贵金属 L 在上周日接受采访时，特朗普表示，他认为"委内瑞拉的情况对该国来说并非坏事"。他还暗示，其他一些国家也可能成为美国干预的对象。他再次强调 称，"美国需要格陵兰岛，这是肯定的。" 贵金属精炼商MKS Pamp SA的研究主管Nicky Shiels在一份报告中表示："如今，市场不得不重新评估的不仅是委内瑞拉的风险，还有美国的不确定性、军事 影响力等因素。" 中信建投指出，美国1月3日凌晨对委内瑞拉发起大规模军事行动，美国此举受到国际社会强烈谴责，令国际局势更为紧张，驱动避险资金及央行对黄金的配 置继续，强化贵金属牛市格局。基本金属方面，新年伊始，铜供应端出现矿场工人罢工，令原本就紧张的供应矛盾更为突出；电解铝端的供应面临减产隐 患，伦铝率先打开整数位价格上方的空间；印尼镍矿商提议削减镍矿配额，淡水河谷印尼因2026年产量计划获批延迟暂停采矿作业，支撑镍价底部回升。 | 伦敦金现 | 伦敦银现 | COMEX] | | | --- | --- | --- | --- | | 4397.230 | 75.441 | 4412. | | | +65.655 +1.52% | +2.622 +3.60% | ...

一年内黄金价格飙升70%，白银暴涨超170%，铂金涨幅达160%，2025年的贵金属市场以史诗级涨幅改写了历史。 2025年12月24日，伦敦现货黄金价格历史上首次突破每盎司4500美元关口，最高触及4531美元。同一时间，白银价格冲高至75.5美元/盎司，铂金也以黑马 之姿大幅上涨。 这场贵金属的"狂飙"大戏贯穿了整个2025年。截至12月底，黄金年内涨幅达70%，白银超过140%，铂金涨幅高达160%，钯金也实现三位数增长。 01 行情全景：贵金属市场的史诗级表现 2025年贵金属市场整体呈现前稳后急的走势特征。年初，市场处于调整蓄势阶段，现货黄金在2600-3000美元/盎司区间震荡，白银徘徊于28-32美元/盎司。 3月中旬，伦敦金价突破3000美元/盎司关键阻力位，一季度收获19.01%的涨幅。二季度，铂金开始发力，单季度涨幅达36.58%，而黄金和白银表现相对平 淡。 世界黄金协会中国区CEO王立奇指出："2025年，影响黄金市场的最大因素可能还是投资者对美元信用和美国主权债务的担忧。"美元债务的大幅扩张推动黄 金等贵金属成为投资者眼中更安全的资产。 全球央行持续购金为金价提供了坚实支撑。据世界黄 ...

Core Points - A gold refining laboratory in Lyon, France was robbed by armed assailants on October 30, resulting in injuries to five individuals [1][3] - The total value of stolen goods, primarily gold bars, was approximately €12 million (around 98.67 million RMB), which has since been recovered by the police [1][3] Incident Details - The robbery occurred at around 1:40 PM local time, with five robbers disguised as police officers, armed and executing the heist in a calm manner [3] - The entire robbery lasted about seven minutes, during which the assailants wore yellow or orange armbands [3] - Following the incident, local police swiftly apprehended the suspects in an apartment in Venissieux [3]

Core Points - A precious metal refinery in Lyon, France was robbed by armed assailants using explosives, resulting in injuries to five individuals [1] - Six suspects have been arrested in connection with the robbery, and the stolen goods, including gold bars, have been recovered by the police [1] - The total value of the stolen items is reported to be €12 million, approximately 98.67 million RMB [1]

