中金公司研究报告指，有别于过去3年，今轮贵金属升势主要由黄金周期性需求所带动，同时白银价格 升幅超越黄金。展望2026年，该行认为周期性需求及结构性趋势有望持续推动金银价格延续上行趋势。 基准情境下，该行料2026年COMEX黄金价格将升至每盎司4500美元，白银价格升至每盎司55美元，较 目前升势仍有上行空间。该行认为，贵金属的周期性投资需求尚未见顶，因美国货币政策短期内或转向 宽松，而长期通胀预期脱锚的风险可能持续存在。另一方面，在新的宏观秩序下，实体黄金的独特配置 价值，以及白银作为战略资源的属性将日益突出，将为全球央行买金、私人实物投资及区域性库存囤积 提供结构性支持。 ...

在贵金属投资领域，黄金长期投资始终是投资者关注的焦点，而实体黄金与现货黄金的选择难题，也让不少人陷入纠 结。作为兼具避险与增值属性的资产，黄金的投资形式不同，适配的投资需求也存在显著差异。理清两者的核心特点， 才能更好地匹配自身投资规划。 黄金长期投资的核心在于适配性与安全性，结合自身资金状况、风险承受力与投资目标做出选择，再依托合规平台的专 业支持，才能在贵金属市场中稳步前行。 那么，长期投资的天平应倾向哪一端？这取决于自己的核心诉求。如果追求的是物理归属感和避险，不介意流动性限 制，实体黄金是经得起时间考验的选择。如果更看重资产的灵活配置、交易效率以及与全球市场的无缝对接，那么现货 黄金无疑是更契合现代投资理念的路径。 实体黄金，以其沉甸甸的质感，给予投资者较直观的掌控感。金条、金币等实物形态，是穿越经济周期的传统守护者。 它们不依赖任何电子系统或信用背书，具备较强的避险属性。然而，这份"真实"也伴随着考验：存储需要安全空间，可 能产生额外费用；鉴定真伪需要专业知识；变现时渠道相对受限，流动性稍显不足。实体黄金更像是一座可以移动 的"金山"，适合那些重视物理持有、着眼于超长周期财富传承的投资者。 相比之下 ...

Core Insights - The gold market is experiencing a significant boom in 2025, with prices surpassing $4,200 per ounce, attracting a large number of retail investors [1] - The appeal of spot gold investment lies in its unique advantages, which are crucial for new investors to understand [1] Group 1: Advantages of Spot Gold Investment - **Leverage through Margin Trading**: Spot gold utilizes a margin trading mechanism, allowing investors to control large positions with a small amount of capital, enhancing capital efficiency significantly. For instance, an investment of 1,000 yuan can control gold worth 100,000 yuan, effectively amplifying the investment power by 100 times [2] - **T+0 Trading Mechanism**: Unlike traditional investment products, spot gold allows for T+0 instant trading, enabling investors to open and close positions at any time without transaction limits. This flexibility allows for quick responses to market signals [3] - **24/7 Market Access**: The spot gold market operates 24 hours a day, providing investors with the ability to trade at any time and take advantage of market fluctuations across Asia, Europe, and America. This creates a highly transparent and fair trading environment with a daily trading volume reaching hundreds of billions of dollars [4] - **Bidirectional Trading Opportunities**: Spot gold supports bidirectional trading, allowing investors to profit from both rising and falling gold prices. This feature reduces the risk associated with market reversals, as profits can be made regardless of market direction [5] Group 2: Account Opening Process - **Step 1: Preparation**: Investors need to prepare essential documents, including a valid ID, phone number, email address, and a bank card for fund transfers. The registration process is entirely online, simplifying the initial steps [7] - **Step 2: Risk Assessment and Verification**: After submitting the required information, investors must complete a risk assessment questionnaire, which takes about one minute. Upon successful verification, account information will be sent via email or SMS [9] - **Step 3: Fund Deposit and Activation**: Once the account information is received, investors must deposit their first trading funds to activate the account. Various deposit methods are available, and once the funds are credited, trading can commence [10]

Core Insights - The article discusses the increasing interest of beginners in gold trading as a common investment method, emphasizing the need to understand its fundamental mechanisms to assess potential risks and opportunities [1] Group 1: Gold Trading Basics - Gold trading primarily involves buying and selling gold contracts to capture price fluctuations, allowing for capital appreciation without physical delivery [3] - The entry steps for beginners include understanding market drivers, selecting compliant platforms, and practicing through simulated trading [3][4] - The importance of gradual learning and risk awareness is highlighted for new investors before engaging in actual gold trading [3] Group 2: Market Dynamics and Recent Trends - In November 2025, significant policy changes and price fluctuations were observed in the gold trading market, particularly due to a new tax policy implemented by the National Taxation Bureau [4] - The new tax policy categorizes transactions into "investment" and "non-investment," aiming to enhance market transparency and compliance [4] - Gold prices experienced a "V" shaped rebound, influenced by macroeconomic factors such as U.S. Federal Reserve policies and geopolitical risks, with prices fluctuating around $4000 to $4200 per ounce [4][5] Group 3: Platform Selection and Compliance - Choosing a compliant trading platform is crucial for beginners, with emphasis on evaluating regulatory compliance and service efficiency [6] - The Hong Kong Gold Exchange is highlighted as a reputable institution, ensuring transaction transparency and efficient service [6] - Key considerations for platform selection include verifying membership numbers, assessing fund segregation mechanisms, and testing customer service responsiveness [9] Group 4: Trading Rules and Risk Management - Understanding trading rules and risk management is essential, with details on contract specifications, margin requirements, and trading hours provided [8] - Risk control measures, such as leverage management and transparent overnight interest rates, are emphasized to prevent significant losses [8] - The article suggests starting with small contract sizes and setting stop-loss prices to manage volatility effectively [8]

