.10 yuan/gram, and AG (T + D) was 18296 yuan/kilogram. Compared with December 31, 2025, the price increases were 2.1%, 4.9%, 2.1%, 5.2%, 1.8%, 6.8%, 1.6%, and 7.1% respectively [5]. - **Price difference/ratio on January 5, 2026**: The gold TD - SHFE active price difference was - 2.9 yuan/gram, the silver TD - SHFE active price difference was 36 yuan/kilogram, the gold internal - external (TD - London) price difference was - 5.98 yuan/gram, the silver internal - external (TD - London) price difference was - 843 yuan/kilogram, the SHFE gold - silver main ratio was 54.49, the COMEX gold - silver main ratio was 58.87, AU2604 - 2602 was 2.30 yuan/gram, and AG2604 - 2602 was - 13 yuan/kilogram. Compared with December 31, 2025, the changes were 267.1%, - 256.5%, 293.8%, - 26.0%, - 4.7%, - 3.0%, - 12.2%, and - 55.2% respectively [5]. 2. Position Data - **As of January 2, 2026**: Gold ETF - SPDR was 1065.13 tons, silver ETF - SLV was 16444.13962 tons, COMEX gold non - commercial long positions were 290161 contracts, non - commercial short positions were 49461 contracts, non - commercial net long positions were 240700 contracts, COMEX silver non - commercial long positions were 55243 contracts, non - commercial short positions were 19359 contracts, and non - commercial net long positions were 35884 contracts. Compared with December 31, 2025, the changes were - 0.51%, 0.00%, 3.29%, 5.37%, 2.87%, - 1.41%, - 1.64%, and - 1.29% respectively [5]. 3. Inventory Data - **On January 5, 2026**: SHFE gold inventory was 97704 kilograms, and SHFE silver inventory was 669547 kilograms. Compared with December 31, 2025, the changes were 0.00% and - 3.19% respectively. As of January 2, 2026, COMEX gold inventory was 36402970 troy ounces, and COMEX silver inventory was 449773368 troy ounces. Compared with December 31, 2025, the changes were 0.41% and 0.08% respectively [5]. 4. Interest Rate/Exchange Rate/Stock Market - **On January 5, 2026**: The US dollar/renminbi central parity rate was 7.02. As of January 2, 2026, the US dollar index was 98.46, the 2 - year US Treasury yield was 3.47%, the 10 - year US Treasury yield was 4.19%, VIX was 14.51, the S&P 500 was 6858.47, and NYMEX crude oil was 57.33. Compared with December 31, 2025, the changes were - 0.08%, 0.19%, 0.00%, 0.24%, - 2.94%, 0.19%, and - 0.14% respectively [5]. 5. Market Review - On January 5, the main contract of Shanghai gold futures closed up 1.4% to 995 yuan/gram, and the main contract of Shanghai silver futures closed up 1.16% to 18247 yuan/kilogram [5]. 6. Influencing Factor Analysis - The US military strike on Venezuela over the weekend led to increased geopolitical risks and uncertainty in the international order. The recovery of safe - haven demand drove up precious metal prices. The geopolitical situation is expected to continue supporting precious metal prices in the short - term [6]. - The silver spot price maintains a high premium, indicating a tight supply pattern that supports the silver price. However, there may be game risks. It is recommended to pay attention to important US economic data, the new Fed chairperson, and the results of key mineral tariffs [6]. 7. Medium - and Long - Term Viewpoints - In the long - term, the Fed is in an easing cycle, geopolitical uncertainty will persist, dollar credit risk will increase, and the allocation demand of global central banks, institutions, and residents is expected to continue. Gold prices are likely to move upward, and long - term investors are advised to buy on dips [7].

来源：每日经济新闻 新年首个交易日来了！ 在美国周末对委内瑞拉发起"斩首式"军事行动、强行抓捕委内瑞拉总统马杜罗后，全球投资者在新年伊 始正面临地缘政治风险的再度大幅升温。周一开盘后，国际油价在小幅低开后走高又转跌、现货黄金和 白银价格则大幅上涨。 新华社1月5日报道，美国总统特朗普4日号称，美国已"掌控"委内瑞拉。 黄金、白银大涨 1月5日早间，贵金属集体大涨。数据显示，现货黄金重回4400美元关口，日内涨幅扩大至1.6%；现货 白银一度涨超4%，现报75.46美元/盎司。 | 贵金属 △ | | | | --- | --- | --- | | 伦敦金现 | 伦敦银现 | COMEX黄金 | | 4404.000 | 75.464 | 4414.9 | | +72.425 +1.67% | +2.645 +3.63% | +85.3 +1.97% | | COMEX白银 | SHFE黄金 | SHFE白银 | | 75.015 | 992.54 | 18232 | | +4.000 +5.63% | +11.32 +1.15% | +195 +1.08% | 国内商品期货市场开盘，贵金属板块同样大涨，钯金以 ...

