Core Viewpoint - The Shenzhen Municipal Financial Committee warns about illegal financial activities in the gold trading sector, highlighting the risks associated with fraudulent schemes disguised as gold investment opportunities [1][3]. Group 1: Illegal Activities - Recent fluctuations in gold prices have led to the emergence of fraudulent schemes, including "gold entrustment," "gold leasing," and "gold investment," which are often linked to illegal fundraising, fraud, and gambling [1]. - Case examples illustrate how gold dealers mislead consumers into signing contracts that promise fixed returns while failing to deliver actual gold [1][2]. - A specific case involves a gold trading app that promotes high returns with low investment, misleading investors into believing they can secure significant gold amounts with minimal upfront costs [2]. Group 2: Regulatory Framework - The warning emphasizes that financial activities related to gold must be conducted by licensed financial institutions, as per Chinese regulations [3]. - It is illegal for any organization or individual to engage in financial activities without proper authorization from national financial regulatory bodies [3]. - The document specifies that only banks, trusts, securities, funds, futures, and insurance asset management institutions are qualified to manage gold assets, and any unauthorized entities lack the necessary qualifications [3]. Group 3: Public Awareness - The public is urged to remain vigilant and choose legitimate investment channels, avoiding enticing offers that promise guaranteed returns or low-risk investments [4]. - Individuals are encouraged to report any suspicious activities related to gold investment schemes to relevant authorities [4].

Core Viewpoint - The Shenzhen Municipal Financial Committee Office warns about illegal financial activities in the gold trading sector, particularly as gold prices fluctuate, leading to fraudulent schemes disguised as legitimate gold investment opportunities [1] Group 1: Illegal Activities - Recent fluctuations in gold prices have led to the emergence of illegal activities such as "gold entrustment," "gold leasing," and "gold investment," which are associated with illegal fundraising, fraud, gambling, and illegal operations [1] - These activities disrupt the economic and financial order and pose significant risks to public property safety [1] Group 2: Regulatory Framework - China implements a licensed operation system for financial businesses, prohibiting any organization or individual from engaging in financial activities without approval from national financial regulatory authorities [1] - Various gold and jewelry dealers and stores are not classified as financial institutions and lack the qualifications to manage gold assets or engage in futures and derivatives trading [1] Group 3: Public Advisory - The public is advised to be vigilant and choose legitimate investment channels, avoiding enticing phrases such as "guaranteed returns," "high interest from gold leasing," and "low investment with high returns" that may lead to illegal financial traps [1] - Individuals are encouraged to report any suspicious activities related to "gold entrustment," "gold leasing," or "gold investment" to relevant authorities [1]

北京时间11月20日21:30，被美国政府停摆推迟近两月的 9 月非农报告正式公布。美国劳工统计局数据显示，美国9月非农就业人数增加11.9万，远好于此前 市场预计的5万。此外，9月美国失业率继续上升，环比上升0.1个百分点至4.4%，高于预期和前值4.3%，主要原因是黑人失业率上升，部分原因是劳动参与 率意外升至62.4%，9月失业率创下2021年11月以来的最高水平。 美国9月非农报告的发布，强化了美联储在10月会议上的判断，投资者调降了对美联储12月降息的押注，市场数据显示，美联储12月降息25个基点的概率已 经降至39%左右。这份被市场称为"矛盾"的9月非农报告，让黄金承受压力，上行空间受到明显限制。数据一出，现货黄金短线下行34美元，金价从4107美 元/盎司水平快速走下至4072美元/盎司区间水平，后收复失地。 市场分析认为，黄金作为最佳避险资产，投资者合理配置黄金可以降低投资组合的风险。短期内，美国9月非农数据好坏参半为投资者带来独特的黄金投资 机会；长期来看，美联储降息周期尚未结束、地缘局势风险不断、全球央行购金势头不减和黄金投资需求持续上涨等，都将支撑金价上行。总之，眼下正是 布局黄金市场的 ...

