分析人士提醒，黄金等贵金属价格去年以来已持续大幅上涨，短期内或有较大的波动性和不确定性。 现货黄金站上4800美元/盎司，多家品牌金饰价已逼近1500元，其中，周生生足金饰品报1495元/克，较1月20日1454元/克涨41元/克。老凤祥足金饰品 报1498元/克，较1月20日1456元/克涨42元/克。老庙黄金足金饰品报1493元/克，较1月20日1455元/克涨38元/克。 | 现货黄金(AU)<日线> | | | 叠加商品▼ < □ △ □ □ | | | 现货黄金(XAU) | ■ | | --- | --- | --- | --- | --- | --- | --- | --- | | K MA5:4688.727 MA10:4624.046 MA20:4514.517 MA40:4398.630 MA60:4288.542 | | | | | | | | | | | 4800. 720 | 4800. 035 | | 卖出 4800.695 50 | | | | | | | | | 买入 4800.035 50 | | | | | | | 4500.000 | 最新 | 4800.035 | 涨跌 ...

Core Viewpoint - Gold prices have surged, with spot gold in London surpassing $4800 per ounce, leading to significant increases in gold ETFs [1][2]. Short-term Drivers - The escalation of geopolitical risks and macroeconomic disturbances have heightened demand for gold as a safe-haven asset, making global geopolitical tensions a key catalyst for short-term gold price increases [4]. - Recent U.S. economic data showed a lower-than-expected rebound in the December 2025 CPI, with core CPI rising by 0.2% against a forecast of 0.3%. Additionally, initial jobless claims unexpectedly fell to 198,000, the lowest since late November, which may impact interest rate expectations [4]. Medium to Long-term Support - Global liquidity easing and a trend towards de-dollarization are expected to provide solid support for gold prices. In the past year, nine out of ten G10 countries have lowered interest rates, which is anticipated to continue, reducing the holding costs of gold [5]. - Concerns over U.S. debt and government intervention have led central banks to increase gold reserves, with recent data indicating that global central bank gold holdings have surpassed U.S. Treasury holdings for the first time since 1996. This trend is likely to persist [6]. - The combination of a Federal Reserve rate-cutting cycle, increasing global uncertainties, and de-dollarization trends positions gold as a potential new asset pricing anchor, with Citibank predicting a spot gold price of $5000 per ounce in the next three months [6]. Investment Opportunities - Investors are encouraged to consider gold-related ETFs to capitalize on the entire industry chain. The two core investment vehicles highlighted are: - Gold Fund ETF (518800): Direct investment in physical gold, exempt from value-added tax, providing a convenient tool for ordinary investors to track gold price movements [7]. - Gold Stock ETF (517400): Covers stocks across the entire gold industry, allowing investors to benefit from rising gold prices and industry growth [7].

Industry Overview - International gold prices reached a historic high on the 20th, with both New York Mercantile Exchange gold futures and London spot gold prices surpassing $4,700 per ounce [1] - International silver prices also hit a record high, with London spot silver and New York silver futures prices exceeding $95 per ounce [1] Market Analysis - Guotai Junan believes that the rising uncertainty in global geopolitical situations and continuous gold purchases by central banks support a long-term price floor for gold [1] - Although speculative trading has temporarily increased gold price volatility, policies from the Trump administration may further weaken the international credibility of the U.S., indicating that gold prices remain resilient [1] - Galaxy Securities notes that gold and silver prices have historically shown a high correlation, while industrial demand from sectors like photovoltaics and new energy provides solid medium to long-term support for silver prices [1] Company Insights - Zhongjin Gold's core products include gold, with a product range that encompasses gold concentrate, alloy gold, and standard gold [1] - Shengtun Mining focuses on the development and utilization of energy metal resources, concentrating on copper, nickel, and cobalt, while also having gold mining projects [1]

Core Insights - Bitcoin (BTC) experienced a 3% decline, dropping below $90,000, influenced by turmoil in Japan's government bond market and U.S. President Trump's tariff threats against Europe [1] - Ether (ETH) saw a more significant drop of over 7%, falling below the $3,000 mark for the first time since January 2 [1] Market Dynamics - Bitcoin's dominance in the cryptocurrency market has increased, reaching 59.8% of the overall digital asset market capitalization, indicating a growing grip over altcoins [2] - The volatility in the market suggests that Bitcoin may continue to trade lower, with altcoins likely to be more adversely affected in the short term [2] Broader Market Trends - The Nasdaq index fell nearly 2%, while the Nikkei and Germany's DAX also experienced declines of 2.5% and 1%, respectively [3] - In contrast, precious metals have gained popularity as safe havens, with gold rising 3% and silver increasing by 7%, both reaching new record highs [3] - Bitcoin's current trading level is just 3% above its value at the beginning of the year, indicating a significant loss of its 2026 gains [3]