世界黄金协会数据显示，10月，全球实物黄金ETF流入达82亿美元，已连续五个月实现流入。尽管10月流入规模较上月有 所放缓，但仍远高于年初至今的月均流入水平，而前十个月720亿美元的累计净流入则创下历史记录。 截至10月底 资产管理总规模(AUM)增至 UBUZ美元 ® F 较上月环比增长6% 总持仓增长至 9 0 1 1 o 持仓量环比增长1% 截至10月20日 伦敦金午盘价创下了年内的第五十次新高 尽管现货金价(XAU)日回调了5% ● 点击查看更多 亚洲地区 ×域概览 北美与欧洲地区基金 成为主导力量 北美地区 10目流入约 65亿美元国 实现连续第五个月流入 10月 流入约 P f 亿美元($) 创下亚洲历史第二强单月表现 仅次于今年4月的73亿美元 中国市场流入达45亿美元 10月初中美关系紧张局势升温 叠加金价强劲表现 中型分类去半世间:韩国 亚日正版中心四川 ● 点击查看更多 欧洲地区 10月 流出约 45亿美元 (1 终结连续五个月净流入态势 录得该地区历史第二大单月流出额 英国、德国分别创下历史最大与次大月度资 金流出纪录 南非市场则录得约1.18亿美元的资金流出 部分抵消了区域整体表现 波 ...

香港第一金 这背后的逻辑归根到底是美国那边流动性最近是比较紧张，为了补充流动性在美联储已经放松说要很快的扩表，也就是要准备放水，在这个节骨眼上股市一 紧张，那就会先抛售一些流动性好的资产来缓解流动性的问题，黄金就不幸被连累了。不过香港第一金陈生一直强调一个观点，美股下挫之时就是黄金起飞 之日，所以这种联动下跌通常都只是短期影响，历史经验告诉我们美股真要是出熊市，后面黄金往往都会大涨，所以貌似利空说完也有利好的一面，同样也 是美联储昨天又有官员明确说很快就要扩表放水，这对黄金来说是一个好消息。 看完消息面，在分析技术面来看，现货黄金最高冲到了4210美元然后开始回落，最低是到了4160美元这个位置，这个4160美元这个位置是一个很关键支撑区 域，它是昨天快速上涨的起点，所以现在成了一个重要的支撑位，只要今天在这个4160这个位置能够撑住不再跌破，那我们基本就可以判断短期的这个探底 算是结束。仔细想想这波上涨速度太快了，但凡金价快速突破4200美元压力关口，逢低的多单都会先慢慢减仓下车，普片市场投资者基本认同会有回调，只 是看回调的力度有多大，好在4150-4160这区间的支撑起涨点买盘还是非常有力，短期能够支撑 ...

2025-11-14 14:22:42 作者：狼叫兽 开启现货黄金投资之旅，第一步便是完成开户。虽然流程看似基础，但许多新手投资者往往在此环节遇到困扰。一个规范、高 效的开户过程，不仅是资金安全的保障，更是后续顺畅交易的重要基石。本文将以简明清晰的方式，带你逐一掌握现货黄金开 户的关键步骤与注意事项。 一、现货黄金开户核心要点 ● 开户币种：必须是美元 现货黄金属于全球性投资产品，统一采用美元进行交易和结算。投资者入金前，需先将人民币兑换为美元，再进行后续操作。 ● 平台选择：安全与合规是首位 1.挑选交易平台，应像挑选长期合作伙伴一样谨慎。建议重点关注以下四个方面： 2.监管资质：香港黄金交易所是业内公认的权威监管机构，对旗下会员机构执行严格的准入标准与持续监管。以皇御贵金属为 例，作为该交易所AA类79号行员，其资质与运营均符合高规格监管要求，选择这类平台更加安心。 3.资金安全：客户资金是否独立存管 4.平台信誉：运营年限与用户口碑 5.交易系统：推荐使用正版主流软件 正规平台通常提供MT4、MT5等专业交易工具，具备数据实时、操作稳定、功能完善等优势。 二、现货黄金开户前准备工作 开户如同出行前的行装 ...