Group 1 - The core point of the news is the release of the September non-farm payroll report, which shows an increase of 119,000 jobs, significantly exceeding the market expectation of 50,000 [1][3] - The unemployment rate in the U.S. rose to 4.4%, up 0.1 percentage points from the previous month, primarily due to an increase in the unemployment rate among Black Americans and an unexpected rise in the labor participation rate to 62.4% [1][3] - The report has led to a reduction in market expectations for a Federal Reserve rate cut in December, with the probability of a 25 basis point cut now at around 39% [3] Group 2 - The mixed signals from the September non-farm data have created unique investment opportunities in gold, as it is considered a safe-haven asset [3] - Short-term fluctuations in gold prices are expected, but the long-term bullish trend remains strong, supported by ongoing demand for gold from global central banks and geopolitical risks [8] - Investors are advised to adjust their investment strategies based on their risk preferences and economic capabilities, considering opportunities to enter the gold market during price corrections [3][8] Group 3 - Different investment strategies should be employed based on the investor's goals; conservative investors may prefer physical gold, while those looking for short-term trading might opt for spot gold trading [5] - A diversified investment approach combining spot gold with 10%-20% physical gold can help manage liquidity and risk [5] - It is essential for investors to start with small amounts, choose suitable gold investment products, and utilize proper trading techniques to mitigate risks [8]

Core Viewpoint - The recent volatility in the gold market, highlighted by a significant drop in gold prices, is primarily driven by the Russian central bank's unexpected sale of gold reserves to address fiscal challenges, alongside changing market expectations regarding the Federal Reserve's interest rate policies [1][5][11]. Market Dynamics - On November 21, gold prices experienced a dramatic fluctuation, peaking at $4088 per ounce before plummeting to a low of $4025.38, marking a single-day movement exceeding $50 [3]. - The London gold price as of November 22 was $4063.94 per ounce, reflecting a slight decline of 0.35% from the previous trading day, while the Shanghai gold market showed an increase of 0.49% to 932.03 yuan per gram, indicating a divergence in market behavior [3][5]. Influencing Factors - The market's reaction to the Federal Reserve's policy changes is crucial, with expectations for a December rate cut dropping from over 90% to 32.8%, while the probability of maintaining current rates rose to 60.4% [3]. - Geopolitical tensions, particularly in the Middle East and the ongoing Russia-Ukraine conflict, continue to create uncertainty, impacting gold's appeal as a safe-haven asset [5][11]. Technical Analysis - Current gold prices are at a critical juncture, with short-term traders' positions concentrated around $4050. A breakout in either direction could trigger significant market reactions [7]. - Analysts predict three potential scenarios for gold prices: a rebound towards $4200, a range-bound movement between $3950 and $4150, or a slight pullback testing support at $3850 to $3900 [9][11]. Institutional Perspectives - Major financial institutions have differing forecasts for gold prices, with UBS raising its mid-2026 target from $4200 to $4500 per ounce, while JPMorgan anticipates an average price of $5055 by the end of 2026 [11]. - The global central bank's gold purchases have provided essential support for gold prices, with China increasing its reserves for 12 consecutive months and a total of 634 tons purchased globally in the first three quarters [5][11]. Investment Strategies - For long-term investors, the focus remains on the ongoing trend of de-dollarization and central bank purchases, suggesting a strategy of accumulating gold during price dips [13]. - Short-term traders should closely monitor Federal Reserve signals and geopolitical developments, establishing clear stop-loss and take-profit levels [13][15]. Market Sentiment - The recent outflow of $1 billion from the largest gold ETF indicates shifting investor sentiment, with some reallocating funds towards equities, particularly in the tech sector [13][20]. - The gold market's volatility reflects broader economic uncertainties, with gold maintaining its status as a traditional safe-haven asset amidst fluctuating market conditions [21].

