Core Viewpoint - The global gold market is at a transformative juncture as the World Gold Council (WGC) plans to launch a digital gold unit called "Pooled Gold Interests" (PGI) in London in Q1 next year, aiming to create a new method for gold trading, settlement, and collateralization through digitization and trust structures [1][3] Group 1: Digital Gold Initiative - The London physical gold market, valued at $900 billion, may see the introduction of a third trading model that is neither "allocated" nor "unallocated" but a new, highly standardized digital rights certificate [3] - WGC CEO David Tait emphasizes that digitization is essential for expanding market coverage and integrating with modern financial infrastructure, transforming dormant gold assets into profitable collateral management tools [3][4] Group 2: Market Dynamics - Gold prices have doubled over the past three years, reaching a historic high recently, with institutions like UBS and Morgan Stanley predicting gold could challenge $4,000 per ounce by 2026 due to ongoing central bank purchases, geopolitical risks, and fluctuations in the dollar credit system [4] - In China, there is a growing enthusiasm among retail investors for gold, with various investment options becoming significant in asset allocation, indicating a potential for broader participation in gold investment through the upcoming digital gold [4] Group 3: Challenges Ahead - The primary resistance to digital gold comes from the market's inherent inertia, as traditional stakeholders in the London gold market are hesitant to change existing models, evidenced by the slow adoption of the blockchain-based "Bar Integrity Program" [5] - Some industry experts express concerns that gold may face competition from cryptocurrencies and stablecoins linked to traditional assets, highlighting the need for a balance between digitization and the physical attributes of gold [5]

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to the margin levels and price fluctuation limits for gold and silver contracts due to the recent surge in prices, emphasizing the need for enhanced risk management among members and investors [1][3][4]. Summary by Sections Margin and Price Limits Adjustment - Starting from September 5, 2025, the margin level for various gold contracts will increase from 13% to 14%, and the price fluctuation limit will rise from 12% to 13%. For silver contracts, the margin will increase from 16% to 17%, with the fluctuation limit changing from 15% to 16% [3]. Market Performance - Gold and silver prices have recently experienced significant increases, with gold reaching a peak of nearly $3547 per ounce on September 3 [5][10]. Physical Gold Prices - On September 3, domestic gold jewelry brands reported rising prices for gold jewelry, with prices reaching 1056 CNY per gram for Chow Sang Sang and 1053 CNY per gram for brands like Chow Tai Fook and Luk Fook [8]. Macro Economic Factors - The market sentiment has shifted towards a risk-averse mode, influenced by expectations of interest rate cuts by the Federal Reserve and geopolitical tensions, which have driven up the prices of safe-haven assets like gold and silver [10]. Silver Market Dynamics - Silver's industrial demand, particularly in the photovoltaic sector, has contributed to a supply deficit for five consecutive years, further driving up prices. Analysts predict that silver will outperform gold by the end of the year, with potential price increases driven by a favorable gold-silver ratio [11]. Digital Gold Initiative - The World Gold Council is exploring a digital form of gold, named the "Gold Ownership Pool," which aims to revolutionize the physical gold market by allowing fractional ownership of physical gold. This initiative is set to pilot in London in the first quarter of next year [11][12].

2025年1月1日，香港黄金交易所（HKGX）正式启动运营，接替已有115年历史的香港金银业贸易场，标志着香港黄金市场 进入新时代。 作为香港黄金交易所AA类084号行员，金荣中国成为这一变革的重要参与者和推动者。 面对全球黄金需求的持续增长（2025年一季度全球黄金需求总量达1206吨），金荣中国凭借7×24小时多语种服务能力与香 港黄金交易所的"黄金通"机制深度融合，正助力香港从区域黄金交易枢纽向全球黄金定价中心迈进。 一、香港新格局：从贸易场到全球交易所 香港黄金交易所的成立不是简单的名称变更，而是香港强化国际金融中心地位的战略举措。交易所运营以来，香港黄金市 场活力显著增强。2025年第一季度的数据显示，香港黄金交易量同比激增20%，展现了市场对新平台的高度认可。 香港黄金交易所的三重战略定位清晰：通过国际行员制度吸引全球资本；依托区块链技术推出"Gold Zip"数字化黄金产 品；构建"黄金通"机制，贯通亚欧美市场。 二、技术赋能：打造无缝跨境交易体验 金荣中国作为香港黄金交易所的核心行员，依托MT4/MT5全球主流交易系统，为"黄金通"提供了技术底层支撑。这些系统 采用全球分布式服务器部署，具备负 ...