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a holding of 1,042.06 tons of gold as of November 10, remaining unchanged from the previous trading day. The spot gold price rebounded strongly, surpassing $4,100 per ounce, closing at $4,115.71, a significant increase of $114.44 or 2.86% [5]. Group 1: Market Dynamics - The gold price experienced a strong upward trend, breaking the $4,100 mark due to a weaker US dollar and expectations of Federal Reserve interest rate cuts, which boosted the gold market [5]. - The market sentiment shifted positively as the US Senate passed a temporary funding bill, alleviating concerns over a government shutdown, which reduced demand for the dollar and supported precious metals [5]. - Weak private sector employment data and a low University of Michigan consumer confidence index heightened concerns about the US economy, leading traders to increase bets on Federal Reserve rate cuts, with a 65% probability of a rate cut expected in December [5][6]. Group 2: Technical Analysis - Analysts noted that the gold market remains bullish, especially after breaking the $4,100 resistance level. The daily chart shows the relative strength index trending higher, indicating accumulating bullish momentum [6]. - Gold prices are holding above key moving averages, reinforcing a positive outlook. The 4-hour chart indicates that prices are above the 20, 100, and 200-period moving averages, suggesting increased buying pressure [6]. Group 3: Future Price Targets - If gold prices continue to rise, the next target will be above the October 22 high of $4,160, potentially reaching the psychological level of $4,200, with further targets at the upper Bollinger Band of $4,325 and the historical high of $4,380 acting as major resistance [7]. - On the downside, the $4,000 level remains critical; a drop below this could lead to a retreat to the lower Bollinger Band at $3,835, followed by the 100-day moving average at $3,705 [7].

Core Insights - The global gold market is experiencing significant fluctuations due to the Federal Reserve's interest rate decisions, with gold prices reaching over $4010 per ounce before a sharp decline [1] - Despite short-term volatility, a trend towards using gold as a hedge against stock market risks may lead to a doubling of gold prices within three years [1] - The demand for mobile trading apps for gold is surging, driven by the need for convenient investment tools and real-time decision-making capabilities [3] Group 1: Market Trends - The new gold tax policy implemented by the Ministry of Finance and the State Administration of Taxation is expected to impact investment and consumption patterns until the end of 2027 [3] - Gold prices have increased by 55% during the current Federal Reserve's rate-cutting cycle, significantly outpacing historical averages [3] - The user growth rate for mobile gold trading apps is projected to reach 30% in 2025, primarily due to their support for 24/7 trading and instant market analysis [3] Group 2: Platform Selection Criteria - Regulatory compliance is crucial, with a preference for platforms that are AA-class members of the Hong Kong Gold Exchange, ensuring transaction transparency [4] - Trading environment factors such as favorable spreads and zero-commission mechanisms can significantly reduce costs for investors [4] - Key operational pain points include the speed of account opening and fund withdrawal, with efficient platforms completing these processes in a matter of hours [5] Group 3: Practical Trading Techniques - The core value of mobile gold trading apps lies in their operational convenience, allowing for precise entry points and risk management [6] - Investors are advised to utilize app features for market analysis, particularly in response to Federal Reserve signals, to lock in profits [6] - Security measures such as SSL encryption and multi-layer firewalls are essential to protect against cyber threats [6] Group 4: Guidelines for New Investors - Choosing a legitimate mobile gold trading platform is critical for ensuring fund safety and trading efficiency, with regulatory recognition as a primary standard [7] - Platforms that support advanced trading tools like MT4/MT5 can effectively manage price volatility and enhance trading strategies [7] - A focus on long-term wealth accumulation is emphasized, with the importance of selecting platforms that provide robust support and transparency [7]

Market Overview - The global largest gold ETF held 1,040.35 tons as of November 6, with an increase of 1.72 tons from the previous day and a net increase of 26.32 tons from the previous month [2] Economic Indicators - U.S. economic data shows a significant increase in corporate layoffs by 175.3% year-on-year in October, with a loss of 9,100 jobs reported [3] - The Chicago Fed reported an unemployment rate of approximately 4.36%, the highest in four years [3] - Retail hiring for the holiday season is expected to be the lowest since the financial crisis, although consumer spending may exceed $1 trillion [3] Federal Reserve and Monetary Policy - The Federal Reserve faces increasing policy divergence, with a 72% probability of another rate cut in December [3] - The Bank of England has removed the term "cautious," potentially paving the way for a rate cut in December [3] Gold Market - Spot gold closed at $3,977.16 per ounce, reflecting a resurgence of risk-averse sentiment amid government shutdown concerns and tariff uncertainties [3] Currency Strategies - For EUR/USD, a bullish strategy is suggested above 1.1515, targeting 1.1560 and then 1.1580 [4] - For gold, a bearish strategy is recommended below 3,995, targeting 3,964 and then 3,948 [8] - For USD/JPY, a bearish outlook is anticipated below 153.70, targeting 152.70 and then 152.30 [11] - For GBP/USD, a bullish strategy is advised above 1.3070, targeting 1.3165 and then 1.3195 [14] - For AUD/USD, a bearish strategy is suggested below 0.6500, targeting 0.6460 and then 0.6440 [17]