随着近期国际金价不断攀升，投资者对于黄金投资、黄金饰品消费的热情持续高涨，黄金投资骗局同步抬头。 一、非法黄金托管骗局："稳赚不赔"的陷阱本质 非法黄金托管骗局通常以 "专业托管、无需操心、高息回报" 为诱饵，声称由"资深机构"代为保管实物黄金或操作黄金资产，承诺每月 / 季度支付固定收益 （如年化8%-20%），甚至以"拉新返现"鼓励投资者发展下线。其核心是通过"新投资者资金支付旧投资者收益"的庞氏骗局模式运转，并无实际黄金资产支 撑或合法投资行为。 综述： 典型运作流程 1、虚假宣传引流：通过微信群、短视频平台、线下讲座等渠道，包装"黄金抗通胀 + 托管稳收益"的概念，展示伪造的"托管合同""黄金储备证明""过往高收 益记录"，吸引投资者关注。 2、低门槛诱入：设置极低的起投金额（如 1000 元即可参与），降低投资者警惕性，同时承诺 "随时赎回""保本保息"，打消资金安全顾虑。 3、伪造托管假象：部分骗局会提供"虚拟黄金账户"，显示投资者"持有黄金数量"，但账户内的黄金无法兑换实物，也无法在正规黄金市场流通；少数骗局 会租用场地展示少量实物黄金，谎称是"投资者托管资产"，实则为道具。 4、崩盘跑路收尾： ...

受美联储降息预期大幅降温与获利回吐盘冲击，国际金价在上周经历剧烈震荡，在一度冲高至每安士 4200 美元以上后 显著回落，最终守住 4000 美元关键心理关口，凸显市场对货币政策走向的高度敏感。 据市场数据显示，12 月交割的黄金期货全周上涨 1.8%，收于每安士 4084.4 美元，但在 11 月 14 日单日跌幅达 2.6%， 回调态势明显。这一波动源于美国货币政策预期的骤变：芝加哥商品交易所（CME）FedWatch 工具显示，当前市场对 12 月美联储降息的预期概率已不足 50%，而一个月前这一数值尚超过 90%。 金价走势 AI生成 预期逆转的核心诱因是美国政府停摆的后遗症。尽管为期 43 天的停摆已结束，但经济数据收集工作受到严重干扰，缺 乏高质量数据支撑使得美联储被迫采取中性货币政策立场，市场普遍预计 12 月利率将维持不变。与此同时，美元走强 进一步压制了以美元计价的黄金吸引力，共同构成金价回调的双重压力。 市场对金价走势的分歧日益加剧。信息服务商金拓（Kitco）的调查显示，华尔街分析师尚未形成明确共识，多数人将 此次回调视为 "战术性买入机会"；而大众投资者则仍保持看涨态度。Adrian ...

Core Insights - The report highlights the strategic transformation and structural opportunities in the gold industry amid escalating geopolitical conflicts, focusing on three main sectors: gold mining, jewelry consumption, and investment markets [1][2][3]. Gold Mining Sector - The gold mining sector shows a clear trend of "price increase and stable volume," with international gold prices rising by 39.21% year-on-year in the first half of 2025, and domestic Au99.99 gold prices increasing by 41.07% [1]. - Major mining companies reported net profit growth exceeding 50%, with Shandong Gold and Western Gold achieving the highest increases of 120.5% and 141.66%, respectively [1]. - Domestic gold production slightly decreased by 0.31% to 179.083 tons, indicating a shift from scale expansion to resource control [1]. - The implementation of the "High-Quality Development Implementation Plan for the Gold Industry (2025-2027)" aims for a resource increase of 5%-10% and breakthroughs in deep mining technology [1]. - Companies are building a "domestic stability + overseas expansion" dual circulation pattern, with overseas gold production increasing by 16.17% to 39.608 tons [1]. - Exploration investment surged, with gold exploration funding reaching 2.146 billion yuan, a 52.8% year-on-year increase, enhancing resource security [1]. Jewelry Consumption Sector - The jewelry sector faces a divergence between volume and price, with retail sales of gold and silver jewelry increasing by 11.3% year-on-year to 194.8 billion yuan, while gold consumption volume decreased by 3.54% [2]. - There is a significant structural differentiation: gold jewelry consumption fell by 26%, while gold bars and coins consumption grew by 23.69%, highlighting a shift from consumption to investment demand [2]. - High gold prices have led to a deeper segmentation of consumer preferences, with a focus on lightweight, well-designed, and high-value products [2]. - Brands like Chow Tai Fook and Lai Shen Tong Ling have achieved growth through product structure optimization, catering to younger consumers' demand for emotional value and cultural significance [2]. Investment Market - The financialization of the gold investment market is accelerating, with trading volumes on the Shanghai Gold Exchange and futures exchanges increasing by 56.46% and 149.17% year-on-year, respectively [2]. - Gold ETF holdings surged by 173.73% year-on-year, indicating a strong entry of institutional investors into the market [2]. - The People's Bank of China has increased its gold reserves for eight consecutive months, adding a total of 18.97 tons in the first half of 2025, underscoring gold's role as a stabilizing asset in the national financial security system [2]. - The internationalization of the gold market has made progress, with the launch of local settlement contracts on the Hong Kong International Board of the Shanghai Gold Exchange, promoting a global pricing system for RMB-denominated gold [2]. - Regulatory measures, such as the implementation of anti-money laundering and anti-terrorist financing management regulations for precious metals and gemstones, have strengthened market security [2]. Overall Industry Outlook - The Chinese gold industry demonstrated strong resilience in a complex environment during the first half of 2025 [3]. - Future trends include a shift in mining from production expansion to resource control and technological innovation, a focus on structural opportunities in the jewelry sector, and continued financialization and internationalization in the investment market [3]. - The industry is accelerating the construction of a modern industrial system with global competitiveness, further enhancing its strategic value and financial attributes [3].