Core Viewpoint - The World Gold Council is seeking to launch digital gold, which could revolutionize the $900 billion physical gold market in London [1][3]. Group 1: Digital Gold Initiative - The new digital unit called "Pool Gold Interests" (PGIs) will pilot in London with commercial participants in the first quarter of next year [3]. - Digital gold aims to expand market coverage despite many investors valuing gold for its physical characteristics and lack of counterparty risk [3][4]. - The digitalization of gold could allow it to be used as collateral and meet margin requirements, transforming it from a static asset on balance sheets [3][5]. Group 2: Market Structure and Participants - The London wholesale gold market is the largest physical trading center globally, supported by major banks like HSBC and JPMorgan [6]. - Currently, there are two types of trading in the London market: "allocated" gold trading involving specific bars and "unallocated" gold trading without specific bars [7]. - The proposal for PGIs will create a third trading type in the London over-the-counter gold market [7]. Group 3: Challenges and Competition - Despite rising gold prices, the asset faces competition from cryptocurrencies and stablecoins, which could surpass traditional gold investments [9]. - Efforts to create gold-backed stablecoins have largely failed, with the most successful ones managing around $1.3 billion in assets compared to $400 billion held in gold-backed ETFs [9]. - The adoption of blockchain initiatives in the gold market has been slow, but there is a positive reception among refiners, with 96% of good delivery list refiners participating [9].

Core Viewpoint - The World Gold Council plans to pilot "Pool Gold Interests" (PGIs) next year, allowing banks and investors to buy and sell fractional ownership of physical gold stored in independent accounts, aiming to digitize gold to expand market coverage [1][3]. Group 1: Digital Gold Initiative - The new digital unit PGIs will be tested in London in Q1 next year, with the goal of transforming the $900 billion physical gold market [1]. - The digitization of gold is seen as a way to utilize it for margin requirements and as collateral, moving away from its traditional role as a static, non-yielding asset on balance sheets [1][4]. - The initiative is part of a broader effort to create a new model for precious metal trading, settlement, and collateral [1]. Group 2: Market Dynamics and Challenges - The plan faces resistance from existing market participants who prioritize gold's physical characteristics and view it as a safe-haven asset [2][6]. - The London wholesale gold market, dominated by major banks, currently operates under two trading types: allocated and unallocated gold trading, with the PGIs proposal introducing a third type [5]. - The gold market is also facing competition from cryptocurrencies and stablecoins, with previous attempts to create gold-backed stablecoins largely unsuccessful [6]. Group 3: Industry Support and Adoption - Major banks and trading companies are expected to participate as co-owners of the underlying gold in the pilot project [4]. - The World Gold Council's previous blockchain initiative, the "Gold Bar Integrity Program," has seen good acceptance among refineries, with 96% of compliant refineries joining [7]. - The CEO of the London Bullion Market Association acknowledges the challenges but believes in the potential for significant changes in gold procurement processes [7].

此外，美元走弱也是助推金价上涨的因素之一。9月1日，美元触及5周来的低点。 今年以来，现货黄金价格已累计上涨超33%，今年4月曾创下3500美元/盎司的历史高位。 分析师认为，在美联储降息、美联储独立性受威胁引发避险需求、央行购金等多重因素支持下，黄金后市表现仍值得期 待。 9月2日上午，伦敦现货黄金站上3500美元/盎司关口，最高触及3508.69美元/盎司，再创历史新高。截至发稿，伦敦现货 黄金报3490.66美元/盎司，日内涨0.44%。 这已是国际金价连续六个交易日上涨。 美联储降息可能是短期内对金价最大的利好。 截至北京时间9月2日上午，芝加哥商品交易所的美联储观察（FedWatch）工具显示，美联储9月维持利率不变的概率下 降至10.3%，降息25个基点的概率升高至89.7%，接近90%；美联储10月维持利率不变的概率仅为5%，累计降息25个基 点的概率为49%；累计降息50个基点的概率为46%。 特朗普自年初再次上台以来，不断施压美联储降息以配合其宽松的财政政策，并多次威胁要解雇美联储主席杰罗姆·鲍 威尔。近几个月，特朗普一直针对美联储及其主席鲍威尔没有降息进行批评。 独立金属交易员Tai Wo ...

Core Viewpoint - Hong Kong's first gold trading platform, PPLI, has been recognized as the "Most Active Dealer" in the London gold market, highlighting its leading market position and strong investor confidence in its capabilities [1][5][6]. Group 1: Company Achievements - PPLI has won the title of "Most Active Dealer" for several consecutive years, showcasing its consistent performance in the gold trading sector [1][3]. - The platform's innovative trading model and secure trading environment contribute to its recognition and success in the competitive Hong Kong gold market [2][5]. Group 2: Market Position and Services - As a key player in Asia's gold trading market, PPLI offers a low spread trading stability on the MT5 electronic trading platform, catering to diverse investor needs with various derivative products [2][6]. - The platform effectively bridges electronic trading and physical gold delivery, enhancing market liquidity and the actual value of gold as an investment asset [2][6]. Group 3: Future Outlook - Industry experts view this award as a recognition of past achievements and a new starting point for future development, with PPLI aiming to lead industry innovation and provide superior gold investment services [6][10]. - The company plans to leverage this recognition to deepen technological innovation and expand service areas, contributing to the prosperity of Hong Kong's gold market [10].

