贵金属日报 2025-10-24 贵金属 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 沪金涨 1.56 %，报 948.64 元/克，沪银涨 1.48 %，报 11517.00 元/千克；COMEX 金报 4127.90 美元/盎司，COMEX 银报 48.48 美元/盎司； 美国 10 年期国债收益率报 4.01%，美元指数报 98.94 ； 北京时间今晚 20:30，美国劳工统计局将公布美国 9 月 CPI 数据。受到美国政府停摆的影响， 本次 CPI 数据晚于既定时间发布。当前市场预期美国 9 月 CPI 同比值为 3.1%，高于前值的 2.9%， 环比值为 0.4%，与前值相符。市场预期美国核心 CPI 同比值为 3.1%，环比值为 0.3%，均与前 值相符。本次 CPI 是美国政府停摆后所公布的首个将会显著影响市场对于美联储货币政策预期 的数据，受到能源价格回落以及二手车价格同比值下降的影响，预计商品通胀将出现缓和，但 近期美国地产销售数据具备韧性，作为核心服务主要构成部分的住 ...

【10月23日纽约尾盘：金银期货上涨，铂金钯金下跌】10月23日周四纽约尾盘，现货黄金涨0.44%，报 4116.53美元/盎司，COMEX黄金期货涨1.62%，报4131.20美元/盎司。费城金银指数收涨0.85%，报 288.00点，纽约证交所ARCA金矿开采商指数收涨1.31%，报2070.16点，美股开盘时"跳空"上涨。 现货 白银涨0.85%，报48.8731美元/盎司，COMEX白银期货涨1.81%，报48.545美元/盎司。COMEX铜期货涨 1.77%，报5.0845美元/磅。 现货铂金跌0.10%，报1628.46美元/盎司，现货钯金跌0.09%，报1452.90美 元/盎司。 和讯财经 和而不同 迅达天下 扫码查看原文 黄金、白银等贵金属:10月23日纽约 尾盘涨跌不一 【10月23日纽约尾盘:金银期货上涨,铂金把金下 跌】 10月23日周四纽约尾盘,现货黄金涨0.44%, 报4116.53美元/盎司,COMEX黄金期货涨1.62%, 报4131.20美元/盎司。费城金银指数收涨0.85%, 报288.00点,纽约证交所ARCA金矿开采商指数收涨 1.31%,报2070.16点,美股开盘时 ...

Core Insights - Recent fluctuations in precious metal prices, particularly silver, have garnered market attention, with silver reaching a historical high of $54.47 per ounce before a significant drop [1] - Year-to-date, spot gold has increased by 56.77%, while spot silver has surged by 70.03%, raising questions about silver's future trajectory [1] Price Movements - On October 21, the London spot silver price experienced a decline of 7.11%, marking the largest single-day drop since early 2021 [1] - As of October 22, the closing prices were $4,097.94 per ounce for gold and $48.44 per ounce for silver, resulting in a gold-silver ratio of approximately 84, indicating a gradual return to a historically reasonable range [3] Market Dynamics - The correlation between gold and silver prices has remained high, with a rolling annual correlation coefficient around 80% since 2004 [3] - The gold-silver ratio typically ranges from 50 to 70, and when it exceeds this range, silver prices tend to rise rapidly to restore balance [3] Historical Context - Silver has undergone three major bull markets since the 1970s, influenced by factors such as inflation, geopolitical tensions, and monetary policy [6] - The most recent bull market began in 2020, with silver prices increasing from $17.82 per ounce at the end of 2019 to around $48 per ounce, reflecting a rise of over 169% [6] Future Outlook - Analysts suggest that the silver market is currently entering a high-level consolidation phase after significant prior gains, with a potential for a double top formation similar to trends observed in 2011 [7] - Long-term support for precious metal prices remains intact, but short-term caution is advised due to the risk of technical corrections following rapid price increases [8]