Core Insights - Since 2025, international gold prices have surged over 60%, reaching a peak of $4,300 per ounce in late October, leading to high investment enthusiasm and demand for physical gold [1] - However, as gold's popularity rises, various deceptive practices have emerged, causing significant losses for ordinary investors [1][4] Group 1: Deceptive Practices in Gold Investment - Investors in Shenzhen and Nanjing reported encountering three main scams: "gold wrapped in copper" when buying, "ghost scales" when selling, and "purification depreciation fees" that significantly reduce returns [1][4] - A case study highlighted an investor who purchased a gold bracelet labeled as 999 pure gold, only to discover it was primarily copper upon attempting to sell it, resulting in substantial financial loss and a complicated legal battle [4][5] - Another investor experienced a significant weight loss in gold during the selling process, attributed to the use of manipulated scales by the buyer, leading to a loss of nearly $8,000 [5][7] Group 2: Impact of New Tax Policies - On November 1, the Ministry of Finance and the State Taxation Administration announced new tax policies that increased the procurement costs of physical gold bars and jewelry due to a disruption in the VAT deduction chain [3] - As a result, jewelry prices increased by 60-70 yuan per gram on the same day, prompting many investors to shift towards online gold investment options that retain VAT tax benefits [3] Group 3: Shift to Online Gold Investment - In response to the challenges faced in physical gold investment, many ordinary investors are turning to online platforms for gold accumulation and ETFs, which offer lower costs and fewer hidden fees [11][12] - Young investors prefer digital investment methods, such as bank apps and platforms like Alipay, to avoid the high premiums and difficulties associated with physical gold [11][12] - The volatility of the gold market, with prices fluctuating significantly, has led to a more cautious approach among investors, emphasizing the importance of a diversified investment strategy [14][16]

Core Insights - The article emphasizes the growing appeal of gold investment as a low-cost, low-barrier entry point for new investors, particularly in the context of economic uncertainty and inflation [1][2][4]. Investment Appeal of Gold - Gold is presented as a reliable hedge against economic volatility and a safeguard for wealth during turbulent times, contrasting with the potential declines in stocks and funds [1][2]. - It is characterized as an effective counter to inflation, maintaining its value as currency purchasing power diminishes due to central bank policies [1][2]. Flexibility and Accessibility of Trading - The article highlights the flexibility of trading gold on platforms like LPM Global, which allows for 24-hour trading and T+0 transactions, enabling investors to capitalize on daily market movements [2][4]. - Unlike traditional investments such as real estate or stocks, gold trading requires minimal capital, making it accessible for younger investors [2][4]. Support for New Investors - LPM Global offers various resources to assist new investors, including live analysis from experienced analysts, educational content, and a user-friendly trading app [4][5]. - The platform provides a simulated trading environment with virtual funds, allowing users to practice without financial risk [8]. Steps to Start Investing - The article outlines a four-step process for new investors to begin trading gold, including quick account setup, risk-free practice, low initial investment, and the potential for daily earnings [7][9][10].