Core Viewpoint - The surge in silver and gold purchases in India ahead of the Diwali festival is significantly impacting the global silver supply crisis, with Indian consumers spending a total of 1 trillion rupees, of which 600 billion rupees is attributed to gold and silver purchases, marking a 25% increase from the previous year [1] Group 1: Consumer Behavior - Indian consumers are showing unprecedented enthusiasm for purchasing gold and silver jewelry for the Diwali festival, with a notable shift towards silver products over gold this year [1] - The market for silver coins has seen a price increase of 35% to 40% compared to last year, driven by rising international gold prices [1] Group 2: Market Dynamics - The demand surge in India has led suppliers to turn to international markets, exacerbating the ongoing global silver supply shortage [1] - The situation has been described as "India's buying spree causing panic in London," highlighting the international implications of India's domestic consumption trends [1] Group 3: Supply Chain Impact - Many silver retailers in India have reported being sold out of silver bars, with restocking taking at least 20 days, indicating a significant supply chain strain [1] - MMTC-PAMP, India's largest precious metals refining company, has experienced its first instance of "silver inventory depletion" since its establishment, underscoring the severity of the supply issue [1]

Core Viewpoint - The silver market is experiencing a severe crisis due to a long-standing structural imbalance, exacerbated by a surge in retail demand in India, supply disruptions from China, and depleted inventories in London [3][4][10]. Group 1: Retail Demand Surge - A social media influencer in India sparked a retail buying frenzy for silver ahead of the Diwali festival, leading to unprecedented demand and a significant price premium of over $5 per ounce [5][6]. - Traditional gold purchases during the festival shifted towards silver, causing a dramatic increase in silver demand [5]. Group 2: Supply Chain Disruptions - Concurrently, Chinese factories were closed for holidays, which redirected global supply to London, where available inventory dropped to less than 150 million ounces against a daily trading volume of approximately 250 million ounces [7]. - The overnight borrowing rate for silver surged to an annualized 200%, causing major banks to withdraw from quoting prices, leading to a widening bid-ask spread [7][8]. Group 3: Long-term Structural Imbalance - The crisis is attributed to a cumulative supply-demand gap of 678 million ounces over the past five years, primarily driven by the booming photovoltaic industry, which saw demand more than double [10]. - Concerns over potential tariffs from the Trump administration prompted traders to move over 200 million ounces of silver into New York warehouses, further straining London’s reserves [10][11]. Group 4: Market Reactions and Predictions - Analysts had warned of a liquidity crisis in the London market, predicting that the situation would lead to a price drop, which occurred with a 6.7% decline after reaching a historical high of $54 per ounce [3][11]. - As silver began to flow into London from various sources, including New York and China, further price pressures are anticipated due to complex logistics and potential customs delays [12].

Core Viewpoint - Silver prices surged by 4.5% on Thursday, reaching above $36 per ounce, marking the highest level since February 2012, driven by technical momentum, improved fundamentals, and increased investor interest [1][3] Group 1: Market Dynamics - The recent surge in silver prices is narrowing the gap with gold, which has seen a 42% increase over the past 12 months, while silver's increase was only about 15% [1][3] - Significant inflows into silver exchange-traded funds (ETFs) were observed, with a daily increase of 2.2 million ounces in holdings, indicating a potential for larger trend-driven movements [3] - The shift in investor interest from gold to silver suggests a critical point where demand for traditional safe-haven assets is evolving towards more resilient alternatives [3] Group 2: Industrial Demand - Silver's dual role as both a financial asset and an industrial raw material provides a solid fundamental support for its price, particularly due to its critical role in clean energy technologies, especially solar panel manufacturing [4] - The silver market is heading towards its fifth consecutive year of supply deficit, exacerbating the supply-demand imbalance and establishing a structural basis for price increases [4] Group 3: Macroeconomic Factors - Recent macroeconomic data indicating a contraction in U.S. service sector activity and slowing job growth has led to a decline in government bond yields, prompting traders to bet on interest rate cuts by the Federal Reserve in October and December [5] - A lower interest rate environment typically benefits non-yielding precious metals, with silver expected to perform particularly well due to its higher price elasticity [5] - The combination of safe-haven demand, industrial shortages, and expectations of monetary easing may lead to price impacts that exceed historical norms [5]