在贵金属投资领域，现货白银凭借其24小时交易、双向操作、杠杆放大收益等特性，成为全球投资者资产配置的重要工具。然 而，面对市场上数百家交易平台，如何筛选出合规、安全且具备竞争力的平台？本文结合最新市场数据与行业实践，从价格走 势分析、平台筛选标准、主流平台对比三大维度，为投资者提供系统性指南。 1、万洲金业 作为香港黄金交易所AA类141号行员，万洲金业采用MT5交易系统，支持0.01手起投，白银点差低至100美元/手，滑点率严格控 制在0.02%以内。其自主研发的APP集成开户、交易、资金存取功能，日均交易量超10亿美元。用户评价显示，该平台操作流 畅，适合新手与高频交易者。 2、金荣中国 作为香港黄金交易所AA类84号行员，金荣中国支持MT4/MT5双系统，点差成本透明，客户满意度达96%。其APP集成实时行 情、财经资讯及专家策略，资金托管于第三方银行，出入金到账速度行业领先。中小投资者普遍反馈其服务响应迅速。 3、荣昇金业 荣昇金业在贵金属市场中稳步发展，凭借其可靠的交易平台和广泛的客户基础，成为了行业中不可忽视的一股力量。该平台主 打STP直通式交易模式，订单直连国际银行间市场，无人工干预。平台采用 ...

Core Viewpoint - The recent surge in gold and silver prices has led to increased consumer interest in purchasing physical and paper precious metals, but many investors using the "Rongtongjin" platform have reported their bank accounts being frozen due to alleged fraud related to their transactions [2][9]. Group 1: Incident Overview - Multiple investors across various regions, including Shanghai, Beijing, Guangdong, and others, have experienced account freezes after transactions on the "Rongtongjin" platform, with police indicating that these freezes are linked to potential fraud by the transaction counterparties [2][3][6]. - The platform requires investors to transfer funds to designated accounts for precious metal transactions, which has led to complications when funds associated with fraud enter these accounts [9][10]. Group 2: Investor Experiences - Investors have reported varying experiences with account freezes, with some having all their bank accounts, credit cards, and payment services like Alipay frozen, while others faced only temporary restrictions [8][11]. - Specific cases include a woman from Shanxi whose accounts were frozen for 20 days after purchasing gold, and another investor from Chongqing whose accounts were marked for "emergency stop payment" [3][6]. Group 3: Platform Response - The "Rongtongjin" platform has acknowledged the issue, stating that the freezes are a result of funds from fraudulent activities entering their accounts, triggering bank risk prevention mechanisms [9][10]. - The platform has formed a special team to assist affected investors in unfreezing their accounts and has received documentation from law enforcement to clarify that they are not involved in fraudulent activities [10][12]. Group 4: Industry Context - This incident is not isolated, as there have been multiple cases in recent years where legitimate businesses in high-frequency trading sectors, such as precious metals and digital assets, have faced account freezes due to the influx of fraudulent funds [12][13]. - Legal experts have noted that criminals often exploit legitimate trading platforms to launder money, complicating the situation for innocent investors [12][13].