Core Viewpoint - The recent dismissal of Federal Reserve Governor Cook by President Trump has raised concerns about the independence of the Federal Reserve, leading to increased demand for gold as a safe-haven asset, pushing its price to a two-week high [1][4][5]. Group 1: Market Reaction - On August 26, gold prices surged to $3,393.7 per ounce, marking a 0.83% increase and reaching a two-week high due to heightened safe-haven buying [2]. - The market's expectation for a rate cut in September has risen to over 87% following Trump's actions, indicating a strong sentiment for monetary easing [5][8]. Group 2: Political and Economic Context - Trump's dismissal of Cook is seen as a direct challenge to the Federal Reserve's independence, reflecting his dissatisfaction with the Fed's cautious stance on interest rate adjustments [4][5]. - The ongoing trade tensions, including threats of new tariffs on advanced technology and semiconductors, are contributing to market uncertainty and further supporting gold prices [6]. Group 3: Upcoming Economic Indicators - Key upcoming economic data, including GDP and PCE inflation reports, are expected to influence gold prices significantly, with the core inflation rate projected to rise to 2.9% by the end of 2023 [8]. - If economic data confirms weakness, it could further increase the likelihood of rate cuts, potentially pushing gold prices above the $3,400 mark [8].

Group 1 - The Hong Kong government has established a dedicated task force to examine various aspects of gold financial transactions, aiming to develop Hong Kong into an international gold trading center, including support for physical gold delivery [2][7] - The plan traces back to the 2024 Policy Address, which proposed the construction of a "bulk commodity trading ecosystem," and progress is being made steadily [2] - Hong Kong successfully joined the London Metal Exchange (LME) global warehouse and delivery network in early 2025, enhancing connections between China's and the world's most active metal trading markets [2][3] Group 2 - Since becoming an LME-approved delivery location, Hong Kong has seen eight approved warehouses operational within seven months, with over 8,000 tons of LME-registered warrants supporting LME contract delivery as of early August [3] - The establishment of LME-approved warehouses in Hong Kong is expected to improve the efficiency of non-ferrous metal allocation and reduce logistics time and costs [3] - The Hong Kong Airport Authority is planning to expand precious metal storage facilities at Hong Kong International Airport to support the construction of international-grade gold storage facilities [3] Group 3 - The Hong Kong government aims to build international-grade gold storage facilities, expand related financial services such as insurance, testing, certification, and logistics, and develop a comprehensive ecosystem for gold trading [4] - This initiative is significant as it leverages Hong Kong's advantages as an international free port and zero-tariff zone, enhancing demand for shipping services and promoting the development of trade financing, insurance, and risk management services [4] - The long-term vision includes promoting more bulk commodity trading denominated and settled in Renminbi, contributing positively to the development of offshore Renminbi business [4] Group 4 - Future cooperation between mainland China and Hong Kong in the gold market requires addressing two key issues: expanding gold warehouse space in Hong Kong and collaborating with mainland exchanges to create an international gold market [5] - The Shanghai Gold Exchange has already established its first overseas delivery warehouse in Hong Kong, with transactions denominated in Renminbi, which will promote the use of Renminbi in broader international trade [5] - The number of international members of the Shanghai Gold Exchange has increased from 40 in 2014 to 106, with participants from 16 countries and regions, although gold pricing power remains dominated by the US COMEX and the London Bullion Market Association [5]

Core Insights - In 2025, the uncertainty in the global economy has increased the appeal of gold as a safe-haven asset, but high volatility and leverage risks make it challenging for novice investors to enter the market [1] - Over 70% of investors experience a loss rate exceeding 50% in the early stages of real trading without prior simulation training [1] - Simulation trading software has become essential for investors to familiarize themselves with market rules, test trading strategies, and develop the right trading mindset in a zero-risk environment [1] Top Five Recommended Gold Simulation Trading Software in 2025 - **Wanzhou Gold Industry APP**: Recognized for its precise market simulation, it offers millisecond-level market synchronization and $200,000 virtual funds, making it suitable for advanced investors seeking seamless transition to real trading [3][4] - **Jinrong China APP**: Known for its strong strategy backtesting capabilities, it features AI dynamic leverage adjustment and a 10-year historical market backtest, appealing to quantitative trading enthusiasts [4][5][6] - **Huimin Financial**: Offers low-latency data synchronization to accurately simulate real market fluctuations, ideal for short-term traders sensitive to market delays [9][11] - **Puhui Gold**: A beginner-friendly platform with a gamified learning path and AI coaching, designed for novice investors who prefer structured learning [13][15] - **Prohui**: Features a VR immersive trading training environment, allowing users to experience real trading psychology and simulate extreme market events, targeting investors affected by emotional trading [16][17] How to Choose the Right Simulation Software - Prioritize compliance by selecting platforms with AA-class member qualifications from the Hong Kong Gold Exchange, such as Wanzhou Gold Industry and Jinrong China [18] - Match functionalities to needs: beginners should opt for user-friendly platforms with educational resources, while advanced users may prefer those supporting strategy backtesting and multi-product trading [18][19] - Ensure system stability to avoid delays or crashes that could impact training effectiveness [19] - Consider the ease of transitioning to real trading, with some platforms like Wanzhou Gold Industry offering one-click switching from simulation to real accounts [20]