加拿大去年10月份的贸易逆差仅为5.83亿加元（4.21亿美元），但贵金属（主要是黄金）出口的激增是 造成这一逆差的主要原因。如果剔除黄金出口，加拿大的贸易逆差将高达82亿加元。这一缺口凸显了加 拿大贸易对全球贵金属需求的依赖程度。去年10月份，大量黄金运往英国，推动了加拿大对非美国国家 的总体出口量创下历史新高。这一转变有助于减轻该国对美国市场的依赖，并缩小了其与世界其他地区 的贸易逆差。 ...

天眼查App显示，近日，五方贵金属进出口贸易（深圳）有限公司成立，法定代表人为李丰烈，注册资 本500万人民币，经营范围为金银制品销售；珠宝首饰制造；珠宝首饰零售；珠宝首饰批发；珠宝首饰 回收修理服务；工艺美术品及礼仪用品销售（象牙及其制品除外）；工艺美术品及收藏品零售（象牙及 其制品除外）；国内贸易代理；认证咨询；信息咨询服务（不含许可类信息咨询服务）；市场营销策 划；社会经济咨询服务；销售代理；金属矿石销售；货物进出口；技术进出口。（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动）黄金及其制品进出口。（依法须经批准的项目，经相关部门 批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

阿通社11月27日消息，阿联酋对外贸易部长宰尤迪在第13届迪拜贵金属大会表示，凭借CEPA协定 与严格的监管体系，阿联酋已构建安全透明的贵金属交易环境，大幅提升其全球影响力。他指出，贵金 属是阿联酋非石油贸易的重要组成部分，仅2024年黄金流通额即达1860亿美元，创历史新高，使阿联酋 稳居全球第二大黄金枢纽。 （原标题：阿联酋在全球黄金及贵金属贸易中的地位显著提升） ...

Core Insights - Despite record high gold and silver prices, India's gold and silver imports nearly doubled in September compared to August, driven by banks and jewelers stockpiling ahead of the festive season and potential import tax hikes [2][3] Group 1: Import Trends - India, as the world's second-largest consumer of precious metals, is experiencing a surge in imports, which is expected to support the record gold prices this week [3] - In August, India imported 64.17 tons of gold at a cost of $5.4 billion and 410.8 tons of silver at a cost of $45.16 million [3] Group 2: Market Dynamics - The Indian government is set to release September trade data in mid-October, with gold futures reaching a historic high of ₹116,900 per 10 grams and silver futures climbing to ₹144,330 per kilogram [4] - Jewelers have been waiting for a price correction but are now compelled to pay premiums for stockpiling due to rising prices and the approaching festive season [4][5] Group 3: Pricing and Demand - Current trading shows gold prices in India are quoted at a premium of up to $8 per ounce over the official domestic price, including 6% import tax and 3% sales tax [6] - Strong physical buying in India is surprising the market, especially as demand in other Asian countries remains subdued [6]

Core Viewpoint - A new company, Yongxing Xinhongchang Precious Metals Trading Co., Ltd., has been established with a registered capital of 5 million RMB, focusing on various metal-related sales and processing activities [1] Company Summary - The legal representative of the newly established company is Li Nan [1] - The registered capital of the company is 5 million RMB [1] - The company’s business scope includes sales of metal ores, non-ferrous metal alloys, metal products, non-metallic minerals and products, and precious metal products [1] - The company is also involved in the processing of non-ferrous metals, sales of recycled resources, and research and development of new materials and metal products [1] Industry Summary - The company operates in the precious metals trading sector, which includes a wide range of activities from sales to processing of various metal and non-metal products [1] - The establishment of this company indicates potential growth and diversification in the precious metals market, particularly in the context of increasing demand for new materials and recycling [1]