Core Viewpoint - The upcoming Year of the Horse in 2026 is seen as an opportunity for investment in gold, with the tradition of "bringing fortune" associated with the new year, making gold a preferred asset during this period [1][9]. Group 1: Investment Opportunities - The gold market experiences a surge in investment activity around the Chinese New Year, as it symbolizes safety and prosperity, providing a chance to capitalize on year-end and new-year market trends [1]. - Wan Chao Gold Industry, a member of the Hong Kong Gold Exchange, is launching a promotional campaign titled "One Horse Leads the Way to Spring Fortune," offering various incentives for new investors from January 1 to February 28, 2026 [1][3]. Group 2: Company Credentials - Wan Chao Gold Industry holds the highest AA class qualification from the Hong Kong Gold Exchange, ensuring compliance and security in transactions, with every order verifiable through the exchange's official website [3]. - The company employs a dual regulatory framework and has implemented a robust fund security system, including 100% physical separation of client funds and operational funds, stored in licensed banks in Hong Kong [3]. Group 3: Promotional Activities - The promotional campaign features low entry barriers and high rewards, catering to both novice and experienced investors, with multiple bonus offerings available [4]. - New users can receive activation bonuses up to $30,000 by registering and completing identity verification within 48 hours, without needing to deposit funds initially [4]. - Additional bonuses are available for first-time deposits, with a tiered structure that increases the bonus amount based on the deposit size, allowing for a maximum bonus of $30,000 [4][5]. Group 4: Participation Process - The process to participate in the promotional campaign is straightforward, requiring users to click on the activity link, complete registration and verification, and then unlock bonuses through trading [6]. - The campaign encourages users to engage in trading to accumulate rewards, with higher trading volumes leading to greater bonus amounts [5][6].

Group 1 - The U.S. government is taking preliminary steps to reopen its embassy in Venezuela, aiming to influence local policies under the leadership of interim president Rodriguez [2] - The U.S. embassy in Venezuela was closed in 2019, following the recognition of opposition leader Juan Guaido as president and the claim that Maduro's 2018 re-election was illegitimate [2] - With Maduro awaiting trial in New York, there is potential for a thaw in bilateral relations, as Rodriguez has signaled a more conciliatory approach [2] Group 2 - Silver T+D prices opened at 17850 yuan/kg and are currently trading at 18255 yuan/kg, reflecting a 2.66% increase, with a daily high of 18330 yuan/kg and a low of 17850 yuan/kg [1] - The recent price movement indicates a short-term oscillating trend, with a significant drop of 5% last Wednesday followed by a recovery of over 2% today [1] - Technical indicators suggest that while bullish momentum is weakening, there is still potential for price increases, with support levels identified between 16500-17500 yuan/kg and resistance levels between 18500-19000 yuan/kg [1]

Price Performance - London Gold latest price is 4307.95, change is -59.85 [1] - London Silver latest price is 71.99, change is -2.85 [1] - London Platinum latest price is 2226.00, change is 46.00 [1] - London Palladium latest price is 1660.00, change is 12.00 [1] - WTI Crude latest price is 57.42, change is -0.53 [1] - LME Copper latest price is 12495.50, change is 19.00 [1] - US Dollar Index latest is 98.27, change is 0.05 [1] - EUR/USD latest is 1.17, change is -0.00 [1] - GBP/USD latest is 1.35, change is 0.00 [1] - USD/JPY latest is 156.67, change is 0.25 [1] - US 10 - year TIPS latest is 1.93, change is 0.03 [1] Trading Data - COMEX Silver inventory latest is 13978.71, change is 18.52 [1] - SHFE Silver inventory latest is 691.64, change is -64.11 [1] - Gold ETF持仓 latest is 1070.56, change is -1.43 [1] - Silver ETF持仓 latest is 16444.14, change is -11.28 [1] - SGE Silver inventory data not provided [1] - SGE Gold deferred fee payment direction change is 1.00 [1] - SGE Silver deferred fee payment direction change is 0.00 [1]

