已处于3.3万亿美元以上相对偏高水平 中国民生银行首席经济学家温彬分析，1月份，受多重因素叠加影响，美元延续弱势：一是特朗普在委内瑞拉、伊朗、格陵兰岛等多地开展或威胁军事打 击，加剧了地缘政治风险，美元信用风险高企；二是特朗普暗示对美元贬值持开放态度，引发市场抛售潮。美联储委员释放鹰派信号，加之沃什当选美联 储主席的预期发酵，美债震荡上行，全球资产价格整体上涨。 温彬指出，受资产价格变化与汇率波动综合影响，1月末外储环比上涨412亿美元至33991亿美元。汇率方面，1月份，美元指数下跌1.2%至97.1，月中一度 跌至四年来低点95附近。非美货币齐涨，日元、欧元、英镑兑美元分别上涨1.23%、0.9%、1.6%。资产价格方面，十年期美国国债收益率上涨8个基点至 4.26%。全球股市整体震荡偏强，标普500指数环比上涨1.4%，欧洲斯托克指数上涨3.4%，东京日经指数上涨5.9%。 每经记者｜张寿林 每经编辑｜段炼 张益铭 2月7日，国家外汇管理局披露，截至2026年1月末，我国外汇储备规模为33991亿美元，较2025年12月末上升412亿美元，升幅为1.23%。 东方金诚首席宏观分析师王青指出，1月末外储规 ...

中国央行本轮增持黄金周期延续至第15个月，凸显官方需求的韧性。此前，金价创纪录的涨势在上月末 遭遇市场猛烈抛售。 根据2月7日公布的数据，中国人民银行持有的黄金储备1月增加了4万盎司。该央行当前一轮黄金增持行 动始于2024年11月。 一波接一波的投机热潮推动黄金与白银价格在1月迭创新高，随后在月末遭遇历史性巨震。此后价格虽 已自低点反弹，但由于投资者在市场暴跌后调整仓位，市场情绪依然不稳。 世界黄金协会的一份报告称，各国央行和其他主权机构在2025年购买了略高于860公吨的黄金。这家行 业机构预计，今年的购买速度将保持相对稳定。虽然按历史标准衡量，前述买入速度仍然很高，但低于 2025年之前三年每年超过1000吨的惊人力度。 ...

转自：央视新闻客户端 图片来源：央视新闻 市场分析人士认为，在全球流动性预期转变、投机资金高度集中的背景下，金银价格震荡反映贵金属市 场波动性加剧。此轮金银价格波动是技术性调整与政策预期变化共同作用的结果，标志着前期支撑价格 的投资逻辑正在改变。 原标题：《国际金价与银价6日大幅震荡》 国际黄金、白银价格6日大幅震荡。现货黄金价格6日一度下跌超2%，之后反弹升破每盎司4950美元， 涨幅近4%；现货白银价格6日一度下跌近10%，之后反弹升破每盎司77美元，涨幅超9%。今年年初至 今，国际金价涨幅近15%，国际银价涨幅超8%。 来源：中国新闻社 ...

记者 陈植 2月6日早上8点，在上海徐家汇天钥桥路的一家金店里，店主赵乐已早早守候。他正在等待一批特殊的"回头客"——2月2日，他以1095元/克的价格向这些客 户出售300克投资金条。随着金价在史诗级大跌后迅猛反弹，这批金条在短短两天内账面"升值"约4万元。惊喜之下，客户们毫不犹豫地决定：再追投300 克。 从业多年的赵乐还从未经历过当下这般疯狂的黄金行情。 2026年以来，黄金市场演绎出过山车般的轨迹：COMEX黄金期货价格持续凌厉上涨，1月29日一度触及5626美元/盎司历史新高，月内最高涨幅近30%；次 日金价却掉头向下，恐慌性暴跌9.25%；2月2日，黄金期货价格继续下挫1.35%。国内黄金期货价格、黄金概念股票和基金品种全线大跌。 市场在金价巨震中分化：有人获利离场，有人却逆势加仓。 赵乐发现，1月30日以来，希望购买金条的回头客明显增多了，而且是越跌越买。2月3日，黄金价格上演"V型"反转，涨幅达到6.83%。2月5日，COMEX黄 金期货价格从5060美元/盎司快速跌至4800美元/盎司后，又有四名老客户表明第二天要来上门买投资金条，其中两名客户担心"抢不到"金条，提前支付了 10%购金款。 ...