金投网提示：以上报价仅供参考，据此交易，风险自担。 基本面： 2025年10月23日，实物黄金水贝黄金报价1007元/克，相比上一个交易日下跌了6元/克。铂金价格今天 报价375元/克，相比上一个交易日上涨了14元/克。 附表： 水贝黄金 黄金价格 铂金价格 单位 2025年10月23日 1007 375 元/克 2025年10月22日 1013 361 元/克 北约秘书长吕特：如果有必要的话，北约可以击落俄罗斯的飞机，俄罗斯在北约领空的"入侵"行为必须 停止。我们将共同促使普京回到谈判桌前。 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On October 22, the prices of precious metals continued to decline significantly due to factors such as the cooling of risk - aversion sentiment, the strengthening of the US dollar, and investors' concentrated profit - taking. The transfer of silver inventories from the US and China to the London market alleviated the shortage of physical silver in London, further triggering the risk of silver selling [5]. - The sharp decline in precious metal prices indicates that the historic upward trend of this round has temporarily ended. In the short term, with the Fed still having expectations of a rate cut in October, precious metals may enter a wide - range shock. It is recommended that investors participate rationally, avoid short - term chasing up or selling down, and focus on long - term allocation. In the long run, the bullish logic of precious metals remains unchanged, and long - term investors can wait for the adjustment to complete and then go long on dips [5]. - In the long term, factors such as the Fed's potential rate cuts within the year, continuous global geopolitical uncertainties, the unsustainable US debt, intensified great - power competition increasing the risk of US dollar credit, and the continuation of global central bank gold purchases suggest that the long - term center of gold prices is likely to continue to rise [5]. Summary by Relevant Catalogs Price Tracking - **Precious Metal Prices**: On October 22, compared with October 21, London gold spot dropped by 4.3% to $4153.64 per ounce, London silver spot fell by 5.0% to $49.16 per ounce, COMEX gold decreased by 4.3% to $4167.10 per ounce, and CONEX silver declined by 4.4% to $48.47 per ounce. In the domestic market, AU2512 dropped by 4.2% to 952.56 yuan per gram, AG2512 decreased by 3.4% to 11404 yuan per kilogram, AU (T + D) fell by 4.1% to 950.25 yuan per gram, and AG (T + D) declined by 3.4% to 11391 yuan per kilogram [3]. - **Price Spreads and Ratios**: From October 21 to October 22, the spread of gold TD - SHFE active price increased by 120.0% to 2.71 yuan per gram, and the spread of silver TD - SHFE active price increased by - 16.8% to - 1133 yuan per kilogram. The SHFE gold - silver ratio decreased by 0.8% to 83.53, and the COMEX gold - silver ratio increased by 0.1% to 85.98 [3]. Position Data - **COMEX Positions**: As of October 21, compared with October 20, COMEX gold non - commercial long positions increased by 1.85% to 332808 contracts, non - commercial short positions increased by 9.43% to 66059 contracts, and non - commercial net long positions increased by 0.13% to 266749 contracts. CONEX silver non - commercial long positions increased by 0.97% to 72318 contracts, non - commercial short positions decreased by 0.21% to 20042 contracts, and non - commercial net long positions increased by 1.43% to 52276 contracts [3]. - **ETF Positions**: As of October 21, compared with October 20, the gold ETF - SPDR remained unchanged at 1058.66 tons, and the silver ETF - SLV decreased by 0.59% to 15676.6372 tons [3]. Inventory Data - **SHFE Inventories**: On October 22, compared with October 21, SHFE gold inventory increased by 0.52% to 87015 kilograms, and SHFE silver inventory decreased by 7.70% to 691688 kilograms [3]. - **COMEX Inventories**: On October 21, compared with October 20, COMEX gold inventory decreased by 0.03% to 39020901 troy ounces, and COMEX silver inventory decreased by 0.52% to 503832524 troy ounces [3]. Interest Rate and Exchange Rate Data - **Interest Rates**: From October 21 to October 22, the US 2 - year Treasury yield increased by 0.03% to 7.10, and the US 10 - year Treasury yield increased by 0.35% to 3.98 [4]. - **Exchange Rates and Other Data**: The NYMEX crude oil price decreased by 0.29% to 17.87, the US dollar index decreased by 0.50% to 98.97, the VIX decreased by 1.97% to 3.45, the S&P 500 remained unchanged at 6735.35, and the US dollar/Chinese yuan central parity rate increased by 1.14% to 57.58 [4].