周日(1月4日)因假期休市，2026年首个交易日，贵金属盘初集体走高，延续了自1979年以来的最佳年度 表现。现货白银价格盘中一度突破74美元/盎司，收报72.62美元/盎司。2025年现货白银全年累涨超 147%，2026年白银的走势可能将继续受到宏观经济环境、货币政策以及市场情绪等因素的影响。 【要闻聚焦】 【机构预测】 白银，2025年超级大牛市，年尾史诗级暴跌后，强势逼空行情被终结。周一白银单日暴跌13美元以上， 周二反弹周三被打压，周五则低位震荡，周线长上影大阴线。 本周剧烈波动后，预计下周多空大战还要上演。重点支撑还是70美元大关，之上看多空拉锯；短期第一 阻力调整为75-74.5，重点阻力由80-80.5下移至78美元区域。理论上70美元，应该不是84下跌的低点， 看好0.618(66-67美元)和0.5(62-61美元)位置布局中长线多单；目标突破84美元，剑指100美元以上。 保持在短期均线之上将使上行目标保持关注，并可能为接近80.00美元的上升通道上边界的阻力打开一 条路径。突破通道将帮助银价接近85.87美元的历史高点，该高点于12月29日创下。 晚间交易提醒： 今日暂无重要数据 20 ...

1月5日， 现货白银日内大涨4%，现报75.72美元/盎司。 现货黄金重回4400美元关口之上，日内涨幅扩大至1.6%。 特朗普威胁委内瑞拉代总统：若不正确行事，将付出更惨痛代价；丹麦首相：美国应停止继续威 胁"吞并格陵兰岛"；2026年育儿补贴今天开始申领丨早报 更多最新消息： ...

声明：本文内容均是根据权威材料，结合个人观点撰写的原创内容，辛苦各位看官支持。 文丨如梦 编辑丨小吕 2025年12月29日，贵金属市场直接"翻脸"，前一天还在历史高位狂欢的黄金白银，当天就迎来断崖式下 跌。 现货黄金一口气跌了200多美元，白银更狠，单日跌幅冲到9%，刷新了近半个世纪的单日下跌纪录。 这波过山车行情，就算是老股民怕是也得被惊出一身冷汗。 2011年银价飙升的时候，CME9天里5次上调保证金，结果白银几周内就大跌近30%，这次不过是故技重 施。 更让市场慌的是，当天还传着一个消息，说有家大型银行因为白银空头头寸亏太多，补不上保证金被强 制清算。 这消息说得有鼻子有眼，说这家银行是贵金属衍生品市场的巨头，持有数亿盎司的白银空头，上周五银 价突破70美元时就被要求追加23亿美元保证金，最后没凑够钱，周日凌晨被强制平仓。 保证金上调：压垮行情的"最后一根稻草" 这次暴跌不是没征兆，直接导火索就是美国芝加哥商品交易所突然上调交易保证金。 通俗点说，就是原来买一手黄金白银需要的本金变多了，黄金要多准备10%，白银多要13.6%，铂金更 夸张，直接多要23%。 本来很多人都是靠杠杆在市场里操作，本金突然不 ...

金银周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2026年1月4日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 黄金：地缘政治刺激避险情绪；白银：高位回落，资金止盈离场 数据来源：Wind、国泰君安期货研究所 2 ◆ 本周伦敦金回落-2.85%，伦敦银回升2.82%。金银比从前周的64回落至58.37，10年期TIPS回升至1.94%，10年期名义利率回落至4.19% （2年期3.47%），美元指数录得98.45。 ◆ 假期前贵金属板块剧烈调整，年末和元旦前止盈盘大量离场，铂钯作为贵金属板块风险偏好的风向标，连续跌停也带崩白银表现。整体上我 们认为：1、现在盘面明显感觉到资金从贵金属撤退，做高切低。2、白银抢跑结束，后续继续上涨需要等待现实紧缺兑现，主要靠伦敦和中 国市场。3、白银会先降波，高位搭建震荡平台，等待后续20%的涨幅。 ◆ 然而理性来看，白银在26年的逻辑我们认为依旧未变。白银更大上涨风险在2 ...