Core Viewpoint - Hunan Yenan Precious Metals Trading Co., Ltd. has been established with a registered capital of 2 million RMB, focusing on various metal and mineral sales and processing activities [1] Company Summary - The company is legally represented by Guo Chengpeng [1] - The registered capital is 2 million RMB [1] - The business scope includes sales of metal ores, non-ferrous metal alloys, and precious metal products [1] - The company also engages in metal materials sales, high-purity elements and compounds sales, and rare earth functional materials sales [1] - Additional activities include mining, mineral washing and processing, and sales of various industrial and consumer products [1] Industry Summary - The establishment of the company reflects ongoing activities in the precious metals and non-ferrous metals trading sector [1] - The wide range of operations indicates a comprehensive approach to resource management and recycling within the industry [1] - The inclusion of services such as supply chain management and solid waste treatment highlights the industry's focus on sustainability and resource utilization [1]

Group 1 - India has implemented import restrictions on specific types of precious metal alloys, particularly those with a gold content exceeding 1% by weight, including palladium, rhodium, and iridium [1][3] - The new regulations aim to standardize the import policy for precious metals and their alloys, expanding upon existing platinum import restrictions [3] - The policy allows for the free import of alloys with a gold content below 1%, supporting stable raw material supply for industries such as electronics and automotive components [3] Group 2 - India's gold import volume has significantly increased, rising from $45.54 billion in the 2023-24 fiscal year to $58 billion in 2024-25, marking a growth rate of over 27.3% [4] - In March 2025, gold imports surged by 192% year-on-year, reaching $4.47 billion compared to $1.53 billion in the same month the previous year [4] - Despite the increase in overall gold imports, the first two months of the current fiscal year saw a decrease in gold imports to $5.65 billion, down approximately 4% from $5.87 billion in the same period of the previous fiscal year [4]

Core Insights - The article discusses the recent shift in gold trade flows due to rising premiums in the US Comex market, leading to an influx of physical gold into the US and creating structural tightness in other markets [2][3] - The analysis aims to uncover the trade dynamics of gold, highlighting the changing market landscape and the strategic importance of gold as a commodity with monetary and financial attributes [2][3] Gold Import and Export Flows - Major gold importing countries include Switzerland (2372t, 27%), Mainland China (1451t, 16%), UAE (1248t, 14%), Hong Kong (956t, 11%), and India (741t, 8%) for 2023 [4] - In 2024, Switzerland and Mainland China are projected to remain the top importers with 2101t and 1342t respectively, while the UAE's data is currently incomplete [4] - Major gold exporting countries include Switzerland (1564t, 24%), UAE (845t, 13%), Hong Kong (639t, 10%), Russia (438t, 7%), and the US (411t, 6%) for 2023 [6] - In 2024, Switzerland is expected to export 1426t, while the UAE's export data is still pending [6] Net Import and Export Situations - Net importing countries for gold include Mainland China (1209t), Switzerland (675t), and India (600t estimated) for 2024, with cultural factors influencing consumption in China and India [7][8] - The UAE is also likely to be a net importer based on increasing import volumes, while Hong Kong transitioned from a net exporter to a net importer starting in 2022 [8] - Major net exporting countries are Russia (437t) and the US (189t) for 2023, with Russia's exports increasing significantly post-2019 due to changes in its central bank policies and the impact of the Ukraine conflict [8] Key Players in Gold Trade - Switzerland remains a crucial gold trading hub due to its refining capabilities and the presence of major refiners, accounting for over half of global refining capacity [9] - Hong Kong serves as a significant financial and trade center, with its gold imports primarily sourced from the UAE, Mainland China, Japan, and Switzerland [10][12] - The UK is a key pricing center for gold, with its imports mainly from Kazakhstan and Canada, while its exports are concentrated towards Switzerland and Mainland China [14][15] - The UAE acts as a central node in gold trade, importing primarily from Turkey and African nations, and exporting to Turkey, Switzerland, and Hong Kong [17][18] - The US, while not a major player in terms of volume, holds significant gold reserves and influences global pricing and market dynamics through its Comex market [19][20][21]