Core Viewpoint - Platinum has become the latest precious metal experiencing a price surge and heightened market squeeze concerns, with spot contracts trading at a premium over futures, indicating a rush for physical platinum [1] Group 1: Price Movements and Market Dynamics - The London spot platinum price surged by 6.4% to $1,646.03 per ounce, marking the largest intraday increase since 2020 [1] - Platinum spot prices have risen by 60% since May, reaching a 12-year high in October, significantly outperforming gold and silver [1] - The premium of the spot platinum contract over futures reached $53.45 per ounce, up from $28 the previous day, indicating a rare widening price gap [1] Group 2: Supply and Demand Factors - The market is experiencing a rush for physical platinum, similar to the recent silver market squeeze, driven by both institutional and retail investors [2] - Despite a record monthly export of approximately 140,000 ounces of platinum products from China, the liquidity in the platinum market is under pressure [2] - Deutsche Bank's strategy team highlighted that platinum and palladium are likely candidates for tariff actions due to concentrated supply chains and geopolitical risks [3] Group 3: Policy and Regulatory Environment - The U.S. Commerce Secretary's overdue report on critical minerals, which includes platinum and palladium, is expected to assess the impact of imports on national security [3] - Potential trade restrictions could exacerbate existing supply tightness in the platinum market, with leasing rates for platinum group metals currently above normal levels [3] - Platinum's industrial applications, including automotive catalytic converters and chemical processing, underscore its critical role beyond investment and decorative uses [3]

Core Viewpoint - The platinum market is experiencing significant price volatility, with potential for a "silver-style squeeze" similar to recent events in the silver market, driven by supply constraints and geopolitical risks related to U.S. tariffs on platinum group metals [1][2]. Group 1: Price Movements - Platinum prices surged by 6.4% to $1,646.03 per ounce, marking the largest intraday increase since 2020 [1]. - In October, platinum prices reached a 12-year high, with a 60% increase since May, outperforming gold and silver [1]. - The premium of platinum spot contracts over futures widened to $53.45 per ounce, a significant increase from $28 the previous day [1]. Group 2: Market Dynamics - There is a rush for physical platinum, mirroring the recent panic in the silver market, where both institutional and retail investors are aggressively purchasing the metal [2]. - Dan Ghali from TD Securities noted that the platinum market is tightening rapidly, raising concerns about a potential squeeze similar to that seen in silver [2]. - Despite a record monthly export of approximately 140,000 ounces of platinum products from China, liquidity in the platinum market is under pressure [2]. Group 3: Regulatory and Supply Chain Risks - Deutsche Bank highlighted that platinum and palladium are likely candidates for tariff actions due to their concentrated supply chains and geopolitical risks [3]. - The overdue report from the U.S. Commerce Secretary will assess the national security implications of importing key minerals, including platinum and palladium [3]. - Potential trade restrictions could exacerbate existing supply tightness in the platinum market, with leasing rates above normal levels and rising operational costs for industrial users [3].

Core Viewpoint - The platinum market is experiencing significant price volatility, driven by potential changes in U.S. mineral policies and the risk of tariffs under Section 232, which could lead to soaring platinum prices [1][3]. Group 1: Price Movements - Platinum prices surged by 6.4% to $1,646.03 per ounce, marking the largest intraday increase since 2020 [1]. - In October, platinum spot prices reached a 12-year high, with a 60% increase since May, outperforming gold and silver [1]. - The price difference between platinum spot contracts and futures widened unusually, with a premium of $53.45 per ounce [1]. Group 2: Market Dynamics - There is a rush for physical platinum, similar to the recent silver market situation, indicating a tightening market [2]. - Dan Ghali from TD Securities noted that the platinum market is becoming "extremely tight," raising concerns about a potential "silver-like" squeeze [2]. - Despite a record export of approximately 140,000 ounces of platinum products from China last month, liquidity in the platinum system is under pressure [2]. Group 3: Policy and Supply Risks - Deutsche Bank highlighted that platinum and palladium are likely candidates for tariff actions due to concentrated supply chains and geopolitical risks [3]. - The overdue report from the U.S. Commerce Secretary will assess the national security implications of key mineral imports, including platinum and palladium [3]. - Potential trade restrictions could exacerbate existing supply tightness in the platinum market, with leasing rates above normal levels and rising operational costs for industrial users [3].