Group 1: Market Performance - Shares of Silvercorp Metals Inc. increased by 6.90% during pre-market trading as silver prices surpassed $95 [1] - Other silver miners also saw gains, with Hecla Mining Company up 6.56%, First Majestic Silver Corp. rising 5.5%, and Endeavour Silver Corp. increasing by 4.5% [1] Group 2: Price Drivers - The surge in silver and gold prices is attributed to growing political uncertainty, particularly related to President Trump's Greenland initiative and potential EU retaliatory measures [2] - Gold spot prices rose by 1% to $4,725.43 an ounce, reaching a record high of $4,675 an ounce on Monday [2] - The conflict involving the White House, the Justice Department, and Federal Reserve Chair Jerome Powell has also contributed to the upward pressure on silver prices [3] Group 3: Demand and Supply Dynamics - Silver prices have increased over 200% from approximately $30 in early 2025, driven by geopolitical uncertainties and its critical role in AI and solar technology [4] - Demand from data centers and renewable energy, along with a sixth consecutive year of supply deficits and new Chinese export restrictions, is tightening the physical silver market [5]

Group 1: Gold Market Overview - In the first month of the new year, spot gold has increased by over 8%, rising more than $380 [1] - Major gold mining companies include Zijin Mining, Shandong Gold, and Zhongjin Gold, all of which have strong resource reserves and cost control capabilities [3] - Shandong Gold is noted for its high correlation with gold prices, indicating significant earnings elasticity [3] Group 2: Silver Market Overview - Silver resources are led by companies like Silver Mountain Mining, which has a silver reserve of 8,382 tons, ranking first in Asia [4] - Shengda Resources focuses on silver mining and refining, with 92% of its business in silver, showcasing strong profitability linked to silver prices [5] - Hunan Silver is the only listed company in China primarily focused on silver, with a full industry chain from mining to refining [7] Group 3: Platinum Group Metals - Companies like Zhongxin Metal and Guoyuan Platinum are involved in the recovery and production of platinum group metals, with significant future production expected [7] - The demand for palladium is anticipated to rise due to its use in automotive emissions control, benefiting companies that produce it as a byproduct [7] - GreenMei is a leader in the recycling of electronic and automotive waste, with a substantial capacity for recovering precious metals [7]

Group 1 - The core viewpoint is that precious metals, particularly silver, are experiencing a resurgence due to overseas events such as the "Greenland Tariff," with silver futures and spot prices rising over 5% overnight [1] - From a fundamental perspective, the silver market has maintained a global shortage since 2021, driven by rigid supply characteristics and an increasing demand base [1] - The demand elasticity for silver is expected to accelerate due to advancements in the AI industry and the re-industrialization overseas, indicating that the fundamental drivers for silver prices will likely persist [1] Group 2 - Major leading companies in the A-share market include Xinyi Silver and Tin, as well as Shengda Resources [2]

Group 1 - The potential acquisition of Greenland by the US under President Trump is expected to create significant market volatility, with a 21-35% chance of occurring according to Polymarket [1] - Trump's proposed tariffs of 10% on goods from eight European countries, escalating to 25% by June if no deal is reached regarding Greenland, are contributing to market uncertainty [3] - Gold and silver prices have surged, with gold reaching near $4,700 an ounce and silver up 206% year-on-year, driven by the tariff announcements and market reactions [4][5] Group 2 - European equity-index futures have dropped approximately 1.3%, while S&P 500 contracts fell nearly 1%, indicating a negative market response to the tariff news [4] - The European response to the tariffs includes potential activation of the EU's anti-coercion instrument, highlighting the geopolitical implications of the trade tensions [5] - The overall sentiment in the market reflects a shift towards traditional safe-haven assets, with capital flowing into gold and silver amid increasing uncertainty [2][3]

Core Insights - Precious metals have reached record highs due to market reactions to President Trump's tariff threats regarding Greenland, indicating a significant shift in investor sentiment towards safe-haven assets [1] Group 1: Market Reactions - The announcement of potential tariffs has led to a surge in gold prices, which have increased by 2.5% to reach $1,800 per ounce, marking the highest level in over a decade [1] - Silver prices have also seen a notable rise, climbing 3% to $25 per ounce, reflecting a broader trend in precious metals as investors seek stability amid geopolitical tensions [1] Group 2: Investor Behavior - Investors are increasingly turning to precious metals as a hedge against economic uncertainty, with demand for gold and silver rising sharply in response to the tariff news [1] - The volatility in the stock market has further fueled interest in safe-haven assets, as traders look for ways to protect their portfolios from potential losses [1]

Core Viewpoint - Gold and silver prices have surged to new highs as investors seek safe-haven assets amid geopolitical and economic uncertainty [1] Group 1: Gold Market - U.S. gold futures for February delivery increased by 1.71% to $4,674.20 per ounce, following a record high achieved last week [1] - Spot gold prices rose by 1.6% to $4,668.14 per ounce [1] - The rally in gold is supported by fundamentals, with expectations of falling real rates and central banks diversifying their reserves, suggesting a potential for further price consolidation or increases [3] Group 2: Silver Market - U.S. silver futures for March reached a record price of $93.035 per ounce, reflecting a 5.06% increase to $93.02 [4] - Spot silver prices also rose by 3.55% to $93.16 per ounce, indicating strong market performance [4] - Current margins for silver are projected to be four to five times higher than in 2024, suggesting a robust outlook for the silver market [4]