Core Insights - The People's Bank of China has increased its gold reserves for the 15th consecutive month, reaching 74.19 million ounces by the end of January 2026, up from 74.15 million ounces at the end of December 2025 [1] - The increase in gold reserves began in November 2024, with a total addition of 860,000 ounces throughout 2025 [1] - According to the World Gold Council's 2025 Global Gold Demand Trends Report, global gold demand rose by 1% year-on-year in 2025, reaching a record high of 5,002 tons, marking the first time total demand exceeded 5,000 tons [1] - Despite recent fluctuations in international gold prices, the World Gold Council anticipates that the current upward trend will remain stable throughout the remainder of 2026 [1]

谈股论金，侃天侃地，大家好，我是格隆。今天不谈股，正儿八经和大家聊聊黄金。 十六世纪的莎士比亚在《雅典的泰门》中有这样一段对金子的经典描述："金子！黄黄的、发光的、宝贵的金子！这东西，只要一点点，就可以使黑的变 成白的，丑的变成美的；错的变成对的，卑贱变成尊贵，老人变成少年，懦夫变成勇士…" 估计打死他也想不到，400年后，几乎整个人类，都再次为这个黄黄的、发光的东西而疯狂。 这波黄金行情启动于2024年3月，然后就开始了历史几乎没有见过的疯狂上涨。2024年涨幅26.66%，2025年涨幅63.68%，然后26年短短一个月涨28%，到 2026年1月29日，黄金触达5598.88美金/盎司，此时的黄金总价值（38.2万亿美元），已不但是人类第一大资产，且已与疯狂人类数百年举债峰值的美债规 模（38.5万亿美元）旗鼓相当！这是上世纪八十年代以来的首次！ 这不只是黄金的上涨，而是意味着，全球资金在定义一个新的时代：意味着布雷顿森林体系解体后确立的全球以美元为锚、美元以美债为基础的人类金融 大厦，已出现檩柱将倾，嘎吱作响的确定迹象。 挥之不去的末日情节、疯狂的杠杆、极度一致和拥挤的交易，让黄金（含白银）价格在20 ...

Core Insights - The recent fluctuations in gold prices have led to a surge in retail demand, with young consumers flocking to purchase gold jewelry despite falling wholesale prices [1][3] - The disparity between retail and wholesale gold prices highlights the complexities of the gold market, where brand premiums and operational costs significantly affect consumer pricing [5][7] Price Movements - On February 6, the wholesale price of gold in Shenzhen dropped to 1260 CNY per gram, while retail prices at jewelry stores remained high, with some stores pricing gold jewelry at 1588 CNY per gram [1][5] - The London gold price experienced a significant rebound from 4653 USD per ounce to 4841 USD, showcasing a daily volatility of over 160 USD [3] Market Dynamics - The gold market is characterized by a complex pricing structure, with brand premiums, craftsmanship fees, and retail costs contributing to the final consumer price [7] - The recent volatility has led to significant losses for leveraged investors, with one trader losing 400 million CNY in a single day due to a sharp decline in COMEX gold futures [3][9] Investment Strategies - Experienced investors are employing strategies such as pyramid buying to mitigate risks and enhance returns, achieving an average cost reduction of 17% compared to lump-sum purchases [9] - The disparity in gold pricing and market access creates an information disadvantage for retail investors, as institutional players dominate the market [13] Global Market Influence - The London Bullion Market Association (LBMA) revealed that a significant portion of gold purchased by Chinese consumers originates from Swiss warehouses controlled by major financial institutions [11] - The ongoing debate between gold and cryptocurrencies like Bitcoin reflects differing views on their roles as safe-haven assets, with gold maintaining its status during economic uncertainty [15]

Core Viewpoint - The precious metals market experienced a dramatic decline on February 5, 2026, with silver prices plummeting over 14% and gold dropping more than 3%, leading to significant losses in related stocks and a stark contrast between capital market panic and physical market demand [1][3][4]. Market Performance - On February 5, silver prices fell to a low of $75.83 per ounce, while the Shanghai Futures Exchange saw silver contracts drop nearly 15% to 19,340 yuan per kilogram. Gold prices fell below the critical psychological level of $4,800 [1][4]. - A significant number of stocks related to gold and silver, such as Hunan Gold and Sichuan Gold, hit their daily limit down, reflecting a widespread sell-off in the sector [1][4][5]. Market Dynamics - The decline was preceded by a strong performance in January, where gold prices reached nearly $5,600 per ounce and silver exceeded $120 per ounce, resulting in gains of over 25% for gold and 60% for silver in just a month [3][4]. - The sell-off on February 5 was characterized by a lack of liquidity and a surge in stop-loss orders, creating a downward spiral in prices [4][6]. Regulatory Changes - Prior to the crash, exchanges raised margin requirements for silver contracts, which forced leveraged traders to either add funds or face forced liquidation, exacerbating the price decline [6][12]. - Major banks issued risk warnings to clients regarding the heightened volatility in the precious metals market, advising caution and stricter trading rules [12]. Institutional Behavior - Large investment institutions began to adjust their portfolios, with noticeable outflows from major gold ETFs during the price drop, indicating a shift in institutional sentiment [7][12]. - Analysts noted that the market's reaction was influenced by macroeconomic factors, including potential changes in U.S. Federal Reserve leadership and interest rate expectations, which could strengthen the dollar and negatively impact gold and silver prices [6][12]. Physical Market Response - Despite the turmoil in the capital markets, physical gold and silver demand surged in places like Shenzhen, where customers flocked to purchase gold bars, viewing the price drop as an opportunity [9][10]. - Retail gold prices adjusted downward in response to falling wholesale prices, making gold jewelry more attractive to consumers [10]. Analyst Perspectives - Analysts from various firms expressed differing views on the causes of the market decline, with some attributing it to technical adjustments and profit-taking, while others pointed to macroeconomic uncertainties stemming from U.S. Federal Reserve personnel changes [12][13]. - The overall sentiment in the market shifted from extreme optimism to fear, with many investors now closely monitoring support levels and physical demand to gauge future price stability [13].

2026年开年首个交易月落下帷幕，公募基金业绩排行榜单新鲜出炉。主动权益类基金交出"开门红"答卷，成为市场瞩目的 焦点。 | | | 1月主动权益基金收益TOP10 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 今年以来回报 [单位]% | 最大回撤 [单位]% | 基金经理 | 成立年限 | | 671010.OF | 西部利得策略优选混合A | 54.76 | -3.96 | 何奇 | 15.04 | | 673071.OF | 西部利得新动力混合A | 53.95 | -3.94 | 何奇 | 9.23 | | 673040.OF | 西部利得行业主题优选混合A | 48.43 | -3.81 | 何简 | 9.92 | | 016873.OF | 广发远见智选混合A | 42.46 | -2.82 | 唐晓斌 | 3.21 | | 009394.OF | 银华同力精选混合 | 44.29 | -2.86 | 王利网 | 5.65 | | 161810.SZ | 银华内需LOF | 43.59 | -3.47 | 王利刚 | ...

2026年开年，一场静默的资本迁徙正在全球上演。近期，黄金市场波动剧烈，价格一度突破5200美元创下历史新高后又出现回调；比特币也经历了大幅震 荡，引发市场广泛关注。与此同时，当机构投资者悄悄减持美债，当亚洲科技股跑赢纳斯达克，我们不禁要问：这场资本大迁徙的背后，谁才是真正的避险 资产？ 资本流向的三大信号 信号1：美债遭遇历史性抛售 信号2：美股资金外流创纪录 信号3：黄金与新兴市场吸金效应 资本流向可视化：从美国到亚洲的路径迁移 丹麦养老基金AkademikerPension公开清仓1亿美元美债，直言美国"信用不理想" 印度央行持有的美国长期国债降至1740亿美元，为5年最低，较2023年峰值下降26% 日本投资者转为外国长期债券净卖家，2025年12月净卖出3742亿日元 美国股票基金单周净流出168亿美元，录得有史以来最大资金流出之一 科技股重灾区：纳斯达克综合指数1月20日下跌2.39%，英伟达、特斯拉跌幅超4% MSCI新兴市场指数年初至今上涨7%，远超标普500的1%涨幅 拉美股市领涨：MSCI拉丁美洲股票指数创2018年以来新高，年内攀升13% 黄金突破5200美元：现货黄金1月28日站上52 ...